Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 231

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 231
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 costs were capitalized and will be amortized over the term of the 2030 Notes.Convertible Debt SummaryThe following table summarizes key details of the 2026 Notes and 2030 Notes:SeniorConvertibleNotesOfferingCompletionDateStatedInterestRateAggregatePrincipalAmountIssued(in millions)AggregatePrincipalAmountOutstanding(in millions)MaturityDateNetProceeds (1)(in millions) InitialConversionRate (shares) (2)(per $1,000principal amount)ConversionPrice(per share) (3)SettlementMethods (4)2026 NotesMay 20212.50%$225.5$40.2May 15, 2026$219.895.5338$10.47Cash and/or shares2030 NotesMarch 20252.00%$225.0$225.0March 15, 2030$220.554.9058$18.21Cash and/or shares(1)Net proceeds are calculated by deducting debt issuance costs directly related to the transaction from the aggregate principal amount of the applicable series of notes.(2)Subject to adjustments as defined in the applicable indentures.(3)In connection with the 2026 Notes, we entered into capped call option agreements to effectively increase the upper strike price of the conversion premium to $15.80 per share.(4)The 2026 Notes and 2030 Notes may be settled in cash, shares of our common stock, or a combination thereof, solely at our election.Convertible Senior Notes due 2026Following the Refinancing Transaction, the remaining principal balance of our 2026 Notes is $40.2 million as of March 31, 2025. These remaining 2026 Notes carry an unamortized debt discount of approximately $0.2 million as of March 31, 2025, which will continue to be amortized to interest expense over the remaining term using the effective interest method.In May 2021, we issued $225.5 million of 2026 Notes in a private placement. Total proceeds from the issuance of the 2026 Notes, net of debt issuance and offering costs of $5.7 million, were $219.8 million. We used $190.2 million of the net proceeds to retire our previous loan agreement with CRG Servicing LLC and $27.2 million of the net proceeds to pay the costs of the Capped Calls described below. The 2026 Notes are general unsecured obligations and accrue interest at a rate of