Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

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)	2025		2024		2025		2024
Selling, general and administrative	$	2,247	$	1,509	$	6,573	$	4,434
Research and development		133		94		376		267
Total	$	2,380	$	1,603	$	6,949	$	4,701

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,
	2025	2024	2025	2024
Risk-free interest rate	3.9%	4.15%	3.9% - 4.4%	4.14% - 4.65%
Expected term (in years)	5.88 - 6.13	6.14	5.50 - 6.14	5.07 - 6.15
Volatility	33.6% - 33.8%	35.8%	33.6% - 34.9%	35.8% - 36.8%
Dividend yield	—%	—%	—%	—%

Weighted-average estimated fair value of stock options granted	$7.32 - $7.52	$7.76	$7.17 - $7.92	$4.97 - $7.76