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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense | Stock‑based compensation expense is included in the consolidated statements of income as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Selling, general and administrative |  | $ | 4,645 |  |  | $ | 5,305 |  |  | $ | 2,017 |
Research and development |  |  | 1,192 |  |  |  | 2,042 |  |  |  | — |
Total |  | $ | 5,837 |  |  | $ | 7,347 |  |  | $ | 2,017 |
Schedule of stock-based compensation expense included in the consolidated statements of operations by award type | Stock‑based compensation expense included in the consolidated statements of income by award type is as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Stock options |  | $ | 1,980 |  |  | $ | 3,057 |  |  | $ | 490 |
RSUs |  |  | 3,663 |  |  |  | 4,053 |  |  |  | 1,280 |
RSAs |  |  | 168 |  |  |  | 194 |  |  |  | 200 |
ESPP |  |  | 26 |  |  |  | 43 |  |  |  | 47 |
Total stock-based compensation expense |  | $ | 5,837 |  |  | $ | 7,347 |  |  | $ | 2,017 |
Schedule of unrecognized stock-based compensation cost | As of December 31, 2023, the unrecognized stock-based compensation cost and the estimated weighted-average amortization period were as follows:
(In thousands) |  | Unrecognized Compensation Cost |  |  | Weighted-Average Amortization Period (Years) |
Stock options |  | $ | 4,861 |  |  |  | 2.9 |
RSUs |  |  | 4,430 |  |  |  | 2.4 |
RSAs |  |  | 220 |  |  |  | 1.9 |
Total unrecognized compensation expense |  | $ | 9,511 |  |  |  |
Summary of equity award activity and related information | The following table summarizes equity award activity under the 2012 Plan and prior plans and related information:
(In thousands, except per share data) |  | Number of outstanding options |  |  | Weighted-Average Exercise Price of Outstanding Options |  |  | Number of outstanding RSUs |  |  | Weighted-Average Fair Value per Share at Grant |  |  | Number of outstanding RSAs |  |  | Weighted-Average Fair Value per Share at Grant |
Balance as of December 31, 2022 |  |  | 948 |  |  | $ | 15.56 |  |  |  | 518 |  |  | $ | 12.16 |  |  |  | 30 |  |  | $ | 14.97 |
Granted |  |  | 828 |  |  | $ | 12.77 |  |  |  | 389 |  |  | $ | 12.85 |  |  |  | — |  |  | $ | — |
Exercised |  |  | (2 | ) |  | $ | 12.98 |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Released RSUs and RSAs |  |  | — |  |  | $ | — |  |  |  | (284 | ) |  | $ | 12.42 |  |  |  | (14 | ) |  | $ | 15.02 |
Forfeited |  |  | (275 | ) |  | $ | 15.22 |  |  |  | (141 | ) |  | $ | 11.98 |  |  |  | — |  |  | $ | — |
Balance as of December 31, 2023 |  |  | 1,499 |  |  | $ | 14.09 |  |  |  | 482 |  |  | $ | 12.62 |  |  |  | 16 |  |  | $ | 14.93 |
Vested and expected to vest as of December 31, 2023 |  |  | 1,499 |  |  | $ | 14.09 |  |  |  | 482 |  |  | $ | 12.62 |  |  |  | — |  |  | $ | — |
Summary of weighted-average assumptions used to calculate estimated value of stock options | assumptions used in calculating the estimated value of stock options granted by Innoviva on the date of grant were as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 4.0 | % |  |  | 3.6 | % |  |  | 1.1 | %
Expected term (in years) |  |  | 6.09 |  |  |  | 6.04 |  |  |  | 6.11 |
Volatility |  |  | 37.8 | % |  |  | 38.6 | % |  |  | 44.9 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Weighted-average estimated fair value of stock options granted |  | $ | 5.57 |  |  | $ | 6.43 |  |  | $ | 5.84 |

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