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Consolidated Entities | 3 Months Ended
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Mar. 31, 2021
Consolidated Entities |
Consolidated Entities | 4. Consolidated Entities We consolidate the financial results of TRC and Pulmoquine Therapeutics, Inc. (“Pulmoquine”), which we have determined to be VIEs. As we have the power to direct the economically significant activities of these entities and the obligation to absorb losses of, or the right to receive benefits from them, we are the primary beneficiary of the entities. We also consolidate the financial results of ISP Fund LP (the “Partnership”), our partnership with Sarissa Capital Management LP (“Sarissa Capital”), as we have determined that the Partnership is a VIE and we are its primary beneficiary. Theravance Respiratory Company, LLC The primary source of revenue for TRC is the royalties generated from the net sales of TRELEGY® ELLIPTA® by GSK. As of March 31, 2021, TRC held equity investments in InCarda Therapeutics, Inc. (“InCarda”) and ImaginAb, Inc. (“ImaginAb”). Refer to Note 5, “Financial Instruments and Fair Value Measurements,” for more information. The summarized financial information for TRC is presented as follows: Balance sheets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | December 31,
(In thousands) |  | 2021 | ​ | 2020
Assets | ​ | ​ | ​ | ​ | ​ |
Cash and cash equivalents | ​ | $ | 28,444 | ​ | $ | 38,081
Receivables from collaborative arrangements | ​ | ​ | 22,084 | ​ |  | 24,946
Prepaid expenses and other current assets | ​ | ​ | 1 | ​ |  | —
Equity and long-term investments | ​ | ​ | 22,869 | ​ |  | 16,959
Total assets | ​ | ​ | 73,398 | ​ |  | 79,986
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and LLC Members' Equity | ​ | ​ | ​ | ​ |  |
Current liabilities | ​ | ​ | 640 | ​ |  | 508
LLC members' equity | ​ | ​ | 72,758 | ​ |  | 79,478
Total liabilities and LLC members' equity | ​ | $ | 73,398 | ​ | $ | 79,986
​ Income statements ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended March 31,
(In thousands) |  | 2021 |  | 2020
Royalty revenue from a related party | ​ | $ | 22,084 | ​ | $ | 16,135
Operating expenses | ​ |  | 3,281 | ​ |  | 271
Income from operations | ​ |  | 18,803 | ​ |  | 15,864
Other income (expense), net | ​ |  | — | ​ |  | 36
Changes in fair values of equity and long-term investments | ​ |  | (483) | ​ |  | —
Net income | ​ | $ | 18,320 | ​ | $ | 15,900
​ Pulmoquine Therapeutics, Inc. In April 2020, we purchased 5,808,550 shares of Series A preferred stock of Pulmoquine for $5.0 million in cash and held a majority voting interest. Pulmoquine is a biotechnology company focused on the research and development of an aerosolized formulation of hydroxychloroquine to treat respiratory infections. As of March 31, 2021, Pulmoquine’s total assets, mainly attributable to cash and cash equivalents, were $3.3 million. Pulmoquine does not currently generate revenue. Total operating expense was de minimis for the three months ended March 31, 2021. ​ ISP Fund LP In December 2020, Innoviva Strategic Partners LLC, our wholly owned subsidiary (“Strategic Partners”), contributed $300.0 million to ISP Fund LP (the “Partnership”) for investing in “long” positions in the healthcare, pharmaceutical and biotechnology sectors and became a limited partner. The general partner of the Partnership (“General Partner”) is an affiliate of Sarissa Capital. As of March 31, 2021, we held 100% of the economic interest of the Partnership. As of March 31, 2021, total assets of the Partnership were $304.7 million, of which all were attributable to equity and long-term investments. During the three months ended March 31, 2021, the Partnership incurred $0.4 million investment-related expenses, net of investment-related income and recorded an unrealized gain of $5.8 million from the changes of fair value as changes in fair values of equity and long-term investments, net on the consolidated statements of income.

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