Company: DVAX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049536
Chunk: 225

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 225
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 credit rating for each of the investments as of September 30, 2025. As such, there have been no declines in fair value that have been identified as a credit-related impairment.

4. Inventories

The following table presents inventories (in thousands):  September 30, 2025December 31, 2024Raw materials$39,965 $42,639 Work-in-process13,327 14,569 Finished goods19,996 12,846 Total inventories$73,288 $70,054 During the nine months ended September 30, 2025, we recorded approximately $3.1 million in Cost of sales - product primarily related to yield loss during the production process. During the nine months ended September 30, 2024, we recorded approximately $1.3 million in Cost of sales - product related to one manufacturing batch that did not meet approved release specifications.

5. Commitments and Contingencies 

LeasesWe lease our facilities in Emeryville, California and Düsseldorf, Germany. We lease and sublease certain manufacturing and office space with lease terms ranging from 3 to 12 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include options to renew or extend the lease for two successive five-year terms. These optional periods have not been considered in the 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 September 30,Nine Months Ended September 30, 2025202420252024Operating lease expense$1,461 $1,437 $4,323 $4,349 Cash paid for lease liabilities (1)$1,745 $1,923 $5,405 $5,701 Sublease income (2)$2,225 $2,205 $6,677 $2,808 (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