Company: DVAX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001029142-25-000117
Chunk: 303

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 303
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%$(82,095)$— $82,095 100 %Other (loss) income$(596)$— $596 100%$(1,019)$103 $(1,122)(100)%

Interest income decreased due to lower balances and average yield in our marketable securities portfolio for the three and six months ended June 30, 2025.

The increase in sublease income for the six months ended June 30, 2024, was primarily due to the recognition of a net loss of $3.5 million during the first quarter of 2024 in connection with a sublease termination, offset by sublease income of $4.1 million during the six months ended June 30, 2024. 

Loss on debt extinguishment, which represents the difference between the reacquisition price of the debt and the net carrying amount of the extinguished debt, of $82.1 million was recorded for the six months ended June 30, 2025, in connection with the Refinancing Transaction completed in March 2025.

Income Taxes

We are subject to U.S. federal, state and foreign income taxes. Our consolidated provision for income taxes and our effective income tax rate consists of the following (in thousands):

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Provision for income taxes$(2,495)$(3,520)$(719)$(743)Effective income tax rate11.8 %23.6 %(0.9)%21.8 %

For the six months ended June 30, 2025, the primary difference between the effective tax rate and the federal statutory rate is driven by federal, state and foreign tax expense offset by the benefit of net operating losses utilized during the period and the full valuation allowance we established on our federal, state, and certain foreign deferred tax assets. For the six months ended June 30, 2024, the primary difference between the effective tax rate and the federal statutory rate is driven by state and foreign tax expense.

Liquidity and Capital Resources

As of June 30, 2025, we had $613.7 million in cash and cash equivalents, and marketable securities. Since our inception, we have relied primarily on the proceeds from public and private sales of our equity securities, borrowings, government grants and revenues from product sales and collaboration agreements to fund our operations. Our funds are currently invested in money market funds, U.S. tre