Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 243

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 243
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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 $7.88 $20.19 $17.23 Risk-free interest rate4.2 %4.2 %4.2 %4.3 %Expected life (in years)4.54.52.92.9Volatility0.70.80.40.6Stock-based CompensationCompensation expense is based on awards ultimately expected to vest and reflects estimated forfeitures. For equity awards with time-based vesting, the fair value is amortized to expense on a straight-line basis over the vesting periods. We have also granted performance-based equity awards to certain of our employees. For equity awards with performance-based vesting criteria, the fair value is amortized to expense when the achievement of the vesting criteria becomes probable. 

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The following table summarizes stock-based compensation expense recorded in each component of operating expenses in our condensed consolidated statements of operations, and amounts capitalized to our inventories (in thousands):Three Months EndedMarch 31,20252024Research and development$2,984 $2,665 Selling, general and administrative9,949 8,920