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Consolidated Entity | 6 Months Ended
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Jun. 30, 2025
Consolidated Entities |
Consolidated Entity | 5. Consolidated Entity ISP Fund LP In 2020 and 2021, Innoviva Strategic Partners LLC, our wholly owned subsidiary (“Strategic Partners”), contributed a total of $300.0 million to ISP Fund LP (the “Partnership”) for investing in “long” positions in the healthcare, pharmaceutical and biotechnology sectors, and became a limited partner. We consolidate ISP Fund LP under the VIE model as we have determined that ISP Fund LP is a VIE and we are the primary beneficiary of the entity. Our maximum exposure to loss is equal to the amount we invested in the entity. ISP Fund LP is determined to be an investment company under ASC 946, Financial Services – Investment Companies, as it meets all fundamental characteristics of an investment company, and its activities are consistent with those of an investment company. Since ISP Fund LP is subject to investment company industry specific guidance, we have retained the industry-specific guidance applied by the Partnership. In addition, as our investment in the Partnership is a passive investment for the Company and is not part of our main operations, the investments are presented as part of “Equity and long-term investments” in our condensed consolidated balance sheets. In October 2024, Strategic Partners made an election to unwind its capital accounts in the Partnership in accordance with the terms of the Partnership Agreement and we expect to receive distributions of our capital accounts through April 2026. Accordingly, a portion of our investments, which consist of cash and money market funds that we expect to be distributed within 12 months from the balance sheet date, were classified as “Current portion of ISP Fund investments” in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, and the remaining equity investments managed by ISP Fund LP are expected to be distributed through April 2026. A cash distribution of $28.0 million was received in April 2025. We report in our condensed consolidated statements of income and comprehensive income any investment gains and losses by the Partnership as part of “Changes in fair value of equity and long-term investments, net”, any interest and dividend income as part of “Interest and dividend income” and any investment expenses as part of “Other expense, net”. As of June 30, 2025, we continued to hold approximately 100% of the economic interest of the Partnership. As of June 30, 2025 and December 31, 2024, total assets of the Part nership were $147.5 million and $255.7 million, respectively, with the majority attributable to either current portion of ISP Fund investment or to equity and long-term investments. As of June 30, 2025 and December 31, 2024, total liabilities were $0.1 million and $0.2 million, respectively. The partnership’s assets can only be used to settle its own obligations. During the three and six months ended June 30, 2025, we recorded $0.7 million and $1.5 million, respectively, in investment-related expense incurred by the Partnership, generated $1.2 million and $2.4 million, respectively, in interest income, and recorded $0.4 million in net realized and unrealized gains and $80.9 million in net realized and unrealized losses, respectively, as changes in fair values of equity and long-term investments, net, in the unaudited condensed consolidated statements of income and comprehensive income. During the three and six months ended June 30, 2024, we recorded $0.1 million and $0.3 million, respectively, of net investment-related expense incurred by the Partnership and $15.8 million and $42.0 million, respectively, of net realized and unrealized losses as changes in fair values of equity and long-term investments, net, in the unaudited condensed consolidated statements of income and comprehensive income. The following is a summary of individual investments held by ISP Fund at each balance sheet date:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Common stock - Publicly traded healthcare companies |  |  |  |  |  |
United States |  | $ | 41,294 |  |  | $ | 84,039 |
United Kingdom |  |  | 3,325 |  |  |  | 1,989 |
Total common stock |  |  | 44,619 |  |  |  | 86,028 |
Preferred stock - Privately held healthcare companies |  |  |  |  |  |
United States |  |  | 2,644 |  |  |  | 53,591 |
Warrants - Privately held healthcare companies |  |  | — |  |  |  | 8,507 |
Money market fund and cash |  |  | 100,200 |  |  |  | 107,532 |
Total investments held by ISP Fund LP |  | $ | 147,463 |  |  | $ | 255,658 |

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