Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 290

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 290
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 Shares (in thousands) Weighted-Average Grant-Date Fair Value Per ShareNon-vested as of December 31, 20245,363$12.15 Granted2,62812.70 Vested (1)(2,034)12.13 Forfeited(96)11.96 Non-vested as of March 31, 20255,861$12.40 (1)Inclusive of approximately 775,571 RSUs for the three months ended March 31, 2025, which were not converted into shares due to net share settlement in order to cover the required amount of employee withholding taxes. The value of the withheld shares was classified as a reduction to additional paid-in capital.

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Table of Contents

Market-based Performance Stock UnitsWe granted market-based performance restricted stock units (“PSUs”) to certain executives. These PSUs vest upon a specified market condition. The summary of PSU activities for the three months ended March 31, 2025 is as follows:  Number of Shares (in thousands)Weighted-Average Grant-Date Fair Value Per ShareNon-vested as of December 31, 20241,115$16.59 Granted51720.19 Vested (1)(193)11.62 Non-vested as of March 31, 20251,439$18.55 (1)Inclusive of approximately 81,972 PSUs for the three months ended March 31, 2025, which were not converted into shares due to net share settlement in order to cover the required amount of employee withholding taxes. The value of the withheld shares was classified as a reduction to additional paid-in capital.Performance-based OptionsAs of March 31, 2025, approximately 36,000 shares underlying performance-based options were outstanding.Significant Assumptions in Estimating Option Fair ValueThe fair value of each time-based option is estimated on the date of grant using the Black-Scholes option valuation model. The fair value of each RSU is determined at the date of grant using our closing stock price. The fair value of each PSU is estimated using the Monte Carlo simulation method on the date of grant. The weighted-average assumptions used in the calculations of these fair value measurements are as follows: Stock Options Market-Based Performance Stock Units Three Months EndedMarch 31,Three Months EndedMarch 31,2025202420252024Weighted-average fair value per share$7.37 $