Company: DVAX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049536
Chunk: 263

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 263
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 when we receive payment from CEPI partners, we reclassify the Advance Payments from long-term deferred revenue to accrued liabilities. As of September 30, 2025, we had no CEPI-related net accounts receivable relating to Bio E. As of September 30, 2025, CEPI-related accruals and contract assets (net of allowance for doubtful accounts) related to Clover, totaled $60.3 million. As of September 30, 2025, 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.

On April 26, 2023, we entered into a third amendment to the Bio E Supply Agreement (the “Bio E Amendment No. 3”). The Bio E Amendment No. 3 provided for additional payments of either $5.5 million in the event that Bio E receives at least $125.0 million, or $12.3 million in the event that Bio E receives at least $250.0 million in payments from the Government of India associated with its CORBEVAX product on or before August 15, 2025. Bio E did not receive any payments from the Government of India for its CORBEVAX product by August 15, 2025. Accordingly, no accounts receivable is recorded from Bio E as of September 30, 2025. 

In November 2024, our Board of Directors authorized a $200.0 million share repurchase program (the “Repurchase Program”). On November 8, 2024, we entered into a $100.0 million accelerated share repurchase agreement (the “ASR Agreement”) with Goldman Sachs & Co. LLC, under which we made an upfront payment of $100.0 million and received an initial delivery of 6,149,116 shares on November 12, 2024. Repurchases under the ASR Agreement were completed on February 11, 2025, and upon final settlement, we received an additional 1,771,422 shares, bringing the total shares repurchased under the ASR Agreement to 7,920,538, based on the average daily volume-weighted average price ("VWAP") of our common stock over the repurchase period. In addition, during the nine months ended September 30, 2025, we repurchased 8,135,637 shares for approximately $91.7 million through open market transactions and 569,560 shares