Company: DVAX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001029142-25-000117
Chunk: 307

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 307
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 creditworthiness and the uncertainty that we would be able to raise such additional capital at a price or on terms that are favorable to us or at all. In addition, our ability to raise additional funds may be adversely impacted by deteriorating global economic conditions, such as inflation, changes in interest rates, prospects of a recession, government shutdowns, further changes in tariffs and other trade restrictions, civil or political unrest, military conflicts, and the recent or future disruptions to and volatility in the credit and financial markets in the U.S. and worldwide. Adequate financing may not be available to us on acceptable terms, or at all. If adequate funds 

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are not available when needed, we may need to significantly reduce our operations while we seek strategic alternatives, which could have an adverse impact on our ability to achieve our intended business objectives.

During the six months ended June 30, 2025, we generated $3.8 million of cash in our operations, which consisted of i) a net loss of $77.4 million, ii) $128.0 million of net adjustments from non-cash items, which included depreciation and amortization, amortization of right-of-use assets, inventory write off, accretion of discounts on marketable securities, stock-based compensation expense, bad debt expense, non-cash interest expense, loss on debt extinguishment, and iii) approximately $46.9 million net changes from operating assets and liabilities, which included an increase of $26.4 million in accounts and other receivables, net driven by higher sales, an increase of $9.6 million in inventories primarily related to higher number of batches produced, an increase of $5.6 million in prepaid assets and other current assets primarily related to interest receivable, prepaid taxes, and prepaid insurance, a decrease of $6.5 million in accounts payable, and an increase of $3.4 million in accrued and other liabilities. By comparison, during the six months ended June 30, 2024, we used $6.0 million of cash from our operations, which consisted of i) a net income of $2.7 million, ii) $28.6 million of net adjustments from non-cash items, which included depreciation and amortization, amortization of right-of-use assets, inventory write off, sublease termination loss, accretion of discounts on marketable securities, stock-based compensation expense, non-cash interest expense, and iii) approximately $37.2 million net changes from operating assets and