Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 120

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 4
Chunk 120
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 the existence of outstanding options and shares of common stock reserved for issuance under our option and equity incentive plans also may adversely affect the terms upon which we are able to obtain additional capital through the sale of equity securities.

There can be no assurance with respect to the number of shares of our common stock repurchased under the share repurchase program or that our share repurchase program will provide the benefits anticipated.

In November 2024, our Board of Directors authorized a share repurchase program (the "Repurchase Program") to repurchase up to $200.0 million worth of our common stock, subject to market conditions, approximately $71.2 million of which remained authorized for future repurchases as of March 31, 2025. We can provide no assurance with respect to the final number of shares of our common stock that might be repurchased under the Repurchase Program or that our Repurchase Program will provide the benefits anticipated, and it may not prove to be the best use of our cash. The Repurchase Program could affect the trading price of our stock and increase volatility, and any announcement of a termination of this program may result in a decrease in the trading price of our stock. In addition, this program will reduce our cash reserves.

The anti-takeover provisions of our certificate of incorporation, our bylaws, Delaware law and our stockholder rights plan may prevent or frustrate a change in control, even if an acquisition would be beneficial to our stockholders, which could affect our stock price adversely and prevent attempts by our stockholders to replace or remove our current management.

Provisions of our certificate of incorporation and bylaws may delay or prevent a change in control, discourage bids at a premium over the market price of our common stock and adversely affect the market price of our common stock and the voting or other rights of the holders of our common stock. These provisions include:

•authorizing our Board of Directors to issue additional preferred stock with voting rights to be determined by the Board of Directors;

•limiting the persons who can call special meetings of stockholders;

•prohibiting stockholder actions by written consent;

•a classified Board of Directors pursuant to which our directors are elected for staggered three year terms;

•providing that a supermajority vote of our stockholders is required for amendment to certain provisions of our certificate of incorporation and bylaws; and

•establishing advance notice requirements for nominations for election to our Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.

Our limited