Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 234

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 234
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 the 2026 Notes were recorded at the aggregate principal amount of $40.2 million less unamortized issuance costs of $0.2 million as a long-term liability on the condensed consolidated balance sheets. As of March 31, 2025, the fair value of the 2026 Notes was $55.9 million. The fair value was estimated using a reputable third-party valuation model based on observable inputs and is considered Level 2 in the fair value hierarchy. The debt issuance costs are amortized to interest expense over the contractual term of the 2026 Notes at an effective interest rate of 3.1%.Convertible Senior Notes due 2030The 2030 Notes were issued under an indenture on the Settlement Date. The 2030 Notes are general unsecured obligations and accrue interest at a rate of 2.00% per annum, payable semiannually in arrears on March 15 and September 15, beginning September 15, 2025. The 2030 Notes mature on March 15, 2030, unless earlier converted, redeemed, or repurchased prior to such date.The 2030 Notes are convertible into cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election, at an initial conversion rate of 54.9058 shares of our common stock per $1,000 principal amount of the 2030 Notes, which is equivalent to an initial conversion price of approximately $18.21 per share of our common stock. The 2030 Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding December 15, 2029, only under the following circumstances:

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•During any calendar quarter commencing after the calendar quarter ending on June 30, 2025 (and only during such calendar quarter), if the closing price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;•During the five business day period after any ten consecutive trading day period (the “measurement period”), in which the “trading price” (as defined in the indenture governing the 2030 Notes) per $1,000 principal amount of the 2030 Notes for each