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Consolidated Entities and Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2023
Consolidated Entities |
Pro Forma Information | The following table presents certain unaudited pro-forma financial information for the three and nine months ended September 30, 2022 as if the consolidation of Entasis and La Jolla occurred on January 1, 2021. The unaudited pro forma financial information is presented for informational purposes only, and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2021, or of results that may occur in the future. The unaudited pro forma financial information combines the historical results of the Entasis and La Jolla with the Company’s consolidated historical results and includes certain adjustments including, but not limited to, fair value adjustments to equity investments in Entasis’ common stock and warrants, fair value adjustments to inventory, amortization of intangible assets, and interest expense on deferred royalty obligations and acquisition-related costs.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2022 |  |  | 2022 |
Revenue |  | $ | 72,830 |  |  | $ | 292,077 |
Net income |  | $ | 223,082 |  |  | $ | 273,301 |
Net income attributable to Innoviva stockholders |  | $ | 274,407 |  |  | $ | 282,704 |
Entasis Therapeutics Holdings Inc |
Consolidated Entities |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table represents the adjusted fair values of the assets acquired and liabilities assumed by us in the transaction:
(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 |  |  | 959 |
Goodwill |  |  | 11,493 |
Intangible assets |  |  | 106,700 |
Other assets |  |  | 302 |
Total assets acquired |  | $ | 150,222 |
Accounts payable |  | $ | 1,583 |
Accrued personnel-related expenses |  |  | 1,058 |
Other current liabilities |  |  | 5,096 |
Deferred tax liabilities |  |  | 7,769 |
Total liabilities assumed |  | $ | 15,506 |
Total assets acquired, net |  | $ | 134,716 |
La Jolla Pharmaceutical Company |
Consolidated Entities |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | T he following table represents the adjusted fair values of the assets acquired and liabilities assumed by us in the transaction:
(In thousands) |  | August 22, 2022 |
Cash and cash equivalents |  | $ | 47,415 |
Short-term marketable securities |  |  | 471 |
Accounts receivable |  |  | 5,876 |
Inventory |  |  | 66,200 |
Prepaid expenses |  |  | 1,261 |
Other current assets |  |  | 907 |
Property and equipment, net |  |  | 13 |
Right-of-use assets |  |  | 226 |
Goodwill |  |  | 6,411 |
Intangible assets |  |  | 151,000 |
Deferred tax assets |  |  | 7,461 |
Other assets |  |  | 710 |
Total assets acquired |  | $ | 287,951 |
Accounts payable |  | $ | 1,237 |
Deferred revenue, current |  |  | 2,849 |
Other accrued liabilities |  |  | 11,362 |
Other long-term liabilities |  |  | 65,944 |
Total liabilities assumed |  | $ | 81,392 |
Total assets acquired, net |  | $ | 206,559 |
Theravance Respiratory Company, LLC |
Consolidated Entities |
Schedule of Income Statements of VIE | The summarized financial information of TRC for the three and nine months ended September 30, 2022 are presented as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2022 |  |  | 2022 |
Royalty revenue |  | $ | — |  |  | $ | 72,029 |
Operating expenses |  |  | (5 | ) |  |  | 332 |
Income (loss) from operations |  |  | 5 |  |  |  | 71,697 |
Other income, net |  |  | — |  |  |  | 10 |
Realized loss |  |  | (39,386 | ) |  |  | (39,386 | )
Income tax expense, net |  |  | — |  |  |  | 1 |
Changes in fair values of equity and long-term investments |  |  | — |  |  |  | (8,884 | )
Net income (loss) |  | $ | (39,381 | ) |  | $ | 23,438 |

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