Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 310

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 310
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5 million of payments for the repurchase of common stock, and $11.1 million for the payments of taxes related to net share settlement of RSUs, partially offset by $35.8 million of net proceeds from the issuance of the 2030 Notes net of debt issuance costs, $46.6 million of proceeds from the unwinding of capped call options, and $7.3 million of proceeds received from the exercise of options and from common stock purchases under our employee stock purchase plan. Cash used in financing activities for the three months ended March 31, 2024, included $6.7 million for the payments of taxes related to net share settlement of RSUs, partially offset by proceeds received from the exercise of options and from purchases under our employee stock purchase plan for $2.5 million combined. 

Contractual Obligations

On March 13, 2025, we issued $225.0 million of our 2.00% 2030 Notes as part of the Refinancing Transaction. Following the completion of the Refinancing Transaction, the total principal balance of our outstanding Convertible Notes as of March 31, 2025, was $260.5 million net of debt discount of $4.7 million, which comprised $225.0 million principal amount of the 2030 Notes and $40.2 million principal amount of the remaining 2026 Notes. The 2026 Notes bear interest at a rate of 2.50% per year, payable semiannually in arrears on May 15 and November 15 of each year. The 2030 Notes bear interest at 2.00% per year, payable semiannually on March 15 and September 15, starting September 15, 2025. The 2026 Notes and the 2030 Notes mature on May 15, 2026 and March 15, 2030, respectively, unless converted, redeemed or repurchased prior to such date. See Note 7 – Convertible Notes, in the accompanying notes to the unaudited condensed consolidated financial statements included in Part I, Item 1, “Financial Statements (unaudited)” of this Quarterly Report on Form 10-Q.

We have entered into material purchase commitments with commercial manufacturers for the supply of HEPLISAV-B. As of March 31, 2025, our material non-cancelable purchase and other commitments for the supply of HEPLISAV-B totaled $82.1 million, which are