Company: DVAX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049536
Chunk: 317

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 317
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 the credit and financial markets in the U.S. and worldwide. Adequate financing may not be available to us on acceptable terms, or at all. If adequate funds are not available when needed, we may need to significantly reduce our operations while we seek strategic alternatives, which could have an adverse impact on our ability to achieve our intended business objectives.

Cash Flows

During the nine months ended September 30, 2025, we generated $37.6 million of cash in our operations, which consisted of i) a net loss of $50.5 million, ii) $138.5 million of net adjustments from non-cash items, which included depreciation and amortization, amortization of right-of-use assets, inventory write off, accretion of discounts on marketable securities, stock-based compensation expense, bad debt expense, non-cash interest expense, loss on debt extinguishment, and iii) approximately $50.4 million net changes from operating assets and liabilities, which included an increase of $26.4 million in accounts and other receivables, net driven by higher sales, an increase of $6.9 million in inventories primarily related to higher number of batches produced, an increase of $2.3 million in prepaid expenses and other current assets primarily related to interest receivable, prepaid taxes, and prepaid insurance, a decrease of $5.1 million in accounts payable, a decrease of $3.2 million in lease liabilities and a decrease of $6.6 million in accrued and other liabilities. By comparison, during the nine months ended September 30, 2024, we generated $13.5 million of cash from our operations, which consisted of i) a net income of $20.3 million, ii) $42.0 million of net adjustments from non-cash items, which included depreciation and amortization, amortization of right-of-use assets, inventory write off, sublease termination loss, accretion of discounts on marketable securities, stock-based compensation expense, non-cash interest expense, and iii) approximately $48.8 million net changes from operating assets and liabilities, which included an increase of $30.7 million in accounts and other receivables, net driven by higher sales, an increase of $10.4 million in inventories primarily related to higher number of batches produced, an increase of $6.9 million in prepaid manufacturing related to prepayments made to third-party manufacturers of CpG 1018 adjuvant, and an increase of $2.6