UNITED STATES SECURITIES AND EXCHANGE COMMISSION                  ---------------------- 
    FORM 3                                         Washington, D.C. 20549                                  |     OMB APPROVAL    | 
                                                                                                           |---------------------| 
                                                                                                           | OMB Number:         | 
                INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES                                    | 3235-0104           | 
                                                                                                           | Expires:            | 
                                                                                                           | November 30, 2011   |  
                                                                                                           | Estimated average   | 
                                                                                                           | burden hours per    |  
                                                                                                           | response 0.5        | 
                          Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section  ----------------------- 
                           17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the 
(Print or Type Responses)                          Investment Company Act of 1940 


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|1. Name and Address of                   | 2.Date of Event |3.  Issuer Name and Ticker or Trading Symbol                        | 
|  Reporting Person*                      |   Requiring     |                                                                    |
|                                         |   Statement     |                                                                    |
|                                         | (Month/Day/Year)|                                                                    |
|Small Derek A                            |04-29-2024       |Innoviva, Inc.                                               INVA   |
|-----------------------------------------|                 |--------------------------------------------------------------------|
|     (Last)    (First)    (Middle)       |                 |4. Relationship of Reporting Person(s) to |5. If Amendment, Date    |
|                                         |                 | Issuer (Check All Applicable)            |       Original Filed    |
|                                         |                 |                                          |      (Month/Day/Year)   |
|C/O INNOVIVA, INC.,1350 OLD BAYSHORE HIGH|                 | _____ Director      _____ 10% Owner      |                         |
|WAY, SUITE 400                           |                 |                                          |                         |
|-----------------------------------------|                 |                                          |-------------------------|
|                (Street)                 |                 | _____ Officer       _____ Other          |6. Individual or         |
|                                         |                 |                                          | Joint/Group Filing      |
|BURLINGAME,CA 94010                      |                 |  (give title below)    (specify below)   | (Check Applicable Line) |
|    (City)        (State)       (Zip)    |                 |                                          | _X_ Form filed by One   |
|                                         |                 |                                          |Reporting Person         |
|                                         |                 |                                          | ___ Form filed by More  |
|                                         |                 |                                          |Than One Reporting Person|
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                                 Table I -- Non-Derivative Securities Beneficially Owned 
                                                                                                                           
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| 1.                                   | 2.                   |  3.              |   4.                               | 
| Title of Security (Instr. 4)         | Amount of Securities |  Ownership Form: |   Nature of Indirect Beneficial    | 
|                                      | Beneficially Owned   |  Direct (D) or   |   Ownership (Instr. 5)             | 
|                                      | (Instr. 4)           |  Indirect (I)    |                                    | 
|                                      |                      |  (Instr. 5)      |                                    | 
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02) 

                  Persons who respond to the collection of information contained in this 
                  form are not required to respond unless the form displays a currently 
                  valid OMB control number. 
  
Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) 
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|1.                           | 2.                     | 3.               |4.         |5.           |6.         |
|Title of Derivative Security | Date                   | Title and        |Conversion |Ownership    |Nature of  |
|         (Instr. 4)          | Exercisable            | Amount of        |or Exercise|Form of      |Indirect   |
|                             | and Expira-            | Underlying       |Price of   |Derivative   |Beneficial |
|                             | tion Date              | Securities       |Derivative |Security:    |Ownership  |
|                             | (Month/Day/            | (Instr. 4)       |Security   |Direct(D) or |(Instr. 5) |
|                             | Year)                  |                  |           |Indirect (I) |           |
|                             |------------------------|------------------|           |(Instr. 5)   |           |
|                             |            |           |      |Amount or  |           |             |           |
|                             |            |           |      |Number     |           |             |           |
|                             |Date        |Expiration |      |of         |           |             |           |
|                             |Exercisable |Date       |Title |Shares     |           |             |           |
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|Restricted Stock Units       |            |           |Common|8,043      |           |D            |           |
|                             |            |           | Stock|           |           |             |           |
|                             |#1          |#1         |      |           |#2         |             |           |
|---------------------------------------------------------------------------------------------------------------|
|Restricted Stock Units       |            |           |Common|1,206      |           |D            |           |
|                             |            |           | Stock|           |           |             |           |
|                             |#3          |#3         |      |           |#2         |             |           |
|---------------------------------------------------------------------------------------------------------------|
|Stock Options                |            |           |Common|833        |           |D            |           |
|                             |            |           | Stock|           |           |             |           |
|                             |#4          |#4         |      |           |#4         |             |           |
|---------------------------------------------------------------------------------------------------------------|

+----------------------------------------------------------------------------------+
|                                      |          Relationships                    |
|  Reporting Owner Name / Address      +----------+----------+----------+-------- -+
|                                      | Director |10% Owner | Officer  |  Other   |
+--------------------------------------+----------+----------+----------+----------+
|Small Derek A                         |    .     |    .     |          |          |
|C/O INNOVIVA, INC.                    |          |          |          |          |
|1350 OLD BAYSHORE HIGHWAY, SUITE 400  |          |          |          |          |
|BURLINGAME CA 94010                   |          |          |          |          |
|--------------------------------------+----------+----------+----------+----------|


Explanation of Responses:

1 One-half of the restricted stock units will vest on April 29, 2025, and the remaind
er will vest on April 29, 2026.                                                      
2 Each restricted stock unit represents the right to receive, following vesting, one 
share of Common Stock.                                                               
3 The restricted stock units will vest on the sooner of the next annual stockholder m
eeting or June 17, 2025.                                                             
4 The stock options will vest on the sooner of the next annual stockholder meeting or
 June 17, 2025.                                                                      


Remarks: 



Signatures

/s/ Derek Small                                              / 05-01-2024
-------------------------------------------------------------   -----------
 ** Signature of Reporting Person                                Date


    *  If the form is filed by more than one reporting person, seeInstruction 5(b)(v).
    ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.  
    See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

    
    Note: File three copies of this Form, one of which must be manually signed.  If space is insufficient, See Instruction 6 for procedure.
    
    Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.