Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 224

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 224
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 determination of the right-of-use assets or lease liabilities associated with these leases as we did not consider the exercise of these options to be reasonably certain.Our lease-related amounts are presented below (in thousands):  Three Months Ended March 31, 20252024Operating lease expense$1,427 $1,416 Cash paid for lease liabilities (1)$1,859 $1,874 Sublease income (expense) (2)$2,226 $(1,602)(1)Cash paid for amounts included in the measurement of lease liabilities is included in change in lease liabilities in our condensed consolidated statement of cash flows. (2)Sublease income is included net within “Other income (expense)” in our condensed consolidated statements of operations. Rent received from our subtenant in excess of rent paid to the landlord is shared by paying the landlord 50% of the excess rent. The excess rent is considered a variable lease payment and the total estimated payments are being recognized as additional rent expense on a straight-line basis.The balance sheet classification of our operating lease liabilities was as follows (in thousands): March 31, 2025December 31, 2024Operating lease liabilities:Current portion of lease liabilities (included in other current liabilities)$4,080 $4,175 Long-term portion of lease liabilities25,521 26,388 Total operating lease liabilities$29,601 $30,563 

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As of March 31, 2025, the maturities of our sublease income and operating lease liabilities were as follows (in thousands):Years ending December 31,Sublease IncomeOperating Lease Liabilities 2025 (remaining)$4,596 $5,157 20266,342 6,514 20276,564 6,458 20286,794 6,443 20297,031 6,346 Thereafter9,160 8,605 Total$40,487 39,523 Less:Present value adjustment (9,922)Total $29,601 The weighted average remaining lease term and the weighted average discount rate used to determine the operating lease liabilities were as follows: March 31, 2025December 31, 2024Weighted average remaining lease term5.6 years5.9 yearsWeighted average discount rate9.8 %10.1 %CommitmentsWe have entered into material purchase commitments with commercial manufacturers for the supply