Company: DVAX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001029142-25-000117
Chunk: 225

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 225
---
5, was $265.2 million, which comprised $225.0 million principal amount of the 2030 Notes and $40.2 million principal amount of the remaining 2026 Notes.In connection with the Refinancing Transaction, we unwound a portion of our existing capped call options in a notional amount corresponding to the amount of 2026 Notes exchanged under the Exchange Agreements, receiving approximately $46.6 million in cash proceeds, which were recognized as an increase to additional paid-in capital. These proceeds were used to offset a majority of the fair value of the retired 2026 Notes above par and accrued interest.

16

We also repurchased approximately $8.0 million of our common stock from certain participants in the Refinancing Transaction at $14.01 per share, which was the closing price of our common stock on March 5, 2025, with the goal of facilitating a net neutral exchange of shares.The Refinancing Transaction was accounted for as an extinguishment of debt under ASC 470-50-40, which requires that the difference between the reacquisition price of the debt and the net carrying amount of the extinguished debt is recognized in the statement of operations. Accordingly, we recognized a loss on debt extinguishment of $82.1 million, which is included in other income (expense) in the condensed consolidated statements of operations for the six months ended June 30, 2025. Approximately $4.5 million in debt issuance costs were capitalized and will be amortized over the term of the 2030 Notes.Convertible Notes SummaryThe following table summarizes key details of the 2026 Notes and 2030 Notes:SeniorConvertibleNotesOfferingCompletionDateStatedInterestRateAggregatePrincipalAmountIssued(in millions)AggregatePrincipalAmountOutstanding(in millions)MaturityDateNetProceeds (1)(in millions) InitialConversionRate (shares) (2)(per $1,000principal amount)Initial ConversionPrice(per share) (3)SettlementMethods (4)2026 NotesMay 20212.50%$225.5$40.2May 15, 2026$219.895.5338$10.47Cash and/or shares2030 NotesMarch 20252.00%$225.0$225.0March 15, 2030$220.554.9058$18.21Cash and/or shares(1)Net proceeds are calculated by deducting debt issuance costs directly related to the transaction from the aggregate principal