Company: DVAX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001029142-25-000117
Chunk: 121

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 4
Chunk 121
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 and the pursuit of business opportunities to enhance stockholder value;

•Perceived uncertainties as to our future direction and control, our ability to execute on our strategy, or changes to the composition of our Board of Directors or senior management team arising from a proxy contest could lead to the perception of a change in the direction of our business, instability or lack of continuity, which may be exploited by our competitors and cause concern to our existing or potential collaboration partners, employees and stockholders; make it more difficult to pursue our strategic initiatives, limit our ability to attract and retain qualified personnel and business partners or harm our ability to attract investors, any of which could adversely affect our business and operating results and cause our stock price to experience periods of volatility or stagnation based on such factors that do not necessarily reflect the underlying fundamentals and prospects of our business; and

•If nominees advanced by an activist stockholder were to be elected to our Board of Directors with a specific agenda, it could adversely affect our ability to effectively and timely run our business or to drive long-term stockholder value, and this could in turn have an adverse effect on our business and on our results of operations and financial condition.

Risks Related to Our Outstanding Convertible Notes

Servicing our Convertible Notes requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial debt.

Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our indebtedness, including the $265.2 million in Convertible Notes, depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control. Our business may not continue to generate cash flow from operations in the future sufficient to service our debt and make necessary capital expenditures. If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance our indebtedness will depend on the capital markets and our financial condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default on our debt obligations.

We may not have the ability to generate or raise the funds necessary to settle conversions of the Convertible Notes in cash or to repurchase the Convertible Notes for cash upon a fundamental change, and our future debt may contain limitations on our ability to pay cash upon conversion or