Company: DVAX
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001029142-25-000049
Chunk: 134

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 134
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.5 %(46.3)%— — 

Income tax expense increased by $1.5 million for the year ended December 31, 2024 compared to the year ended December 31, 2023. Our income tax expense of $3.5 million and $2.0 million for the years ended December 31, 2024 and 2023, respectively, are primarily comprised of state and foreign income tax expense. Our effective tax rate for the years ended December 31, 2024 and 2023 was 11.5% and (46.3)%, respectively, which is primarily comprised of state and foreign income tax expense.

Liquidity and Capital Resources

As of December 31, 2024, we had $713.8 million in cash and cash equivalents and marketable securities. Since our inception, we have relied primarily on the proceeds from public and private sales of our equity securities, borrowings, government grants and revenues from product sales and collaboration agreements to fund our operations. Our funds are currently invested in money market funds, U.S. treasuries, U.S. government agency securities and corporate debt securities. We currently anticipate that our cash and cash equivalents, and short-term marketable securities as of December 31, 2024, and anticipated revenues from HEPLISAV-B will be sufficient to fund our operations for at least the next 12 months from the date of this filing and in the longer term.

Advanced payments received from CEPI to reserve a specified quantity of CpG 1018 adjuvant are initially accounted for as long-term deferred revenue. When we deliver CpG 1018 adjuvant to CEPI partner(s) or when we receive payment from CEPI partner(s), we reclassify the advanced payments from long-term deferred revenue to accrued liabilities. As of December 31, 2024 and 2023, we had no CEPI-related net accounts receivable relating to Bio E. CEPI-related accruals and contract assets relating to Clover totaled $60.3 million and $71.3 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the CEPI-related accrual relating to Clover may be repaid using cash to be collected from Clover or forgiven in accordance with the CEPI Agreement.

In November 2024, our Board of Directors authorized the Program allowing us to repurchase up to $200.0 million of our common stock