Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 307

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 307
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 for approximately $20.8 million through open market transactions and 569,560 shares for approximately $8.0 million in privately negotiated transactions in connection with the March 13, 2025, Refinancing Transaction. As of March 31, 2025, $71.2 million remained available for future repurchases under the Repurchase Program. All repurchased shares were retired upon receipt and returned to authorized and unissued status. See Note 11 – Common Stock, in the accompanying notes to the unaudited condensed consolidated financial statements included in Part I, Item 1, “Financial Statements (unaudited)” of this Quarterly Report on Form 10-Q.

Following the completion of the Refinancing Transaction, the total principal balance of our outstanding Convertible Notes as of March 31, 2025, was $260.5 million net of debt discount of $4.7 million, which comprised $225.0 

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million principal amount of the 2030 Notes and $40.2 million principal amount of the remaining 2026 Notes. The 2026 Notes bear interest at a rate of 2.50% per year, payable semiannually in arrears on May 15 and November 15 of each year. The 2030 Notes bear interest at 2.00% per year, payable semiannually on March 15 and September 15, starting September 15, 2025. The 2026 Notes and the 2030 Notes mature on May 15, 2026 and March 15, 2030, respectively, unless converted, redeemed or repurchased prior to such date. See Note 7 – Convertible Notes, in the accompanying notes to the unaudited condensed consolidated financial statements included in Part I, Item 1, “Financial Statements (unaudited)” of this Quarterly Report on Form 10-Q.

As of March 31, 2025, we had $120.0 million remaining under the at-the-market Sales Agreement (the "ATM Agreement") with Cowen and Company, LLC (“Cowen”).

Prior to January 1, 2021, we incurred net losses in each year since our inception. For the three months ended March 31, 2025, we recorded a net loss of $96.1 million. For the three months ended March 31, 2024, we recorded a net loss of $8.7 million. We cannot be certain that sales