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v3.22.2

Consolidated Entities (Tables) | 6 Months Ended
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Jun. 30, 2022
Theravance Respiratory Company, LLC |
Consolidated Entities |
Schedule of Balance Sheets and Income Statements of VIE | The summarized financial information for TRC is presented as follows: Balance sheets
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 89,806 |  |  | $ | 50,713 |
Receivables from collaborative arrangements |  |  | 42,720 |  |  |  | 42,492 |
Prepaid expenses and other current assets |  |  | 85 |  |  |  | 71 |
Equity and long-term investments |  |  | 42,536 |  |  |  | 37,695 |
Total assets |  | $ | 175,147 |  |  | $ | 130,971 |
Liabilities and LLC Members’ Equity |  |  |  |  |  |
Current liabilities |  | $ | 493 |  |  | $ | 252 |
LLC members’ equity |  |  | 174,654 |  |  |  | 130,719 |
Total liabilities and LLC members’ equity |  | $ | 175,147 |  |  | $ | 130,971 |
Income statements
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Royalty revenue from a related party |  | $ | 42,720 |  |  | $ | 26,386 |  |  | $ | 72,029 |  |  | $ | 48,470 |
Operating expenses |  |  | 139 |  |  |  | 336 |  |  |  | 337 |  |  |  | 3,617 |
Income from operations |  |  | 42,581 |  |  |  | 26,050 |  |  |  | 71,692 |  |  |  | 44,853 |
Other income, net |  |  | 10 |  |  |  | — |  |  |  | 10 |  |  |  | — |
Income tax expense, net |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |
Changes in fair values of equity and long-term investments |  |  | (9,313 | ) |  |  | (254 | ) |  |  | (8,884 | ) |  |  | (737 | )
Net income |  | $ | 33,278 |  |  | $ | 25,796 |  |  | $ | 62,819 |  |  | $ | 44,116 |
Entasis Therapeutics Holdings Inc |
Consolidated Entities |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the fair values assigned to the assets acquired and liabilities assumed as of the date of the consolidation:
(In thousands) |  | February 17, 2022 |
Cash and cash equivalents |  | $ | 23,070 |
Prepaid expenses |  |  | 5,554 |
Other current assets |  |  | 1,959 |
Property and equipment, net |  |  | 185 |
Right-of-use assets |  |  | 527 |
Goodwill |  |  | 5,544 |
Intangible assets |  |  | 105,000 |
Other assets |  |  | 302 |
Total assets acquired |  | $ | 142,141 |
Accounts payable |  | $ | 1,583 |
Accrued personnel-related expenses |  |  | 1,057 |
Other current liabilities |  |  | 5,096 |
Total liabilities assumed |  | $ | 7,736 |
Total assets acquired, net |  | $ | 134,405 |
Schedule of Balance Sheet Information | The following table provides the assets and liabilities of Entasis:
(In thousands) |  | June 30, 2022 |
Assets |  |  |
Current assets: |  |  |
Cash and cash equivalents |  | $ | 22,408 |
Prepaid expenses |  |  | 3,177 |
Other current assets |  |  | 1,035 |
Total current assets |  |  | 26,620 |
Property and equipment, net |  |  | 171 |
Right-of-use assets |  |  | 3,503 |
Goodwill |  |  | 5,544 |
Intangible assets |  |  | 105,000 |
Other assets |  |  | 1,147 |
Total assets |  | $ | 141,985 |
Liabilities |  |  |
Current liabilities: |  |  |
Accounts payable |  | $ | 4,025 |
Accrued personnel-related expenses |  |  | 3,385 |
Other accrued liabilities |  |  | 8,195 |
Total current liabilities |  |  | 15,605 |
Lease liabilities, long-term |  |  | 3,091 |
Total liabilities |  | $ | 18,696 |
Pro Forma Information |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenue |  | $ | 108,220 |  |  | $ | 100,806 |  |  | $ | 198,279 |  |  | $ | 186,324 |
Net income |  | $ | 17,221 |  |  | $ | 34,140 |  |  | $ | 55,248 |  |  | $ | 144,490 |
Net income attributable to Innoviva stockholders |  | $ | (3,306 | ) |  | $ | 17,063 |  |  | $ | 15,727 |  |  | $ | 116,130 |

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5728-111685 + Details
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