Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 281

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 281
---
 consecutive trading day period (including the last trading day of such period) ending on the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.If we undergo a fundamental change (as defined in the indenture governing the 2026 Notes), holders of the 2026 Notes may require us to repurchase for cash all or any portion of their 2026 Notes at a repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest, but excluding, the fundamental change repurchase date. In addition, following certain corporate events (as defined in the indenture governing the 2026 Notes) or if we deliver a notice of redemption prior to the maturity date, we will, in certain circumstances, adjust the conversion rate for holders who elect to convert their 2026 Notes in connection with such a corporate event or such notice of redemption. As of March 31, 2025, the 2026 Notes were recorded at the aggregate principal amount of $40.2 million less unamortized issuance costs of $0.2 million as a long-term liability on the condensed consolidated balance sheets. As of March 31, 2025, the fair value of the 2026 Notes was $55.9 million. The fair value was estimated using a reputable third-party valuation model based on observable inputs and is considered Level 2 in the fair value hierarchy. The debt issuance costs are amortized to interest expense over the contractual term of the 2026 Notes at an effective interest rate of 3.1%.Convertible Senior Notes due 2030The 2030 Notes were issued under an indenture on the Settlement Date. The 2030 Notes are general unsecured obligations and accrue interest at a rate of 2.00% per annum, payable semiannually in arrears on March 15 and September 15, beginning September 15, 2025. The 2030 Notes mature on March 15, 2030, unless earlier converted, redeemed, or repurchased prior to such date.The 2030 Notes are convertible into cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election, at an initial conversion rate of 54.9058 shares of our common stock