Company: DVAX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001029142-25-000117
Chunk: 239

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 239
---
19 $17.23 Risk-free interest rate4.0%4.3%4.2%4.2%4.2%4.3%Expected life (in years)4.54.54.54.52.92.9Volatility0.60.80.70.80.40.6Stock-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. 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 EndedJune 30,Six Months EndedJune 30,2025202420252024Research and development$2,834 $2,881 $5,818 $5,546 Selling, general and administrative8,823 9,255 18,772 18,175 Cost of sales - product430 549 946 1,108 Inventories892 833 1,898 1,703 Total$12,979 $13,518 $27,434 $26,532 

13. 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 

25

assets. For the six months ended June 30, 2024, the primary difference between the effective tax rate and the federal statutory rate