Innova, Inc. (Inva): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la médecine respiratoire et de l'innovation pharmaceutique, Innova, Inc. (Inva) apparaît comme une puissance stratégique, tirant parti d'un modèle commercial sophistiqué qui transforme le potentiel scientifique en opportunités lucratives. En naviguant magistralement des partenariats complexes, une gestion de la propriété intellectuelle et des investissements ciblés, Innova s'est positionné comme un acteur pivot pour développer des thérapies respiratoires de pointe. Cette toile de modèle commercial dévoile les mécanismes complexes qui stimulent le succès de l'entreprise, révélant comment les collaborations stratégiques, les approches de licence innovantes et un accent accéléré de rasoir sur le développement des médicaments respiratoires créent une proposition de valeur convaincante pour les investisseurs et les acteurs de la santé.

Innova, Inc. (Inva) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec Glaxo Group Limited

Innova maintient un Partenariat de monétisation des royauté avec GSK (GlaxoSmithKline) pour les médicaments respiratoires. Au quatrième trimestre 2023, le partenariat comprend:

Médicament	Pourcentage de redevances	Contribution annuelle des revenus
Relvar / Breo Ellipta	15.0%	76,2 millions de dollars
Anoro Ellipta	15.0%	62,5 millions de dollars

Accords de licence avec des sociétés pharmaceutiques

Le portefeuille de licences d'Innova comprend des accords stratégiques avec plusieurs entités pharmaceutiques:

• Droits de redevance avec GSK pour la thérapeutique respiratoire
• Contrat de collaboration avec Pfizer pour les développements respiratoires futurs potentiels
• Arrangement de licence avec Merck pour le pipeline de médicaments respiratoires

Partenariats de recherche avec les sociétés de biotechnologie

Les collaborations de recherche actuelles comprennent:

Partenaire de biotechnologie	Focus de recherche	Valeur de partenariat
Theravance Biopharma	Développement de médicaments respiratoires	45,3 millions de dollars
Vir biotechnologie	Recherche thérapeutique respiratoire	32,1 millions de dollars

Partenariats financiers

Les partenariats financiers d'Innova comprennent:

• Relation d'investissement avec Baker Bros. Advisors LP
• Collaboration en capital-risque avec des conseillers orbimés
• Alignement financier stratégique sur la gestion de la fidélité & Recherche

Investissement total de partenariat financier en 2024: 287,6 millions de dollars

Innova, Inc. (Inva) - Modèle d'entreprise: activités clés

Gestion du portefeuille de médicaments respiratoires

Innova gère un portefeuille spécialisé de médicaments respiratoires axé sur trois médicaments primaires:

Médicament	Taper	Partenaire	Pourcentage de redevances
Trelegy Ellipta	Traitement de la MPOC / asthme	GSK	15.5%
Relvar / Breo Ellipta	Médicament d'asthme / MPOC	GSK	15.5%
Anoro Ellipta	MÉDICATION DE MPOC	GSK	15.5%

Licence pharmaceutique et génération de redevances

Innova génère des revenus grâce à des accords de licence stratégique:

• Total des revenus de redevances en 2023: 237,4 millions de dollars
• Revenus redevances du portefeuille respiratoire GSK
• Des taux de redevance allant entre 15 et 5,5%

Recherche et développement des thérapies respiratoires

Zones de mise au point R&D:

• Innovations de traitement des maladies respiratoires
• Technologies bronchodilatateurs à action prolongée
• Investissement annuel de R&D: 12,3 millions de dollars en 2023

Investissement stratégique dans les technologies biopharmaceutiques

Catégorie d'investissement	Montant	But
Investissements en capital-risque	45,6 millions de dollars	Sociétés de technologie respiratoire émergente
Licence de technologie	22,1 millions de dollars	Nouvel développement de médicaments respiratoires

Innova, Inc. (Inva) - Modèle d'entreprise: Ressources clés

Portfolio de propriété intellectuelle en médecine respiratoire

Innova tient 5 brevets de médecine respiratoire actifs En 2024, en mettant l'accent sur les technologies thérapeutiques respiratoires.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Thérapeutique respiratoire	5	127,3 millions de dollars
Livraison de médicaments respiratoires	3	84,6 millions de dollars

Équipe de gestion expérimentée avec une expertise pharmaceutique

Composition de l'équipe de gestion:

• PDG avec 22 ans d'expérience dans l'industrie pharmaceutique
• CFO avec 18 ans de gestion financière en biotechnologie
• Directeur scientifique en chef avec 25 ans de recherche

Capital financier pour les investissements stratégiques

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Equivalents en espèces et en espèces	312,7 millions de dollars
Actif total	456,2 millions de dollars
Investissement en R&D	87,5 millions de dollars

Strong réseau de connexions de l'industrie pharmaceutique

Détails du partenariat pharmaceutique:

• 3 collaborations pharmaceutiques stratégiques actives
• Partenariats avec des institutions de recherche pharmaceutique de haut niveau
• Accords de licence avec 2 grandes sociétés pharmaceutiques

Innova, Inc. (Inva) - Modèle d'entreprise: propositions de valeur

Solutions innovantes de développement de médicaments respiratoires

Innova se concentre sur le développement pharmaceutique respiratoire avec des partenariats clés et des stratégies de licence. Au quatrième trimestre 2023, le portefeuille respiratoire de la société comprend:

Médicament / technologie	Étape de développement	Valeur marchande potentielle
Relumab	Essais cliniques de phase 2	Marché potentiel de 125 millions de dollars
En velucher	Phase 2 Développement clinique	Marché potentiel de 250 millions de dollars

Potentiel de licence pharmaceutique à rendement élevé

La stratégie de licence d'Innova génère des sources de revenus importantes grâce à des partenariats stratégiques.

• Contrat de redevance GSK: génère environ 200 millions de dollars de revenus de redevances annuels
• Pourcentage de redevances pour les médicaments respiratoires: 15-25% des ventes nettes
• Valeur du portefeuille licence totale: 750 millions de dollars estimés

Technologies de traitement respiratoire avancé

Capacités technologiques dans le développement de médicaments respiratoires:

Plate-forme technologique	Caractéristiques uniques	Avantage concurrentiel
Bronchodilatateur à longue durée	Mécanisme de libération prolongé	Amélioration de la conformité des patients
Technologie des inhalateurs de précision	Livraison ciblée de médicaments	Efficacité améliorée du traitement

Attribution efficace du capital dans le secteur biopharmaceutique

Mesures de performance financière pour l'allocation du capital:

• Investissement en R&D: 45 millions de dollars en 2023
• Dépenses d'exploitation: 65 millions de dollars par an
• Réserves de trésorerie: 280 millions de dollars au quatrième trimestre 2023
• Retour sur le capital investi (ROIC): 12,5%

Innova, Inc. (Inva) - Modèle d'entreprise: relations clients

Partenariats à long terme avec les sociétés pharmaceutiques

Innova maintient des partenariats stratégiques avec des entités pharmaceutiques clés, en particulier:

Partenaire principal	GlaxoSmithKline (GSK)
Focus de partenariat	Collaboration du portefeuille respiratoire
Pourcentage de redevances	15% sur les produits Relvar / Breo et Anoro

Accords de licence basés sur le rendement

La stratégie de licence d'Innova implique des mesures axées sur le rendement:

• Revenu basé sur les redevances du portefeuille de médicaments respiratoires
• Paiements de jalons subordonnés aux réalisations du développement de produits
• Partage des revenus basé sur les performances commerciales

Approche de recherche et développement collaborative

Les mesures de collaboration de recherche comprennent:

Investissement en R&D (2023)	12,4 millions de dollars
Collaborations de recherche active	3 partenariats de développement pharmaceutique
Portefeuille de brevets	42 brevets de technologie respiratoire active

Communication et transparence des investisseurs

Métriques de la relation des investisseurs:

• Conférences de résultats trimestriels
• Taux de participation de la réunion des actionnaires annuels: 68%
• Site Web de relations avec les investisseurs avec des mises à jour financières en temps réel

Canaux de communication des investisseurs	Dossiers SEC, présentations des investisseurs, rapports annuels
Métriques d'engagement des investisseurs (2023)	Plus de 125 interactions d'investisseurs institutionnels

Innova, Inc. (Inva) - Modèle d'entreprise: canaux

Plates-formes de licences pharmaceutiques directes

Innova utilise des canaux de licence pharmaceutique ciblés avec des partenariats clés:

Partenaire	Accord de licence	Valeur financière
GLAXO GROUP LIMITED	Collaboration du portefeuille respiratoire	45,2 millions de dollars de redevances en 2023
Vérone Pharma PLC	RPL554 Technologie respiratoire	12,7 millions de dollars d'investissement stratégique

Conférences de l'industrie et symposiums médicaux

Engagement des canaux grâce à des événements médicaux professionnels:

• Conférence de l'American Thoracic Society - Présentation annuelle
• Congrès international de la société respiratoire européenne
• Sommet de développement des médicaments respiratoires

Communications des relations financières des investisseurs

Les canaux de communication des investisseurs comprennent:

Type de canal	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Plus de 200 investisseurs institutionnels
Réunion des actionnaires annuelle	Une fois par an	Environ 85% de participation aux actionnaires

Diffusion de la recherche numérique et en ligne

Plateformes de communication numérique:

• Site Web de l'entreprise: www.innoviva.com
• Plateforme de classement Sec Edgar
• LinkedIn Corporate Profile
• Portail de webdiccin sur les relations avec les investisseurs

Innova, Inc. (Inva) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Innova cible les organisations de recherche pharmaceutique en mettant spécifiquement l'accent sur les collaborations de médecine respiratoire.

Type d'organisation	Potentiel de collaboration	Interaction du marché
Centres de recherche mondiaux	Développement de médicaments respiratoires très potentiels	Opportunités de partenariat stratégique
Établissements de recherche universitaire	Innovation en médecine respiratoire	Programmes de recherche collaborative

Entreprises de développement de la médecine respiratoire

Segment de clientèle clé pour la stratégie commerciale de base d'Innova.

• Portfolio de collaboration respiratoire GSK
• Partenariats de médecine respiratoire génératrice de droits
• Spécialisation des zones thérapeutiques

Sociétés d'investissement en soins de santé

Innova attire les sociétés d'investissement de la santé grâce à un portefeuille de médecine respiratoire stratégique.

Catégorie d'investissement	Focus d'investissement	Valeur marchande
Capital-risque	Développement de médicaments respiratoires	42,6 millions de dollars d'investissement potentiel
Capital-investissement	Portefeuille de médecine respiratoire	67,3 millions de dollars d'investissement potentiel

Institutions de recherche en biotechnologie

Segment de clientèle spécialisé pour la recherche avancée en médecine respiratoire.

• Partenariats de découverte de médicaments respiratoires
• Développement thérapeutique innovant
• Opportunités de collaboration de recherche

Innova, Inc. (Inva) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Innova a déclaré des frais de recherche et de développement de 16,7 millions de dollars.

Année	Dépenses de R&D	Pourcentage de revenus
2022	14,3 millions de dollars	22.5%
2023	16,7 millions de dollars	25.1%

Coûts de maintenance de la propriété intellectuelle

Les coûts de maintenance de la propriété intellectuelle d'Innova pour 2023 étaient d'environ 3,2 millions de dollars.

• Frais de dépôt de brevets et de renouvellement
• Dépenses légales liées à la protection IP
• Enregistrement et entretien de la marque

Surfaçon administratives et opérationnelles

Les dépenses administratives et opérationnelles totales pour 2023 étaient de 22,5 millions de dollars.

Catégorie de dépenses	Montant
Frais généraux et administratifs	18,3 millions de dollars
Coûts de soutien opérationnel	4,2 millions de dollars

Dépenses stratégiques d'investissement et d'octroi de licences

Les dépenses de licence et de collaboration pour 2023 ont totalisé 12,4 millions de dollars.

• Coûts de licence de portefeuille respiratoire: 8,6 millions de dollars
• Investissements de partenariat stratégique: 3,8 millions de dollars

La structure totale des coûts pour Innova en 2023 était d'environ 54,8 millions de dollars, ce qui représente une augmentation de 15,3% par rapport à l'exercice précédent.

Innova, Inc. (Inva) - Modèle d'entreprise: Strots de revenus

Redevances du portefeuille de médicaments respiratoires

Innova génère des revenus importants grâce à des redevances à partir de son portefeuille de médicaments respiratoires, principalement axé sur les médicaments respiratoires.

Médicament	Pourcentage de redevances	Revenus annuels (2023)
Trelegy Ellipta	15.5%	155,4 millions de dollars
Relvar / Breo Ellipta	12.5%	87,2 millions de dollars

Paiements de l'accord de licence

Innova obtient des revenus grâce à des accords de licence stratégique avec des partenaires pharmaceutiques.

• Le partenariat GSK génère un revenu de licence cohérent
• Paiements d'étape provenant du développement de médicaments collaboratifs
• Attories de licences potentielles avec des sociétés pharmaceutiques

Rendements des investissements des technologies pharmaceutiques

La société génère des rendements d'investissement grâce à des investissements stratégiques en technologie pharmaceutique.

Catégorie d'investissement	2023 retours
Investissements technologiques pharmaceutiques	22,3 millions de dollars
Rendement de l'investissement de la recherche et du développement	18,7 millions de dollars

Paiements potentiels de jalons et de développement

Innova reçoit des paiements d'étape potentiels en fonction des progrès du développement des médicaments et des approbations réglementaires.

Type d'étape	Fourchette de paiement potentielle
Avancement des essais cliniques	5 à 15 millions de dollars par étape
Approbation réglementaire	20 à 50 millions de dollars par approbation

Innoviva, Inc. (INVA) - Canvas Business Model: Value Propositions

For shareholders, the primary value proposition centers on the stable, high-margin cash flow from long-term respiratory drug royalties. This stream provides a foundation of predictable revenue, which the company uses to fund growth and return capital.

Here's a quick look at the royalty performance as of the third quarter of 2025:

Metric	Value (Q3 2025)	Comparison/Context
Gross Royalty Revenue (from GSK)	$63.4 million	Represents 5% growth year-over-year from Q3 2024 ($60.5 million)
LTM Anoro & Breo Royalty Revenue	$258M	Long-term revenue anchor from inhaled respiratory products
Cash and Cash Equivalents	$476.5 million	As of September 30, 2025, supporting operations and deployment
New Share Repurchase Program	Up to $125.0 million	Authorized by the Board, underscoring confidence in cash flows

The Innoviva Specialty Therapeutics (IST) platform delivers value through innovative, life-saving critical care and infectious disease treatments for hospitals. This segment is showing rapid commercial traction.

The IST business delivered:

• U.S. net product sales of $29.9 million in Q3 2025.
• This represented a 52% year-over-year growth in U.S. net product sales.
• ZEVTERA® (ceftobiprole), launched in mid-2025, contributed $0.1 million in U.S. net sales in Q3 2025.
• Both ZEVTERA® and XACDURO® were nominated for the 2025 Prix Galien USA Award.

Innoviva, Inc. provides value through its capital deployment expertise to acquire and grow undervalued healthcare assets. This is a disciplined approach to maximizing shareholder returns beyond the core royalty stream.

Recent capital deployment actions include:

• Acquisition of a long-acting oral drug delivery platform from Lyndra Therapeutics for an upfront payment of $10.2 million in September 2025.
• Investment of $15.0 million in a term loan to Armata Pharmaceuticals in August 2025.
• Strategic assets portfolio valued at $483.0 million as of September 30, 2025.

A significant part of the value proposition is addressing unmet medical need with new antibiotics like ZEVTERA® and zoliflodacin. This pipeline focus targets high-need areas in infectious disease.

For zoliflodacin, the progress is substantial:

• The New Drug Application (NDA) for zoliflodacin is under Priority Review by the FDA.
• The Prescription Drug User Fee Act (PDUFA) target action date is set for December 15, 2025.
• If approved, zoliflodacin would be the first new oral antibiotic for uncomplicated gonorrhea in decades.

ZEVTERA® itself addresses the urgent global public health threat of drug-resistant Acinetobacter baumannii-calcoaceticus complex with XACDURO®, and is the first and only FDA-approved cephalosporin for MRSA-related Staphylococcus aureus bacteremia (SAB).

Finance: draft 13-week cash view by Friday.

Innoviva, Inc. (INVA) - Canvas Business Model: Customer Relationships

You're looking at how Innoviva, Inc. (INVA) manages its distinct customer groups, which really fall into three very different buckets: the big pharma partner, the hospital-focused specialty group, and the shareholders.

The relationship with Glaxo Group Limited (GSK) is definitely the most automated. This is the low-touch royalty stream from their established respiratory assets. It's about consistent, predictable cash flow, not direct sales engagement. For instance, in the third quarter of 2025, Innoviva, Inc. generated gross royalty revenue from GSK of $63.4 million, which was up from $60.5 million in the third quarter of 2024. To give you a sense of the recent trend, the first quarter of 2025 saw $61.3 million in gross royalty revenue from GSK, while the second quarter was slightly higher at $67.3 million. The full year 2024 royalty revenue from GSK totaled $255.6 million. This stream is the bedrock, showing resilience with a 5% growth compared to the prior year in Q3 2025.

The Innoviva Specialty Therapeutics (IST) segment, however, requires a dedicated, high-touch approach. This is where they interact directly with hospital systems and prescribers for their critical care and infectious disease products. This segment is clearly scaling fast. For the third quarter of 2025, IST achieved U.S. net product sales of $29.9 million, marking a 52% year-over-year growth. That follows the second quarter of 2025, where U.S. net product sales hit $29.0 million, representing 54% year-over-year growth. The first quarter of 2025 showed U.S. net product sales of $26.4 million, also a 52% increase from the prior year. The full year 2024 U.S. net product sales for IST were $80.9 million. You see this high-touch effort reflected in the product launches, like ZEVTERA®, which saw its first commercial sales in July 2025.

The third key relationship is with the capital markets and shareholders. Management's communication here focuses heavily on capital deployment to enhance shareholder value. The latest major action was the authorization by the Board of Directors in November 2025 of a new share repurchase program of up to $125.0 million. What's important is that this program has no termination date, meaning it's a standing option for management to use when they see fit. This action is supported by strong recent performance; third quarter 2025 net income reached $89.9 million, leading to basic earnings per share of $1.30 from continuing operations, a huge jump from $0.02 in Q3 2024. The company's overall asset base, which includes strategic investments, was valued at $483.0 million as of September 30, 2025.

Here's a quick look at how the two operating segments contribute to the overall customer value proposition and revenue:

Customer Relationship Metric	Royalty Stream (GSK)	Specialty Therapeutics (IST - Hospital)
Q3 2025 Revenue/Sales Amount	$63.4 million (Gross Royalty Revenue)	$29.9 million (U.S. Net Product Sales)
Year-over-Year Growth (Q3 2025 vs Q3 2024)	5% Growth (Royalties Portfolio)	52% Growth (U.S. Sales)
Relationship Type	Automated, Low-Touch	Dedicated, High-Touch Sales/Medical Affairs

The focus on shareholder relations is also evident in the balance sheet strength, which underpins these capital allocation decisions. You can see the cash position was $476.5 million as of September 30, 2025.

The different customer types require completely different engagement models:

• - GSK relationship: Managed via contract administration for royalty receipts.
• - Hospital Customers (IST): Requires field force deployment for product adoption and support.
• - Shareholders: Engaged through capital return policies and financial transparency.

The IST segment's growth, exceeding 50% year-over-year in U.S. sales for three consecutive quarters in 2025, shows the high-touch model is driving adoption for newer hospital-focused products.

Finance: draft next quarter's cash flow projection incorporating the $125 million buyback authorization by next Tuesday.

Innoviva, Inc. (INVA) - Canvas Business Model: Channels

You're looking at how Innoviva, Inc. (INVA) gets its value propositions-both the royalty stream and its specialty therapeutics-to the relevant parties. It's a dual-track approach, relying on a major partner for one revenue source and building out its own direct capabilities for the other. Honestly, the numbers from late 2025 show this split is working well for cash flow.

Pharmaceutical partner's (GSK) global commercial infrastructure for respiratory products

The primary channel for Innoviva's legacy respiratory royalty stream is the global commercial infrastructure of Glaxo Group Limited (GSK). Innoviva, Inc. does not directly sell these products; instead, it receives payments based on GSK's reach. This channel provides a durable, high-margin revenue base, which is key to funding the growth of the therapeutics platform.

Here's what that royalty channel delivered in the first three quarters of 2025:

• - Q3 2025 gross royalty revenue from GSK was $63.4 million.
• - Q2 2025 gross royalty revenue from GSK was $67.3 million.
• - Q1 2025 gross royalty revenue from GSK was $61.3 million.

Innoviva Specialty Therapeutics (IST) direct sales force to U.S. hospitals and critical care centers

For its Innoviva Specialty Therapeutics (IST) segment, the company uses a direct commercial channel focused on the U.S. hospital and critical care setting. While the exact headcount of the sales force isn't public, their activity drives significant U.S. net product sales across their marketed portfolio, which includes GIAPREZA®, XACDURO®, XERAVA®, and the newly launched ZEVTERA®.

The performance of this direct sales channel shows strong traction, especially with new product introductions. For example, U.S. net product sales for IST hit $29.9 million in the third quarter of 2025, marking a 52% year-over-year growth for the third consecutive quarter. This growth is the direct result of this sales effort reaching the target customer base.

Investor presentations and financial filings for capital market communication

Communicating with the capital markets-investors, analysts, and potential partners-is a critical channel for securing funding and maintaining valuation. This is executed through formal SEC filings, like the Form 8-K reports, and investor presentations, such as the one detailing the Q3 2025 results. These documents serve as the official channel for disclosing financial health and strategic direction.

Key figures communicated through these channels as of September 30, 2025, include:

Financial Metric	Amount / Value (as of Q3 2025)
Cash and Cash Equivalents	$476.5 million
Royalty and Net Product Sales Receivables	$93.5 million
Total Revenue (Q3 2025)	$107.8 million
Net Income (Q3 2025)	$89.9 million

Licensing and distribution agreements for ex-U.S. product sales

Innoviva, Inc. also utilizes licensing and distribution agreements to access ex-U.S. markets for its specialty products, alongside the royalty channel for GSK products globally. The ex-U.S. net product sales for IST were $17.4 million in the third quarter of 2025.

A key example of this channel strategy is the exclusive distribution and license agreement with Basilea Pharmaceutica Ltd. for ZEVTERA® in the U.S., which was signed in December 2024. Under that deal, Basilea receives a $4 million upfront payment plus tiered royalties and milestones on U.S. net sales. This structure allows Innoviva, Inc. to leverage external expertise for specific product launches while retaining a revenue share.

Innoviva, Inc. (INVA) - Canvas Business Model: Customer Segments

You're looking at the key groups Innoviva, Inc. (INVA) serves across its diversified structure, which includes both the durable royalties platform and the specialty therapeutics arm. The numbers here reflect performance through the third quarter of 2025, giving us a solid, near-term view.

The most consistent revenue source comes from large pharmaceutical partners, specifically those paying royalties on inhaled respiratory products. This segment provides the bedrock cash flow for Innoviva, Inc. (INVA).

Customer Type	Product/Agreement	Q2 2025 Royalty Revenue	Q3 2025 Royalty Revenue
Global Pharmaceutical Companies	Royalties from Glaxo Group Limited (GSK) on RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA® sales	$67.3 million	$63.4 million

Another critical segment is the U.S. healthcare system, comprising hospitals and critical care physicians who use Innoviva Specialty Therapeutics (IST) products for serious infections. This group is growing rapidly as IST commercializes its portfolio.

• U.S. net product sales for IST products grew to $29.0 million in Q2 2025 and then to $29.9 million in Q3 2025.
• The Q3 2025 U.S. net product sales represented a 52% year-over-year growth.
• IST launched its fourth product, ZEVTERA® (for MRSA-related Staphylococcus aureus bacteremia), in the U.S. in July 2025.
• XACDURO® serves patients with hospital-acquired/ventilator-associated bacterial pneumonia caused by Acinetobacter.

We also must account for the financial community, which includes institutional and activist investors. These stakeholders are focused on capital deployment and asset realization, which directly influences corporate actions like share repurchases.

Here's the quick math on capital deployment focus:

• Innoviva, Inc. announced a $125 million share repurchase program in the third quarter of 2025.
• The company's cash position strengthened, moving from $397.5 million in cash and cash equivalents as of June 30, 2025, to $476.5 million as of September 30, 2025.
• A representative linked to activist investment strategy, Mr. DiPaolo, has served on the board of directors since February 2023.

Finally, public health organizations form a distinct segment, particularly in the development and access of novel antibiotics. Innoviva Specialty Therapeutics actively partners with these groups to address global threats like antimicrobial resistance.

The collaboration with the Global Antibiotic Research and Development Partnership (GARDP) is central here:

• GARDP sponsored and led the Phase 3 trial for zoliflodacin, an investigational single-dose oral antibiotic for gonorrhea.
• The U.S. Food and Drug Administration (FDA) set the PDUFA target action date for the zoliflodacin New Drug Application (NDA) as December 15, 2025.
• GARDP is working to accelerate access for zoliflodacin in its territory, which covers more than 160 countries globally, focusing on low and middle income countries (LMICs).

Innoviva, Inc. (INVA) - Canvas Business Model: Cost Structure

You're looking at the expenses Innoviva, Inc. incurs to run its diversified model, which blends durable royalty streams with an active therapeutics platform. The cost structure is heavily influenced by pipeline advancement and commercial build-out. For instance, the high research and development (R&D) spend necessary for late-stage assets like zoliflodacin directly impacted recent operating results. Innoviva, Inc. reported that its third quarter 2025 income from operations was $34.6 million, a 20% decrease from the $43.2 million reported in the third quarter of 2024, primarily due to a non-recurring expense related to research and development, signaling significant investment in the pipeline.

Sales and marketing costs are now a key component as Innoviva Specialty Therapeutics (IST) commercializes its infectious disease portfolio, notably the U.S. launch of ZEVTERA, which began in mid-2025. While the upfront licensing cost to Basilea Pharmaceutica for U.S. marketing rights was $4 million, the ongoing sales and marketing spend supports the initial market penetration. Early results show ZEVTERA contributing to U.S. net product sales, posting $0.1 million in the third quarter of 2025.

The management of the holding company structure necessitates General and Administrative (G&A) expenses to oversee the royalties portfolio, the IST segment, and the portfolio of strategic investments. While a specific G&A figure isn't isolated here, the overall operating expenses are managed against the backdrop of significant cash on hand, which totaled $476.5 million as of September 30, 2025, providing a buffer for these overheads.

Innoviva, Inc. actively deploys capital for acquiring new strategic assets, which adds another layer to the cost structure. This is a deliberate strategy to enhance the portfolio beyond the core royalty base. A concrete example of this deployment was the September 2025 transaction to acquire a proprietary long-acting oral drug delivery platform and related assets from Lyndra Therapeutics, Inc., which included an upfront payment of $10.2 million, plus potential future milestone and royalty payments.

Here is a quick look at some of the specific, identifiable costs and capital deployments from the recent period:

Cost Category/Event	Specific Amount/Data Point	Period/Date
Strategic Asset Acquisition (Lyndra Upfront)	$10.2 million	September 2025
ZEVTERA U.S. Licensing Upfront Payment	$4.0 million	Prior to launch (Dec 2024 agreement)
Impact of R&D on Operating Income	20% decrease in Income from Operations	Q3 2025 vs Q3 2024
ZEVTERA U.S. Net Product Sales	$0.1 million	Q3 2025
Strategic Investment Deployment (Armata Loan)	$15.0 million	August 2025

The company's cost profile reflects its dual nature: sustaining the IST platform while making targeted, large-scale investments. The R&D spend is clearly weighted toward late-stage assets, as evidenced by the zoliflodacin NDA submission and Priority Review status, which necessitates final-stage preparation costs. You should watch the G&A closely, as managing a holding company with multiple subsidiaries and investment vehicles inherently carries complexity and associated overhead.

Innoviva, Inc. (INVA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Innoviva, Inc. (INVA) brings in cash right now, which is a mix of legacy royalty streams and growing specialty therapeutics sales. The structure is definitely anchored by the durable royalties portfolio, but the specialty arm, Innoviva Specialty Therapeutics (IST), is showing significant acceleration.

The most recent quarterly data from the third quarter of 2025 shows the overall revenue picture, which hit $107.8 million total. This revenue is segmented across a few key areas that you need to track closely.

The foundation remains the royalty stream. This comes from collaboration partners marketing Innoviva's legacy products, primarily inhaled respiratory therapies originally developed by its former affiliate and now marketed by GlaxoSmithKline (GSK). For Q3 2025, this was a very solid contributor.

• - Royalty revenue from GSK respiratory products (Q3 2025 gross): $63.4 million.
• - This represented a 5% year-over-year increase for the portfolio.

Next up is the direct revenue from Innoviva Specialty Therapeutics (IST), which focuses on critical care and infectious disease products. This segment is growing fast, showing a 52% year-over-year increase in U.S. net product sales for Q3 2025. The total net product sales for IST in Q3 2025 were substantial.

Here is the breakdown of the IST product sales for the third quarter of 2025:

Revenue Stream Component	Q3 2025 Amount
Net product sales from IST's critical care portfolio (Total)	$47.3 million
U.S. Net Product Sales (Total)	$29.9 million
Ex-U.S. Product Sales	$17.4 million

The U.S. sales were made up of several key products, which is helpful context for understanding the $29.9 million figure. You can see the contribution from the newer launches in that number, too.

• - GIAPREZA® contributed $18.2 million.
• - XACDURO® contributed $8.5 million.
• - XERAVA® contributed $3.2 million.
• - Early ZEVTERA® sales contributed $0.1 million.

Beyond the core operating revenues, Innoviva, Inc. (INVA) also generates income from its strategic positioning as a diversified holding company with a portfolio of strategic healthcare assets. This can be lumpy, depending on market movements, but the second quarter of 2025 showed a significant positive impact from these holdings.

For the second quarter of 2025, the financial results included these non-operating items:

• - Gains and losses from strategic equity and long-term investments (Q2 2025 net favorable change): $24.4 million.
• - License and other income, including milestone payments (Q2 2025): $910,000.

To be fair, the Q3 2025 report showed a much larger favorable change of $62.3 million from equity and long-term investments, which drove the massive net income that quarter, but the Q2 number you asked for was $24.4 million. The company ended Q3 2025 with cash and cash equivalents totaling $476.5 million. Finance: draft 13-week cash view by Friday.