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Innoviva, Inc. reported Q2 2026 total revenue of $119.6 million, up from $100.3 million a year earlier, with income from operations of $50.9 million. The quarter nevertheless showed a net loss of $83.4 million, mainly from a $131.8 million unrealized loss on Armata equity holdings and $29.2 million losses on other investments.
For the first six months of 2026, total revenue reached $217.6 million and net income was $103.2 million, compared with $188.9 million in revenue and $17.1 million in net income in 2025, helped by earlier-period fair‑value gains and higher net product sales, particularly GIAPREZA and XACDURO.
Cash and cash equivalents were $570.4 million as of June 30, 2026, against $258.5 million of long‑term convertible notes, and stockholders’ equity was $1.23 billion. The company repurchased 2.37 million shares in the first half of 2026 for approximately $51.8 million.
Innoviva, Inc. reported second quarter 2026 results featuring higher revenue but a net loss driven by investment fair value movements. Total revenue for the quarter ended June 30, 2026 was $119.6 million, with royalty revenue, net of capitalized fee amortization, of $56.3 million, net product sales of $51.8 million, and license and other revenue of $11.5 million. Income from operations was $50.9 million, but large negative changes in the fair values of equity method investments of $(131.8) million and equity and long-term investments of $(29.2) million led to a net loss of $(83.4) million, compared with net income of $63.7 million a year earlier.
For the first six months of 2026, total revenue was $217.6 million and net income was $103.2 million, indicating strong year-to-date profitability despite the second-quarter loss. Cash and cash equivalents were $570.4 million as of June 30, 2026, supported by $87.3 million of net cash provided by operating activities in the first half. The Innoviva Specialty Therapeutics platform generated U.S. net product sales of $36.6 million in the quarter, representing 26% year-over-year growth, and management stated it remains on track to achieve at least $150 million in IST U.S. net product sales in 2026. The company also highlighted a commercialization and licensing agreement with Dr. Reddy’s Laboratories for XACDURO in emerging markets and the launch of Nortiva Bio, a wholly owned strategic healthcare asset focused on extended-release oral drug delivery.
Vanguard Capital Management LLC, together with certain affiliates, reports beneficial ownership of 3,704,185 shares of Innoviva Inc common stock on a Schedule 13G. This position represents 5.01% of Innoviva’s outstanding common stock.
Vanguard reports sole voting power over 546,132 shares and sole dispositive power over all 3,704,185 shares, with no shared voting or dispositive power. Dividends and sale proceeds are generally for Vanguard-managed funds and accounts, and no other single person has an interest exceeding 5% of the class.
Innoviva, Inc. Chief Financial Officer Stephen Basso reported routine equity compensation activity. On May 15, 2026, he acquired 1,123 shares of common stock through the company’s Employee Stock Purchase Plan. On May 20, 2026, 559 shares were withheld to cover income taxes on vesting of earlier equity awards, leaving him with 88,571 shares held directly. The withholding is not an open-market sale and reflects tax obligations tied to prior grants.
Innoviva, Inc. Chief Executive Officer Pavel Raifeld reported routine equity compensation activity. On May 15, he acquired 1,123 shares of common stock at no cost through the Innoviva Employee Stock Purchase Plan. On May 20, 1,130 shares were withheld by Innoviva to cover income taxes on quarterly vesting of prior equity grants, leaving him holding 285,929 shares directly. These transactions reflect compensation and tax withholding, not open-market buying or selling.
Innoviva, Inc. reported a routine insider transaction by Chief Accounting Officer Marianne Zhen. On May 20, 2026, 1,127 shares of common stock were withheld by the company at $22.24 per share to cover income tax obligations tied to the quarterly vesting of prior equity grants.
These shares were not sold on the open market but used to satisfy tax withholding. After this tax-withholding disposition, Zhen directly holds 57,516 shares of Innoviva common stock.
Innoviva, Inc. director Linden Josephine reported equity compensation awards tied to their appointment to the Board on May 18, 2026. They received 9,461 shares of common stock and a separate 5,733-share restricted stock unit grant, all at no cash cost. In addition, they were granted non-statutory stock options for 9,166 shares of common stock at an exercise price of $21.80 per share, expiring in 2036. The RSUs vest over two years, while the options and additional RSUs vest at the earlier of the next annual stockholder meeting or one year after the grant date, subject to continued service and certain acceleration events.
Innoviva, Inc. director Josephine Linden has filed an initial ownership statement showing that she does not currently own any company securities. The Form 3 reports "no securities beneficially owned" and lists total direct holdings as 0 shares following the reported date of May 18, 2026.
Innoviva, Inc. reported board changes and new director compensation. On May 12, 2026, directors Derek Small and Mark DiPaolo resigned to focus on Syndeio BioSciences, where Innoviva has made a series of investments, and the resignations were not due to any disagreement with the company.
On May 18, 2026, the board elected veteran investment executive Josephine Linden as a director, with the expectation she will serve on the Audit Committee. The board determined she qualifies as an independent director under SEC and Nasdaq rules, and disclosed no related-party transactions exceeding $120,000.
Under Innoviva’s non-employee director compensation program, Linden will receive RSU awards valued at $125,000 and $206,250, plus options to purchase 9,166 shares. These equity awards vest over one to two years, with accelerated vesting upon death, disability, or a change in control of the company.
Innoviva, Inc. reported strong first-quarter 2026 results, with total revenue of $97.994 million, up from $88.632 million a year earlier, driven mainly by higher net product sales. Royalty revenue was $55.167 million, slightly below the prior year, while product sales rose to $41.371 million from $30.279 million, helped by XACDURO and the launch of ZEVTERA.
Net income swung to a profit of $186.595 million from a loss of $46.584 million, largely due to favorable fair value movements in equity method and other investments totaling over $191 million. Operating income from the underlying business was $38.154 million, modestly below the prior-year level as selling, general and administrative expenses increased. Cash and cash equivalents grew to $603.085 million, even after repurchasing about $20.4 million of common stock during the quarter.