0001193125-26-335235 | 10-Q | XBRL Viewer

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Segment Reporting (Additional Information) (Details)	6 Months Ended
Segment Reporting (Additional Information) (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of Operating Segments	1
Number of Reportable Segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	chief operating decision-maker (“CODM”), evaluates the Company’s financial performance and operational efficiency using consolidated net income.

Equity and Long-Term Investments and Fair Value Measurements - Equity and Other Investments in ImaginAb (Details) - ImaginAb - USD ($) $ in Millions	6 Months Ended	12 Months Ended	64 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2026	Mar. 31, 2021
Equity Investment
Equity investment ownership percentage	11.80%	11.80%	11.80%
Carrying amount of investments	$ 0.0	$ 0.0
Common and preferred stock
Equity Investment
Number of shares owned				8,825,301
Amount of investment in common and preferred stock			$ 7.6
Equity and long-term investments at carrying value	$ 7.6	$ 7.6	$ 7.6

Description of Operations and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Operations and Summary of Significant Accounting Policies	1. Description of Operations and Summary of Significant Accounting Policies Description of Operations Innoviva, Inc. (and where context requires, together with its subsidiaries referred to as “Innoviva”, the “Company”, or “we” and other similar pronouns) is a diversified biopharmaceutical company with a portfolio of royalties, a critical care and infectious disease platform, and a portfolio of strategic healthcare assets. Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR®/BREO® ELLIPTA® (fluticasone furoate/vilanterol, “FF/VI”) and ANORO® ELLIPTA® (umeclidinium bromide/ vilanterol, “UMEC/VI”). Under the Long-Acting Beta2 Agonist (“LABA”) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® as follows: 15% on the first $3.0 billion of annual global net sales and 5% for all annual global net sales above $3.0 billion; and royalties from the sales of ANORO® ELLIPTA®, which tier upward at a range from 6.5% to 10%. Our wholly owned, critical care and infectious disease operating platform, with a hospital focus, is anchored by a portfolio of four commercial and marketed products, as well as an FDA-approved product which is expected to be available to patients in the second half of 2026: • GIAPREZA® (angiotensin II) for increasing blood pressure in adults with septic or other distributive shock; • XACDURO® (sulbactam for injection; durlobactam for injection), co-packaged for intravenous use for the treatment of hospital-acquired and ventilator-associated bacterial pneumonia caused by Acinetobacter; • XERAVA® (eravacycline) for the treatment of complicated intra-abdominal infections in adults; • ZEVTERA® (ceftobiprole), an advanced-generation cephalosporin antibiotic for the treatment of staphylococcus aureus bacteremia, including those with right-sided endocarditis, acute bacterial skin and skin structure infections, and community-acquired bacterial pneumonia, licensed from Basilea Pharmaceutica Ltd, Allschwil (SIX: BSLN) (“Basilea”) for U.S. commercialization and which commercially launched in the third quarter of 2025; and • NUZOLVENCE® (formerly known as zoliflodacin), approved by the FDA on December 12, 2025, for the treatment of uncomplicated urogenital gonorrhea in adults and adolescents. In addition, we own other strategic healthcare assets, such as a significant equity stake in Armata Pharmaceuticals, Inc., a leader in development of bacteriophages with potential use across a range of infectious and other serious diseases. We also have economic interests in several other healthcare companies through our portfolio approach. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements have been prepared on the same basis as audited consolidated financial statements and, in our opinion, include all adjustments, consisting of all normal recurring adjustments, necessary for the fair presentation of our financial position, results of operations, comprehensive income and cash flows. The interim results are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2026, or any other periods. The accompanying unaudited condensed consolidated financial statements include the accounts of Innoviva, our wholly-owned subsidiaries, and certain variable interest entities (“VIEs”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 25, 2026, and as amended on March 27, 2026. There have been no material changes to our summary of significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. Use of Management’s Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Management evaluates its significant accounting policies and estimates on an ongoing basis. We base our estimates on historical experience and other relevant assumptions that we believe to be reasonable under the circumstances. These estimates also form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Concentrations of Credit Risk and of Significant Suppliers and Partner Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and equity and long-term investments. Although we deposit our cash with multiple financial institutions, our deposits, at times, may exceed federally insured limits. We are dependent on third-party manufacturers to supply active pharmaceutical ingredients (“API”) and drug products for research and development and commercial programs. These programs could be adversely affected by significant interruption in the supply of API or drug products. Currently, we derive the majority of our revenues from GSK. Our near-term success depends in large part upon the performance by GSK of its commercial obligations under the GSK Agreements and the commercial success of RELVAR®/BREO® ELLIPTA®and ANORO® ELLIPTA®. If GSK does not devote sufficient resources to the commercialization of these products, is unsuccessful in its efforts, or chooses to reprioritize its commercial programs, our business would be materially harmed. GSK is responsible for all clinical and other product development, regulatory, manufacturing and commercialization activities for products developed under the GSK Agreements, including RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®. Our quarterly royalty revenues may fluctuate due to a variety of factors, many of which are outside of our control. Our royalty revenues under the GSK Agreements may not meet our analysts’ or investors’ expectations due to a number of important factors. Our revenues also include net product sales of GIAPREZA®, XERAVA®, XACDURO®, and ZEVTERA®, which we commercially launched in the third quarter of 2025. In the U.S., hospitals and other healthcare organizations generally acquire our products through a network of specialty distributors, which are regarded as our customers for accounting purposes. We do not believe that the loss of any one of these distributors would significantly impact our ability to distribute our products, as we expect that the sales volume would be absorbed by either new or remaining distributors. Three of our customers each account for 25%, 21% and 21%, respectively, of our net product sales for the three months ended June 30, 2026, and 26%, 23% and 21%, respectively, for the six months ended June 30, 2026. Three of our customers each account for 26%, 26% and 24%, respectively, of our net product sales for the three months ended June 30, 2025, and 27%, 26% and 25%, respectively, for the six months ended June 30, 2025. Three of our customers account for 30%, 28% and 15%, respectively, of our receivables from net product sales, which are included in “Accounts receivable” in our unaudited condensed consolidated balance sheet as of June 30, 2026. Three of our customers account for 29%, 28% and 16%, respectively, of our receivables from net product sales, which are included in “Accounts receivable” in our consolidated balance sheet as of December 31, 2025. We did not have an allowance for expected credit losses on our receivable from collaboration arrangement and accounts receivable as of June 30, 2026 and December 31, 2025. Refer to Item 1A. “Risk Factors” disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is made available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. Refer to Note 15, “Segment Reporting”, for more information. Variable Interest Entities The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. When we obtain a variable interest in another entity, we assess at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE and, if so, whether we are the primary beneficiary of the VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all the facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (management and representation on the Board of Directors) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests that are deemed to be variable interests in the VIE. This assessment requires us to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Goodwill and Intangible Assets Goodwill is recognized as the excess of the purchase consideration of an acquired entity over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill and intangible assets with an indefinite useful life are not amortized and are tested for impairment at least annually on the first day of December of each year or more frequently if indicators for potential impairment exist or whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. Intangible assets with definite useful lives are amortized on a straight-line basis over their respective remaining useful lives and are tested for impairment only if indicators for potential impairment exist or whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. Significant judgment may be involved in determining if an indicator of impairment has occurred. Asset Acquisitions We measure and recognize asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost of the acquisition is allocated to the assets acquired on the basis of their relative fair values. The cost allocated to acquire in-process research and development (“IPR&D”) with no alternative future use is charged to research and development expense at the acquisition date. Equity and Long-Term Investments We invest from time to time in equity and debt securities of private or public companies. If we determine that we have control over these companies under either voting or VIE models, we consolidate them in our consolidated financial statements. If we determine that we do not have control over these companies under either voting or VIE models, we then determine if we have an ability to exercise significant influence via voting interests, board representation or other business relationships. We may account for the investments where we exercise significant influence using either an equity method of accounting or at fair value by electing the fair value option under Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments. If the fair value option is applied to an investment that would otherwise be accounted for under the equity method, we apply it to all our financial interests in the same entity (equity and debt, including guarantees) that are eligible items. All gains and losses from fair value changes, unrealized and realized, are presented as changes in fair values of equity method investments, net, and changes in fair values of equity and long-term investments, net, within the consolidated statements of income and comprehensive income. If we conclude that we do not have the ability to exercise significant influence over an investee, we may elect to account for equity security without a readily determinable fair value using the measurement alternative method under ASC 321, Investments - Equity Securities. This method allows us to measure the investment at cost less impairment, if any, and adjusted for observable price changes in orderly transactions involving the same or a similar investment of the same issuer. We also invested in ISP Fund LP, whose investments consist of money market funds, trading securities, and equity securities in the healthcare, pharmaceutical and biotechnology industries. Pursuant to the Partnership Agreement entered into in December 2020, we became a limited partner of the partnership. In October 2024, we elected to unwind our capital accounts in the partnership in accordance with the terms of the Partnership Agreement and expect the remaining investments managed by the Partnership to be distributed in 2026. Accordingly, the portion of the cash balance and money market funds expected to be distributed within 12 months from the balance sheet date has been classified as “Current portion of ISP Fund investments,” while the remaining equity investments have been classified as long-term investments in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. Revenue Recognition We apply the guidance on principal versus agent considerations under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), to determine the appropriate treatment for the transactions between us and third parties. The classification of transactions under our arrangements is determined based on the nature and contractual terms of the arrangement along with the nature of the operations of the participants. Any consideration related to activities in which we are considered the principal, which includes being in control of the good or service before such good or service is transferred to the customer, are accounted for as product sales. Revenue is recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. Revenue is recognized through a five-step process: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price for the contract; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue as a performance obligation is satisfied. Royalty Revenue We recognize royalty revenue on net sales of products with respect to which we have contractual royalty rights in the period in which the royalties are earned. The net sales reports provided by our partner are based on their own methodology and assumptions for estimating rebates and returns, which they monitor and adjust regularly in light of contractual and legal obligations, historical trends, past experience, and projected market conditions. Our partner may make significant adjustments to its reported sales based on actual results, which could cause fluctuation in our royalty revenue. We have rights to conduct periodic royalty audits to evaluate the accuracy of the information provided. Royalties from GSK are recognized as the net of amortization of capitalized fees related to approval and launch milestone payments made to GSK. Revenue from Product Sales Revenue from product sales is recognized when our customers obtain control of the product and is recorded at the transaction price, net of estimates for variable consideration consisting of chargebacks, discounts, returns and rebates. Variable consideration is estimated using the expected-value amount method, which is the sum of probability-weighted amounts in a range of possible consideration amounts. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary materially from our estimates, we will adjust these estimates, which will affect revenue from product sales and earnings in the period such estimates are adjusted. These items may include: • Chargebacks: Chargebacks are discounts we provide to distributors in the event that the sales prices to end users are below the distributors’ acquisition price. This may occur due to a direct contract with a health system, a group purchasing organization (“GPO”) agreement or a sale to a government facility. Chargebacks are estimated based on known chargeback rates and recorded as a reduction of revenue on delivery to our customers. • Discounts: We offer customers various forms of incentives and consideration, including prompt-pay and other discounts. We estimate discounts primarily based on contractual terms. These discounts are recorded as a reduction of revenue on delivery to our customers. • Returns: We offer customers a limited right of return, generally for damaged or expired products. We estimate returns based on an internal analysis, which includes actual experience. The estimates for returns are recorded as a reduction of revenue on delivery to our customers. • Rebates: We participate in Medicaid rebate programs, which provide assistance to certain low-income patients based on each state’s eligibility guidelines and services. Under these programs, we pay rebates to participating states, typically within three months after the quarter in which the product was sold. Additionally, we may offer customer incentives and other forms of consideration, such as volume-based or performance-based rebates. Estimated rebates are recorded as a reduction of revenue on delivery to our customers. We continue to assess our estimates of variable consideration as we accumulate additional historical data and will adjust these estimates accordingly. We may also enter into contracts that involve a series of manufacturing processes for products and related components. For any distinct performance obligation where the manufacturing process does not create an asset with alternative use and there is an enforceable right to payment for the performance completed to date, the related revenue is recognized over time. For performance obligations satisfied over time, we use an input method to measure progress. Specifically, we apply the cost-to-cost method, under which progress is calculated as the ratio of costs incurred to date relative to the total estimated costs of the contract. This method most accurately depicts the transfer of value to the customer because costs incurred are determined to be proportionate to our performance in satisfying the obligation. Estimated total contract costs are reassessed periodically. Changes in estimates are accounted for prospectively as changes in estimates. License Revenue At the inception of a licensing arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger receipt of these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. For delivery of other goods or services related to a licensing arrangement, we determine whether the performance obligation is satisfied over time or at a point in time. If the performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and the related revenue recognition. Grant Revenue We recognize grant revenue from non-governmental entities in accordance with ASC 958-605, Revenue Recognition Not-for-Profit Entities, when qualifying costs are incurred and the conditions of the grant agreement have been met. If grant funds are received after costs have been incurred, we record the amount as grant revenue and a corresponding grant receivable. Cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as grant revenue when qualifying costs are incurred. Grant revenue is included in “License and other revenue” in our condensed consolidated statements of income and comprehensive income. Research and Development Expenses Research and development expenses are recognized in the period that services are rendered or goods are received. Research and development expenses consist of salaries and benefits, laboratory supplies, facilities and other overhead costs, research-related manufacturing costs, contract service and clinical-related service costs performed by third party research organizations, research institutions and other outside service providers. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as an expense as the related goods are delivered or the related services are performed. We also utilize significant judgment and estimates to record accruals for estimated ongoing research costs based on the progress of the studies and progress of research manufacturing activities. Recently Adopted Accounting Pronouncements In November 2024, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-04, Debt — Debt with Conversion and Other Options (Subtopic 470-20), which clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Effective January 1, 2026, we adopted ASU 2024-04 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Current Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses by assuming current conditions remain unchanged over the life of the asset. The amendments in ASU 2025-05 are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Effective January 1, 2026, we adopted ASU 2025-05. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncement Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of income as well as disclosures about selling expenses. ASU 2024-03 is effective for the Company in annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the potential impact that ASU 2024-03 may have on our consolidated financial statements and related disclosures.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51Arrangement Modified	false
Non Rule 10b51 Arrangement Modified	false

Stockholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended	8 Months Ended
	Jul. 31, 2026	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2026	Nov. 03, 2025
Common stock
Amount of shares repurchased					$ 125.0
Stock repurchased and retired during period, shares		1,403,247	2,374,313
Shares repurchased average price per share		$ 22.36	$ 21.83
Stock repurchased and retired during period, value		$ 31.4	$ 51.8
Common stock \| Subsequent Event
Stock repurchased and retired during period, shares	453,798
Stock repurchased and retired during period, value	$ 10.0
Innoviva's Common Stock
Stock repurchased and retired during period, value				$ 56.4

- Definition

Number of shares that have been repurchased and retired during the period.

+ References

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+ Details

- Definition

Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).

+ References

+ Details

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2026	$ 624
2027	1,327
2028	1,224
2029	1,335
2030	1,454
Thereafter	8,516
Total undiscounted lease payments	14,480
Less: imputed interest	$ (3,277)
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities and Equity
Total operating lease liabilities	$ 11,203

Equity and Long-Term Investments and Fair Value Measurements - Equity and Other Investments in Syndeo Biosciences (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended		48 Months Ended
	Jun. 11, 2026	Mar. 25, 2026	Feb. 10, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2025	Nov. 11, 2025
Equity Investment
Equity and long-term investments				$ 441,308		$ 441,308		$ 341,664	$ 404,497
Outstanding balance				261,000		261,000
Syndeio Biosciences [Member]
Equity Investment
Equity and long-term investments				$ 58,200		$ 58,200
Equity investment ownership percentage				44.40%		44.40%
Series B preferred stock \| Syndeio Biosciences [Member]
Equity Investment
Number of shares owned	3,750,000
Amount of securities purchase agreement	$ 30,000
Syndeio 2025 Convertible Note \| Syndeio Biosciences [Member]
Equity Investment
Convertible notes face value									25,800
Outstanding balance	$ 27,000
Equity and long-term investments at fair value									24,500
Unrealized gain from fair value changes in equity investments				$ 2,900	$ 400	$ 1,300	$ 600
Investment income, interest				1,200		1,200
Syndeio 2025 Convertible Note \| Series B-2 Preferred Stock [Member] \| Syndeio Biosciences [Member]
Equity Investment
Principal amount converted in to shares	4,200,000
Syndeio 2021 Convertible Note
Equity Investment
Convertible notes face value		$ 66,500	$ 60,800
Additional cash investment		$ 5,000
Syndeio 2021 Convertible Note \| Syndeio Biosciences [Member]
Equity Investment
Convertible notes face value	$ 66,500		60,800					51,500		$ 50,600
Additional cash investment			$ 5,000
Outstanding balance	$ 1,100
Equity and long-term investments at fair value				70,300		70,300			$ 62,900
Unrealized gain from fair value changes in equity investments				3,700	$ 1,400		$ 20,500
Unrealized loss from fair value changes in equity investments						8,500
Debt instrument transaction cost								$ 900
Investment income, interest				$ 1,200		$ 1,200
Syndeio 2021 Convertible Note \| Series B-2 Preferred Stock [Member] \| Syndeio Biosciences [Member]
Equity Investment
Principal amount converted in to shares	175,000

Equity and Long-Term Investments and Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Equity and Long-Term Investments and Fair Value Measurements

6. Equity and Long-Term Investments and Fair Value Measurements

Equity and Other Investments in Armata

Since the first quarter of 2020, Innoviva and its wholly owned subsidiary, Innoviva Strategic Opportunities, LLC (“ISO”), have invested in the common stock, warrants, convertible note, and term loans of Armata Pharmaceuticals, Inc. (“Armata”), a clinical stage biotechnology company focused on development of precisely targeted bacteriophage therapeutics for antibiotic-resistant infections.

In January 2026, we entered into various amendments to existing agreements with Armata, extending the maturities of the convertible note and the term loans issued in July 2023, March 2024 and March 2025 to June 1, 2027. The expiration dates of all outstanding Armata warrants held by us were extended to January 26, 2031.

The maturity date of the term loan issued in August 2025 remained unchanged at January 11, 2029.

In addition, we entered into an amendment to the amended and restated investor rights agreement, pursuant to which the Company and ISO agreed that the voting agreement will expire at the earlier of January 26, 2031 or the approval by the FDA of any of Armata's product candidates for marketing and commercial distribution. As of June 30, 2026, our ownership in Armata was 67.5%.

In May 2026, ISO and Armata entered into a Credit and Security Agreement, under which ISO extended a term loan to Armata (the “Armata May 2026 Term Loan”) in the aggregate principal amount of $25.0 million. The loan bears interest at a rate of 14% per annum and matures on January 11, 2029. The Credit and Security Agreement is secured by substantially all assets of Armata and its domestic and foreign material subsidiaries.

As of June 30, 2026, the fair values of our holdings of 25,076,769 shares of Armata common stock, 10,653,847 warrants, a $30.1 million convertible note and $110.1 million in term loans were estimated at $162.5 million, $57.0 million, $105.0 million, and $133.1 million, respectively. As of December 31, 2025, the fair values of these holdings were estimated at $157.5 million, $36.2 million, $101.4 million, and $102.8 million, respectively.

For the Armata common stock and warrants, we recorded $131.8 million in unrealized loss and $25.8 million in unrealized gains as changes in fair values of equity method investments, net, in the unaudited condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2026, respectively, and $13.1 million in unrealized gain and $0.4 million in unrealized loss for the three and six months ended June 30, 2025, respectively.

For the Armata convertible note, we recorded $43.3 million in unrealized loss and $3.7 million in unrealized gain as changes in fair values of equity and long-term investments, net, in the unaudited condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2026, respectively, and $6.2 million and $1.9 million in unrealized gain for the three and six months ended June 30, 2025, respectively.

For the Armata term loans, we recorded $4.5 million and $5.3 million in unrealized gain as changes in fair values of equity and long-term investments, net, in the unaudited condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2026, respectively, and $2.9 million and $3.9 million in unrealized gain for the three and six months ended June 30, 2025, respectively.

The summarized financial information, including the portion we do not own, is presented for Armata on a one quarter lag as follows:

Income Statement Information


	Three Months Ended March 31,						Six Months Ended March 31,
(In thousands)	2026			2025			2026			2025
Revenue	$	789		$	491		$	1,874		$	1,726
Loss from operations	$	(8,785	)	$	(8,191	)	$	(22,608	)	$	(18,730	)
Net loss	$	(115,346	)	$	(6,531	)	$	(239,644	)	$	(3,931	)

Equity and Other Investments in InCarda

Since the third quarter of 2020, Innoviva TRC Holdings, LLC (“ITH”), a wholly owned subsidiary of Innoviva, has invested in the common stock, preferred stock, warrants and convertible notes of InCarda Therapeutics, Inc. (“InCarda”), a privately held biopharmaceutical company focused on developing intravenous and inhaled therapies for cardiovascular diseases.

As of June 30, 2026 and December 31, 2025, ITH owns 36,742,250 shares of InCarda’s common and preferred stock and 2,490,033 warrants, representing a 9.5% equity interest. Over the years, ITH has also invested $2.1 million in InCarda’s convertible notes.

As of June 30, 2026 and December 31, 2025, we recorded $7.5 million in carrying amount of InCarda’s preferred stock, approximately $0.1 million in fair value of warrants and $2.1 million in fair value of convertible notes as equity and long-term investments in the unaudited condensed consolidated balance sheets.

During the three and six months ended June 30, 2026 and 2025, the change to the carrying amount of our investments in InCarda was not material.

Equity and Other Investments in ImaginAb

Since March of 2021, ITH has invested $7.6 million in 8,825,301 shares of common and preferred stock of ImaginAb, Inc. (“ImaginAb”), a privately held biotechnology company focused on clinically managing cancer and autoimmune diseases via molecular imaging. As of June 30, 2026, and December 31, 2025, we held an 11.8% of equity ownership in ImaginAb.

As of June 30, 2026 and December 31, 2025, our investment of $7.6 million was recorded as equity and long-term investments in the unaudited condensed consolidated balance sheets. There was no change in the carrying amount of our equity investments in ImaginAb during the periods presented.

Equity and Other Investments in Syndeio Biosciences

Syndeio Biosciences, Inc. (formerly known as Gate Neurosciences, Inc.) (“Syndeio”) is a privately held biopharmaceutical company focused on developing the next generation of targeted nervous system therapies, leveraging precision medicine approaches to develop breakthrough drugs for psychiatric and neurologic diseases. In May 2025, Gate Neurosciences, Inc. rebranded as Syndeio. From 2021 to 2024, ITH invested a total of $51.5 million including $0.9 million in transaction costs in Syndeio’s convertible notes (the “Syndeio 2021 Convertible Note”). In 2025, ITH invested a total of $25.8 million in Syndeio’s new convertible notes (the “Syndeio 2025 Convertible Note”).

On February 10, 2026, ITH entered into a Note Amendment Agreement with Syndeio to amend the Syndeio 2021 Convertible Note. Pursuant to the Note Amendment Agreement, the principal amount of the Syndeio 2021 Convertible Note was increased from $50.6 million to $60.8 million, which represents the principal and accrued interest as of the amendment date and an additional cash investment of $5.0 million. Certain thresholds associated with the definition of qualified financing were likewise amended. All other material terms of the Syndeio 2021 Convertible Note remained unchanged.

On March 25, 2026, ITH entered into another Note Amendment Agreement with Syndeio to amend the Syndeio 2021 Convertible Note. Under the Note Amendment Agreement, the principal amount of the Syndeio 2021 Convertible Note was increased from $60.8 million to $66.5 million, which represents the principal and accrued interest as of the amendment date and an additional cash investment of $5.0 million. All other material terms of the Syndeio 2021 Convertible Note remained unchanged.

On June 11, 2026, ITH and other existing Syndeio investors entered into a Series B Preferred Stock Purchase Agreement with Syndeio, pursuant to which ITH purchased 3.75 million shares of Series B Preferred Stock for $30.0 million. Concurrently, the Syndeio 2025 Convertible Note with an outstanding balance of $27.0 million, including principal and accrued interest, was converted into 4.2 million shares of Series B-2 Preferred Stock, and $1.1 million of the Syndeio 2021 Convertible Note was converted into 175,000 shares of Series B-2 Preferred Stock. As of June 30, 2026, we held 44.4% of equity ownership in Syndeio.

On the same date, ITH also entered into an amendment to the Syndeio 2021 Convertible Note to increase the principal amount to $66.5 million, representing the remaining principal after the aforementioned conversion and accrued interest. All other material terms remained unchanged.

Our investments in Syndeio do not provide us with the ability to control or have significant influence over Syndeio’s operations. Based on our evaluation, we determined that Syndeio is a VIE, but we are not the primary beneficiary of the VIE. We have not provided financial or other support that we were not previously contractually required to provide during the periods presented. Our maximum exposure to loss is equal to the amount we invested in the entity.

We account for our investment in Syndeio Series B and Series B-2 preferred stock using the measurement alternative because Syndeio’s equity securities are not publicly traded and do not have a readily determinable fair value. As of June 30, 2026, our equity investments of $58.2 million were recorded as equity and long-term investments in the unaudited condensed consolidated balance sheets.

We account for both the Syndeio 2021 Convertible Note and the Syndeio 2025 Convertible Note as trading securities, measured at fair value using a Monte Carlo simulation model with the probability of certain qualified events and the assumptions of equity value of Syndeio, risk-free rate, expected stock price, volatility of its peer companies, and the time until a financing is raised.

As of June 30, 2026, and December 31, 2025, the fair value of the Syndeio 2021 Convertible Note was estimated at $70.3 million and $62.9 million, respectively, and recorded as equity and long-term investments in the unaudited condensed consolidated balance sheets. We recorded $3.7 million in unrealized gain and $8.5 million in unrealized loss for the three and six months ended June 30, 2026, respectively, and $1.4 million and $20.5 million in unrealized gain for the three and six months ended June 30, 2025, respectively, as changes in fair values of equity and long-term investments, net in the unaudited condensed consolidated statements of income and comprehensive income. We also recorded $1.2 million of accrued interest as interest income for the three and six months ended June 30, 2026 in the unaudited condensed consolidated statements of income and comprehensive income.

As of December 31, 2025, the fair value of the Syndeio 2025 Convertible Note was estimated at $24.5 million and recorded as equity and long-term investments in the unaudited condensed consolidated balance sheet. We recorded $1.2 million in interest income for the three and six months ended June 30, 2026, $2.9 million and $1.3 million in unrealized gain for the three and six months ended June 30, 2026, respectively, and $0.4 million and $0.6 million in unrealized gain for the three and six months ended June 30, 2025, respectively, as changes in fair values of equity and long-term investments, net in the unaudited condensed consolidated statement of income and comprehensive income.

Equity Investment in Nanolive

In 2022, ITH invested $9.8 million in 18,750,000 shares of preferred stock of Nanolive SA (“Nanolive”), a Swiss privately held life sciences company focused on developing breakthrough imaging solutions that accelerate research in growth industries such as drug discovery and cell therapy. ITH has the right to designate one member to Nanolive’s board. ITH also has the right to designate another member, who will be mutually acceptable to ITH and another stockholder, to Nanolive’s board. As of June 30, 2026, no Innoviva designee is serving on Nanolive’s six-member board. As of June 30, 2026 and December 31, 2025, we held 13.0% of Nanolive equity ownership.

As of June 30, 2026 and December 31, 2025, $10.6 million was recorded as equity and long-term investments in the unaudited condensed consolidated balance sheets, and there was no change to the carrying amount of our investment.

Convertible Promissory Note in Lyndra

In 2025, we invested $9.2 million in the convertible promissory note of Lyndra Therapeutics, Inc. (“Lyndra”), which was then a clinical-stage company with a novel drug delivery platform that enables the administration of ultra-long-acting oral drugs. In 2025, we received a $3.3 million partial repayment on the note, reducing the outstanding principal to $5.9 million.

As of June 30, 2026 and December 31, 2025, the fair value of the note was estimated at $3.5 million and recorded as equity and long-term investments in the unaudited condensed consolidated balance sheets. There was no change in the carrying amount of the note during the periods presented.

Equity Investment in Beacon

Beacon Biosignals, Inc. (“Beacon”) is an AI-driven neurotechnology company developing treatments for neurological, psychiatric, and sleep disorders. On October 7, 2025, ITH entered into a Preferred Stock Purchase Agreement with Beacon, pursuant to which ITH acquired 1,448,303 shares of Beacon’s Series B Preferred Stock for $17.5 million. As of June 30, 2026 and December 31, 2025, we held 5.4% and 5.6%, respectively, of equity ownership in Beacon.

As of June 30, 2026 and December 31, 2025, our $17.5 million investment in Beacon was recorded as equity and long-term investments in the unaudited condensed consolidated balance sheets, and there was no change to the carrying amount of our investment.

Reconciliation of Equity and Long-Term Investments Balances

The following table reconciles the change in balances in “Equity and Long-Term Investments” as of each balance sheet date:


(In thousands)	Amount
Equity and long-term investments as of December 31, 2024	$	341,664
Purchases of trading securities		61,729
Proceeds from trading securities		(8,427	)
Purchases of equity and other long-term investments		17,533
Net sales and purchases of investments managed by ISP Fund		(120,955	)
Changes in fair value, net		20,160
Reclassification of current portion		91,805
Other		988
Equity and long-term investments as of December 31, 2025	$	404,497
Purchases of trading securities		43,204
Purchases of equity and other long-term investments		30,021
Net sales and purchases of investments managed by ISP Fund		(47,500	)
Changes in fair value, net		4,422
Reclassification of current portion		7,059
Other		(395	)
Equity and long-term investments as of June 30, 2026	$	441,308

Available-for-Sale Securities

The estimated fair value of available-for-sale securities is based on quoted market prices for these investments that were based on prices obtained from a commercial pricing service. Available-for-sale securities are summarized below:


	June 30, 2026
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value
Money market funds (1)	$	548,483	$	—	$	—	$	548,483
Total	$	548,483	$	—	$	—	$	548,483

(1) Money market funds are included in cash and cash equivalents in the condensed consolidated balance sheets.


	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value
Money market funds (1)	$	530,278	$	—	$	—	$	530,278
Total	$	530,278	$	—	$	—	$	530,278

(1) Money market funds are included in cash and cash equivalents in the condensed consolidated balance sheets.

As of June 30, 2026 and December 31, 2025, all available-for-sale investments were money market funds, and there was no credit loss recognized.

Fair Value Measurements

Our available-for-sale securities and equity and long-term investments are measured at fair value on a recurring basis and our debt is carried at amortized cost basis.


	Estimated Fair Value Measurements as of June 30, 2026 Using:
Types of Instruments	Quoted Price in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	548,483	$	—	$	—	$	548,483
Investments held by ISP Fund LP		32,656		—		1,863		34,519
Equity investment - Armata Common Stock		162,498		—		—		162,498
Equity investment - Armata Warrants		—		57,044		—		57,044
Equity investment - InCarda Warrants		—		—		15		15
Term loan investment - Armata July 2023 Term Loan		—		—		34,505		34,505
Term loan investment - Armata March 2024 Term Loan		—		—		45,461		45,461
Term loan investment - Armata March 2025 Term Loan		—		—		11,710		11,710
Term loan investment - Armata August 2025 Term Loan		—		—		16,259		16,259
Term loan investment - Armata May 2026 Term Loan		—		—		25,173		25,173
Convertible debt investment - Armata Note		—		—		105,036		105,036
Convertible debt investment - InCarda 2024 Convertible Note		—		—		436		436
Convertible debt investment - InCarda February 2025 Convertible Note		—		—		475		475
Convertible debt investment - InCarda October 2025 Convertible Note		—		—		1,225		1,225
Convertible debt investment - Syndeio 2021 Convertible Note		—		—		70,310		70,310
Convertible debt investment - Lyndra Convertible Note		—		—		3,492		3,492
Total assets measured at estimated fair value	$	743,637	$	57,044	$	315,960	$	1,116,641
Liability
2028 Notes	$	—	$	284,490	$	—	$	284,490


	Estimated Fair Value Measurements as of December 31, 2025 Using:
Types of Instruments	Quoted Price in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	530,278	$	—	$	—	$	530,278
Investments held by ISP Fund LP		76,993		—		2,748		79,741
Equity investment - Armata Common Stock		157,482		—		—		157,482
Equity investment - Armata Warrants		—		36,244		—		36,244
Equity investment - InCarda Warrants		—		—		43		43
Term loan investment - Armata July 2023 Term Loan		—		—		32,899		32,899
Term loan investment - Armata March 2024 Term Loan		—		—		43,290		43,290
Term loan investment - Armata March 2025 Term Loan		—		—		11,125		11,125
Term loan investment - Armata August 2025 Term Loan		—		—		15,534		15,534
Convertible debt investment - Armata Note		—		—		101,358		101,358
Convertible debt investment - InCarda 2024 Convertible Note		—		—		436		436
Convertible debt investment - InCarda February 2025 Convertible Note		—		—		475		475
Convertible debt investment - InCarda October 2025 Convertible Note		—		—		1,225		1,225
Convertible debt investment - Syndeio 2021 Convertible Note		—		—		62,937		62,937
Convertible debt investment - Syndeio 2025 Convertible Note		—		—		24,490		24,490
Convertible debt investment - Lyndra Convertible Note		—		—		3,492		3,492
Total assets measured at estimated fair value	$	764,753	$	36,244	$	300,052	$	1,101,049
Liability
2028 Notes	$	—	$	267,013	$	—	$	267,013

There were no transfers between Level 1, Level 2 or Level 3 during the periods presented.

The fair values of our equity investments in Armata’s common stock and publicly traded investments held by ISP Fund LP are based on the quoted prices in active markets and are classified as Level 1 financial instruments. The fair values in the warrants in Armata classified within Level 2 are based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications.

The investments classified as Level 3 financial instruments are securities that are not publicly traded and the assumptions used in the valuation model of these securities are based on significant unobservable and observable inputs including those of publicly traded peer companies. There are uncertainties on the fair value measurement of the instruments classified under Level 3 due to the use of unobservable inputs and interrelationships between these unobservable inputs, which could result in higher or lower fair value measurements.

The fair value of our 2028 Notes is based on recent trading price of the instrument.

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net income (loss) per share

The following table shows the computation of basic and diluted net income (loss) per share for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands except per share data)	2026			2025		2026		2025
Numerator:
Net income (loss), basic	$	(83,420	)	$	63,688	$	103,175	$	17,104
Add: interest expense on 2025 Notes, net of tax effect		—			697		—		1,396
Add: interest expense on 2028 Notes, net of tax effect		—			873		2,850		1,748
Net income (loss), diluted	$	(83,420	)	$	65,258	$	106,025	$	20,248
Denominator:
Weighted-average shares used to compute basic net income (loss) per share		73,421			62,865		73,789		62,787
Dilutive effect of 2025 Notes		—			11,149		—		11,150
Dilutive effect of 2028 Notes		—			9,955		9,955		9,955
Dilutive effect of options and awards granted under equity incentive plan and employee stock purchase plan		—			449		785		435
Dilutive effect of outstanding warrant		—			34		—		15
Weighted-average shares used to compute diluted net income (loss) per share		73,421			84,452		84,529		84,342
Net income (loss) per share
Basic	$	(1.14	)	$	1.01	$	1.40	$	0.27
Diluted	$	(1.14	)	$	0.77	$	1.25	$	0.24

Schedule of anti-dilutive securities

The following common stock equivalents were not included in the computation of diluted net income (loss) per share because their effect was anti-dilutive for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Outstanding options and awards granted under equity incentive plan and employee stock purchase plan		1,958		1,630		1,388		1,389
Outstanding 2028 Notes		9,955		—		—		—
Total		11,913		1,630		1,388		1,389

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Inventory consisted of the following:


	June 30,		December 31,
(In thousands)	2026		2025
Raw materials	$	18,724	$	16,330
Work-in-process		15,123		17,871
Finished goods		5,121		4,971
Total inventory	$	38,968	$	39,172

Schedule of Other Accrued Liabilities

Other accrued liabilities consisted of the following:


	June 30,		December 31,
(In thousands)	2026		2025
Accrued contract manufacturing expenses	$	9,322	$	8,220
Accrued clinical and research expenses		150		185
Accrued professional services		4,979		5,845
Current portion of lease liabilities		712		418
Royalty obligation payable		4,148		3,690
Current portion of deferred royalty obligations		6,302		8,124
Accrued license fees and royalties		2,102		1,964
Other		898		1,022
Total other accrued liabilities	$	28,613	$	29,468

Schedule of Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	June 30,		December 31,
(In thousands)	2026		2025
Long-term portion of deferred royalty obligation	$	55,280	$	54,104
Long-term portion of lease liabilities		10,491		10,868
Other		1,505		1,119
Total other long-term liabilities	$	67,276	$	66,091

Consolidated Entity - Summary of Individual Investments Held by ISP Fund (Details) - Isp Fund Lp [Member] - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Preferred stocks - Privately held healthcare company
Money market fund and cash	$ 8,668	$ 15,727
Total investments held by ISP Fund LP	34,519	79,741
Publicly Held Healthcare Companies
Common stock - Publicly traded healthcare companies
Common stock	23,165	61,266
United States \| Publicly Held Healthcare Companies
Common stock - Publicly traded healthcare companies
Common stock	13,029	52,392
United States \| Privately Held Healthcare Companies
Preferred stocks - Privately held healthcare company
Preferred stock	2,686	2,748
United Kingdom \| Publicly Held Healthcare Companies
Common stock - Publicly traded healthcare companies
Common stock	$ 10,136	$ 8,874

Description of Operations and Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026 USD ($) Customer	Jun. 30, 2025 Customer	Jun. 30, 2026 USD ($) Customer	Jun. 30, 2025 Customer	Dec. 31, 2025 USD ($) Customer
Description of Operations and Summary of Significant Accounting Policies
Allowance for Expected Credit Losses	$ 0		$ 0		$ 0
Net product sales
Description of Operations and Summary of Significant Accounting Policies
Number of major customers \| Customer	3	3	3	3	3
Net product sales \| Customer Concentration Risk \| Net Product Sales \| Customer One
Description of Operations and Summary of Significant Accounting Policies
Concentration Risk, Percentage	25.00%	26.00%	26.00%	27.00%
Net product sales \| Customer Concentration Risk \| Net Product Sales \| Customer Two
Description of Operations and Summary of Significant Accounting Policies
Concentration Risk, Percentage	21.00%	26.00%	23.00%	26.00%
Net product sales \| Customer Concentration Risk \| Net Product Sales \| Customer Three
Description of Operations and Summary of Significant Accounting Policies
Concentration Risk, Percentage	21.00%	24.00%	21.00%	25.00%
Net product sales \| Customer Concentration Risk \| Receivables from Net Product Sales \| Customer One
Description of Operations and Summary of Significant Accounting Policies
Concentration Risk, Percentage			30.00%		29.00%
Net product sales \| Customer Concentration Risk \| Receivables from Net Product Sales \| Customer Two
Description of Operations and Summary of Significant Accounting Policies
Concentration Risk, Percentage			28.00%		28.00%
Net product sales \| Customer Concentration Risk \| Receivables from Net Product Sales \| Customer Three
Description of Operations and Summary of Significant Accounting Policies
Concentration Risk, Percentage			15.00%		16.00%
Long-Acting Beta2 Agonist (LABA) Collaboration \| GSK \| RELVAR/BREO
Description of Operations and Summary of Significant Accounting Policies
Royalty rate for first level of annual global net sales (as a percent)			15.00%
Annual global sales level used to determine royalty rate			$ 3,000,000,000
Royalty rate for sales above first level of annual global net sales (as a percent)			5.00%
Long-Acting Beta2 Agonist (LABA) Collaboration \| GSK \| ANORO \| Minimum
Description of Operations and Summary of Significant Accounting Policies
Royalty rate for combination products (as a percent)			6.50%
Long-Acting Beta2 Agonist (LABA) Collaboration \| GSK \| ANORO \| Maximum
Description of Operations and Summary of Significant Accounting Policies
Royalty rate for combination products (as a percent)			10.00%

Revenue Recognition (Details) - Net Product Sales - Geographic Concentration Risk - Product	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
U.S.
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	71.00%	82.00%	76.00%	84.00%
Rest of the world
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	29.00%	18.00%	24.00%	16.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
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+ Details

Net Income (Loss) Per Share - Anti-Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	11,913	1,630	1,388	1,389
Equity incentive plans and ESPP
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	1,958	1,630	1,388	1,389
Outstanding 2028 Notes
Anti-Dilutive Securities
Anti-dilutive securities (in shares)	9,955	0	0	0

Net Income (Loss) Per Share - Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net income (loss), basic	$ (83,420)	$ 63,688	$ 103,175	$ 17,104
Net income (loss), diluted	$ (83,420)	$ 65,258	$ 106,025	$ 20,248
Denominator:
Weighted-average shares used to compute basic net income (loss) per share	73,421	62,865	73,789	62,787
Dilutive effect of options and awards granted under equity incentive plan and employee stock purchase plan	0	449	785	435
Dilutive effect of outstanding warrant	0	34	0	15
Weighted-average shares used to compute diluted net income (loss) per share	73,421	84,452	84,529	84,342
Net income (loss) per share
Basic	$ (1.14)	$ 1.01	$ 1.4	$ 0.27
Diluted	$ (1.14)	$ 0.77	$ 1.25	$ 0.24
2025 Notes
Numerator:
Add: interest expense on Notes, net of tax effect	$ 0	$ 697	$ 0	$ 1,396
Denominator:
Dilutive effect	0	11,149	0	11,150
2028 Notes
Numerator:
Add: interest expense on Notes, net of tax effect	$ 0	$ 873	$ 2,850	$ 1,748
Denominator:
Dilutive effect	0	9,955	9,955	9,955

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

2. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock and dilutive potential common stock equivalents then outstanding. Dilutive potential common stock equivalents include the assumed exercise, vesting and issuance of employee stock awards using the treasury stock method, as well as common stock issuable upon assumed conversion of our convertible senior notes due 2025 (the “2025 Notes”) up until its maturity date on August 15, 2025, and our convertible senior notes due 2028 (the “2028 Notes”) using the if-converted method. If the results are in a net loss position, diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common stock equivalents.

The following table shows the computation of basic and diluted net income (loss) per share for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands except per share data)	2026			2025		2026		2025
Numerator:
Net income (loss), basic	$	(83,420	)	$	63,688	$	103,175	$	17,104
Add: interest expense on 2025 Notes, net of tax effect		—			697		—		1,396
Add: interest expense on 2028 Notes, net of tax effect		—			873		2,850		1,748
Net income (loss), diluted	$	(83,420	)	$	65,258	$	106,025	$	20,248
Denominator:
Weighted-average shares used to compute basic net income (loss) per share		73,421			62,865		73,789		62,787
Dilutive effect of 2025 Notes		—			11,149		—		11,150
Dilutive effect of 2028 Notes		—			9,955		9,955		9,955
Dilutive effect of options and awards granted under equity incentive plan and employee stock purchase plan		—			449		785		435
Dilutive effect of outstanding warrant		—			34		—		15
Weighted-average shares used to compute diluted net income (loss) per share		73,421			84,452		84,529		84,342
Net income (loss) per share
Basic	$	(1.14	)	$	1.01	$	1.40	$	0.27
Diluted	$	(1.14	)	$	0.77	$	1.25	$	0.24

Anti-Dilutive Securities

The following common stock equivalents were not included in the computation of diluted net income (loss) per share because their effect was anti-dilutive for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Outstanding options and awards granted under equity incentive plan and employee stock purchase plan		1,958		1,630		1,388		1,389
Outstanding 2028 Notes		9,955		—		—		—
Total		11,913		1,630		1,388		1,389

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt

Aggregate Scheduled Maturities of Convertible Debt

The aggregate scheduled maturities of our convertible debt as of June 30, 2026 were as follows:


(In thousands)	Amount
Years ending December 31:
Remainder of 2026	$	—
2027		—
2028		261,000
Total	$	261,000

2025 Notes

Debt

Schedule of Components of Interest Expense

The following table sets forth total interest expense recognized related to the 2025 Notes for the three and six months ended June 30, 2025:


(In thousands)	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Contractual interest expense	$	1,199	$	2,402
Amortization of debt issuance costs		188		375
Total interest and amortization expense	$	1,387	$	2,777

2028 Notes

Debt

Summary of Liability and Equity Components of Convertible Notes

Our outstanding 2028 Notes balance consisted of the following:


	June 30,			December 31,
(In thousands)	2026			2025
Principal	$	261,000		$	261,000
Debt discount and issuance costs, net		(2,546	)		(3,269	)
Net carrying amount	$	258,454		$	257,731

Schedule of Components of Interest Expense

The following table sets forth total interest expense recognized related to the 2028 Notes for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Contractual interest expense	$	1,386	$	1,387	$	2,773	$	2,773
Amortization of debt discount and issuance costs		360		349		723		703
Total interest and amortization expense	$	1,746	$	1,736	$	3,496	$	3,476

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

License and Collaboration Arrangements (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accounts receivable	$ 50,826			$ 50,826			$ 34,966
Zai Lab \| Interim Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount on net product sales recognized		$ 9,500	$ 1,700	14,900	$ 2,500
Zai Lab \| Amended Zai Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue recognized	0		0	0	600
Zai Lab \| Manufacturing Stage Transfer Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue recognized	0		900	0	900
Zai Lab \| Regulatory Milestone Achievement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue recognized	4,000			4,000
Zai Lab \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccountsReceivableNet \| Interim Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accounts receivable	13,100			13,100			6,700
Zai Lab \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccountsReceivableNet \| Amended Zai Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accounts receivable	1,800			1,800			$ 1,800
Zai Lab \| Research and Development Support \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future potential milestone payment receivable	91,000			91,000
Zai Lab \| Royalty Revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	900		600	2,000	1,100
Dr. Reddy's Laboratories
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue recognized	3,400			3,400
GARDP Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue recognized	2,000			2,000
Research and development expense	0		0	0	0
PAION AG \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future potential milestone payment receivable	109,500			109,500
PAION AG \| Cost Reimbursement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	1,800		800	1,800	1,400
PAION AG \| Royalty Revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	800		0	$ 1,400	0
Everest Medicines Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalties payable period after first commercial sale of product				10 years
Everest Medicines Limited \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sales milestone payments receivable	20,000			$ 20,000
Everest Medicines Limited \| Commercial Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	1,300		800	$ 1,300	1,800
Percentage of reimbursed for direct and certain indirect manufacturing costs				110.00%
Everest Medicines Limited \| Royalty Revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	900		2,000	$ 900	2,000
George Washington University \| GIAPREZA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of royalty payable on net sales				6.00%
Percentage of royalty on payments received from sublicensees				15.00%
Royalty expense	1,400		1,100	$ 2,700	2,200
Harvard University
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of royalty on payments received from sublicensees				20.00%
Royalty expense	0		600	$ 0	700
Harvard University \| U.S.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of royalty payable on net sales				5.00%
Harvard University \| Minimum [Member] \| Non-US
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of royalty payable on net sales				4.50%
Harvard University \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Clinical development and regulatory milestones amount payable				$ 15,100
Harvard University \| Maximum [Member] \| Non-US
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of royalty payable on net sales				7.50%
Basilea
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment under intangible asset						$ 4,000
Royalty expense	0			$ 0
Astrazeneca \| Durlobactam
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time Milestone Payment on Net Sales				$ 5,000
Term of the milestone payment on net sales				3 months
Royalty expense	0		$ 0	$ 0	$ 0
Astrazeneca \| Zoliflodacin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One-time milestone payment on commercial sales				$ 10,000
Term of milestone payment for commercial sale				2 years
Massachusetts Institute of Technology
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront fee payment				$ 500
Massachusetts Institute of Technology \| Development, Regulatory and Sales Milestone \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future potential milestone payable	$ 17,500			$ 17,500

Equity and Long-Term Investments and Fair Value Measurements - Equity and Other Investments in InCarda (Details) - InCarda - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Equity Investment
Equity investment ownership percentage	9.50%		9.50%		9.50%
Carrying amount of investments	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Common and preferred stock
Equity Investment
Number of shares owned	36,742,250		36,742,250
Common and preferred stock \| Innovia TRC Holdings , LLC
Equity Investment
Number of shares owned					36,742,250
Preferred Stock
Equity Investment
Equity and long-term investments at carrying value	$ 7.5		$ 7.5		$ 7.5
Warrants
Equity Investment
Equity and long-term investments at fair value	$ 0.1		$ 0.1		$ 0.1
Warrants \| Innovia TRC Holdings , LLC
Equity Investment
Number of shares owned	2,490,033		2,490,033		2,490,033
Convertible Notes
Equity Investment
Equity and long-term investments at fair value	$ 2.1		$ 2.1		$ 2.1
InCarda Convertible Notes
Equity Investment
Amount of investment in convertible notes			$ 2.1		$ 2.1

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Summary of Accumulated Amortization of Recognized Intangible Assets

The carrying basis and accumulated amortization of recognized intangible assets as of June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026
	Useful Life	Gross		Accumulated			Net Carrying
(In thousands)	(Years)	Amount		Amortization			Amount
Marketed products	8-10	$	226,300	$	(81,725	)	$	144,575
Collaboration agreement	10		35,400		(10,999	)		24,401
Total		$	261,700	$	(92,724	)	$	168,976


	December 31, 2025
	Useful Life	Gross		Accumulated			Net Carrying
(In thousands)	(Years)	Amount		Amortization			Amount
Marketed products	8-10	$	226,300	$	(70,299	)	$	156,001
Collaboration agreement	10		35,400		(9,245	)		26,155
Total		$	261,700	$	(79,544	)	$	182,156

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock-based compensation
Total stock-based compensation expense	$ 4,743	$ 2,422	$ 7,310	$ 4,569
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Stock-based compensation
Total stock-based compensation expense	266	124	432	243
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Stock-based compensation
Total stock-based compensation expense	$ 4,477	$ 2,298	$ 6,878	$ 4,326

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Debt - Debt Maturities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Long-term debt maturities for years ending December 31:
Remainder of 2026	$ 0
2027	0
2028	261,000
Total	$ 261,000

Description of Operations and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Operations	Description of Operations Innoviva, Inc. (and where context requires, together with its subsidiaries referred to as “Innoviva”, the “Company”, or “we” and other similar pronouns) is a diversified biopharmaceutical company with a portfolio of royalties, a critical care and infectious disease platform, and a portfolio of strategic healthcare assets. Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR®/BREO® ELLIPTA® (fluticasone furoate/vilanterol, “FF/VI”) and ANORO® ELLIPTA® (umeclidinium bromide/ vilanterol, “UMEC/VI”). Under the Long-Acting Beta2 Agonist (“LABA”) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® as follows: 15% on the first $3.0 billion of annual global net sales and 5% for all annual global net sales above $3.0 billion; and royalties from the sales of ANORO® ELLIPTA®, which tier upward at a range from 6.5% to 10%. Our wholly owned, critical care and infectious disease operating platform, with a hospital focus, is anchored by a portfolio of four commercial and marketed products, as well as an FDA-approved product which is expected to be available to patients in the second half of 2026: • GIAPREZA® (angiotensin II) for increasing blood pressure in adults with septic or other distributive shock; • XACDURO® (sulbactam for injection; durlobactam for injection), co-packaged for intravenous use for the treatment of hospital-acquired and ventilator-associated bacterial pneumonia caused by Acinetobacter; • XERAVA® (eravacycline) for the treatment of complicated intra-abdominal infections in adults; • ZEVTERA® (ceftobiprole), an advanced-generation cephalosporin antibiotic for the treatment of staphylococcus aureus bacteremia, including those with right-sided endocarditis, acute bacterial skin and skin structure infections, and community-acquired bacterial pneumonia, licensed from Basilea Pharmaceutica Ltd, Allschwil (SIX: BSLN) (“Basilea”) for U.S. commercialization and which commercially launched in the third quarter of 2025; and • NUZOLVENCE® (formerly known as zoliflodacin), approved by the FDA on December 12, 2025, for the treatment of uncomplicated urogenital gonorrhea in adults and adolescents. In addition, we own other strategic healthcare assets, such as a significant equity stake in Armata Pharmaceuticals, Inc., a leader in development of bacteriophages with potential use across a range of infectious and other serious diseases. We also have economic interests in several other healthcare companies through our portfolio approach.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements have been prepared on the same basis as audited consolidated financial statements and, in our opinion, include all adjustments, consisting of all normal recurring adjustments, necessary for the fair presentation of our financial position, results of operations, comprehensive income and cash flows. The interim results are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2026, or any other periods. The accompanying unaudited condensed consolidated financial statements include the accounts of Innoviva, our wholly-owned subsidiaries, and certain variable interest entities (“VIEs”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 25, 2026, and as amended on March 27, 2026. There have been no material changes to our summary of significant accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Use of Management's Estimates	Use of Management’s Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Management evaluates its significant accounting policies and estimates on an ongoing basis. We base our estimates on historical experience and other relevant assumptions that we believe to be reasonable under the circumstances. These estimates also form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources.
Concentrations of Credit Risk and of Significant Suppliers and Partner	Concentrations of Credit Risk and of Significant Suppliers and Partner Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and equity and long-term investments. Although we deposit our cash with multiple financial institutions, our deposits, at times, may exceed federally insured limits. We are dependent on third-party manufacturers to supply active pharmaceutical ingredients (“API”) and drug products for research and development and commercial programs. These programs could be adversely affected by significant interruption in the supply of API or drug products. Currently, we derive the majority of our revenues from GSK. Our near-term success depends in large part upon the performance by GSK of its commercial obligations under the GSK Agreements and the commercial success of RELVAR®/BREO® ELLIPTA®and ANORO® ELLIPTA®. If GSK does not devote sufficient resources to the commercialization of these products, is unsuccessful in its efforts, or chooses to reprioritize its commercial programs, our business would be materially harmed. GSK is responsible for all clinical and other product development, regulatory, manufacturing and commercialization activities for products developed under the GSK Agreements, including RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®. Our quarterly royalty revenues may fluctuate due to a variety of factors, many of which are outside of our control. Our royalty revenues under the GSK Agreements may not meet our analysts’ or investors’ expectations due to a number of important factors. Our revenues also include net product sales of GIAPREZA®, XERAVA®, XACDURO®, and ZEVTERA®, which we commercially launched in the third quarter of 2025. In the U.S., hospitals and other healthcare organizations generally acquire our products through a network of specialty distributors, which are regarded as our customers for accounting purposes. We do not believe that the loss of any one of these distributors would significantly impact our ability to distribute our products, as we expect that the sales volume would be absorbed by either new or remaining distributors. Three of our customers each account for 25%, 21% and 21%, respectively, of our net product sales for the three months ended June 30, 2026, and 26%, 23% and 21%, respectively, for the six months ended June 30, 2026. Three of our customers each account for 26%, 26% and 24%, respectively, of our net product sales for the three months ended June 30, 2025, and 27%, 26% and 25%, respectively, for the six months ended June 30, 2025. Three of our customers account for 30%, 28% and 15%, respectively, of our receivables from net product sales, which are included in “Accounts receivable” in our unaudited condensed consolidated balance sheet as of June 30, 2026. Three of our customers account for 29%, 28% and 16%, respectively, of our receivables from net product sales, which are included in “Accounts receivable” in our consolidated balance sheet as of December 31, 2025. We did not have an allowance for expected credit losses on our receivable from collaboration arrangement and accounts receivable as of June 30, 2026 and December 31, 2025. Refer to Item 1A. “Risk Factors” disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is made available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. Refer to Note 15, “Segment Reporting”, for more information.
Variable Interest Entities	Variable Interest Entities The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. When we obtain a variable interest in another entity, we assess at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE and, if so, whether we are the primary beneficiary of the VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all the facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (management and representation on the Board of Directors) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests that are deemed to be variable interests in the VIE. This assessment requires us to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is recognized as the excess of the purchase consideration of an acquired entity over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill and intangible assets with an indefinite useful life are not amortized and are tested for impairment at least annually on the first day of December of each year or more frequently if indicators for potential impairment exist or whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. Intangible assets with definite useful lives are amortized on a straight-line basis over their respective remaining useful lives and are tested for impairment only if indicators for potential impairment exist or whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. Significant judgment may be involved in determining if an indicator of impairment has occurred.
Asset Acquisitions	Asset Acquisitions We measure and recognize asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost of the acquisition is allocated to the assets acquired on the basis of their relative fair values. The cost allocated to acquire in-process research and development (“IPR&D”) with no alternative future use is charged to research and development expense at the acquisition date.
Equity and Long-Term Investments	Equity and Long-Term Investments We invest from time to time in equity and debt securities of private or public companies. If we determine that we have control over these companies under either voting or VIE models, we consolidate them in our consolidated financial statements. If we determine that we do not have control over these companies under either voting or VIE models, we then determine if we have an ability to exercise significant influence via voting interests, board representation or other business relationships. We may account for the investments where we exercise significant influence using either an equity method of accounting or at fair value by electing the fair value option under Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments. If the fair value option is applied to an investment that would otherwise be accounted for under the equity method, we apply it to all our financial interests in the same entity (equity and debt, including guarantees) that are eligible items. All gains and losses from fair value changes, unrealized and realized, are presented as changes in fair values of equity method investments, net, and changes in fair values of equity and long-term investments, net, within the consolidated statements of income and comprehensive income. If we conclude that we do not have the ability to exercise significant influence over an investee, we may elect to account for equity security without a readily determinable fair value using the measurement alternative method under ASC 321, Investments - Equity Securities. This method allows us to measure the investment at cost less impairment, if any, and adjusted for observable price changes in orderly transactions involving the same or a similar investment of the same issuer. We also invested in ISP Fund LP, whose investments consist of money market funds, trading securities, and equity securities in the healthcare, pharmaceutical and biotechnology industries. Pursuant to the Partnership Agreement entered into in December 2020, we became a limited partner of the partnership. In October 2024, we elected to unwind our capital accounts in the partnership in accordance with the terms of the Partnership Agreement and expect the remaining investments managed by the Partnership to be distributed in 2026. Accordingly, the portion of the cash balance and money market funds expected to be distributed within 12 months from the balance sheet date has been classified as “Current portion of ISP Fund investments,” while the remaining equity investments have been classified as long-term investments in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.
Revenue Recognition	Revenue Recognition We apply the guidance on principal versus agent considerations under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), to determine the appropriate treatment for the transactions between us and third parties. The classification of transactions under our arrangements is determined based on the nature and contractual terms of the arrangement along with the nature of the operations of the participants. Any consideration related to activities in which we are considered the principal, which includes being in control of the good or service before such good or service is transferred to the customer, are accounted for as product sales. Revenue is recognized when our customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. Revenue is recognized through a five-step process: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price for the contract; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue as a performance obligation is satisfied. Royalty Revenue We recognize royalty revenue on net sales of products with respect to which we have contractual royalty rights in the period in which the royalties are earned. The net sales reports provided by our partner are based on their own methodology and assumptions for estimating rebates and returns, which they monitor and adjust regularly in light of contractual and legal obligations, historical trends, past experience, and projected market conditions. Our partner may make significant adjustments to its reported sales based on actual results, which could cause fluctuation in our royalty revenue. We have rights to conduct periodic royalty audits to evaluate the accuracy of the information provided. Royalties from GSK are recognized as the net of amortization of capitalized fees related to approval and launch milestone payments made to GSK. Revenue from Product Sales Revenue from product sales is recognized when our customers obtain control of the product and is recorded at the transaction price, net of estimates for variable consideration consisting of chargebacks, discounts, returns and rebates. Variable consideration is estimated using the expected-value amount method, which is the sum of probability-weighted amounts in a range of possible consideration amounts. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary materially from our estimates, we will adjust these estimates, which will affect revenue from product sales and earnings in the period such estimates are adjusted. These items may include: • Chargebacks: Chargebacks are discounts we provide to distributors in the event that the sales prices to end users are below the distributors’ acquisition price. This may occur due to a direct contract with a health system, a group purchasing organization (“GPO”) agreement or a sale to a government facility. Chargebacks are estimated based on known chargeback rates and recorded as a reduction of revenue on delivery to our customers. • Discounts: We offer customers various forms of incentives and consideration, including prompt-pay and other discounts. We estimate discounts primarily based on contractual terms. These discounts are recorded as a reduction of revenue on delivery to our customers. • Returns: We offer customers a limited right of return, generally for damaged or expired products. We estimate returns based on an internal analysis, which includes actual experience. The estimates for returns are recorded as a reduction of revenue on delivery to our customers. • Rebates: We participate in Medicaid rebate programs, which provide assistance to certain low-income patients based on each state’s eligibility guidelines and services. Under these programs, we pay rebates to participating states, typically within three months after the quarter in which the product was sold. Additionally, we may offer customer incentives and other forms of consideration, such as volume-based or performance-based rebates. Estimated rebates are recorded as a reduction of revenue on delivery to our customers. We continue to assess our estimates of variable consideration as we accumulate additional historical data and will adjust these estimates accordingly. We may also enter into contracts that involve a series of manufacturing processes for products and related components. For any distinct performance obligation where the manufacturing process does not create an asset with alternative use and there is an enforceable right to payment for the performance completed to date, the related revenue is recognized over time. For performance obligations satisfied over time, we use an input method to measure progress. Specifically, we apply the cost-to-cost method, under which progress is calculated as the ratio of costs incurred to date relative to the total estimated costs of the contract. This method most accurately depicts the transfer of value to the customer because costs incurred are determined to be proportionate to our performance in satisfying the obligation. Estimated total contract costs are reassessed periodically. Changes in estimates are accounted for prospectively as changes in estimates. License Revenue At the inception of a licensing arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger receipt of these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. For delivery of other goods or services related to a licensing arrangement, we determine whether the performance obligation is satisfied over time or at a point in time. If the performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and the related revenue recognition. Grant Revenue We recognize grant revenue from non-governmental entities in accordance with ASC 958-605, Revenue Recognition Not-for-Profit Entities, when qualifying costs are incurred and the conditions of the grant agreement have been met. If grant funds are received after costs have been incurred, we record the amount as grant revenue and a corresponding grant receivable. Cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as grant revenue when qualifying costs are incurred. Grant revenue is included in “License and other revenue” in our condensed consolidated statements of income and comprehensive income.
Research and Development Expenses	Research and Development Expenses Research and development expenses are recognized in the period that services are rendered or goods are received. Research and development expenses consist of salaries and benefits, laboratory supplies, facilities and other overhead costs, research-related manufacturing costs, contract service and clinical-related service costs performed by third party research organizations, research institutions and other outside service providers. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as an expense as the related goods are delivered or the related services are performed. We also utilize significant judgment and estimates to record accruals for estimated ongoing research costs based on the progress of the studies and progress of research manufacturing activities.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In November 2024, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-04, Debt — Debt with Conversion and Other Options (Subtopic 470-20), which clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Effective January 1, 2026, we adopted ASU 2024-04 on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Current Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses by assuming current conditions remain unchanged over the life of the asset. The amendments in ASU 2025-05 are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Effective January 1, 2026, we adopted ASU 2025-05. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncement Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of income as well as disclosures about selling expenses. ASU 2024-03 is effective for the Company in annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the potential impact that ASU 2024-03 may have on our consolidated financial statements and related disclosures.

Revenue Recognition - Schedule of net product sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 119,591	$ 100,283	$ 217,585	$ 188,915
GIAPREZA [Member]
Disaggregation of Revenue [Line Items]
Total revenue	22,299	17,329	42,530	35,602
XACDURO [Member]
Disaggregation of Revenue [Line Items]
Total revenue	22,382	10,731	40,456	18,514
XERAVA [Member]
Disaggregation of Revenue [Line Items]
Total revenue	6,739	7,094	9,367	11,317
ZEVTERA [Member]
Disaggregation of Revenue [Line Items]
Total revenue	351	339	789	339
Net product sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 51,771	$ 35,493	$ 93,142	$ 65,772

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Debt
Interest expense	$ 5,472	$ 4,663	$ 10,909	$ 9,374
HealthCare Royalty Partners
Debt
Maximum potential royalty payout			14.00%
Increase in maximum potential payout percent			18.00%
Maximum aggregate royalty payments			$ 225,000
Royalty Financing Agreement \| Loans Payable [Member] \| HealthCare Royalty Partners
Debt
Interest expense	3,700	$ 1,500	7,400	3,100
Deferred Royalty obligations	$ 61,600		61,600		$ 62,200
Royalty Payments			$ 7,600	$ 6,100
Interest Rate of Deferred Royalty Obligation			26.38%

Equity and Long-Term Investments and Fair Value Measurements - Convertible Promissory Note in Lyndra (Details) - Lyndra - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Jun. 30, 2026
Lyndra Convertible Note
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Repayments of notes	$ 3.3
Outstanding principal	5.9
Equity and long-term investments at fair value	3.5	$ 3.5
Convertible Promissory Note
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes face value	$ 9.2

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

Equity Incentive Plan

In May 2026, our stockholders approved the 2026 Equity Incentive Plan (the “2026 Plan”). The 2026 Plan provides for the grant of incentive stock options, nonstatutory stock options, RSAs, RSUs, Stock Appreciation Rights and other stock-based awards to employees, non-employee directors and consultants. A total of 9,000,000 shares of our common stock are reserved for issuance under the 2026 Plan.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Selling, general and administrative	$	4,477	$	2,298	$	6,878	$	4,326
Research and development		266		124		432		243
Total	$	4,743	$	2,422	$	7,310	$	4,569

Equity and Long-Term Investments and Fair Value Measurements - Equity and Other Investments in Armata (Details) - Armata - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Equity Investment
Number of warrants owned		10,653,847		10,653,847
Number of shares owned		25,076,769		25,076,769
Principal amount of convertible notes owned		$ 30.1		$ 30.1
Equity method investment ownership percentage		67.50%		67.50%
Credit and Security Agreement [Member]
Equity Investment
Aggregate principal amount	$ 25.0
Debt Instrument, annual interest rate	14.00%
Debt instrument maturity date	Jan. 11, 2029
Common stock and warrants
Equity Investment
Unrealized gain			$ 13.1	$ 25.8
Unrealized loss		$ 131.8			$ 0.4
Warrants
Equity Investment
Equity and long-term investments at fair value		57.0		57.0		$ 36.2
Common stock
Equity Investment
Equity and long-term investments at fair value		162.5		162.5		157.5
Armata Convertible Note
Equity Investment
Principal amount of term loans owned		110.1		110.1
Equity and long-term investments at fair value		105.0		105.0		101.4
Unrealized gain			6.2	3.7	1.9
Unrealized loss		43.3
ArmataTerm Loan
Equity Investment
Equity and long-term investments at fair value		133.1		133.1		$ 102.8
Unrealized gain		$ 4.5	$ 2.9	$ 5.3	$ 3.9

Balance Sheet Components - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued contract manufacturing expenses	$ 9,322	$ 8,220
Accrued clinical and research expenses	150	185
Accrued professional services	$ 4,979	$ 5,845
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other accrued liabilities	Total other accrued liabilities
Current portion of lease liabilities	$ 712	$ 418
Royalty obligation payable	4,148	3,690
Current portion of deferred royalty obligations	6,302	8,124
Accrued license fees and royalties	2,102	1,964
Other	898	1,022
Total other accrued liabilities	$ 28,613	$ 29,468

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 18,724	$ 16,330
Work-in-process	15,123	17,871
Finished goods	5,121	4,971
Total inventory	$ 38,968	$ 39,172

Equity and Long-Term Investments and Fair Value Measurements - Reconciliation of Equity and Long-Term Investments Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Equity and long-term investments			$ 404,497	$ 341,664	$ 341,664
Purchases of trading securities			43,204		61,729
Proceeds from trading securities					(8,427)
Purchases of equity and other long-term investments			30,021	0	17,533
Net sales and purchases of investments managed by ISP Fund			(47,500)		(120,955)
Changes in fair value, net	$ (29,153)	$ 11,280	4,422	$ (54,019)	20,160
Reclassification of current portion			7,059		91,805
Other			(395)		988
Equity and long-term investments	$ 441,308		$ 441,308		$ 404,497

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

8. Balance Sheet Components

Inventory

Inventory consisted of the following:


	June 30,		December 31,
(In thousands)	2026		2025
Raw materials	$	18,724	$	16,330
Work-in-process		15,123		17,871
Finished goods		5,121		4,971
Total inventory	$	38,968	$	39,172

As of June 30, 2026 and December 31, 2025, total inventory included net fair value adjustments resulting from the acquisition of La Jolla of approximately $1.4 million and $3.4 million, respectively, which will be amortized and recognized as cost of products sold when sales occur in future periods. The fair value adjustments recorded as part of cost of products sold amounted to $0.9 million and $2.0 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $0.6 million for the three and six months ended June 30, 2025, respectively.

Other Accrued Liabilities

Other accrued liabilities consisted of the following:


	June 30,		December 31,
(In thousands)	2026		2025
Accrued contract manufacturing expenses	$	9,322	$	8,220
Accrued clinical and research expenses		150		185
Accrued professional services		4,979		5,845
Current portion of lease liabilities		712		418
Royalty obligation payable		4,148		3,690
Current portion of deferred royalty obligations		6,302		8,124
Accrued license fees and royalties		2,102		1,964
Other		898		1,022
Total other accrued liabilities	$	28,613	$	29,468

Other Long-term Liabilities

Other long-term liabilities consisted of the following:


	June 30,		December 31,
(In thousands)	2026		2025
Long-term portion of deferred royalty obligation	$	55,280	$	54,104
Long-term portion of lease liabilities		10,491		10,868
Other		1,505		1,119
Total other long-term liabilities	$	67,276	$	66,091

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Entity Registrant Name	INNOVIVA, INC.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Securities Act File Number	000-30319
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3265960
Entity Address, Address Line One	1350 Old Bayshore Highway Suite 400
Entity Address, City or Town	Burlingame
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94010
City Area Code	650
Local Phone Number	238-9600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	INVA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,245,485
Entity Central Index Key	0001080014
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Equity and Long-Term Investments and Fair Value Measurements - Equity Investment in Nanolive (Details) - Nanolive $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Jun. 30, 2026 USD ($) Director	Dec. 31, 2025 USD ($)
Equity Investment
Number of Investee's Board members currently representing the Company \| Director		0
Equity investment ownership percentage		13.00%	13.00%
Fair value of equity securities \| $		$ 10.6	$ 10.6
Number of the Investee's Board members \| Director		6
Preferred stock
Equity Investment
Number of shares owned \| shares	18,750,000
Amount of investment in preferred stock \| $	$ 9.8

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

11. Debt

Convertible Senior Notes Due 2025

On August 7, 2017, we completed a private placement of $192.5 million aggregate principal amount of our 2025 Notes.

The 2025 Notes were convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election.

In June 2025, we elected to settle the 2025 Notes in shares. Approximately $192.5 million of the principal amount was converted into 11,148,918 shares of our common stock. The remaining principal balance of $25,000 was fully paid in cash upon the maturity date on August 15, 2025.

The annual effective interest rate on the 2025 Notes in 2025 up to its settlement was 2.90%.

The following table sets forth total interest expense recognized related to the 2025 Notes for the three and six months ended June 30, 2025:


(In thousands)	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Contractual interest expense	$	1,199	$	2,402
Amortization of debt issuance costs		188		375
Total interest and amortization expense	$	1,387	$	2,777

Convertible Senior Notes Due 2028

In March 2022, we completed a private placement of $261.0 million aggregate principal amount of our 2028 Notes, which will mature on March 15, 2028.

The 2028 Notes bear interest at an annual rate of 2.125% that is payable semi-annually in arrears in cash on March 15 and September 15 of each year, beginning on September 15, 2022.

The 2028 Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election. The initial conversion rate was 38.1432 shares per $1,000 principal amount of the 2028 Notes, subject to customary anti-dilution adjustment in certain circumstances, which represented an initial conversion price of approximately $26.22 per share.

The annual effective interest rate on the 2028 Notes is 2.70%.

Our outstanding 2028 Notes balance consisted of the following:


	June 30,			December 31,
(In thousands)	2026			2025
Principal	$	261,000		$	261,000
Debt discount and issuance costs, net		(2,546	)		(3,269	)
Net carrying amount	$	258,454		$	257,731

The following table sets forth total interest expense recognized related to the 2028 Notes for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Contractual interest expense	$	1,386	$	1,387	$	2,773	$	2,773
Amortization of debt discount and issuance costs		360		349		723		703
Total interest and amortization expense	$	1,746	$	1,736	$	3,496	$	3,476

Debt Maturities

The aggregate scheduled maturities of our convertible debt as of June 30, 2026 were as follows:


(In thousands)	Amount
Years ending December 31:
Remainder of 2026	$	—
2027		—
2028		261,000
Total	$	261,000

Deferred Royalty Obligation

As part of our acquisition of La Jolla, we recorded the fair value of its deferred royalty obligation in connection with La Jolla’s royalty financing agreement (“La Jolla Royalty Agreement”) with HealthCare Royalty Partners (“HCR”). Under the terms of the La Jolla Royalty Agreement, HCR is entitled to receive quarterly royalties on worldwide net sales of GIAPREZA® until either January 1, 2031 or when the maximum aggregate royalty payments have been made, whichever occurs first. Quarterly payments to HCR under the Royalty Agreement start at a maximum royalty rate, with step-downs based on the achievement of annual net product sales thresholds. The maximum royalty rate through December 31, 2023 was 14%. Starting January 1, 2024, the maximum royalty rate was increased to 18% based on the terms of the Agreement. The La Jolla Royalty Agreement is subject to maximum aggregate royalty payments to HCR of $225.0 million.

We recognized interest expense of $3.7 million and $7.4 million for the three and six months ended June 30, 2026, respectively, and $1.5 million and $3.1 million for the three and six months ended June 30, 2025, respectively. The carrying value of the deferred royalty obligation as of June 30, 2026 and December 31, 2025 was $61.6 million and $62.2 million, respectively (refer to Note 8, “Balance Sheet Components”). During the six months ended June 30, 2026 and 2025, we made royalty payments to HCR of $7.6 million and $6.1 million, respectively. The deferred royalty obligation was valued using Level 3 inputs, and its carrying value as of June 30, 2026 approximates fair value. The fair value of the deferred royalty obligation was calculated as the discounted deferred royalty obligations based on risk-adjusted revenue projections for GIAPREZA®. As of June 30, 2026, the annual effective interest rate of the deferred royalty obligation for the current period is 26.38%.

Certain contract provisions within the La Jolla Royalty Agreement that could result in an acceleration of amounts due under the La Jolla Royalty Agreement are recognized as embedded derivatives that require bifurcation from the deferred royalty obligation and fair value recognition. We determined the fair value of each derivative by assessing the probability of each event occurring, as well as the potential repayment amounts and timing of such repayments that would result under various scenarios. As a result of this assessment, we determined that the fair value of the embedded derivatives is not material and, therefore, not recognized as of June 30, 2026 and December 31, 2025. We estimate the fair value of the embedded derivatives for each reporting period until either the features lapse or the La Jolla Royalty Agreement is terminated, whichever occurs first. Any material change in the fair value of the embedded derivatives will be recorded as either a gain or loss in the consolidated statements of income and comprehensive income.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity and Long-Term Investments and Fair Value Measurements - Equity Investment in Beacon (Details) - Beacon [Member] - Series B Preferred Stock [Member] - USD ($) $ in Millions	Oct. 07, 2025	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of shares owned	1,448,303
Amount of securities purchase agreement	$ 17.5
Equity investment ownership percentage		5.40%	5.60%
Equity and long-term investments at fair value		$ 17.5	$ 17.5

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

15. Segment Reporting

We operate as a single operating and reportable segment, focused on creating value for our stockholders. We achieve this by maximizing the value of our respiratory royalty portfolio and growing our investments in innovative healthcare assets that address critical unmet medical needs.

Our Chief Executive Officer, as the chief operating decision-maker (“CODM”), evaluates the Company’s financial performance and operational efficiency using consolidated net income. This helps guide decisions related to commercial operations, product development, and regulatory compliance, ensuring resources are allocated effectively to support growth initiatives. Consolidated net income also helps inform reinvestment strategies to strengthen our market position and drive innovation.

The accounting policies of the segment are the same as those described in Note 1, “Description of Operations and Summary of Significant Accounting Policies”.

Our revenues are generated primarily from our collaborative arrangements and royalty payments from GSK, located in Great Britain. We also generate revenue from net product sales of GIAPREZA®, XACDURO®, XERAVA® and ZEVTERA®, as well as license and other revenues. Refer to Note 3, “Revenue Recognition”, for more information on our revenues for the periods presented.

Our long-term assets are located within the United States. The CODM does not review assets at a different level or category than the amounts disclosed in the consolidated balance sheets.

The table below presents the financial information used by the CODM to assess performance, which reconciles to the consolidated net income:


	Three months ended June 30,						Six Months Ended June 30,
(In thousands)	2026			2025			2026			2025
Total revenue	$	119,591		$	100,283		$	217,585		$	188,915
Less:
Cost of products sold		22,349			10,590			37,956			19,432
Amortization of acquired intangible assets		6,626			6,547			13,180			13,022
Selling and marketing		10,335			8,147			19,837			16,218
General and administrative		24,236			18,265			47,172			37,685
Research and development - External services and expenses		2,463			6,782			5,069			9,833
Research and development - Internal expenses		2,727			1,201			5,362			2,546
Changes in fair values of equity method investments, net		131,834			(13,082	)		(25,816	)		467
Changes in fair values of equity and long-term investments, net		29,153			(11,280	)		(4,422	)		54,019
Interest and dividend income		(7,599	)		(4,925	)		(18,586	)		(9,463	)
Interest expense		5,472			4,663			10,909			9,374
Other expense, net		15			777			381			1,773
Income tax expense (benefit), net		(24,600	)		8,910			23,368			16,905
Consolidated net income (loss)	$	(83,420	)	$	63,688		$	103,175		$	17,104

- Definition

The entire disclosure for segment reporting.

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+ Details

Consolidated Entity - ISP Fund LP (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CONSOLIDATED ENTITIES
Total assets	$ 1,702,727		$ 1,702,727		$ 1,635,165
ISP Fund LP
CONSOLIDATED ENTITIES
Cash distribution			$ 47,500
Economic interest of the partnership (in percent)			100.00%
Total liabilities	100		$ 100		100
Net investment-related income (expense) earned (incurred)	(100)	$ (700)	(500)	$ (1,500)
Investment income, interest	100	1,200	200	2,400
Unrealized gain (loss) on other equity investments			17,600
Net realized and unrealized gain (loss) on equity investments	3,100	$ 400	2,700	$ (80,900)
Realized gain (loss) on equity investments			(14,900)
Total assets	$ 34,500		$ 34,500		$ 79,700

Equity and Long-Term Investments and Fair Value Measurements - Schedule of Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Income Statement Information
Total revenue	$ 119,591		$ 100,283		$ 217,585		$ 188,915
Loss from operations	50,855		48,751		89,009		90,179
Net loss	$ (83,420)	$ 186,595	$ 63,688	$ (46,584)	$ 103,175		$ 17,104
Armata
Income Statement Information
Total revenue		789		491		$ 1,874		$ 1,726
Loss from operations		(8,785)		(8,191)		(22,608)		(18,730)
Net loss		$ (115,346)		$ (6,531)		$ (239,644)		$ (3,931)

- Definition

The net result for the period of deducting operating expenses from operating revenues.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Operating Lease

We have operating leases for our corporate headquarters, office spaces and laboratory facilities.

In 2019, we entered into an operating lease for our headquarters in Burlingame, California for approximately 2,111 square feet. The lease commenced in November 2019 with an initial term of thirty-six calendar months, which was subsequently amended to expire in December 2027. Our operating leases include a facility lease consisting of 15,500 square feet of office space in Waltham, Massachusetts, which expires in March 2029. In November 2025, we entered into an operating lease for approximately 22,881 square feet of office and laboratory space in Lexington, Massachusetts, which expires in April 2036. We have the option to terminate this lease, for an early termination fee, before May 2029.

The components of lease cost were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Straight line operating lease costs	$	423	$	302	$	849	$	604
Variable lease costs		131		3		259		5
Total lease costs	$	554	$	305	$	1,108	$	609

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
(In thousands)	2026		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	357	$	849

As of June 30, 2026, our operating leases have a weighted-average remaining term of approximately 9.2 years and the weighted average discount rate on our operating lease liabilities was 5.3%.

Future minimum payments on our operating leases as of June 30, 2026 were as follows:


(In thousands)	Amount
Years ending December 31:
Remainder of 2026	$	624
2027		1,327
2028		1,224
2029		1,335
2030		1,454
Thereafter		8,516
Total undiscounted lease payments		14,480
Less: imputed interest		(3,277	)
Total operating lease liabilities	$	11,203

Purchase Commitments

In April 2024, we entered into a Commercial Supply Agreement with Corden Pharma CHENÔVE SAS (“Corden”), under which we engaged Corden to manufacture and supply certain products related to XACDURO® and to perform certain services and studies. Under the agreement, we committed to minimum purchase commitments through December 31, 2027. As of June 30, 2026, we have approximately $4.4 million and $5.9 million U.S. dollar equivalent in purchase commitments under the agreement for the remainder of 2026 and for the year 2027, respectively.

Legal Proceedings

From time to time, the Company is involved in legal proceedings in the ordinary course of its business. We are not currently a party to any material legal proceedings.

Indemnification and Other Contingencies

In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, directors, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our consolidated financial statements. We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors. To date, we have not incurred any material costs and, as of June 30, 2026, we have not accrued any material liabilities in the unaudited condensed consolidated financial statements as a result of these provisions.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Selling, general and administrative	$	4,477	$	2,298	$	6,878	$	4,326
Research and development		266		124		432		243
Total	$	4,743	$	2,422	$	7,310	$	4,569

License and Collaboration Arrangements

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License and Collaboration Arrangements

4. License, Collaboration and Other Arrangements

Out-License Agreements

Zai Lab

Entasis Therapeutics Holdings Inc. (“Entasis”), our wholly-owned subsidiary, entered into a license and collaboration agreement with Zai Lab (Shanghai) Co., Ltd. (“Zai Lab”) (Nasdaq: ZLAB), pursuant to which Zai Lab licensed exclusive rights to durlobactam and SUL-DUR, in the Asia-Pacific region (“the Zai Agreement”). Under the terms of the Zai Agreement, Zai Lab shall fund most of the registrational clinical trial costs in China for SUL-DUR, with the exception of Phase 3 patient drug supply of licensed products. Zai Lab shall conduct development activities and plan and obtain regulatory approval in a specified number of countries in the Asia-Pacific region beyond China after receipt of regulatory approval of a licensed product in China. Zai Lab is also solely responsible for commercializing licensed products in the Asia-Pacific region and shall commercialize licensed products for which it has obtained regulatory approval. We are obligated to supply Zai Lab with the licensed products for clinical development and for commercial use for a certain period unless Zai Lab notifies otherwise. Zai Lab may take over manufacturing responsibilities for its own commercialization activities within a specified time period following the effective date of the Zai Agreement.

We are eligible to receive up to an aggregate of $91.0 million in research and development support payments and development, regulatory and sales milestone payments related to SUL-DUR, imipenem and other combinations with the licensed products. Zai Lab shall pay us a tiered royalty ranging from a high-single digit to low-double digit percentage based on annual net sales of licensed products in the territory, subject to specified reductions for the market entry of competing products, loss of patent coverage of licensed products and for payments owed to third parties for additional rights necessary to commercialize licensed products in the territory. Payments received for research support and reimbursable clinical trial costs are recorded as a reduction to research and development expense during the period in which the qualifying expenses are incurred. Such amounts recorded for the six months ended June 30, 2026 and 2025 were not material. SUL-DUR was approved by China’s National Medical Products Administration in May 2024, and was launched by Zai Lab in mainland China in January 2025. We recognized $4.0 million in license revenue for the three and six months ended June 30, 2026 under this agreement as a result of the achievement of a regulatory milestone. Royalties under this arrangement based on the product sales were $0.9 million and $2.0 million for the three and six months ended June 30, 2026, respectively, and $0.6 million and $1.1 million for the three and six months ended June 30, 2025, respectively.

In April 2024, we entered into an amendment to the Zai Agreement (the “Amended Zai Agreement”), pursuant to which Zai Lab shall share costs associated with certain new manufacturing and technology transfer activities for XACDURO® (the “Services”), which were not contemplated under the Zai Agreement and are crucial for regulatory approval in the Asia-Pacific region. Under the Amended Zai Agreement, we recognized $0.6 million in license revenue for the six months ended June 30, 2025. License revenue for three and six months ended June 30, 2026 and the three months ended June 30, 2025 were not material. As of June 30, 2026 and December 31, 2025, outstanding amounts under this amendment of $1.8 million were included in “Accounts receivable” in our unaudited condensed consolidated balance sheets.

We entered into an interim supply agreement with Zai Lab in June 2024, which was amended in February 2025 and August 2025, under which Zai Lab shall purchase XACDURO® inventory (the “Supplied Inventory”) at cost for their commercial use. We recognized $9.5 million and $14.9 million in net product sales for the cost of the Supplied Inventory for the three and six months ended June 30, 2026, respectively, and $1.7 million and $2.5 million for the three and six months ended June 30, 2025, respectively. Amounts outstanding under this agreement of $13.1 million and $6.7 million were included in “Accounts receivable” in our unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.

We also entered into a manufacturing stage transfer agreement with Zai Lab in June 2024, which was amended in September 2024 (the “Zai Manufacturing Stage Transfer Agreement”). Pursuant to this agreement, Entasis shall provide assistance to Zai Lab for building out Zai Lab’s manufacturing site for XACDURO® and be compensated for Entasis' services and associated costs. License revenue recognized under this agreement for the three and six months ended June 30, 2026 was not material. We recognized license revenue under this agreement of $0.9 million for the three and six months ended June 30, 2025.

Dr. Reddy’s Laboratories

In June 2026, Entasis entered into an exclusive distribution and license agreement with Dr. Reddy's Laboratories Ltd. (“DRL”) to commercialize XACDURO® in certain countries. A one-time, nonrefundable upfront payment of $3.4 million was recognized as license revenue for the three and six months ended June 30, 2026. Entasis is also entitled to receive development, launch and commercial milestone payments, as well as tiered royalties based on DRL's annual net sales.

GARDP

Entasis entered into a collaboration agreement with the Global Antibiotic Research and Development Partnership (“GARDP”) for the development, manufacture and commercialization of the product candidate zoliflodacin in certain countries (“the GARDP Collaboration Agreement”). Under the terms of the GARDP Collaboration Agreement, GARDP shall use commercially reasonable endeavors to perform and fully fund the Phase 3 registrational trial, including the manufacture and supply of the product candidate containing zoliflodacin, in uncomplicated gonorrhea. Reimbursements from GARDP under this agreement are recorded as a reduction to research and development expense. Reimbursements recorded from GARDP during the three and six months ended June 30, 2026 and 2025 were not material.

In addition, under the GARDP Collaboration Agreement, GARDP was granted a worldwide, fully paid, exclusive and royalty-free license, with the right to sublicense, to use our zoliflodacin technology in connection with GARDP’s development, manufacture and commercialization of zoliflodacin in low-income and specified middle-income countries. We retained commercial rights in all other countries worldwide, including the major markets in North America, Europe and Asia-Pacific. We also retained the right to use and grant licenses to our zoliflodacin technology to perform our obligations under the GARDP Collaboration Agreement and for any purpose other than gonorrhea or community-acquired indications. Each party is responsible for using commercially reasonable efforts to obtain marketing authorizations for the product candidate in their respective territories. The FDA approved zoliflodacin, marketed as NUZOLVENCE®, on December 12, 2025.

In May 2026, Entasis entered into an amendment to the GARDP Collaboration Agreement under which Entasis granted GARDP a non-exclusive license to use Entasis’ technology in certain European countries and received a one-time, nonrefundable upfront payment of $2.0 million, which was recorded as license revenue for the three and six months ended June 30, 2026. Furthermore, Entasis is entitled to receive future regulatory milestone payment and royalties on net sales of NUZOLVENCE®.

PAION Pharma GmbH

Pursuant to the PAION AG and PAION Deutschland GmbH (together and individually “PAION”) License, La Jolla Pharmaceutical Company (“La Jolla”), our wholly-owned subsidiary, granted PAION an exclusive license to commercialize GIAPREZA® and XERAVA® in the European Economic Area, the United Kingdom and Switzerland (collectively, the “PAION Territory”). PAION is currently a subsidiary of the Humanwell Healthcare Group. We are entitled to receive potential commercial milestone payments of up to $109.5 million and double-digit tiered royalty payments. Royalties payable in a given jurisdiction under the PAION License are subject to reduction on account of generic competition and after patent expiration in that jurisdiction. Pursuant to the PAION License, PAION will be solely responsible for the future development and commercialization of GIAPREZA® and XERAVA® in the PAION Territory. PAION is required to use commercially reasonable efforts to commercialize GIAPREZA® and XERAVA® in the PAION Territory. Royalty revenue recognized under this agreement was $0.8 million and $1.4 million for the three and six months ended June 30, 2026, respectively, and was not material for the same periods in 2025.

La Jolla also entered into the PAION commercial supply agreement (the “PAION Supply Agreement”) whereby La Jolla supplies PAION a minimum quantity of GIAPREZA® and XERAVA® until the earlier of July 13, 2027, or until a new supply agreement is executed. During the term of the supply agreement, we are reimbursed for direct and certain indirect manufacturing costs at cost. Cost reimbursements under the PAION Supply Agreement were $1.8 million for the three and six months ended June 30, 2026, and $0.8 million and $1.4 million for the three and six months ended June 30, 2025, respectively.

Everest Medicines Limited

Pursuant to the Everest Medicines Limited (“Everest”) License, La Jolla granted Everest an exclusive license to develop and commercialize XERAVA® for the treatment of complicated intra-abdominal infections (“cIAI”) and other indications in mainland China, Taiwan, Hong Kong, Macau, South Korea, Singapore, the Malaysian Federation, the Kingdom of Thailand, the Republic of Indonesia, the Socialist Republic of Vietnam and the Republic of the Philippines (collectively, the “Everest Territory”). Under the Everest License, we are eligible to receive remaining sales milestone payments of up to an aggregate of $20.0 million.

We are also entitled to receive tiered royalties from Everest at percentages in the low double digits on sales, if any, in the Everest Territory of products containing eravacycline. Royalties are payable with respect to each jurisdiction in the Everest Territory until the latest to occur of: (i) the last-to-expire of specified patent rights in such jurisdiction in the Everest Territory; (ii) expiration of marketing or regulatory exclusivity in such jurisdiction in the Everest Territory; or (iii) 10 years after the first commercial sale of a product in such jurisdiction in the Everest Territory. Royalty revenue from Everest recognized for the three and six months ended June 30, 2026 was $0.9 million. Royalty revenue recognized for the three and six months ended June 30, 2025 was $2.0 million.

La Jolla also entered into the Everest commercial supply agreement (the “Everest Supply Agreement”) whereby La Jolla will supply Everest a minimum quantity of XERAVA® and will transfer to Everest certain XERAVA®-related manufacturing know-how. Under the Everest Supply Agreement, we are reimbursed for direct and certain indirect manufacturing costs at 110% of cost. Revenue recognized under the Everest Supply Agreement was $1.3 million for the three and six months ended June 30, 2026, and $0.8 million and $1.8 million for the three and six months ended June 30, 2025, respectively.

In-License Agreements

Basilea

In December 2024, we entered into an exclusive distribution and license agreement with Basilea, under which we were granted exclusive marketing rights to ZEVTERA® in the U.S. The agreement will remain in effect through the expiration of ZEVTERA®’s market exclusivity in the U.S. in 2034 (the “initial term”) and is subject to automatic renewal unless terminated by either party with prior notice. We paid an upfront fee of $4.0 million, which was recognized as an intangible asset and is being amortized over the initial term of the agreement. Under the agreement, we are required to exclusively purchase ZEVTERA® (in pre-packaging and labeling form) from Basilea for the duration of the term. We are also obligated to pay Basilea tiered royalties ranging from the high-teens to mid-twenties, as well as tiered milestone payments based on annual net sales in the U.S. ZEVTERA® was commercially launched in the U.S. in July 2025. Royalty expense incurred on the sales was not material during the three and six months ended June 30, 2026 and 2025.

George Washington University

Pursuant to the George Washington University License (the “GW License”), GW exclusively licensed to La Jolla certain intellectual property rights relating to GIAPREZA®, including the exclusive rights to certain issued patents and patent applications covering GIAPREZA®. Under the GW License, we are obligated to use commercially reasonable efforts to develop, commercialize, market and sell GIAPREZA®. We are obligated to pay a 6% royalty on net sales of GIAPREZA® and 15% on payments received from sublicensees. The obligation to pay royalties under the GW License extends through the last-to-expire patent covering GIAPREZA®. Royalty expense incurred under the GW License for the three and six months ended June 30, 2026 were $1.4 million and $2.7 million, respectively, and $1.1 million and $2.2 million for the three and six months ended June 30, 2025, respectively.

Harvard University

Pursuant to the Harvard University (“Harvard”) License, Harvard exclusively licensed to La Jolla certain intellectual property rights relating to tetracycline-based products, including XERAVA®, including the exclusive rights to certain issued patents and patent applications covering such products. Under the Harvard License, we are obligated to use commercially reasonable efforts to develop, commercialize, market and sell tetracycline-based products, including XERAVA®. For each product covered by the Harvard License, we are obligated to make certain payments for the following: (i) up to approximately $15.1 million upon the achievement of certain clinical development and regulatory milestones; (ii) a 5% royalty on direct U.S. net sales of XERAVA®; (iii) a single-digit tiered royalty on direct ex-U.S. net sales of XERAVA®, starting at a minimum royalty rate of 4.5%, with step-ups to a maximum royalty of 7.5% based on the achievement of annual net product sales thresholds; and (iv) 20% on payments received from sublicensees. The obligation to pay royalties under this agreement extends through the last-to-expire patent covering tetracycline-based products, including XERAVA®. Royalty expense incurred under the Harvard License for the three and six months ended June 30, 2026 was not material. Royalty expense incurred for the three and six months ended June 30, 2025 was $0.6 million and $0.7 million, respectively.

Business Transfer and Subscription Agreement with AstraZeneca

Entasis entered into a Business Transfer and Subscription Agreement with AstraZeneca, AstraZeneca UK Limited and AstraZeneca Pharmaceuticals LP (collectively, “AstraZeneca”) (the “AstraZeneca Agreement”) in 2015, which was amended and restated through 2018, pursuant to which Entasis obtained, among other things, worldwide rights to durlobactam and zoliflodacin. Under the AstraZeneca Agreement, we are obligated to pay AstraZeneca a one-time milestone payment of $5.0 million within three months of achieving a specified cumulative net sales milestone for durlobactam. We are also obligated to pay AstraZeneca a one-time milestone payment of $10.0 million within two years of achieving the first commercial sale of zoliflodacin. Additionally, we are obligated to pay AstraZeneca tiered, single-digit royalties on the annual worldwide net product sales of durlobactam and, the lesser of tiered, single-digit royalties on the worldwide annual net sales of zoliflodacin and a specified share of the royalties we receive from sublicensees of zoliflodacin. Royalties on sales of zoliflodacin do not include sales by GARDP in low-income and specified middle-income countries as discussed above. Our obligation to make these royalty payments expires on a country-by-country basis for each product upon the later of (i) the 10-year anniversary of the first commercial sale of a product in that country or (ii) the expiration date of the last patent right covering the product in that country.

The royalty expense in respect of durlobactam arising from our net product sales of XACDURO® was not material during the periods presented.

Massachusetts Institute of Technology

In connection with the asset acquisition described in Note 13, “Asset Acquisition”, in September 2025, we entered into a license agreement with Massachusetts Institute of Technology (“MIT”), under which MIT licensed to us certain patent rights relating to a drug delivery device. Under this agreement, we paid an upfront fee of $0.5 million and are obligated to pay a minimal annual maintenance fee. We are also obligated to pay MIT up to $17.5 million in development, regulatory and sales milestone payments, and pay royalties in a low single-digit percentage on future net sales related to the licensed product.

Debt - Convertible Senior Notes (Details)	1 Months Ended	3 Months Ended			6 Months Ended
Debt - Convertible Senior Notes (Details)	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2022 USD ($) $ / shares	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Aug. 15, 2025 USD ($)	Aug. 07, 2017 USD ($)
2025 Notes
Debt
Remaining balance paid upon maturation								$ 25,000
Debt instrument maturity date					Aug. 15, 2025
Convertible senior notes \| 2025 Notes
Debt
Loan amount	$ 192,500,000		$ 192,500,000			$ 192,500,000
Effective interest rate								2.90%
Interest expense
Contractual interest expense			1,199,000			2,402,000
Amortization of debt issuance costs			188,000			375,000
Total interest and amortization expense			1,387,000			2,777,000
Convertible senior notes \| 2025 Notes \| Private Placement
Debt
Loan amount									$ 192,500,000
Convertible senior notes \| 2025 Notes \| Common stock
Debt
Principal amount converted in to shares \| shares	11,148,918
Convertible senior notes \| 2028 Notes
Debt
Loan amount				$ 261,000,000
Debt instrument maturity date				Mar. 15, 2028
Effective interest rate		2.70%			2.70%
Principal		$ 261,000,000			$ 261,000,000		$ 261,000,000
Debt discount and issuance costs, net		(2,546,000)			(2,546,000)		(3,269,000)
Net carrying amount		258,454,000			258,454,000		$ 257,731,000
Interest expense
Contractual interest expense		1,386,000	1,387,000		2,773,000	2,773,000
Amortization of debt issuance costs		360,000	349,000		723,000	703,000
Total interest and amortization expense		$ 1,746,000	$ 1,736,000		$ 3,496,000	$ 3,476,000
Convertible senior notes \| 2028 Notes \| Private Placement
Debt
Debt Instrument, annual interest rate				2.125%
Convertible senior notes \| 2028 Notes \| Common stock
Debt
Conversion rate for shares of common stock per $1,000 principal				38.1432
Conversion price (dollars per share) \| $ / shares				$ 26.22

Equity and Long-Term Investments and Fair Value Measurements - Available-for-Sale Securities (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Available-for-Sale Securities

Amortized Cost

$ 548,483

$ 530,278

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

548,483

530,278

Credit loss

Money market funds

Available-for-Sale Securities

Amortized Cost

548,483

^[1]

530,278

^[2]

Gross Unrealized Gains

^[1]

^[2]

Gross Unrealized Losses

^[1]

^[2]

Estimated Fair Value

$ 548,483

^[1]

$ 530,278

^[2]

[1]	Money market funds are included in cash and cash equivalents in the condensed consolidated balance sheets.
[2]	Money market funds are included in cash and cash equivalents in the condensed consolidated balance sheets.

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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Commitments and Contingencies (Additional Information) (Details)	6 Months Ended
	Jun. 30, 2026 USD ($) ft²	Nov. 30, 2025 ft²	Nov. 30, 2019 ft²
Lessee, Lease, Description [Line Items]
Operating lease, Weighted average remaining lease term	9 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	5.30%
Accrued liabilities to provide for indemnifications and other contingencies \| $	$ 0
Burlingame, California
Lessee, Lease, Description [Line Items]
Lease term			36 months
Lease expiration, date	Dec. 31, 2027
Lease space \| ft²			2,111
Waltham Massachusetts Member
Lessee, Lease, Description [Line Items]
Lease expiration, date	Mar. 31, 2029
Lease space \| ft²	15,500
Lexington, Massachusetts
Lessee, Lease, Description [Line Items]
Lease expiration, date	Apr. 30, 2036
Lease space \| ft²		22,881
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Corden Pharma [Member]
Lessee, Lease, Description [Line Items]
Future minimum purchase commitments, 2026 \| $	$ 4,400,000
Future minimum purchase commitments, 2027 \| $	$ 5,900,000

Equity and Long-Term Investments and Fair Value Measurements - (Additional Information) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair value of assets or liabilities transfer between levels	$ 0	$ 0

Goodwill and Intangible Assets (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	May 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 17,905		$ 17,905		$ 17,905
Amortization expense	6,600	$ 6,500	13,180	$ 13,022
Future amortization expense, remainder of 2026	13,400		13,400
Future amortization expense, 2027	26,600		26,600
Future amortization expense, 2028	26,600		26,600
Future amortization expense, 2029	26,600		26,600
Future amortization expense, 2030	26,600		26,600
Future amortization expense, thereafter	49,200		49,200
Goodwill, impairment losses			0		0
Basilea
Goodwill [Line Items]
Upfront fee					4,000
In-process research and development \| XACDURO
Goodwill [Line Items]
Intangible assets pertain to product rights and developed technologies						$ 68,700
In-process research and development \| NUZOLVENCE
Goodwill [Line Items]
Intangible Asset, Finite-Lived, Acquired, Residual Value					$ 2,600
Entasis
Goodwill [Line Items]
Goodwill							$ 11,500
Intangible assets pertain to product rights and developed technologies	106,700		106,700
Entasis \| Collaboration agreement
Goodwill [Line Items]
Intangible assets pertain to product rights and developed technologies	35,400		35,400
Entasis \| In-process research and development
Goodwill [Line Items]
Intangible assets pertain to product rights and developed technologies	71,300		71,300
La Jolla Pharmaceutical Company
Goodwill [Line Items]
Goodwill							$ 6,400
Intangible assets pertain to product rights and developed technologies	$ 151,000		$ 151,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 570,388	$ 550,941
Accounts receivable	50,826	34,966
Receivable from collaboration arrangement	59,790	58,351
Inventory	38,968	39,172
Prepaid expenses	24,413	26,721
Current portion of ISP Fund investments	8,668	15,727
Other current assets	313	1,637
Total current assets	753,366	727,515
Property and equipment, net	2,133	1,555
Equity method investments	219,542	193,726
Equity and long-term investments	441,308	404,497
Capitalized fees paid, net	49,226	56,138
Right-of-use assets	10,377	10,929
Goodwill	17,905	17,905
Intangible assets	168,976	182,156
Other assets	39,894	40,744
Total assets	1,702,727	1,635,165
Current liabilities:
Accounts payable	4,016	4,966
Accrued personnel-related expenses	6,802	9,100
Accrued interest payable	1,618	1,618
Deferred revenue	6,015	4,270
Income tax payable	0	274
Other accrued liabilities	28,613	29,468
Total current liabilities	47,064	49,696
Long-term debt, net of discount and issuance costs	258,454	257,731
Other long-term liabilities	67,276	66,091
Deferred tax liabilities, net	36,739	31,793
Income tax payable, long-term	59,932	57,013
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock: $0.01 par value, 230 shares authorized, no shares issued and outstanding	0	0
Common stock: $0.01 par value, 200,000 shares authorized, 72,637 and 74,636 issued and outstanding as of June 30, 2026 and December 31,2025, respectively	727	747
Additional paid-in capital	859,992	902,726
Retained earnings	372,543	269,368
Total stockholders' equity	1,233,262	1,172,841
Total liabilities and stockholders' equity	$ 1,702,727	$ 1,635,165

Balance Sheet Components (Additional Information) (Details) - La Jolla Pharmaceutical Company - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Inventory [Line Items]
Net fair value adjustment of inventory from acquisition	$ 1.4		$ 1.4		$ 3.4
Amortization of fair value adjustments of Cost of products sold	$ 0.9	$ 0.4	$ 2.0	$ 0.6

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 357	$ 849

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 119,591	$ 100,283	$ 217,585	$ 188,915
Amortization of acquired intangible assets	6,626	6,547	13,180	13,022
Gross profit	90,616	83,146	166,449	156,461
Operating expenses:
Selling, general and administrative	34,571	26,412	67,009	53,903
Research and development	5,190	7,983	10,431	12,379
Total operating expenses	39,761	34,395	77,440	66,282
Income from operations	50,855	48,751	89,009	90,179
Changes in fair values of equity method investments, net	(131,834)	13,082	25,816	(467)
Changes in fair values of equity and long-term investments, net	(29,153)	11,280	4,422	(54,019)
Interest and dividend income	7,599	4,925	18,586	9,463
Interest expense	(5,472)	(4,663)	(10,909)	(9,374)
Other expense, net	(15)	(777)	(381)	(1,773)
Income (loss) before income taxes	(108,020)	72,598	126,543	34,009
Income tax benefit (expense), net	24,600	(8,910)	(23,368)	(16,905)
Net income (loss) and comprehensive income (loss)	$ (83,420)	$ 63,688	$ 103,175	$ 17,104
Net income (loss) per share:
Basic	$ (1.14)	$ 1.01	$ 1.4	$ 0.27
Diluted	$ (1.14)	$ 0.77	$ 1.25	$ 0.24
Shares used to compute net income (loss) per share:
Basic	73,421	62,865	73,789	62,787
Diluted	73,421	84,452	84,529	84,342
Royalty Revenue
Revenue:
Total revenue	$ 56,334	$ 63,880	$ 111,501	$ 121,687
Net product sales
Revenue:
Total revenue	51,771	35,493	93,142	65,772
Cost of products sold (inclusive of amortization of inventory fair value adjustments, excluding amortization of intangible assets)	22,349	10,590	37,956	19,432
License and other revenue
Revenue:
Total revenue	$ 11,486	$ 910	$ 12,942	$ 1,456

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

Goodwill and intangible assets acquired are recognized at fair value as of the acquisition date. We recognized goodwill of $11.5 million and $6.4 million from our acquisitions of Entasis and La Jolla, respectively, in 2022. The carrying amount of goodwill as of June 30, 2026 and December 31, 2025 was $17.9 million. We have not recognized any impairment losses related to goodwill during the periods presented.

Intangible assets with definite lives are amortized over their estimated useful lives. The carrying basis and accumulated amortization of recognized intangible assets as of June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026
	Useful Life	Gross		Accumulated			Net Carrying
(In thousands)	(Years)	Amount		Amortization			Amount
Marketed products	8-10	$	226,300	$	(81,725	)	$	144,575
Collaboration agreement	10		35,400		(10,999	)		24,401
Total		$	261,700	$	(92,724	)	$	168,976


	December 31, 2025
	Useful Life	Gross		Accumulated			Net Carrying
(In thousands)	(Years)	Amount		Amortization			Amount
Marketed products	8-10	$	226,300	$	(70,299	)	$	156,001
Collaboration agreement	10		35,400		(9,245	)		26,155
Total		$	261,700	$	(79,544	)	$	182,156

Intangible assets recognized as a result of the acquisition of Entasis amounted to $106.7 million, which consisted of Entasis’ in-process research and development related to its antibacterial therapeutic product candidates and a collaboration agreement amounting to $71.3 million and $35.4 million, respectively. Following the FDA approval of XACDURO® in May 2023, we started amortizing $68.7 million of the then in-process research and development as a marketed product, as well as the collaboration agreement, over their estimated useful lives. Following the FDA approval of NUZOLVENCE® (formerly zoliflodacin) in December 2025, we started amortizing $2.6 million of the then in-process research and development as a marketed product over its estimated useful life.

Intangible assets recognized as a result of the acquisition of La Jolla amounting to $151.0 million pertain to product rights and developed technologies on La Jolla’s currently marketed products. These are intangible assets with determinable lives and are amortized over their estimated useful lives.

As discussed in Note 4 “License, Collaboration and Other Arrangements”, we capitalized the upfront fee of $4.0 million that we paid to Basilea for the exclusive commercialization right of ZEVTERA® in the U.S. under our exclusive distribution and license agreement as an intangible asset. This amount is included in marketed products in the table above and is being amortized over the term of the agreement.

We recognized amortization expense of $6.6 million and $13.2 million for the three and six months ended June 30, 2026, respectively, and $6.5 million and $13.0 million for the three and six months ended June 30, 2025, respectively. Future amortization expense is expected to be $13.4 million for the remainder of 2026, $26.6 million for each of the years from 2027 to 2030 and $49.2 million thereafter.

Segment Reporting - Schedule of Reconciliation to the Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Segment Reporting [Line Items]
Total revenue	$ 119,591		$ 100,283		$ 217,585	$ 188,915
Amortization of acquired intangible assets	6,600		6,500		13,180	13,022
Operating expenses:
Research and development	5,190		7,983		10,431	12,379
Changes in fair values of equity method investments, net	131,834		(13,082)		(25,816)	467
Changes in fair values of equity and long-term investments, net	29,153		(11,280)		(4,422)	54,019	$ (20,160)
Interest and dividend income	(7,599)		(4,925)		(18,586)	(9,463)
Interest expense	5,472		4,663		10,909	9,374
Other expense, net	15		777		381	1,773
Income tax expense (benefit), net	(24,600)		8,910		23,368	16,905
Net income (loss) and comprehensive income (loss)	(83,420)	$ 186,595	63,688	$ (46,584)	103,175	17,104
Operating Segments
Segment Reporting [Line Items]
Total revenue	119,591		100,283		217,585	188,915
Amortization of acquired intangible assets	6,626		6,547		13,180	13,022
Operating expenses:
Selling and marketing	10,335		8,147		19,837	16,218
General and administrative	24,236		18,265		47,172	37,685
Changes in fair values of equity method investments, net	131,834		(13,082)		(25,816)	467
Changes in fair values of equity and long-term investments, net	29,153		(11,280)		(4,422)	54,019
Interest and dividend income	(7,599)		(4,925)		(18,586)	(9,463)
Interest expense	5,472		4,663		10,909	9,374
Other expense, net	15		777		381	1,773
Income tax expense (benefit), net	(24,600)		8,910		23,368	16,905
Net income (loss) and comprehensive income (loss)	(83,420)		63,688		103,175	17,104
Product
Segment Reporting [Line Items]
Total revenue	51,771		35,493		93,142	65,772
Cost of products sold	22,349		10,590		37,956	19,432
Product \| Operating Segments
Segment Reporting [Line Items]
Cost of products sold	22,349		10,590		37,956	19,432
External Services and Expenses \| Operating Segments
Operating expenses:
Research and development	2,463		6,782		5,069	9,833
Internal expenses \| Operating Segments
Operating expenses:
Research and development	$ 2,727		$ 1,201		$ 5,362	$ 2,546

Consolidated Entity

6 Months Ended

Jun. 30, 2026

Consolidated Entities

Consolidated Entity

5. Consolidated Entity

ISP Fund LP

As of June 30, 2026, we continued to hold approximately 100% of the economic interest of the ISP Fund LP (“Partnership”). As of June 30, 2026 and December 31, 2025, total assets of the Partnership were $34.5 million and $79.7 million, respectively, with the majority attributable to either current portion of ISP Fund investment or to equity and long-term investments. As of June 30, 2026 and December 31, 2025, total liabilities were $0.1 million. During the six months ended June 30, 2026, $47.5 million in cash was distributed to us by the Partnership. The remaining equity investments managed by the Partnership are expected to be distributed in 2026.

During the three and six months ended June 30, 2026, we recorded $0.1 million and $0.5 million, respectively, in investment-related expense incurred by the Partnership, generated $0.1 million and $0.2 million, respectively, in interest income and recorded $3.1 million and $2.7 million, respectively, in net realized and unrealized gains as changes in fair values of equity and long-term investments, net, in the unaudited condensed consolidated statements of income and comprehensive income. During the six months ended June 30, 2026, we recorded $14.9 million in net realized losses and $17.6 million in net unrealized gains as changes in fair values of equity and long-term investments, net, in the unaudited condensed consolidated statements of income and comprehensive income. During the three and six months ended June 30, 2025, we recorded $0.7 million and $1.5 million, respectively, in investment-related expense incurred by the Partnership, generated $1.2 million and $2.4 million, respectively, in interest income, and recorded $0.4 million in net realized and unrealized gains and $80.9 million in net realized and unrealized losses, respectively, as changes in fair values of equity and long-term investments, net, in the unaudited condensed consolidated statements of income and comprehensive income.

The following is a summary of individual investments held by ISP Fund at each balance sheet date:


	June 30,		December 31,
(In thousands)	2026		2025
Common stock - Publicly traded healthcare companies
United States	$	13,029	$	52,392
United Kingdom		10,136		8,874
Total common stock		23,165		61,266
Preferred stock - Privately held healthcare companies
United States		2,686		2,748
Money market fund and cash		8,668		15,727
Total investments held by ISP Fund LP	$	34,519	$	79,741

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

We recorded income tax benefit of $24.6 million and income tax expense of $23.4 million for the three and six months ended June 30, 2026, respectively, and income tax expense of $8.9 million and $16.9 million for the three and six months ended June 30, 2025, respectively. The Company’s effective income tax rate for the six months ended June 30, 2026 was 18.5% compared to 49.7% for the same period in 2025. The income tax expense for the six months ended June 30, 2026 and 2025 was determined based upon estimates of the Company’s effective income tax rates in various jurisdictions. Our effective tax rate for the six months ended June 30, 2026 was lower than the U.S. federal statutory income tax rate primarily related to foreign-derived intangible income tax deduction and research and development credits, partially offset by discrete tax expenses related to unrealized gains on investment.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation (Additional Information) (Details)	May 31, 2026 shares
2026 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance	9,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue Recognition - Schedule of net revenue from collaboration arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue Recognition and Collaboration Arrangements
Total royalty revenue	$ 119,591	$ 100,283	$ 217,585	$ 188,915
Royalty Revenue
Revenue Recognition and Collaboration Arrangements
Total royalty revenue	56,334	63,880	111,501	121,687
GSK \| Royalty Revenue
Revenue Recognition and Collaboration Arrangements
Total royalties	59,790	67,336	118,413	128,599
Less: amortization of capitalized fees paid	(3,456)	(3,456)	(6,912)	(6,912)
Total royalty revenue	56,334	63,880	111,501	121,687
GSK \| RELVAR/BREO
Revenue Recognition and Collaboration Arrangements
Total royalties	47,655	54,737	94,931	105,627
GSK \| ANORO
Revenue Recognition and Collaboration Arrangements
Total royalties	$ 12,135	$ 12,599	$ 23,482	$ 22,972

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of reconciliation to the consolidated net income

The table below presents the financial information used by the CODM to assess performance, which reconciles to the consolidated net income:


	Three months ended June 30,						Six Months Ended June 30,
(In thousands)	2026			2025			2026			2025
Total revenue	$	119,591		$	100,283		$	217,585		$	188,915
Less:
Cost of products sold		22,349			10,590			37,956			19,432
Amortization of acquired intangible assets		6,626			6,547			13,180			13,022
Selling and marketing		10,335			8,147			19,837			16,218
General and administrative		24,236			18,265			47,172			37,685
Research and development - External services and expenses		2,463			6,782			5,069			9,833
Research and development - Internal expenses		2,727			1,201			5,362			2,546
Changes in fair values of equity method investments, net		131,834			(13,082	)		(25,816	)		467
Changes in fair values of equity and long-term investments, net		29,153			(11,280	)		(4,422	)		54,019
Interest and dividend income		(7,599	)		(4,925	)		(18,586	)		(9,463	)
Interest expense		5,472			4,663			10,909			9,374
Other expense, net		15			777			381			1,773
Income tax expense (benefit), net		(24,600	)		8,910			23,368			16,905
Consolidated net income (loss)	$	(83,420	)	$	63,688		$	103,175		$	17,104

Balance Sheet Components - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Long-term portion of deferred royalty obligation	$ 55,280	$ 54,104
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other long-term liabilities	Total other long-term liabilities
Long-term portion of lease liabilities	$ 10,491	$ 10,868
Other	1,505	1,119
Total other long-term liabilities	$ 67,276	$ 66,091

Revenue Recognition

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3. Revenue Recognition

Net Revenue from Collaboration Arrangement

Net revenue recognized under our GSK Agreement was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2026			2025			2026			2025
Royalties - RELVAR®/BREO®	$	47,655		$	54,737		$	94,931		$	105,627
Royalties - ANORO®		12,135			12,599			23,482			22,972
Total royalties		59,790			67,336			118,413			128,599
Less: amortization of capitalized fees paid		(3,456	)		(3,456	)		(6,912	)		(6,912	)
Total royalty revenue	$	56,334		$	63,880		$	111,501		$	121,687

Net Product Sales

Total net product sales were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
GIAPREZA®	$	22,299	$	17,329	$	42,530	$	35,602
XACDURO®		22,382		10,731		40,456		18,514
XERAVA®		6,739		7,094		9,367		11,317
ZEVTERA®		351		339		789		339
Total net product sales	$	51,771	$	35,493	$	93,142	$	65,772

We derived our net product sales from customers located in the U.S. and the rest of world as follows:

•

approximately 71% and 29%, respectively, for the three months ended June 30, 2026, and 76% and 24%, respectively, for the six months ended June 30, 2026; and

•

approximately 82% and 18%, respectively, for the three months ended June 30, 2025, and 84% and 16%, respectively, for the six months ended June 30, 2025.

License and Other Revenue

Refer to the out-license agreements in Note 4, “License, Collaboration and Other Arrangements”.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-Name Accounting Standards Codification
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net income	$ (83,420)	$ 186,595	$ 63,688	$ (46,584)	$ 103,175	$ 17,104
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes					4,946	(877)
Amortization of capitalized fees and depreciation of property and equipment					7,011	6,976
Amortization of acquired intangible assets	6,600		6,500		13,180	13,022
Inventory fair value step-up adjustment included in cost of products sold					1,998	625
Stock-based compensation					7,310	4,569
Amortization of debt discount and issuance costs					723	1,078
Changes in fair values of equity method investments, net	131,834		(13,082)		(25,816)	467
Changes in fair values of equity and long-term investments, net					(4,422)	54,019
Other non-cash items					1,223	423
Changes in operating assets and liabilities:
Accounts receivable					(15,860)	(533)
Receivable from collaboration arrangement					(1,439)	(1,362)
Inventory					(2,338)	(17,146)
Prepaid expenses					2,308	4,453
Other assets					(6,031)	774
Accounts payable					(950)	3,250
Accrued personnel-related expenses and other accrued liabilities					(2,154)	1,932
Accrued interest payable					0	(4)
Income tax payable					2,645	1,921
Deferred revenue					1,745	1,999
Net cash provided by operating activities					87,254	92,690
Cash flows from investing activities
Purchases of trading securities					(34,999)	(34,674)
Purchases of equity and other long-term investments					(30,021)	0	$ (17,533)
Proceeds from trading securities					0	5,097
Purchases of equity investments managed by ISP Fund LP					(3,275)	0
Sales of equity investments managed by ISP Fund LP					44,110	19,939
Purchases and sales of other investments managed by ISP Fund LP, net					6,665	8,086
Purchases of property and equipment					(921)	0
Sale of property and equipment					185	0
Net cash used in investing activities					(18,256)	(1,552)
Cash flows from financing activities
Repurchase of common stock					(51,314)	0
Repurchase of shares to satisfy tax withholding					(252)	(91)
Proceeds from issuances of common stock, net					2,015	1,521
Net cash provided by (used in) financing activities					(49,551)	1,430
Net increase in cash and cash equivalents					19,447	92,568
Cash and cash equivalents at beginning of period		$ 550,941		$ 304,964	550,941	304,964	304,964
Cash and cash equivalents at end of period	$ 570,388		$ 397,532		570,388	397,532	$ 550,941
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest					2,773	5,179
Cash paid for income taxes					12,364	11,944
Supplemental Disclosure of Non-cash Investing Activities:
2025 Notes converted to common stock					0	500
Accrued interest income converted to long-term investments					$ 8,205	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance at Dec. 31, 2024	$ 691,159	$ 627	$ 692,329	$ (1,797)
Balance (in shares) at Dec. 31, 2024		62,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding	183	$ 1	182	0
Exercise of stock options and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding (in shares)		106
Stock-based compensation	2,147	$ 0	2,147	0
Stock-based compensation (in shares)		0
Net income (loss)	(46,584)	$ 0	0	(46,584)
Net Income (loss) (in shares)		0
Balance at Mar. 31, 2025	646,905	$ 628	694,658	(48,381)
Balance (in shares) at Mar. 31, 2025		62,771
Balance at Dec. 31, 2024	691,159	$ 627	692,329	(1,797)
Balance (in shares) at Dec. 31, 2024		62,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	17,104
Balance at Jun. 30, 2025	714,821	$ 630	698,884	15,307
Balance (in shares) at Jun. 30, 2025		63,011
Balance at Mar. 31, 2025	646,905	$ 628	694,658	(48,381)
Balance (in shares) at Mar. 31, 2025		62,771
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding	1,247	$ 2	1,245	0
Exercise of stock options and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding (in shares)		211
Accrued excise tax on common stock repurchase applied against tax liability	59	$ 0	59	0
Accrued excise tax on common stock repurchase applied against tax liability, shares		0
Stock-based compensation	2,422	$ 0	2,422	0
Stock-based compensation (in shares)		0
Conversion of 2025 Notes to common stock	500	$ 0	500	0
Conversion of 2025 Notes to common stock, shares		29
Net income (loss)	63,688	$ 0	0	63,688
Net Income (loss) (in shares)		0
Balance at Jun. 30, 2025	714,821	$ 630	698,884	15,307
Balance (in shares) at Jun. 30, 2025		63,011
Balance at Dec. 31, 2025	$ 1,172,841	$ 747	902,726	269,368
Balance (in shares) at Dec. 31, 2025	74,636	74,636
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding	$ 101	$ 1	100	0
Exercise of stock options and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding (in shares)		143
Repurchase of common stock, including accrued excise tax (in shares)		(971)
Repurchase of common stock including accrued excise tax	(20,449)	$ (10)	(20,439)	0
Stock-based compensation	2,567	$ 0	2,567	0
Stock-based compensation (in shares)		0
Net income (loss)	186,595	$ 0	0	186,595
Net Income (loss) (in shares)		0
Balance at Mar. 31, 2026	1,341,655	$ 738	884,954	455,963
Balance (in shares) at Mar. 31, 2026		73,808
Balance at Dec. 31, 2025	$ 1,172,841	$ 747	902,726	269,368
Balance (in shares) at Dec. 31, 2025	74,636	74,636
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 103,175
Balance at Jun. 30, 2026	$ 1,233,262	$ 727	859,992	372,543
Balance (in shares) at Jun. 30, 2026	72,637	72,637
Balance at Mar. 31, 2026	$ 1,341,655	$ 738	884,954	455,963
Balance (in shares) at Mar. 31, 2026		73,808
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding	1,662	$ 2	1,660	0
Exercise of stock options and issuance of common stock units and stock awards, net of repurchase of shares to satisfy tax withholding (in shares)		232
Repurchase of common stock, including accrued excise tax (in shares)		(1,403)
Repurchase of common stock including accrued excise tax	(31,378)	$ (13)	(31,365)	0
Stock-based compensation	4,743	$ 0	4,743	0
Stock-based compensation (in shares)		0
Net income (loss)	(83,420)	$ 0	0	(83,420)
Net Income (loss) (in shares)		0
Balance at Jun. 30, 2026	$ 1,233,262	$ 727	$ 859,992	$ 372,543
Balance (in shares) at Jun. 30, 2026	72,637	72,637

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense, net	$ 24,600	$ (8,910)	$ (23,368)	$ (16,905)
Effective tax rate (as a percent)			18.50%	49.70%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	230	230
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	72,637	74,636
Common stock, shares outstanding	72,637	74,636

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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+ Details

Equity and Long-Term Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Financial Instruments and Fair Value Measurements

Reconciliation of Equity and Long-Term Investments Balances

The following table reconciles the change in balances in “Equity and Long-Term Investments” as of each balance sheet date:


(In thousands)	Amount
Equity and long-term investments as of December 31, 2024	$	341,664
Purchases of trading securities		61,729
Proceeds from trading securities		(8,427	)
Purchases of equity and other long-term investments		17,533
Net sales and purchases of investments managed by ISP Fund		(120,955	)
Changes in fair value, net		20,160
Reclassification of current portion		91,805
Other		988
Equity and long-term investments as of December 31, 2025	$	404,497
Purchases of trading securities		43,204
Purchases of equity and other long-term investments		30,021
Net sales and purchases of investments managed by ISP Fund		(47,500	)
Changes in fair value, net		4,422
Reclassification of current portion		7,059
Other		(395	)
Equity and long-term investments as of June 30, 2026	$	441,308

Schedule of Amortized Cost and Estimated Fair Values for Available-for-Sale Securities


	June 30, 2026
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value
Money market funds (1)	$	548,483	$	—	$	—	$	548,483
Total	$	548,483	$	—	$	—	$	548,483

(1) Money market funds are included in cash and cash equivalents in the condensed consolidated balance sheets.


	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value
Money market funds (1)	$	530,278	$	—	$	—	$	530,278
Total	$	530,278	$	—	$	—	$	530,278

(1) Money market funds are included in cash and cash equivalents in the condensed consolidated balance sheets.

Schedule of Available-for-Sale Securities Measured at Fair Value on a Recurring Basis

Our available-for-sale securities and equity and long-term investments are measured at fair value on a recurring basis and our debt is carried at amortized cost basis.


	Estimated Fair Value Measurements as of June 30, 2026 Using:
Types of Instruments	Quoted Price in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	548,483	$	—	$	—	$	548,483
Investments held by ISP Fund LP		32,656		—		1,863		34,519
Equity investment - Armata Common Stock		162,498		—		—		162,498
Equity investment - Armata Warrants		—		57,044		—		57,044
Equity investment - InCarda Warrants		—		—		15		15
Term loan investment - Armata July 2023 Term Loan		—		—		34,505		34,505
Term loan investment - Armata March 2024 Term Loan		—		—		45,461		45,461
Term loan investment - Armata March 2025 Term Loan		—		—		11,710		11,710
Term loan investment - Armata August 2025 Term Loan		—		—		16,259		16,259
Term loan investment - Armata May 2026 Term Loan		—		—		25,173		25,173
Convertible debt investment - Armata Note		—		—		105,036		105,036
Convertible debt investment - InCarda 2024 Convertible Note		—		—		436		436
Convertible debt investment - InCarda February 2025 Convertible Note		—		—		475		475
Convertible debt investment - InCarda October 2025 Convertible Note		—		—		1,225		1,225
Convertible debt investment - Syndeio 2021 Convertible Note		—		—		70,310		70,310
Convertible debt investment - Lyndra Convertible Note		—		—		3,492		3,492
Total assets measured at estimated fair value	$	743,637	$	57,044	$	315,960	$	1,116,641
Liability
2028 Notes	$	—	$	284,490	$	—	$	284,490


	Estimated Fair Value Measurements as of December 31, 2025 Using:
Types of Instruments	Quoted Price in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	530,278	$	—	$	—	$	530,278
Investments held by ISP Fund LP		76,993		—		2,748		79,741
Equity investment - Armata Common Stock		157,482		—		—		157,482
Equity investment - Armata Warrants		—		36,244		—		36,244
Equity investment - InCarda Warrants		—		—		43		43
Term loan investment - Armata July 2023 Term Loan		—		—		32,899		32,899
Term loan investment - Armata March 2024 Term Loan		—		—		43,290		43,290
Term loan investment - Armata March 2025 Term Loan		—		—		11,125		11,125
Term loan investment - Armata August 2025 Term Loan		—		—		15,534		15,534
Convertible debt investment - Armata Note		—		—		101,358		101,358
Convertible debt investment - InCarda 2024 Convertible Note		—		—		436		436
Convertible debt investment - InCarda February 2025 Convertible Note		—		—		475		475
Convertible debt investment - InCarda October 2025 Convertible Note		—		—		1,225		1,225
Convertible debt investment - Syndeio 2021 Convertible Note		—		—		62,937		62,937
Convertible debt investment - Syndeio 2025 Convertible Note		—		—		24,490		24,490
Convertible debt investment - Lyndra Convertible Note		—		—		3,492		3,492
Total assets measured at estimated fair value	$	764,753	$	36,244	$	300,052	$	1,101,049
Liability
2028 Notes	$	—	$	267,013	$	—	$	267,013

Armata

Financial Instruments and Fair Value Measurements

Schedule of Income Statements of VIE

The summarized financial information, including the portion we do not own, is presented for Armata on a one quarter lag as follows:

Income Statement Information


	Three Months Ended March 31,						Six Months Ended March 31,
(In thousands)	2026			2025			2026			2025
Revenue	$	789		$	491		$	1,874		$	1,726
Loss from operations	$	(8,785	)	$	(8,191	)	$	(22,608	)	$	(18,730	)
Net loss	$	(115,346	)	$	(6,531	)	$	(239,644	)	$	(3,931	)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of net revenue from collaboration arrangement

Net revenue recognized under our GSK Agreement was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2026			2025			2026			2025
Royalties - RELVAR®/BREO®	$	47,655		$	54,737		$	94,931		$	105,627
Royalties - ANORO®		12,135			12,599			23,482			22,972
Total royalties		59,790			67,336			118,413			128,599
Less: amortization of capitalized fees paid		(3,456	)		(3,456	)		(6,912	)		(6,912	)
Total royalty revenue	$	56,334		$	63,880		$	111,501		$	121,687

Schedule of net product sales

Total net product sales were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
GIAPREZA®	$	22,299	$	17,329	$	42,530	$	35,602
XACDURO®		22,382		10,731		40,456		18,514
XERAVA®		6,739		7,094		9,367		11,317
ZEVTERA®		351		339		789		339
Total net product sales	$	51,771	$	35,493	$	93,142	$	65,772

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

10. Stockholders' Equity

On November 3, 2025, our board of directors authorized a new share repurchase program under which we may repurchase up to $125.0 million of our outstanding shares of common stock. For the three months ended June 30, 2026, we repurchased 1,403,247 shares in the open market at an average price of $22.36 per share for a total amount of approximately $31.4 million. For the six months ended June 30, 2026, we repurchased 2,374,313 shares in the open market at an average price of $21.83 per share for a total amount of approximately $51.8 million. From program inception through June 30, 2026, we have repurchased Innoviva common stock in the open market for a total price of approximately $56.4 million. Subsequent to June 30, 2026, and through July 31, 2026, we have repurchased 453,798 shares in the open market for a total of approximately $10.0 million. All repurchased shares were retired.

- Definition

The entire disclosure for equity.

+ References

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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

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+ Details

Consolidated Entity (Tables)

6 Months Ended

Jun. 30, 2026

ISP Fund LP

Summary of Individual Investments Held by ISP Fund

The following is a summary of individual investments held by ISP Fund at each balance sheet date:


	June 30,		December 31,
(In thousands)	2026		2025
Common stock - Publicly traded healthcare companies
United States	$	13,029	$	52,392
United Kingdom		10,136		8,874
Total common stock		23,165		61,266
Preferred stock - Privately held healthcare companies
United States		2,686		2,748
Money market fund and cash		8,668		15,727
Total investments held by ISP Fund LP	$	34,519	$	79,741

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Royalty Revenue \| GSK
Amortization of capitalized fees paid	$ 3,456	$ 3,456	$ 6,912	$ 6,912

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Cost

The components of lease cost were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Straight line operating lease costs	$	423	$	302	$	849	$	604
Variable lease costs		131		3		259		5
Total lease costs	$	554	$	305	$	1,108	$	609

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
(In thousands)	2026		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	357	$	849

Schedule of Future Minimum Lease Payments

Future minimum payments on our operating leases as of June 30, 2026 were as follows:


(In thousands)	Amount
Years ending December 31:
Remainder of 2026	$	624
2027		1,327
2028		1,224
2029		1,335
2030		1,454
Thereafter		8,516
Total undiscounted lease payments		14,480
Less: imputed interest		(3,277	)
Total operating lease liabilities	$	11,203

Asset Acquisition (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Asset Acquisition [Line Items]
Research and development		$ 5,190	$ 7,983	$ 10,431	$ 12,379
Lyndra
Asset Acquisition [Line Items]
Date of acquisition agreement	Sep. 30, 2025
Upfront cash payment	$ 10,200
Direct transaction costs	300
Depreciation				0
Lyndra \| Property and equipment
Asset Acquisition [Line Items]
Capitalized cost of fixed assets	1,100
Lyndra \| In-process research and development
Asset Acquisition [Line Items]
Research and development	$ 9,400
Lyndra \| Maximum \| Development, Regulatory and Royalty
Asset Acquisition [Line Items]
Future potential milestone payable		$ 20,000		$ 20,000

Goodwill and Intangible Assets - Summary of Accumulated Amortization of Recognized Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Total gross carrying amount	$ 261,700	$ 261,700
Accumulated amortization	(92,724)	(79,544)
Net carrying amount	168,976	182,156
Marketed products
Intangible Asset, Finite-Lived [Line Items]
Total gross carrying amount	226,300	226,300
Accumulated amortization	(81,725)	(70,299)
Net carrying amount	$ 144,575	$ 156,001
Collaboration agreement
Intangible Asset, Finite-Lived [Line Items]
Marketed products, Useful Life	10 years	10 years
Total gross carrying amount	$ 35,400	$ 35,400
Accumulated amortization	(10,999)	(9,245)
Net carrying amount	$ 24,401	$ 26,155
Maximum \| Marketed products
Intangible Asset, Finite-Lived [Line Items]
Marketed products, Useful Life	10 years	10 years
Minimum \| Marketed products
Intangible Asset, Finite-Lived [Line Items]
Marketed products, Useful Life	8 years	8 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Commitments and Contingencies - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lease, Cost [Abstract]
Straight line operating lease costs	$ 423	$ 302	$ 849	$ 604
Variable lease costs	131	3	259	5
Total lease costs	$ 554	$ 305	$ 1,108	$ 609

Asset Acquisition

6 Months Ended

Jun. 30, 2026

Asset Acquisition [Abstract]

Asset Acquisition

13. Asset Acquisition

In September 2025, we entered into an Asset Purchase Agreement with Lyndra to acquire the IPR&D and certain fixed assets related to its Lynx™ long-acting drug delivery platform. We made an upfront cash payment of $10.2 million and incurred $0.3 million in direct transaction costs. We are also obligated to pay up to $20.0 million upon the achievement of certain development, regulatory and sales milestone payments, as well as royalties in a low single-digit percentage on future net sales of the first approved therapeutic product.

Based on the qualitative and quantitative assessments performed under ASC 805, Business Combinations, we concluded that the set of assets acquired did not meet the definition of a business and, therefore, accounted for the transaction as an asset acquisition. The assets acquired in the transaction were recorded at their allocated costs based on their relative fair values. The allocated cost of the IPR&D acquired was $9.4 million, which was charged to research and development expense as it had no alternative future use at the time of the acquisition. The allocated cost of the fixed assets, which consist of laboratory equipment, was $1.1 million and was capitalized within property and equipment. The fixed assets have not been placed in service and, therefore, no depreciation has been recognized as of June 30, 2026.

Equity and Long-Term Investments and Fair Value Measurements - Schedule of Available-for-Sale Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Recurring basis
Assets
Total assets measured at estimated fair value	$ 1,116,641	$ 1,101,049
Recurring basis \| Money market funds
Assets
Total assets measured at estimated fair value	548,483	530,278
Recurring basis \| Equity investments and Money market funds \| ISP Fund LP
Assets
Total assets measured at estimated fair value	34,519	79,741
Recurring basis \| Term loan investment \| Armata July 2023 Term Loan
Assets
Total assets measured at estimated fair value	34,505	32,899
Recurring basis \| Term loan investment \| Armata March 2024 Term Loan
Assets
Total assets measured at estimated fair value	45,461	43,290
Recurring basis \| Term loan investment \| Armata March 2025 Term Loan
Assets
Total assets measured at estimated fair value	11,710	11,125
Recurring basis \| Term loan investment \| Armata August 2025 Term Loan
Assets
Total assets measured at estimated fair value	16,259	15,534
Recurring basis \| Term loan investment \| Armata May 2026 Term Loan
Assets
Total assets measured at estimated fair value	25,173
Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1
Assets
Total assets measured at estimated fair value	743,637	764,753
Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Money market funds
Assets
Total assets measured at estimated fair value	548,483	530,278
Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Equity investments and Money market funds \| ISP Fund LP
Assets
Total assets measured at estimated fair value	32,656	76,993
Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Term loan investment \| Armata July 2023 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Term loan investment \| Armata March 2024 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Term loan investment \| Armata March 2025 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Term loan investment \| Armata August 2025 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Term loan investment \| Armata May 2026 Term Loan
Assets
Total assets measured at estimated fair value	0
Recurring basis \| Significant Other Observable Inputs, Level 2
Assets
Total assets measured at estimated fair value	57,044	36,244
Recurring basis \| Significant Other Observable Inputs, Level 2 \| Money market funds
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Significant Other Observable Inputs, Level 2 \| Equity investments and Money market funds \| ISP Fund LP
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Significant Other Observable Inputs, Level 2 \| Term loan investment \| Armata July 2023 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Significant Other Observable Inputs, Level 2 \| Term loan investment \| Armata March 2024 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Significant Other Observable Inputs, Level 2 \| Term loan investment \| Armata March 2025 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Significant Other Observable Inputs, Level 2 \| Term loan investment \| Armata August 2025 Term Loan
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Significant Other Observable Inputs, Level 2 \| Term loan investment \| Armata May 2026 Term Loan
Assets
Total assets measured at estimated fair value	0
Recurring basis \| Significant Unobservable Inputs, Level 3
Assets
Total assets measured at estimated fair value	315,960	300,052
Recurring basis \| Significant Unobservable Inputs, Level 3 \| Money market funds
Assets
Total assets measured at estimated fair value	0	0
Recurring basis \| Significant Unobservable Inputs, Level 3 \| Equity investments and Money market funds \| ISP Fund LP
Assets
Total assets measured at estimated fair value	1,863	2,748
Recurring basis \| Significant Unobservable Inputs, Level 3 \| Term loan investment \| Armata July 2023 Term Loan
Assets
Total assets measured at estimated fair value	34,505	32,899
Recurring basis \| Significant Unobservable Inputs, Level 3 \| Term loan investment \| Armata March 2024 Term Loan
Assets
Total assets measured at estimated fair value	45,461	43,290
Recurring basis \| Significant Unobservable Inputs, Level 3 \| Term loan investment \| Armata March 2025 Term Loan
Assets
Total assets measured at estimated fair value	11,710	11,125
Recurring basis \| Significant Unobservable Inputs, Level 3 \| Term loan investment \| Armata August 2025 Term Loan
Assets
Total assets measured at estimated fair value	16,259	15,534
Recurring basis \| Significant Unobservable Inputs, Level 3 \| Term loan investment \| Armata May 2026 Term Loan
Assets
Total assets measured at estimated fair value	25,173
Nonrecurring basis \| 2028 Notes \| Debt
Fair Value Measurements
2025 Notes		267,013
2028 Notes	284,490
Nonrecurring basis \| 2028 Notes \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Debt
Fair Value Measurements
2025 Notes		0
2028 Notes	0
Nonrecurring basis \| 2028 Notes \| Significant Other Observable Inputs, Level 2 \| Debt
Fair Value Measurements
2025 Notes		267,013
2028 Notes	284,490
Nonrecurring basis \| 2028 Notes \| Significant Unobservable Inputs, Level 3 \| Debt
Fair Value Measurements
2025 Notes		0
2028 Notes	0
Armata \| Recurring basis \| Convertible debt investment
Assets
Total assets measured at estimated fair value	105,036	101,358
Armata \| Recurring basis \| Equity investment \| Common stock
Assets
Total assets measured at estimated fair value	162,498	157,482
Armata \| Recurring basis \| Equity investment \| Warrants
Assets
Total assets measured at estimated fair value	57,044	36,244
Armata \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
Armata \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Equity investment \| Common stock
Assets
Total assets measured at estimated fair value	162,498	157,482
Armata \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Equity investment \| Warrants
Assets
Total assets measured at estimated fair value	0	0
Armata \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
Armata \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Equity investment \| Common stock
Assets
Total assets measured at estimated fair value	0	0
Armata \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Equity investment \| Warrants
Assets
Total assets measured at estimated fair value	57,044	36,244
Armata \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	105,036	101,358
Armata \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Equity investment \| Common stock
Assets
Total assets measured at estimated fair value	0	0
Armata \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Equity investment \| Warrants
Assets
Total assets measured at estimated fair value	0	0
InCarda \| Recurring basis \| Equity investment \| Warrants
Assets
Total assets measured at estimated fair value	15	43
InCarda \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Equity investment \| Warrants
Assets
Total assets measured at estimated fair value	0	0
InCarda \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Convertible debt investment
Assets
Total assets measured at estimated fair value		0
InCarda \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Equity investment \| Warrants
Assets
Total assets measured at estimated fair value	0	0
InCarda \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Equity investment \| Warrants
Assets
Total assets measured at estimated fair value	15	43
InCarda 2024 Convertible Note \| Recurring basis \| Convertible debt investment
Assets
Total assets measured at estimated fair value	436	436
InCarda 2024 Convertible Note \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
InCarda 2024 Convertible Note \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0
InCarda 2024 Convertible Note \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	436	436
InCarda February 2025 Convertible Note \| Recurring basis \| Convertible debt investment
Assets
Total assets measured at estimated fair value	475	475
InCarda February 2025 Convertible Note \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
InCarda February 2025 Convertible Note \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
InCarda February 2025 Convertible Note \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	475	475
InCarda October 2025 Convertible Note \| Recurring basis \| Convertible debt investment
Assets
Total assets measured at estimated fair value	1,225	1,225
InCarda October 2025 Convertible Note \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
InCarda October 2025 Convertible Note \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
InCarda October 2025 Convertible Note \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	1,225	1,225
ImaginAb \| Recurring basis \| Convertible debt investment
Assets
Total assets measured at estimated fair value		3,492
ImaginAb \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Convertible debt investment
Assets
Total assets measured at estimated fair value		0
ImaginAb \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Convertible debt investment
Assets
Total assets measured at estimated fair value		0
ImaginAb \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Convertible debt investment
Assets
Total assets measured at estimated fair value		3,492
Syndeio 2021 Convertible Note \| Recurring basis \| Convertible debt investment
Assets
Total assets measured at estimated fair value	70,310	62,937
Syndeio 2021 Convertible Note \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
Syndeio 2021 Convertible Note \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0	0
Syndeio 2021 Convertible Note \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	70,310	62,937
Syndeio 2025 Convertible Note \| Recurring basis \| Convertible debt investment
Assets
Total assets measured at estimated fair value		24,490
Syndeio 2025 Convertible Note \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Convertible debt investment
Assets
Total assets measured at estimated fair value		0
Syndeio 2025 Convertible Note \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Convertible debt investment
Assets
Total assets measured at estimated fair value		0
Syndeio 2025 Convertible Note \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Convertible debt investment
Assets
Total assets measured at estimated fair value		$ 24,490
Lyndra Convertible Note \| Recurring basis \| Convertible debt investment
Assets
Total assets measured at estimated fair value	3,492
Lyndra Convertible Note \| Recurring basis \| Quoted Price in Active Markets for Identical Assets, Level 1 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0
Lyndra Convertible Note \| Recurring basis \| Significant Other Observable Inputs, Level 2 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	0
Lyndra Convertible Note \| Recurring basis \| Significant Unobservable Inputs, Level 3 \| Convertible debt investment
Assets
Total assets measured at estimated fair value	$ 3,492