Company: DVAX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049536
Chunk: 407

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 407
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 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 million in prepaid assets and other current assets 

36

primarily related to interest receivable, prepaid taxes, and prepaid insurance. Net cash provided by operating activities is impacted by changes in our operating assets and liabilities