Company: DVAX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001029142-25-000117
Chunk: 306

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 306
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 on May 15, 2026 and March 15, 2030, respectively, unless converted, redeemed or repurchased prior to such date. As of June 30, 2025, we reclassified the remaining principal balance of our 2026 Notes totaling $40.2 million from long-term liabilities to current liabilities as the 2026 Notes mature within 12 months of the reporting 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.

As of June 30, 2025, we had $120.0 million remaining under the at-the-market Sales Agreement (the "ATM Agreement") with Cowen and Company, LLC (“Cowen”). We have not issued or sold any shares under the ATM Agreement during the six months ended June 30, 2025.

Prior to January 1, 2021, we incurred net losses in each year since our inception. For the three and six months ended June 30, 2025, we recorded a net income and a net loss of $18.7 million and $77.4 million, respectively. For the three and six months ended June 30, 2024, we recorded a net income of $11.4 million and $2.7 million, respectively. We cannot be certain that sales of our products, and the revenue from our other activities will be sustainable. Further, we expect to continue to incur substantial expenses as we continue investing in commercialization of HEPLISAV-B, advancing our research and development pipeline, and investing in clinical trials and other development. If we cannot generate a sufficient amount of revenue from product sales, we will need to finance our operations through strategic alliance and licensing arrangements and/or future public or private debt and equity financings. Raising additional funds through the issuance of equity or debt securities could result in dilution to our existing stockholders, increased fixed interest payment obligations, or both. In addition, these securities may have rights senior to those of our common stock and could include covenants that would restrict our operations.

Our ability to raise additional capital in the equity and debt markets, should we choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for our common stock, which itself is subject to a number of development and business risks and uncertainties, our