Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

9. Stock-Based Compensation

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense:


	Three Months Ended March 31,
(In thousands)	2025		2024
Selling, general and administrative	$	2,028	$	1,358
Research and development		119		97
Total	$	2,147	$	1,455

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,
	2025	2024
Risk-free interest rate	4.1% - 4.4%	4.1% - 4.3%
Expected term (in years)	6.08 - 6.14	5.90 - 6.15
Volatility	34.3% - 34.9%	36.7% - 36.8%
Dividend yield	—%	—%

Weighted-average estimated fair value of stock options granted	$7.17 - $7.92	$4.97 - $6.93