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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 9. Stock-Based Compensation Stock- Based Compensation Expense The following table summarizes stock-based compensation expense:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Selling, general and administrative |  | $ | 1,308 |  |  | $ | 2,422 |  |  | $ | 3,502 |  |  | $ | 4,240 |
Research and development |  |  | 134 |  |  |  | 1,295 |  |  | $ | 1,058 |  |  |  | 1,781 |
Total |  | $ | 1,442 |  |  | $ | 3,717 |  |  | $ | 4,560 |  |  | $ | 6,021 |
Valuation Assumptions Black-Scholes-Merton assumptions used in calculating the estimated value of stock options granted by Innoviva on the date of grant were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022(1) |  | 2023 |  | 2022
Risk-free interest rate |  | 4.13% - 4.21% |  | —% |  | 3.50% - 4.21% |  | 1.60% - 3.03%
Expected term (in years) |  | 6.01 - 6.22 |  | — |  | 5.16 - 6.22 |  | 5.50 - 6.11
Volatility |  | 37.3% - 37.8% |  | —% |  | 37.3% - 38.5% |  | 38.8% - 40.5%
Dividend yield |  | —% |  | —% |  | —% |  | —%
Weighted-average estimated fair value of stock options granted |  | $5.66 - $5.97 |  | $— |  | $5.22 - $5.97 |  | $6.98 - $7.73
(1) There were no options granted for the three months ended September 30, 2022.

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