Innoviva, Inc.
INVA evidence brief
What we can confirm
- BioSniper Score:
- 8.2 / 10
- Market Cap:
- $1.54B
- Lead Asset:
- XACDURO (Approved)
What it means
What to watch
Prepared research question
What matters most for INVA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · INVA
Innoviva, Inc. is a diversified biopharmaceutical company with a core royalties portfolio, a critical care and infectious disease platform (Innoviva Specialty Therapeutics), and strategic healthcare investments, including a significant stake in Armata Pharmaceuticals.
Key risk: GSK royalty revenue risk
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 3 clinical trials · 5 catalysts for Innoviva, Inc..
Innoviva, Inc. is a diversified biopharmaceutical company with a core royalties portfolio, a critical care and infectious disease platform (Innoviva Specialty Therapeutics), and strategic healthcare investments, including a significant stake in Armata Pharmaceuticals.
- Cash & equivalents of $570.4M as of 2026-06-30 [sec].
- Total revenue of $119.6M as of 2026-06-30 [sec].
- Shareholders' equity of $1,233.3M as of 2026-06-30 [sec].
- Total debt of $261.0M as of 2026-06-30 [sec].
- Net loss of $83.4M for Q2 2026, driven primarily by decrease in fair value of equity and long-term investments [sec_mda · as of 2026-08-05].
What works
- Diversified revenue streams from royalties (GSK-partnered respiratory products) and four wholly owned commercial products (GIAPREZA, XACDURO, XERAVA, NUZOLVENCE) [sec_mda · as of 2026-08-05].
- Strong cash position of $570.4M as of 2026-06-30 provides financial flexibility for operations and investments [sec].
- Strategic investments in healthcare assets, including a significant stake in Armata Pharmaceuticals, offer potential for long-term value creation [sec_mda · as of 2026-08-05].
- Advancing the LYNX long-acting oral drug delivery platform, which could improve patient adherence and create partnering opportunities [sec_mda · as of 2026-08-05].
What to weigh
- Net loss of $83.4M in Q2 2026, primarily due to unfavorable fair value changes in equity and long-term investments [sec_mda · as of 2026-08-05].
- Royalty revenue from GSK-partnered respiratory products is subject to lower-than-expected future performance risks [sec · filed 2026-05-18].
- Significant exposure to Armata Pharmaceuticals' share price volatility, as seen in the $161.0M unfavorable fair value change in Q2 2026 [sec_mda · as of 2026-08-05].
- Commercialization risks for approved products (RELVAR/BREO ELLIPTA, ANORO ELLIPTA, GIAPREZA, XERAVA, XACDURO, NUZOLVENCE) in various jurisdictions [sec · filed 2026-05-18].
From the filings
Quoted directly from source documents.
Net loss in Q2 2026 driven by fair value changes
“Net income: net loss of $83.4 million, or $1.14 basic loss per share, driven primarily by decrease in fair value of equity and long-term investments.”
SEC MD&A · August 5, 2026
Risks related to GSK royalty revenue and commercialization
“risks related to: expected cost savings; lower than expected future royalty revenue from respiratory products partnered with GSK; the commercialization of RELVAR ® /BREO ® ELLIPTA ® , ANORO ® ELLIPTA ® , GIAPREZA ® , XERAVA ® , XACDURO ® and NUZOLVENCE ®”
SEC filings · May 18, 2026
Catalyst timeline
- 2030-11-29 · Patent_Expiry · UMECLIDINIUM BROMIDE; VILANTEROL TRIFENATATE — Patent expiry for NDA203975; may affect royalty revenue from GSK-partnered respiratory products.
- 2034-04-03 · Patent_Expiry · CEFTOBIPROLE MEDOCARIL SODIUM — Patent expiry for NDA218275; potential impact on related product exclusivity.
- 2035-12-12 · Patent_Expiry · ZOLIFLODACIN — Patent expiry for NDA219491; may open market to generic competition.
- 2037-01-06 · Patent_Expiry · ANGIOTENSIN II ACETATE — Patent expiry for NDA209360; could affect GIAPREZA (angiotensin II) exclusivity.
- 2037-10-19 · Patent_Expiry · ERAVACYCLINE DIHYDROCHLORIDE — Patent expiry for NDA211109; may impact XERAVA (eravacycline) market position.
Risks & what to watch (4)›
Key risks
- GSK royalty revenue risk — Lower-than-expected future royalty revenue from respiratory products partnered with GSK [sec · filed 2026-05-18].
- Equity investment volatility — Fair value of equity and long-term investments decreased by $161.0M in Q2 2026, mainly due to Armata share price drop [sec_mda · as of 2026-08-05].
- Commercialization execution risk — Commercialization of multiple approved products across jurisdictions may not meet expectations [sec · filed 2026-05-18].
- Net loss in Q2 2026 — Net loss of $83.4M in Q2 2026, driven by unfavorable investment fair value changes [sec_mda · as of 2026-08-05].
What to watch
- Performance of the four wholly owned commercial products (GIAPREZA, XACDURO, XERAVA, NUZOLVENCE) and the expected launch of ZEVTERA in H2 2026 [sec_mda · as of 2026-08-05].
- Fair value changes in strategic investments, particularly Armata Pharmaceuticals, which significantly impact net income [sec_mda · as of 2026-08-05].
- Progress of the LYNX long-acting oral drug delivery platform and its lead once-monthly program supported by the Gates Foundation [sec_mda · as of 2026-08-05].
- Share repurchase activity under the $125 million program, with $31.4 million spent in Q2 2026 [sec_mda · as of 2026-08-05].
Sources: Catalysts · SEC filings · SEC MD&A · Generated October 10, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.38 · 0% dilution
Lead: Approved
1 candidate
5 upcoming, next in ~1507d
No insider transactions in the last 180 days
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
283
Total value held
$1.73B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 11,307,845 | $263.5M |
| dimensional fund advisors lp | 4,436,427 | $103.4M |
| vanguard portfolio management llc | 4,224,951 | $98.4M |
| renaissance technologies llc | 4,055,632 | $94.5M |
| vanguard capital management llc | 3,141,581 | $73.2M |
| state street corp | 3,060,377 | $71.3M |
| millennium management llc | 2,279,451 | $53.1M |
| sarissa capital management lp | 2,130,950 | $49.7M |
| systematic financial management lp | 2,024,082 | $47.2M |
| geode capital management, llc | 1,929,718 | $45.0M |
Showing top 10 of 283 institutional holders of Innoviva, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 11.5%
- Days to cover
- 9.7
- Shares short
- 6,282,273
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
INVA short interestGovernance
Frequently asked questions
What is the AI investment thesis for Innoviva, Inc.?
Innoviva, Inc. is a diversified biopharmaceutical company with a core royalties portfolio, a critical care and infectious disease platform (Innoviva Specialty Therapeutics), and strategic healthcare investments, including a significant stake in Armata Pharmaceuticals.
What is Innoviva, Inc.'s lead drug candidate?
Innoviva, Inc.'s most advanced tracked candidate is XACDURO (Approved) for hospital-acquired and ventilator-associated bacterial pneumonia caused by Acinetobacter.
What is Innoviva, Inc.'s next catalyst?
Innoviva, Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent_Expiry: NDA203975" — expected November 29, 2030.
Who is the CEO of Innoviva, Inc.?
Mr. Pavel Raifeld C.F.A. is the chief executive officer of Innoviva, Inc. (INVA).
Where is Innoviva, Inc. headquartered?
Innoviva, Inc. (INVA) is headquartered in Burlingame, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.