Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 291

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 291
---
7.88 $20.19 $17.23 Risk-free interest rate4.2 %4.2 %4.2 %4.3 %Expected life (in years)4.54.52.92.9Volatility0.70.80.40.6Stock-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. 

25

Table of Contents

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 EndedMarch 31,20252024Research and development$2,984 $2,665 Selling, general and administrative9,949 8,920 Cost of sales - product516 559 Inventories1,006 870 Total$14,455 $13,014 

13. Income Taxes

We are subject to U.S. federal, state and foreign income taxes. For the three months ended March 31, 2025, we recorded a benefit from income taxes of approximately $1.8 million. For the three months ended March 31, 2024, we recorded a benefit from income taxes of approximately $2.8 million. Our effective tax rate was approximately 1.8% for the three months ended March 31, 2025. Our effective tax rate was approximately 24.2% for the three months ended March 31, 2024. For the three months ended March 31, 2025, the primary difference between the effective tax rate and the federal statutory rate is due to the benefit of net operating losses utilized during the periods and the full valuation allowance we established on our federal, state, and certain foreign deferred tax assets. For the three months ended March 31, 2024, the primary difference between the effective tax rate and the federal statutory rate is due to the benefit of net operating losses utilized during the periods and the full valuation allowance we established on our federal, state, and certain foreign deferred tax assets.The tax benefit of net operating losses,