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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
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 March 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Selling, general and administrative |  | $ | 1,358 |  |  | $ | 1,152 |
Research and development |  |  | 97 |  |  |  | 446 |
Total |  | $ | 1,455 |  |  | $ | 1,598 |
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 March 31,
|  | 2024 |  | 2023
Risk-free interest rate |  | 4.1% - 4.3% |  | 3.7% - 4.0%
Expected term (in years) |  | 5.90 - 6.15 |  | 5.16 - 6.11
Volatility |  | 36.7% - 36.8% |  | 38.1% - 38.5%
Dividend yield |  | 0.0% |  | 0.0%
Weighted-average estimated fair value of stock options granted |  | $4.97 - $6.93 |  | $5.40 - $5.42

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