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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	DVAX
Entity Registrant Name	Dynavax Technologies Corp
Entity Central Index Key	0001029142
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		92,184,031
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity File Number	001-34207
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0728374
Entity Address, Address Line One	2100 Powell Street
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Emeryville
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94608
City Area Code	510
Local Phone Number	848-5100
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 37,899	$ 39,884
Marketable securities available-for-sale	91,634	111,171
Accounts and other receivables, net	8,135	8,886
Inventories, net	48,099	41,332
Prepaid expenses and other current assets	8,380	7,380
Total current assets	194,147	208,653
Property and equipment, net	30,897	32,022
Intangible assets, net	202	2,500
Operating lease right-of-use assets	28,436	30,252
Goodwill	2,061	2,081
Restricted cash	212	216
Other assets	3,301	3,344
Total assets	259,256	279,068
Current liabilities:
Accounts payable	4,557	9,278
Accrued research and development	3,253	4,120
Accrued liabilities	12,268	14,802
Warrant liability	6,250	14,860
Other current liabilities	2,951	9,987
Total current liabilities	29,279	53,047
Long-term debt, net	179,583	178,601
Long-term portion of lease liabilities	36,972	37,845
Other long-term liabilities	1,598	1,285
Total liabilities	247,432	270,778
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock value
Common stock: $0.001 par value; 139,000 shares authorized at March 31, 2020 and December 31, 2019; 87,599 and 83,871 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	88	84
Additional paid-in capital	1,245,730	1,229,417
Accumulated other comprehensive loss	(2,575)	(2,387)
Accumulated deficit	(1,231,419)	(1,218,824)
Total stockholders’ equity	11,824	8,290
Total liabilities and stockholders’ equity	259,256	279,068
Series B Convertible Preferred Stock
Stockholders’ equity:
Preferred stock value

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	139,000,000	139,000,000
Common stock, shares issued	87,599,000	83,871,000
Common stock, shares outstanding	87,599,440	83,871,000
Series B Convertible Preferred Stock
Preferred stock, shares issued	5,000	5,000
Preferred stock, shares outstanding	4,840	5,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 10,919	$ 5,773
Operating expenses:
Cost of sales - amortization of intangible assets	2,298	2,273
Research and development	4,653	21,206
Selling, general and administrative	20,926	18,348
Total operating expenses	30,231	43,627
Loss from operations	(19,312)	(37,854)
Other income (expense):
Interest income	590	735
Interest expense	(4,731)	(2,734)
Sublease income	1,926
Change in fair value of warrant liability	8,610
Other income (expense), net	322	181
Net loss	$ (12,595)	$ (39,672)
Basic net loss per share	$ (0.15)	$ (0.62)
Weighted average shares used to compute basic net loss per share	85,477	63,778
Diluted net loss per share	$ (0.25)	$ (0.62)
Weighted average shares used to compute diluted net loss per share	85,648	63,778
Product
Revenues:
Total revenues	$ 10,514	$ 5,627
Operating expenses:
Cost of sales - product	2,354	1,800
Cost of sales - amortization of intangible assets	2,298	2,273
Other Revenue
Revenues:
Total revenues	$ 405	$ 146

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (12,595)	$ (39,672)
Other comprehensive income (loss), net of tax:
Unrealized gain on marketable securities available-for-sale	291	67
Foreign currency translation adjustments	(479)	(483)
Total other comprehensive loss	(188)	(416)
Total comprehensive loss	$ (12,783)	$ (40,088)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning Balances at Dec. 31, 2018	$ 63,065	$ 63		$ 1,131,241	$ (2,015)	$ (1,066,224)
Beginning Balances (in shares) at Dec. 31, 2018		62,862
Issuance (withholding) of common stock upon exercise of stock options and restricted stock awards, net	(18)			(18)
Issuance (withholding) of common stock upon exercise of stock options and restricted stock awards, net (in shares)		740
Issuance of common stock under Employee Stock Purchase Plan	407			407
Issuance of common stock under Employee Stock Purchase Plan (in shares)		75
Issuance of common stock, net of issuance costs, in conjunction with an At Market Sales Agreement	13,623	$ 2		13,621
Issuance of common stock, net of issuance costs, in conjunction with an At Market Sales Agreement (in shares)		1,343
Stock compensation expense	6,170			6,170
Total other comprehensive loss	(416)				(416)
Net loss	(39,672)					(39,672)
Ending Balances at Mar. 31, 2019	43,159	$ 65		1,151,421	(2,431)	(1,105,896)
Ending Balances (in shares) at Mar. 31, 2019		65,020
Beginning Balances at Dec. 31, 2019	8,290	$ 84		1,229,417	(2,387)	(1,218,824)
Beginning Balances (in shares) at Dec. 31, 2019		83,871	5
Issuance (withholding) of common stock upon exercise of stock options and restricted stock awards, net	(1)	$ 1		(2)
Issuance (withholding) of common stock upon exercise of stock options and restricted stock awards, net (in shares)		728
Issuance of common stock under Employee Stock Purchase Plan	311			311
Issuance of common stock under Employee Stock Purchase Plan (in shares)		91
Issuance of common stock, net of issuance costs, in conjunction with an At Market Sales Agreement	14,229	$ 3		14,226
Issuance of common stock, net of issuance costs, in conjunction with an At Market Sales Agreement (in shares)		2,909
Stock compensation expense	1,778			1,778
Total other comprehensive loss	(188)				(188)
Net loss	(12,595)					(12,595)
Ending Balances at Mar. 31, 2020	$ 11,824	$ 88		$ 1,245,730	$ (2,575)	$ (1,231,419)
Ending Balances (in shares) at Mar. 31, 2020		87,599	5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net loss	$ (12,595)	$ (39,672)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,014	1,702
Amortization of right-of-use assets	634	1,302
Gain on disposal of property and equipment and from lease termination	(76)
Accretion of discounts on marketable securities	(87)	(323)
Change in fair value of warrant liability	(8,610)
Stock compensation expense	1,778	6,170
Cost of sales - amortization of intangible assets	2,298	2,273
Non-cash interest expense	1,338	814
Tenant improvements provided by the landlord	908
Changes in operating assets and liabilities:
Accounts and other receivables, net	751	(2,087)
Inventories, net	(6,767)	(8,547)
Prepaid expenses and other current assets	(1,000)	154
Other assets	43	1,872
Accounts payable	(2,095)	4,424
Lease liabilities	(672)	(106)
Accrued liabilities and other liabilities	(3,728)	(7,878)
Net cash used in operating activities	(26,866)	(39,902)
Investing activities
Acquisition of technology licenses	(7,000)	(7,000)
Purchases of marketable securities	(17,985)	(29,205)
Proceeds from maturities and redemptions of marketable securities	37,900	54,700
Purchases of property and equipment, net	(2,352)	(3,882)
Net cash provided by investing activities	10,563	14,613
Financing activities
Proceeds from long-term debt, net		74,250
Proceeds from issuance of common stock, net	14,229	13,623
(Tax withholding) from exercise of stock options and restricted stock awards, net	(1)	(18)
Proceeds from Employee Stock Purchase Plan	311	407
Net cash provided by financing activities	14,539	88,262
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(225)	(192)
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,989)	62,781
Cash, cash equivalents and restricted cash at beginning of period	40,100	49,967
Cash, cash equivalents and restricted cash at end of period	38,111	112,748
Supplemental disclosure of cash flow information
Cash paid during the period for interest	3,412	1,940
Non-cash investing and financing activities:
Purchases of property and equipment, not yet paid	$ 408	7,230
Right-of-use assets obtained in exchange for operating lease liabilities		$ 34,807

Organization and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Dynavax Technologies Corporation (“we,” “our,” “us,” “Dynavax” or the “Company”), is a commercial stage biopharmaceutical company developing and commercializing novel vaccines. We launched our first product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], in February 2018, following United States Food and Drug Administration (“FDA”) approval for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older. We were incorporated in California in August 1996 under the name Double Helix Corporation, and we changed our name to Dynavax Technologies Corporation in September 1996. We reincorporated in Delaware in 2000.

Basis of Presentation

Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. In our opinion, these unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which we consider necessary to present fairly our financial position and the results of our operations and cash flows. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. Interim-period results are not necessarily indicative of results of operations or cash flows to be expected for a full-year period or any other interim-period. The condensed consolidated balance sheet at December 31, 2019 has been derived from audited financial statements at that date, but excludes disclosures required by GAAP for complete financial statements.

The unaudited condensed consolidated financial statements and these notes should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission (the “SEC”).

The unaudited condensed consolidated financial statements include the accounts of Dynavax and our wholly-owned subsidiary, Dynavax GmbH. All significant intercompany accounts and transactions among these entities have been eliminated from the condensed consolidated financial statements. We operate in one business segment: discovery, development and commercialization of novel vaccines.

Liquidity and Financial Condition

As of March 31, 2020, we had cash, cash equivalents and marketable securities of $129.5 million. As of March 31, 2020, the principal amount of our term loan was $180.9 million, including paid-in-kind interest. The term loan has a maturity date of December 31, 2023, unless earlier prepaid.

The Company has incurred losses and negative cash flows from operations since its inception and expects to incur operating losses for the foreseeable future as we continue to invest in commercialization of HEPLISAV-B. If we cannot generate a sufficient amount of revenue from product sales, we will need to finance our operations through strategic alliance and licensing arrangements and/or future public or private debt and equity financings. Raising additional funds through the issuance of equity or debt securities could result in dilution to our existing stockholders, increased fixed payment obligations, or both. In addition, these securities may have rights senior to those of our common stock and could include covenants that would restrict our operations.

We currently anticipate that our cash, cash equivalents and short-term marketable securities as of March 31, 2020, and anticipated revenues from HEPLISAV-B will be sufficient to fund our operations for at least the next 12 months from the date of this filing.

Our ability to raise additional capital in the equity and debt markets, should we choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for our common stock, which itself is subject to a number of development and business risks and uncertainties, our creditworthiness and the uncertainty that we would be able to raise such additional capital at a price or on terms that are favorable to us. In addition, global financial crises and economic downturns, including those cause by widespread public health crises such as the COVID-19 pandemic, may cause extreme volatility and disruptions in capital and credit markets, and may impact our ability to raise additional capital when needed on acceptable terms, if at all. Adequate financing may not be available to us on acceptable terms, or at all.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Management’s estimates are based on historical information available as of the date of the condensed consolidated financial statements and various other assumptions we believe are reasonable under the circumstances. However, the worldwide spread of COVID-19 has resulted in a global slowdown of economic activity which is likely to decrease demand for a broad variety of goods and services, while also disrupting sales channels and marketing activities for an unknown period of time until the disease is contained. We are unable to predict the future effect resulting from the COVID-19 pandemic. Actual results could differ materially from management’s estimates.

Summary of Significant Accounting Policies

Revenue Recognition

We recognize revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of Accounting Standards Codification (“ASC”) 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Product Revenue, Net

We sell our product to a limited number of wholesalers and specialty distributors in the U.S. (collectively, our “Customers”). Revenues from product sales are recognized when we have satisfied our performance obligation, which is the transfer of control of our product upon delivery to the Customer. The timing between the recognition of revenue for product sales and the receipt of payment is not significant. Because our standard credit terms are short-term and we expect to receive payment in less than one-year, there is no financing component on the related receivables. Taxes collected from Customers relating to product sales and remitted to governmental authorities are excluded from revenues.

Overall, product revenue, net, reflects our best estimates of the amount of consideration to which we are entitled based on the terms of the contract. The amount of variable consideration is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. If our estimates differ significantly from actuals, we will record adjustments that would affect product revenue, net in the period of adjustment.

Reserves for Variable Consideration

Revenues from product sales are recorded at the net sales price, which includes estimates of variable consideration such as product returns, chargebacks, discounts, rebates and other fees that are offered within contracts between us and our Customers, healthcare providers, pharmacies and others relating to our product sales. We estimate variable consideration using either the most likely amount method or the expected value method, depending on the type of variable consideration and what method better predicts the amount of consideration we expect to receive. We take into consideration relevant factors such as industry data, current contractual terms, available information about Customers’ inventory, resale and chargeback data and forecasted customer buying and payment patterns, in estimating each variable consideration. The variable consideration is recorded at the time product sales is recognized, resulting in a reduction in product revenue and a reduction in accounts receivable (if the Customer offsets the amount against its accounts receivable) or as an accrued liability (if we pay the amount through our accounts payable process). Variable consideration requires significant estimates, judgment and information obtained from external sources. The amount of variable consideration is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. If our estimates differ significantly from actuals, we will record adjustments that would affect product revenue, net in the period of adjustment. If we were to change any of these judgments or estimates, it could cause a material increase or decrease in the amount of revenue that we report in a particular period. There have been no material adjustments to these estimates for the three months ended March 31, 2020 and 2019.

Product Returns: Consistent with industry practice, we offer our Customers a limited right of return based on the product’s expiration date for product that has been purchased from us. We estimate the amount of our product sales that may be returned by our Customers and record this estimate as a reduction of revenue in the period the related product revenue is recognized. We consider several factors in the estimation of potential product returns including expiration dates of the product shipped, the limited product return rights, available information about Customers’ inventory, shelf life of the product and other relevant factors.

Chargebacks: Our Customers subsequently resell our product to healthcare providers, pharmacies and others. In addition to distribution agreements with Customers, we enter into arrangements with qualified healthcare providers that provide for chargebacks and discounts with respect to the purchase of our product. Chargebacks represent the estimated obligations resulting from contractual commitments to sell product to qualified healthcare providers at prices lower than the list prices charged to Customers who directly purchase the product from us. Customers charge us for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable. Chargeback amounts are determined at the time of resale to the qualified healthcare providers by Customers, and we issue credits for such amounts generally within a few weeks of the Customer’s notification to us of the resale. Reserves for chargebacks consists of credits that we expect to issue for units that remain in the distribution channel inventories at each reporting period end that we expect will be sold to the qualified healthcare providers, and chargebacks for units that our Customers have sold to the qualified healthcare providers, but for which credits have not been issued.

Trade Discounts and Allowances: We provide our Customers with discounts which include early payment incentives that are explicitly stated in our contracts, and are recorded as a reduction of revenue in the period the related product revenue is recognized.

Distribution Fees: Distribution fees include fees paid to certain Customers for sales order management, data and distribution services. Distribution fees are recorded as a reduction of revenue in the period the related product revenue is recognized.

Rebates: Under certain contracts, customers may obtain rebates for purchasing minimum volumes of our product. We estimate these rebates based upon the expected purchases and the contractual rebate rate and record this estimate as a reduction in revenue in the period the related revenue is recognized.

Collaboration and Manufacturing Service Revenue

We have entered into collaborative arrangements and arrangements to provide manufacturing services to other companies. Such arrangements may include promises to customers which, if capable of being distinct, are accounted for as separate performance obligations. For agreements with multiple performance obligations, we allocate estimated revenue to each performance obligation at contract inception based on the estimated transaction price of each performance obligation. Revenue allocated to each performance obligation is then recognized when we satisfy the performance obligation by transferring control of the promised good or service to the customer. Collaboration and manufacturing service revenue are recorded in other revenue in the condensed consolidated statements of operations.

Leases

We determine if an arrangement includes a lease at inception. Operating leases are included in operating lease right-of-use assets, other current liabilities and long-term portion of lease liabilities in our condensed consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date.

The operating lease right-of-use assets also include any lease payments made and exclude any lease incentives. Our leases may include options to extend or terminate the lease which are included in the lease term when it is reasonably certain that we will exercise any such options. Lease expense is recognized on a straight-line basis over the expected lease term. We have elected not to apply the recognition requirements of ASC 842 for short-term leases. We have also elected the practical expedient to not separate lease components from non-lease components.

As lessors, we determine if an arrangement includes a lease at inception. We elected the practical expedient to not separate lease components from non-lease components. Rent revenue is recognized on a straight-line basis over the expected lease term and is included in other income (expense) in our condensed consolidated statements of operations.

Inventories

Inventory is stated at the lower of cost or estimated net realizable value, on a first-in, first-out, or FIFO, basis. We primarily use actual costs to determine our cost basis for inventories. Our assessment of market value requires the use of estimates regarding the net realizable value of our inventory balances, including an assessment of excess or obsolete inventory. We determine excess or obsolete inventory based on multiple factors, including an estimate of the future demand for our products, product expiration dates and current sales levels. Our assumptions of future demand for our products are inherently uncertain and if we were to change any of these judgments or estimates, it could cause a material increase or decrease in the amount of inventory reserves that we report in a particular period. For the three months ended March 31, 2020 and 2019, there was no inventory reserve recognized.

We consider regulatory approval of product candidates to be uncertain and product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. As such, the manufacturing costs for product candidates incurred prior to regulatory approval are not capitalized as inventory but are expensed as research and development costs. We begin capitalization of these inventory related costs once regulatory approval is obtained.

HEPLISAV-B was approved by the FDA on November 9, 2017, at which time we began to capitalize inventory costs associated with the vial presentation of HEPLISAV-B. In March 2018, we received regulatory approval of the pre-filled syringe (“PFS”) presentation of HEPLISAV-B. Prior to FDA approval of HEPLISAV-B, all costs related to the manufacturing of HEPLISAV-B that could potentially be available to support the commercial launch of our products, were charged to research and development expense in the period incurred as there was no alternative future use. Prior to regulatory approval of PFS, costs associated with resuming operating activities at the Düsseldorf manufacturing facility were also included in research and development expense. Subsequent to regulatory approval of PFS, costs associated with resuming manufacturing activities at the Düsseldorf facility were included in cost of sales – product, until commercial production resumed in mid-2018 at which time these costs were recorded as raw materials inventory.

Research and Development Expenses and Accruals

Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services and non-cash stock-based compensation. Research and development costs are expensed as incurred. Amounts due under contracts with third parties may be either fixed fee or fee for service, and may include upfront payments, monthly payments and payments upon the completion of milestones or receipt of deliverables. Non-refundable advance payments under agreements are capitalized and expensed as the related goods are delivered or services are performed.

We contract with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. Our accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. We may terminate these contracts upon written notice and we are generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances we may be further responsible for termination fees and penalties. We estimate research and development expenses and the related accrual as of each balance sheet date based on the facts and circumstances known to us at that time. There have been no material adjustments to the prior period accrued estimates for clinical trial activities for the three months ended March 31, 2020 and 2019.

Recent Accounting Pronouncements

Accounting Standards Update 2016-13

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments. The standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. As a smaller reporting company, this ASU and its subsequent updates, is effective for fiscal years beginning after December 15, 2022. We are currently evaluating the impact this standard will have on our condensed consolidated financial statements.

Accounting Standards Update 2019-12

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by removing certain exceptions and improving consistent application in certain areas of Topic 740. The ASU is effective for annual periods beginning after December 15, 2020 with early adoption permitted. We are currently evaluating the impact this standard will have on our condensed consolidated financial statements.

Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

2. Fair Value Measurements

We measure fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:

•

Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

•

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities; therefore, requiring an entity to develop its own valuation techniques and assumptions.

Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. There were no transfers between Level 1, 2 and 3 during the three months ended March 31, 2020.

The carrying amounts of cash equivalents, accounts and other receivables, accounts payable and accrued liabilities are considered reasonable estimates of their respective fair value because of their short-term nature.

Recurring Fair Value Measurements

The following table represents the fair value hierarchy for our financial assets (cash equivalents and marketable securities) and liabilities measured at fair value on a recurring basis (in thousands):

	Level 1		Level 2		Level 3		Total
March 31, 2020
Assets
Money market funds	$	26,865	$	-	$	-	$	26,865
U.S. treasuries		-		6,597		-		6,597
U.S. government agency securities		-		49,692		-		49,692
Corporate debt securities		-		35,345		-		35,345
Total assets	$	26,865	$	91,634	$	-	$	118,499
Liabilities
Warrant liability	$	-	$	-	$	6,250	$	6,250

	Level 1		Level 2		Level 3		Total
December 31, 2019
Assets
Money market funds	$	27,854	$	-	$	-	$	27,854
U.S. treasuries		-		6,517		-		6,517
U.S. government agency securities		-		51,273		-		51,273
Corporate debt securities		-		61,373		-		61,373
Total assets	$	27,854	$	119,163	$	-	$	147,017
Liabilities
Warrant liability	$	-	$	-	$	14,860	$	14,860
Sublicense liability		-		-		6,948		6,948
Total liabilities	$	-	$	-	$	21,808	$	21,808

Money market funds are highly liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

U.S. treasuries, U.S. government agency securities and corporate debt securities are measured at fair value using Level 2 inputs. We review trading activity and pricing for these investments as of each measurement date. When sufficient quoted pricing for identical securities is not available, we use market pricing and other observable market inputs for similar securities obtained from various third-party data providers. These inputs represent quoted prices for similar assets in active markets or these inputs have been derived from observable market data. This approach results in the classification of these securities as Level 2 of the fair value hierarchy.

Warrants were issued in connection with the underwritten public offering in August 2019 and are accounted for as a derivative liability at fair value. See Note 11. The fair value of the warrant liability is estimated using the Black-Scholes model which requires assumptions such as expected term, expected volatility and risk-free interest rate. These assumptions are subjective and require judgement to develop. Expected term is estimated using the full remaining contractual term of the warrants. We determine expected volatility based on our historical common stock price volatility. The warrant liability is classified as a Level 3 instrument as its value is based on unobservable inputs that are supported by little or no market activity.

As of March 31, 2020, we used the following key assumptions to estimate the fair value of warrant liability:

Number of shares		5,841,250
Expected term	1.9 years
Expected volatility		0.7
Risk-free interest rate		0.1	%
Dividend yield		0	%

The following table provides a summary of changes in the fair value warrant liability for the three months ended March 31, 2020 (in thousands):

Balance at December 31, 2019	$	14,860
Decrease in estimated fair value of warrant liability upon revaluation		(8,610	)
Balance at March 31, 2020	$	6,250

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

3. Cash, Cash Equivalents, Restricted Cash and Marketable Securities

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):

	March 31, 2020		December 31, 2019		March 31, 2019		December 31, 2018
Cash and cash equivalents	$	37,899	$	39,884	$	112,133	$	49,348
Restricted cash		212		216		615		619
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	38,111	$	40,100	$	112,748	$	49,967

Restricted cash balances relate to certificates of deposit issued as collateral to certain letters of credit issued as security to our facility leases. See Note 6.

Cash, cash equivalents and marketable securities consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
March 31, 2020
Cash and cash equivalents:
Cash	$	11,034	$	-	$	-		$	11,034
Money market funds		26,865		-		-			26,865
Total cash and cash equivalents		37,899		-		-			37,899
Marketable securities available-for-sale:
U.S. treasuries		6,511		86		-			6,597
U.S. government agency securities		49,439		253		-			49,692
Corporate debt securities		35,321		37		(13	)		35,345
Total marketable securities available-for-sale		91,271		376		(13	)		91,634
Total cash, cash equivalents and marketable securities	$	129,170	$	376	$	(13	)	$	129,533
December 31, 2019
Cash and cash equivalents:
Cash	$	4,038	$	-	$	-		$	4,038
Money market funds		27,854		-		-			27,854
Corporate debt securities		7,992		-		-			7,992
Total cash and cash equivalents		39,884		-		-			39,884
Marketable securities available-for-sale:
U.S. treasuries		6,511		6		-			6,517
U.S. government agency securities		51,235		50		(12	)		51,273
Corporate debt securities		53,353		28		-			53,381
Total marketable securities available-for-sale		111,099		84		(12	)		111,171
Total cash, cash equivalents and marketable securities	$	150,983	$	84	$	(12	)	$	151,055

The maturities of our marketable securities available-for-sale are as follows (in thousands):

	March 31, 2020
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	79,250	$	79,547
Mature after one year through two years		12,021		12,087
	$	91,271	$	91,634

There were no realized gains or losses from the sale of marketable securities during the three months ended March 31, 2020 and 2019.

We have classified our entire investment portfolio as available-for-sale and available for use in current operations and accordingly have classified all investments as short-term. Available-for-sale securities are carried at fair value based on inputs that are observable, either directly or indirectly, such as quoted market prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the securities, with unrealized gains and losses included in accumulated other comprehensive loss in stockholders’ equity. Realized gains and losses and declines in value, if any, judged to be other than temporary on available-for-sale securities are included in interest income or expense. The cost of securities sold is based on the specific identification method. Management assesses whether declines in the fair value of investment securities are other than temporary. In determining whether a decline is other than temporary, management considers the following factors:

•

whether the investment has been in a continuous realized loss position for over 12 months;

•

the duration to maturity of our investments;

•

our intention and ability to hold the investment to maturity and if it is not more likely than not that we will be required to sell the investment before recovery of the amortized cost bases;

•

the credit rating, financial condition and near-term prospects of the issuer; and

•

the type of investments made.

To date, there have been no declines in fair value that have been identified as other than temporary.

Inventories, Net

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories, net

4. Inventories, net

The following table presents inventories, net (in thousands):

	March 31, 2020		December 31, 2019
Raw materials	$	18,441	$	15,198
Work-in-process		23,981		22,890
Finished goods		5,677		3,244
Total	$	48,099	$	41,332

Intangible Assets, Net

3 Months Ended

Mar. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

5. Intangible Assets, net

Intangible assets are related to certain capitalized milestone and sublicense payments. The following table presents intangible assets (in thousands):

	March 31, 2020			December 31, 2019
Intangible assets	$	19,773		$	19,773
Less accumulated amortization		(19,571	)		(17,273	)
Total	$	202		$	2,500

We recorded $2.3 million of cost of sales - amortization of intangible assets for each of the three months ended March 31, 2020 and 2019. See Note 7.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Leases

We lease our facilities in Emeryville, California and Düsseldorf, Germany.

In July 2019, we entered into a sublease for office space located at 2100 Powell Street, Emeryville, California (the “Powell Street Sublease”) and the lease for our former corporate headquarters at 2929 Seventh Street, Berkeley, California was terminated effective August 31, 2019. Under the terms of the Powell Street Sublease, we are leasing 23,976 square feet at the rate of $3.90 per square foot, paid on a monthly basis. Rent is subject to scheduled annual increases and we are responsible for certain operating expenses and taxes throughout the life of the Powell Street Sublease. The Powell Street Sublease will continue until June 30, 2022. There is no option to extend the sublease term.

On September 17, 2018, we entered into a lease (“Horton Street Master Lease”) for office and laboratory space located at 5959 Horton Street, Emeryville, California (“Horton Street Premises”). Under the terms of the Horton Street Master Lease, we are leasing 75,662 square feet at the rate of $4.75 per square foot, paid on a monthly basis, starting on April 1, 2019 (“Commencement Date”). Rent is subject to scheduled annual increases, and we are also responsible for certain operating expenses and taxes throughout the life of Horton Street Master Lease. In connection with the Horton Street Master Lease, we are entitled to a tenant improvement allowance of up to $8.3 million, of which $7.9 million has been received through March 31, 2020. The Horton Street Master Lease has an initial term of 12 years, following the Commencement Date with an option to extend the lease for two successive five-year terms. The optional periods were not included in the lease term used in determining the right-of-use asset or the lease liability as we did not consider it reasonably certain that we would exercise the options. The operating lease right-of-use assets and liabilities on our March 31, 2020 condensed consolidated balance sheets primarily relate to the Horton Street Master Lease.

In connection with the organizational restructuring in May 2019, we did not occupy the Horton Street Premises and in July 2019, we entered into an agreement to sublease the Horton Street Premises to a third party (“Horton Street Sublease”). Under the terms of the Horton Street Sublease, we are subleasing the entire 75,662 rentable square feet at the rate of $5.50 per square foot, paid on a monthly basis. Rent is subject to scheduled annual increases and the subtenant (“Subtenant”) is responsible for certain operating expenses and taxes throughout the life of the Horton Street Sublease. The Horton Street Sublease term is until March 31, 2031, unless earlier terminated, concurrent with the term of our Horton Street Master Lease. The Subtenant has no option to extend the sublease term. For the three months ended March 31, 2020, we recognized $1.9 million of sublease income included in other income (expense) in our condensed consolidated statements of operations.

Under the terms of the Horton Street Master Lease, rent received from the Subtenant in excess of rent paid to the landlord shall be shared by paying the landlord 50% of the excess rent. The excess rent is considered a variable lease payment and the total estimated payments are being recognized as additional rent expense on a straight-line basis.

Our lease expense comprises of the following (in thousands):

	Three Months Ended March 31,
	2020		2019
Operating lease expense	$	1,592	$	1,738

Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2020 and 2019 was $1.7 million and $0.7 million, respectively, and was included in operating cash flows in our condensed consolidated statement of cash flows.

The balance sheet classification of our operating lease liabilities was as follows (in thousands):

	March 31, 2020		December 31, 2019
Operating lease liabilities:
Current portion of lease liabilities (included in other current liabilities)	$	2,951	$	3,039
Long-term portion of lease liabilities		36,972		37,845
Total operating lease liabilities	$	39,923	$	40,884

At March 31, 2020, the maturities of our sublease income and operating lease liabilities were as follows (in thousands):

Years ending December 31,	Sublease Income		Operating Lease Liabilities
2020 (remaining)	$	3,801	$	5,148
2021		5,201		6,888
2022		5,357		6,201
2023		5,518		5,343
2024		5,684		5,487
Thereafter		39,596		36,261
Total	$	65,157		65,328
Less:
Present value adjustment				(25,405	)
Total			$	39,923

The weighted average remaining lease term and the weighted average discount rate used to determine the operating lease liability were as follows:

	March 31, 2020			December 31, 2019
Weighted average remaining lease term	9.6 years			9.7 years
Weighted average discount rate		10.1	%		10.1	%

Commitments

On February 20, 2018, we entered into a $175.0 million term loan agreement (“Loan Agreement”) with CRG Servicing LLC. We borrowed $100.0 million under the Loan Agreement at closing and the remaining $75.0 million in March 2019 (collectively, “Term Loans”). At our option, until September 30, 2023, a portion of the interest payments may be paid in kind, and thereby added to the principal. Through March 31, 2020, a portion of our interest was paid in kind, which increased the principal amount of the Term Loans to $179.6 million, net of debt discount of $1.3 million. The Term Loans have a maturity date of December 31, 2023, unless earlier prepaid. See Note 8.

As of March 31, 2020, our material non-cancelable purchase and other commitments, for the supply of HEPLISAV-B and for clinical research, totaled $7.8 million.

During 2004, we established a letter of credit with Deutsche Bank as security for our Düsseldorf lease in the amount of €0.2 million (Euros). The letter of credit remained outstanding through March 31, 2020 and is collateralized by a certificate of deposit for €0.2 million, which has been included in restricted cash in the consolidated balance sheets as of March 31, 2020.

In conjunction with a financing arrangement with Symphony Dynamo, Inc. and Symphony Dynamo Holdings LLC (“Holdings”) in November 2009, we agreed to make contingent cash payments to Holdings equal to 50% of the first $50 million from any upfront, pre-commercialization milestone or similar payments received by us from any agreement with any third party with respect to the development and/or commercialization of cancer and hepatitis C therapies originally licensed to Symphony Dynamo, Inc., including SD-101. We have made no payments and have not recorded a liability as of March 31, 2020.

Contingencies

From time to time, we may be involved in claims, suits, and proceedings arising from the ordinary course of our business, including actions with respect to intellectual property claims, commercial claims, and other matters. Such claims, suits, and proceedings are inherently uncertain and their results cannot be predicted with certainty. Regardless of the outcome, such legal proceedings can have an adverse impact on us because of legal costs, diversion of management resources, and other factors. In addition, it is possible that a resolution of one or more such proceedings could result in substantial damages, fines, penalties or orders requiring a change in our business practices, which could in the future materially and adversely affect our financial position, results of operations, or cash flows in a particular period.

Collaborative Research, Development and License Agreements

3 Months Ended

Mar. 31, 2020

Research And Development [Abstract]

Collaborative Research, Development and License Agreements

7. Collaborative Research, Development and License Agreements

Serum Institute of India Pvt. Ltd.

In June 2017, we entered into an agreement to provide Serum Institute of India Pvt. Ltd. (“SIIPL”) with technical support. In consideration, SIIPL agreed to pay us at an agreed-upon hourly rate for services and reimburse certain out-of-pocket expenses. In addition, we have rights to commercialization of certain potential products manufactured at the SIIPL facility. For the three months ended March 31, 2020 and 2019, we recognized collaboration revenue of $0.4 million and $0.1 million, respectively.

Merck, Sharp & Dohme Corp.

In February 2018, we entered into a Sublicense Agreement (the “Sublicense Agreement”) with Merck. The Sublicense Agreement grants us, under certain non-exclusive U.S. patent rights controlled by Merck which relate to recombinant production of hepatitis B surface antigen, the right to manufacture, use, offer for sale, sell and import HEPLISAV-B in the United States and includes the right to grant further sublicenses. Under the terms of the Sublicense Agreement, we are obligated to pay $21.0 million in three installments. The first, second and third installment of $7.0 million each was paid in February 2018, 2019 and 2020, respectively. At March 31, 2020 and December 31, 2019, the intangible asset, net balance was $0.2 million and $2.5 million, respectively. See Note 5. The Sublicense Agreement expired in April 2020, at which time the license became perpetual, irrevocable, fully paid-up and royalty free.

Long-Term Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

8. Long-Term Debt

On February 20, 2018, we entered into a $175.0 million Loan Agreement with CRG Servicing LLC. Net proceeds under the Loan Agreement were $173.3 million. The Term Loans under the Loan Agreement bear interest at a rate equal to 9.5% per annum. At March 31, 2020, the effective interest rate was 10.3%. At our option, until September 30, 2023, a portion of the interest payments may be paid in kind, and thereby added to the principal. Through March 31, 2020, a portion of our interest was paid in kind, which increased the principal amount of the Term Loans to $179.6 million, net of debt discount of $1.3 million. The Term Loans have a maturity date of December 31, 2023, unless earlier prepaid. The Term Loans and paid-in-kind interest will be entirely payable at maturity.

In August 2019, we entered into a second amendment to the Loan Agreement (the “Second Amendment”). The Second Amendment amended the annual net sales threshold for sales of HEPLISAV-B, revising the twelve-month measurement periods from beginning on January 1 of each year to beginning on July 1 of each year (including 2019) and ending on June 30, 2023. The Second Amendment also revised the fee payable upon partial prepayment or at maturity of the Term Loans from 3% to 4% of the aggregate principal amounts.

The obligations under the Loan Agreement are secured, subject to customary permitted liens and other agreed upon exceptions, by a perfected security interest in (i) all tangible and intangible assets of the Company and any future subsidiary guarantors, except for certain customary excluded property, and (ii) all of the capital stock owned by the Company and such future subsidiary guarantors (limited, in the case of the stock of certain non-U.S. subsidiaries of the Company and certain U.S. subsidiaries substantially all of whose assets consist of equity interests in non-U.S. subsidiaries, to 65% of the capital stock of such subsidiaries, subject to certain

exceptions). The obligations under the Loan Agreement will be guaranteed by each of the Company’s future direct and indirect subsidiaries (other than certain non-U.S. subsidiaries of the Company and certain U.S. subsidiaries substantially all of whose assets consist of equity interests in non-U.S. subsidiaries, subject to certain exceptions). The Loan Agreement contains customary covenants and requires us to comply with a $15.0 million daily minimum combined cash and investment balance covenant and a twelve-month period revenue requirement starting on July 1, 2019 for sales of HEPLISAV-B.

We recorded $4.7 million and $2.6 million of interest expense related to the Term Loans during the three months ended March 31, 2020 and 2019, respectively.

Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue Recognition [Abstract]

Revenue Recognition

9. Revenue Recognition

All of our product revenue consisted of sales of HEPLISAV-B in the U.S. For the three months ended March 31, 2020 and 2019, our three largest Customers collectively represented approximately 68% and 66% of our product revenue, respectively. The following table summarizes balances and activity in each of the product revenue allowance and reserve categories for the three months ended March 31, 2020 (in thousands):

	Balance at Beginning of Period		Provisions related to current period sales		Credit or payments made during the period			Balance at End of Period
Three months ended March 31, 2020:
Accounts receivable reserves(1)	$	2,701	$	2,906	$	(2,749	)	$	2,858
Revenue reserve accruals(2)	$	3,893	$	2,045	$	(1,355	)	$	4,583

(1)	Reserves are for chargebacks, discounts and other fees.

(2)	Accruals are for returns, rebates and other fees.

Net Loss Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Net Loss Per Share

10. Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period and giving effect to all potentially dilutive common shares using the treasury-stock method. For purposes of this calculation, outstanding stock options, stock awards, warrants and Series B Convertible Preferred Stock are considered to be potentially dilutive common shares and are only included in the calculation of diluted net loss per share when their effect is dilutive.

The following is a reconciliation of the numerator and the denominator used in the calculation of basic and diluted net loss per share (in thousands):

	Three Months Ended
	March 31,
	2020			2019
Numerator
Net loss, basic	$	(12,595	)	$	(39,672	)
Removal of change in fair value of warrant liability		(8,610	)		-
Net loss, diluted	$	(21,205	)	$	(39,672	)
Denominator
Weighted average shares used to compute basic net loss per share		85,477			63,778
Effect of dilutive warrants		171			-
Weighted average shares used to compute diluted net loss per share		85,648			63,778

As of March 31, 2020, stock options and stock awards and Series B Convertible Preferred Stock (on an as converted to common stock basis), totaling approximately 11,443,432 and 4,840,000 shares of common stock, respectively were excluded from the calculation of diluted net loss per share for the three months ended March 31, 2020, because the effect of their inclusion would have been anti-dilutive. As of March 31, 2019, stock options and stock awards, totaling approximately 8,946,000 shares of common stock were excluded from the calculation of diluted net loss per share for the three months ended March 31, 2019, because the effect of their inclusion would have been anti-dilutive.

Common Stock, Preferred Stock and Warrants

3 Months Ended

Mar. 31, 2020

Preferred Stock Common Stock And Warrants [Abstract]

Common Stock, Preferred Stock and Warrants

11. Common Stock, Preferred Stock and Warrants

Common Stock Outstanding

As of March 31, 2020, there were 87,599,440 shares of our common stock outstanding.

In August 2019, we sold (i) 18,525,000 shares of our common stock, par value $0.001 per share, (ii) 4,840 shares of our Series B Preferred Stock, par value $0.001 per share (“Series B Preferred Stock”) and (iii) warrants to purchase up to an aggregate of 5,841,250 shares of our common stock in an underwritten public offering (the “Offering”). Each share of common stock was sold together with a warrant to purchase 0.25 shares of common stock, at a combined price of $3.00 per share of common stock and the accompanying warrant. Each share of Series B Preferred Stock was sold together with a warrant to purchase 250 shares of common stock, at a combined price of $3,000 per share and the accompanying warrant. Proceeds from the Offering were approximately $65.6 million, net of issuance costs of $4.5 million.

Investment funds associated with Bain Capital Life Sciences Investors, LLC (“Bain Capital Life Sciences”) purchased approximately $35.0 million of common stock, Series B Preferred Stock and warrants in the Offering at the public offering price. Pursuant to the Offering, (i) Bain Capital Life Sciences Fund, L.P. purchased 6,826,266 shares of common stock, 3,756 shares of Series B Preferred Stock and warrants to purchase 2,645,566 shares of common stock for a total purchase price of approximately $31.7 million and (ii) BCIP Life Sciences Associates, L.P. purchased 698,734 shares of common stock, 384 shares of Series B Preferred Stock and warrants to purchase 270,684 shares of common stock for a total purchase price of approximately $3.2 million (together, “Bain Life Sciences Funds”). Bain Capital Life Sciences is the general partner of Bain Life Sciences Funds. The participation by these investors was on the same terms as the other investors in the Offering.

Following the Offering, Andrew A. F. Hack, M.D., Ph.D and Managing Director of Bain Capital Life Sciences (a related party), was appointed to our board of directors.

On March 11, 2020, we entered into a warrant exchange agreement with Bain Life Sciences Funds pursuant to which we agreed that we would, upon future notice from Bain Life Sciences Funds, exchange all or a portion of the common stock warrants held by Bain Life Sciences Funds for warrants to purchase a new Series C convertible preferred stock (“Series C Warrants”). Each share of Series C convertible preferred stock would be convertible into 1,000 shares of common stock, with a conversion price of $4.50 and would have substantially identical rights to our Series B Convertible Preferred Stock. As of March 31, 2020, Bain Life Sciences Funds have not exercised their rights to exchange common stock warrants with Series C Warrants.

On November 3, 2017, we entered into an At Market Sales Agreement (“2017 ATM Agreement”) with Cowen and Company, LLC (“Cowen”) under which we may offer and sell from time to time at our sole discretion, shares of our common stock having an aggregate offering price up to $150 million through Cowen as our sales agent. We pay Cowen a commission of up to 3% of the gross sales proceeds of any common stock sold through Cowen under the 2017 ATM Agreement. For the three months ended March 31, 2020, we received net cash proceeds of $14.2 million resulting from sales of 2,908,875 shares of our common stock. As of March 31, 2020, we have $104.0 million remaining under the 2017 ATM Agreement. Subsequent to March 31, 2020 and through May 1, 2020, we sold 4,584,591 shares of common stock for net proceeds of $15.9 million under the 2017 ATM Agreement.

Preferred Stock Outstanding

As of March 31, 2020, there were 4,840 shares of Series B Preferred Stock outstanding.

Each share of Series B Preferred Stock is convertible into 1,000 shares of common stock at any time at the holder’s option. However, the holder is prohibited from converting the Series B Preferred Stock into shares of common stock if, as a result of such conversion, the holder and its affiliates would own more than 4.99% of the total number of shares of common stock then issued and outstanding, which percentage may be changed at the holders’ election to a higher or lower percentage (not to exceed 19.99%) upon 61 days’ notice to the Company. In the event of liquidation, dissolution, or winding up, the holder of Series B Preferred Stock will receive payment on shares of Series B Preferred Stock (determined on an as-converted to common stock basis) equal to the amount that would be paid on our common stock. Shares of Series B Preferred Stock generally have no voting rights, except as required by law and except that the consent of holders of a majority of the outstanding Series B Preferred Stock is required to amend the terms of the Series B Preferred Stock. Holders of Series B Preferred Stock are not entitled to receive any dividends, unless and until specifically declared by our board of directors. The Series B Preferred Stock ranks on parity with our common stock as to distributions of assets upon liquidation, dissolution or winding up. The Series B Preferred Stock may rank senior to, on parity with or junior to any class or series of capital stock created in the future depending upon the specific terms of such future stock issuance.

The fair value of the common stock into which the Series B Preferred Stock is convertible exceeded the allocated purchase price of the Series B Preferred Stock by $3.3 million on the date of issuance, for which we recorded a deemed dividend. We recognized a deemed dividend equal to the number of shares of common stock into which the Series B Preferred Stock is convertible multiplied by the difference between the value of the common stock and the Series B Preferred Stock conversion price per share on the date of issuance, which is the date the stock first became convertible. The dividend was reflected as a one-time, non-cash, deemed dividend to the holders of Series B Preferred Stock on the date of issuance.

Warrants

As of March 31, 2020, the following common stock warrants were outstanding:

Warrants Issuance Date

Shares Issuable

(in thousands)

Expiration Date

Exercise Price

per Share

Outstanding as of

March 31, 2020

(in thousands)

August 12, 2019

5,841

February 12, 2022

4.50

5,841

Warrants were exercisable upon issuance. The holder is prohibited from exercising these warrants if, as a result of such exercise, the holder and its affiliates, would own more than 4.99% of the total number of shares of common stock then issued and outstanding, which percentage may be changed at the holders’ election to a higher or lower percentage (not to exceed 19.99%) upon 61 days’ notice to the Company.

The warrants contain provisions that may obligate us to repurchase them for an amount that does not represent fair value in the event of a change of control. Due to this provision, the warrants do not meet the criteria to be considered indexed to our own stock. Accordingly, we recorded the warrants as a derivative liability at fair value of $7.4 million on the issuance date, which was estimated using the Black-Scholes model.

The warrants will be revalued at each reporting period using the Black-Scholes model and the change in the fair value of the warrants will recognized as other income (expense) in the condensed consolidated statements of operations. At March 31, 2020, the estimated fair value of warrant liability was $6.3 million. For the three months ended March 31, 2020, we recognized the $8.6 million decrease in the estimated fair value of warrant liability as a gain in other income (expense), net in our condensed consolidated statements of operations.

Equity Plans and Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Share Based Compensation [Abstract]

Equity Plans and Stock-Based Compensation

12. Equity Plans and Stock-Based Compensation

Our 2018 Equity Incentive Plan (the “2018 EIP”) is intended to be the successor to and continuation of the Dynavax Technologies Corporation 2011 Equity Incentive Plan (the “2011 EIP”). The aggregate number of shares of our common stock that may be issued under the 2018 EIP (subject to adjustment for certain changes in capitalization) is comprised of the sum of (i) 5,000,000 newly reserved shares of common stock, (ii) 140,250 unallocated shares of common stock remaining available for grant under the 2011 EIP as of May 31, 2018, and (iii) 7,477,619 shares subject to outstanding stock awards granted under the 2011 EIP and the Dynavax Technologies Corporation 2017 Inducement Award Plan that may become available from time to time as set forth in the 2018 EIP. The 2018 EIP provides for the issuance of up to 12,617,869 shares of our common stock to our employees and directors.

On May 30, 2019, our stockholders approved an amendment to 2018 Equity Incentive Plan (the “Amended 2018 EIP”) to, among other things, increase the aggregate number of shares of common stock authorized for issuance by 2,300,000. Under the Amended 2018 EIP, the aggregate number of shares of our common stock that may be issued to employees and directors (subject to adjustment for certain changes in capitalization) is 14,917,869.

Option activity under our stock-based compensation plans during the three months ended March 31, 2020 was as follows (in thousands except per share amounts):

	Shares Underlying Outstanding Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Balance at December 31, 2019		8,006		$	13.86
Options granted		1,335			5.34
Options exercised		—			—
Options cancelled:
Options forfeited (unvested)		(41	)		6.77
Options expired (vested)		(40	)		18.93
Balance at March 31, 2020		9,260		$	12.64		4.53	$	6
Vested and expected to vest at March 31, 2020		8,901		$	12.91		4.45	$	5
Exercisable at March 31, 2020		4,826		$	18.06		2.94	$	—

Restricted stock unit activity under our stock-based compensation plans during the three months ended March 31, 2020 was as follows (in thousands except per share amounts):

	Number of Shares (in thousands)			Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2019		1,784		$	9.16
Granted		1,156			5.30
Vested		(728	)		10.56
Forfeited		(29	)		6.60
Non-vested as of March 31, 2020		2,183		$	6.68

The aggregate intrinsic value of the restricted stock units outstanding as of March 31, 2020, based on our stock price on that date was $7.7 million. Fair value of restricted stock units is determined at the date of grant using our closing stock price.

As of March 31, 2020, approximately 139,000 shares underlying stock options and approximately 185,000 restricted stock unit awards with performance-based vesting criteria were outstanding.

Under our stock-based compensation plans, option awards generally vest over a three or four-year period contingent upon continuous service, and expire seven to ten years from the date of grant (or earlier upon termination of continuous service). The fair value-based measurement of each option is estimated on the date of grant using the Black-Scholes option valuation model.

The fair value-based measurements and weighted-average assumptions used in the calculations of these measurements are as follows:

	Stock Options						Employee Stock Purchase Plan
	Three Months Ended						Three Months Ended
	March 31,						March 31,
	2020			2019			2020			2019
Weighted-average fair value per share	$	3.58		$	6.85		$	2.17		$	5.19
Risk-free interest rate		1.4	%		2.5	%		1.5	%		2.5	%
Expected life (in years)		4.5			4.5			1.2			1.2
Volatility		0.9			0.9			0.6			0.8

The components of stock-based compensation expense were (in thousands):

	Three Months Ended
	March 31,
	2020			2019
Research and development	$	(1,573	)	$	2,180
Selling, general and administrative		2,442			3,080
Cost of sales - product		136			572
Inventory		773			338
Total	$	1,778		$	6,170

Compensation expense is based on awards ultimately expected to vest and reflects estimated forfeitures. Stock-based compensation for the three months ended March 31, 2020 included reversal of expenses related to cancellation of certain equity grants.

As of March 31, 2020, the total unrecognized compensation cost related to non-vested equity awards including all awards with time-based vesting amounted to $30.8 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.9 years. Additionally, as of March 31, 2020, the total unrecognized compensation cost related to equity awards with performance-based vesting criteria amounted to $0.9 million.

Employee Stock Purchase Plan

The Amended and Restated 2014 Employee Stock Purchase Plan (the “Purchase Plan”) provides for the purchase of common stock by eligible employees and became effective on May 28, 2014. On May 31, 2018, our stockholders approved an amendment to the Purchase Plan to increase the aggregate number of shares of common stock authorized for issuance by 600,000 shares. The purchase price per share is the lesser of (i) 85% of the fair market value of the common stock on the commencement of the two-year offer period (generally, the sixteenth day in February or August) or (ii) 85% of the fair market value of the common stock on the exercise date, which is the last day of a purchase period (generally, the fifteenth day in February or August). For the three months ended March 31, 2020, employees have acquired 91,653 shares of our common stock under the Purchase Plan and 359,264 shares of our common stock remained available for future purchases under the Purchase Plan.

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. In our opinion, these unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which we consider necessary to present fairly our financial position and the results of our operations and cash flows. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. Interim-period results are not necessarily indicative of results of operations or cash flows to be expected for a full-year period or any other interim-period. The condensed consolidated balance sheet at December 31, 2019 has been derived from audited financial statements at that date, but excludes disclosures required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements and these notes should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of Dynavax and our wholly-owned subsidiary, Dynavax GmbH. All significant intercompany accounts and transactions among these entities have been eliminated from the condensed consolidated financial statements. We operate in one business segment: discovery, development and commercialization of novel vaccines.
Liquidity and Financial Condition	Liquidity and Financial Condition As of March 31, 2020, we had cash, cash equivalents and marketable securities of $129.5 million. As of March 31, 2020, the principal amount of our term loan was $180.9 million, including paid-in-kind interest. The term loan has a maturity date of December 31, 2023, unless earlier prepaid. The Company has incurred losses and negative cash flows from operations since its inception and expects to incur operating losses for the foreseeable future as we continue to invest in commercialization of HEPLISAV-B. If we cannot generate a sufficient amount of revenue from product sales, we will need to finance our operations through strategic alliance and licensing arrangements and/or future public or private debt and equity financings. Raising additional funds through the issuance of equity or debt securities could result in dilution to our existing stockholders, increased fixed payment obligations, or both. In addition, these securities may have rights senior to those of our common stock and could include covenants that would restrict our operations. We currently anticipate that our cash, cash equivalents and short-term marketable securities as of March 31, 2020, and anticipated revenues from HEPLISAV-B will be sufficient to fund our operations for at least the next 12 months from the date of this filing. Our ability to raise additional capital in the equity and debt markets, should we choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for our common stock, which itself is subject to a number of development and business risks and uncertainties, our creditworthiness and the uncertainty that we would be able to raise such additional capital at a price or on terms that are favorable to us. In addition, global financial crises and economic downturns, including those cause by widespread public health crises such as the COVID-19 pandemic, may cause extreme volatility and disruptions in capital and credit markets, and may impact our ability to raise additional capital when needed on acceptable terms, if at all. Adequate financing may not be available to us on acceptable terms, or at all.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Management’s estimates are based on historical information available as of the date of the condensed consolidated financial statements and various other assumptions we believe are reasonable under the circumstances. However, the worldwide spread of COVID-19 has resulted in a global slowdown of economic activity which is likely to decrease demand for a broad variety of goods and services, while also disrupting sales channels and marketing activities for an unknown period of time until the disease is contained. We are unable to predict the future effect resulting from the COVID-19 pandemic. Actual results could differ materially from management’s estimates.
Revenue Recognition	Revenue Recognition We recognize revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that we determine are within the scope of Accounting Standards Codification (“ASC”) 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Revenue, Net We sell our product to a limited number of wholesalers and specialty distributors in the U.S. (collectively, our “Customers”). Revenues from product sales are recognized when we have satisfied our performance obligation, which is the transfer of control of our product upon delivery to the Customer. The timing between the recognition of revenue for product sales and the receipt of payment is not significant. Because our standard credit terms are short-term and we expect to receive payment in less than one-year, there is no financing component on the related receivables. Taxes collected from Customers relating to product sales and remitted to governmental authorities are excluded from revenues. Overall, product revenue, net, reflects our best estimates of the amount of consideration to which we are entitled based on the terms of the contract. The amount of variable consideration is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. If our estimates differ significantly from actuals, we will record adjustments that would affect product revenue, net in the period of adjustment. Reserves for Variable Consideration Revenues from product sales are recorded at the net sales price, which includes estimates of variable consideration such as product returns, chargebacks, discounts, rebates and other fees that are offered within contracts between us and our Customers, healthcare providers, pharmacies and others relating to our product sales. We estimate variable consideration using either the most likely amount method or the expected value method, depending on the type of variable consideration and what method better predicts the amount of consideration we expect to receive. We take into consideration relevant factors such as industry data, current contractual terms, available information about Customers’ inventory, resale and chargeback data and forecasted customer buying and payment patterns, in estimating each variable consideration. The variable consideration is recorded at the time product sales is recognized, resulting in a reduction in product revenue and a reduction in accounts receivable (if the Customer offsets the amount against its accounts receivable) or as an accrued liability (if we pay the amount through our accounts payable process). Variable consideration requires significant estimates, judgment and information obtained from external sources. The amount of variable consideration is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. If our estimates differ significantly from actuals, we will record adjustments that would affect product revenue, net in the period of adjustment. If we were to change any of these judgments or estimates, it could cause a material increase or decrease in the amount of revenue that we report in a particular period. There have been no material adjustments to these estimates for the three months ended March 31, 2020 and 2019. Product Returns: Consistent with industry practice, we offer our Customers a limited right of return based on the product’s expiration date for product that has been purchased from us. We estimate the amount of our product sales that may be returned by our Customers and record this estimate as a reduction of revenue in the period the related product revenue is recognized. We consider several factors in the estimation of potential product returns including expiration dates of the product shipped, the limited product return rights, available information about Customers’ inventory, shelf life of the product and other relevant factors. Chargebacks: Our Customers subsequently resell our product to healthcare providers, pharmacies and others. In addition to distribution agreements with Customers, we enter into arrangements with qualified healthcare providers that provide for chargebacks and discounts with respect to the purchase of our product. Chargebacks represent the estimated obligations resulting from contractual commitments to sell product to qualified healthcare providers at prices lower than the list prices charged to Customers who directly purchase the product from us. Customers charge us for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable. Chargeback amounts are determined at the time of resale to the qualified healthcare providers by Customers, and we issue credits for such amounts generally within a few weeks of the Customer’s notification to us of the resale. Reserves for chargebacks consists of credits that we expect to issue for units that remain in the distribution channel inventories at each reporting period end that we expect will be sold to the qualified healthcare providers, and chargebacks for units that our Customers have sold to the qualified healthcare providers, but for which credits have not been issued. Trade Discounts and Allowances: We provide our Customers with discounts which include early payment incentives that are explicitly stated in our contracts, and are recorded as a reduction of revenue in the period the related product revenue is recognized. Distribution Fees: Distribution fees include fees paid to certain Customers for sales order management, data and distribution services. Distribution fees are recorded as a reduction of revenue in the period the related product revenue is recognized. Rebates: Under certain contracts, customers may obtain rebates for purchasing minimum volumes of our product. We estimate these rebates based upon the expected purchases and the contractual rebate rate and record this estimate as a reduction in revenue in the period the related revenue is recognized. Collaboration and Manufacturing Service Revenue We have entered into collaborative arrangements and arrangements to provide manufacturing services to other companies. Such arrangements may include promises to customers which, if capable of being distinct, are accounted for as separate performance obligations. For agreements with multiple performance obligations, we allocate estimated revenue to each performance obligation at contract inception based on the estimated transaction price of each performance obligation. Revenue allocated to each performance obligation is then recognized when we satisfy the performance obligation by transferring control of the promised good or service to the customer. Collaboration and manufacturing service revenue are recorded in other revenue in the condensed consolidated statements of operations.
Leases	Leases We determine if an arrangement includes a lease at inception. Operating leases are included in operating lease right-of-use assets, other current liabilities and long-term portion of lease liabilities in our condensed consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, we use our incremental borrowing rate which represents an estimated rate of interest that we would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The operating lease right-of-use assets also include any lease payments made and exclude any lease incentives. Our leases may include options to extend or terminate the lease which are included in the lease term when it is reasonably certain that we will exercise any such options. Lease expense is recognized on a straight-line basis over the expected lease term. We have elected not to apply the recognition requirements of ASC 842 for short-term leases. We have also elected the practical expedient to not separate lease components from non-lease components. As lessors, we determine if an arrangement includes a lease at inception. We elected the practical expedient to not separate lease components from non-lease components. Rent revenue is recognized on a straight-line basis over the expected lease term and is included in other income (expense) in our condensed consolidated statements of operations.
Inventories	Inventories Inventory is stated at the lower of cost or estimated net realizable value, on a first-in, first-out, or FIFO, basis. We primarily use actual costs to determine our cost basis for inventories. Our assessment of market value requires the use of estimates regarding the net realizable value of our inventory balances, including an assessment of excess or obsolete inventory. We determine excess or obsolete inventory based on multiple factors, including an estimate of the future demand for our products, product expiration dates and current sales levels. Our assumptions of future demand for our products are inherently uncertain and if we were to change any of these judgments or estimates, it could cause a material increase or decrease in the amount of inventory reserves that we report in a particular period. For the three months ended March 31, 2020 and 2019, there was no inventory reserve recognized. We consider regulatory approval of product candidates to be uncertain and product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. As such, the manufacturing costs for product candidates incurred prior to regulatory approval are not capitalized as inventory but are expensed as research and development costs. We begin capitalization of these inventory related costs once regulatory approval is obtained. HEPLISAV-B was approved by the FDA on November 9, 2017, at which time we began to capitalize inventory costs associated with the vial presentation of HEPLISAV-B. In March 2018, we received regulatory approval of the pre-filled syringe (“PFS”) presentation of HEPLISAV-B. Prior to FDA approval of HEPLISAV-B, all costs related to the manufacturing of HEPLISAV-B that could potentially be available to support the commercial launch of our products, were charged to research and development expense in the period incurred as there was no alternative future use. Prior to regulatory approval of PFS, costs associated with resuming operating activities at the Düsseldorf manufacturing facility were also included in research and development expense. Subsequent to regulatory approval of PFS, costs associated with resuming manufacturing activities at the Düsseldorf facility were included in cost of sales – product, until commercial production resumed in mid-2018 at which time these costs were recorded as raw materials inventory.
Research and Development Expenses and Accruals	Research and Development Expenses and Accruals Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services and non-cash stock-based compensation. Research and development costs are expensed as incurred. Amounts due under contracts with third parties may be either fixed fee or fee for service, and may include upfront payments, monthly payments and payments upon the completion of milestones or receipt of deliverables. Non-refundable advance payments under agreements are capitalized and expensed as the related goods are delivered or services are performed. We contract with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. Our accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. We may terminate these contracts upon written notice and we are generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances we may be further responsible for termination fees and penalties. We estimate research and development expenses and the related accrual as of each balance sheet date based on the facts and circumstances known to us at that time. There have been no material adjustments to the prior period accrued estimates for clinical trial activities for the three months ended March 31, 2020 and 2019.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Update 2016-13 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments. The standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. As a smaller reporting company, this ASU and its subsequent updates, is effective for fiscal years beginning after December 15, 2022. We are currently evaluating the impact this standard will have on our condensed consolidated financial statements. Accounting Standards Update 2019-12 In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by removing certain exceptions and improving consistent application in certain areas of Topic 740. The ASU is effective for annual periods beginning after December 15, 2020 with early adoption permitted. We are currently evaluating the impact this standard will have on our condensed consolidated financial statements.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

	Level 1		Level 2		Level 3		Total
March 31, 2020
Assets
Money market funds	$	26,865	$	-	$	-	$	26,865
U.S. treasuries		-		6,597		-		6,597
U.S. government agency securities		-		49,692		-		49,692
Corporate debt securities		-		35,345		-		35,345
Total assets	$	26,865	$	91,634	$	-	$	118,499
Liabilities
Warrant liability	$	-	$	-	$	6,250	$	6,250

	Level 1		Level 2		Level 3		Total
December 31, 2019
Assets
Money market funds	$	27,854	$	-	$	-	$	27,854
U.S. treasuries		-		6,517		-		6,517
U.S. government agency securities		-		51,273		-		51,273
Corporate debt securities		-		61,373		-		61,373
Total assets	$	27,854	$	119,163	$	-	$	147,017
Liabilities
Warrant liability	$	-	$	-	$	14,860	$	14,860
Sublicense liability		-		-		6,948		6,948
Total liabilities	$	-	$	-	$	21,808	$	21,808

Summary of Assumptions to Estimate the Fair Value of Warrant Liability

As of March 31, 2020, we used the following key assumptions to estimate the fair value of warrant liability:

Number of shares		5,841,250
Expected term	1.9 years
Expected volatility		0.7
Risk-free interest rate		0.1	%
Dividend yield		0	%

Summary of Changes in Fair Value Warrant liability

The following table provides a summary of changes in the fair value warrant liability for the three months ended March 31, 2020 (in thousands):

Balance at December 31, 2019	$	14,860
Decrease in estimated fair value of warrant liability upon revaluation		(8,610	)
Balance at March 31, 2020	$	6,250

Cash, Cash Equivalents, Restricted Cash and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2020

Cash Cash Equivalents And Short Term Investments [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

	March 31, 2020		December 31, 2019		March 31, 2019		December 31, 2018
Cash and cash equivalents	$	37,899	$	39,884	$	112,133	$	49,348
Restricted cash		212		216		615		619
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	38,111	$	40,100	$	112,748	$	49,967

Summary of Cash, Cash Equivalents and Marketable Securities

Cash, cash equivalents and marketable securities consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
March 31, 2020
Cash and cash equivalents:
Cash	$	11,034	$	-	$	-		$	11,034
Money market funds		26,865		-		-			26,865
Total cash and cash equivalents		37,899		-		-			37,899
Marketable securities available-for-sale:
U.S. treasuries		6,511		86		-			6,597
U.S. government agency securities		49,439		253		-			49,692
Corporate debt securities		35,321		37		(13	)		35,345
Total marketable securities available-for-sale		91,271		376		(13	)		91,634
Total cash, cash equivalents and marketable securities	$	129,170	$	376	$	(13	)	$	129,533
December 31, 2019
Cash and cash equivalents:
Cash	$	4,038	$	-	$	-		$	4,038
Money market funds		27,854		-		-			27,854
Corporate debt securities		7,992		-		-			7,992
Total cash and cash equivalents		39,884		-		-			39,884
Marketable securities available-for-sale:
U.S. treasuries		6,511		6		-			6,517
U.S. government agency securities		51,235		50		(12	)		51,273
Corporate debt securities		53,353		28		-			53,381
Total marketable securities available-for-sale		111,099		84		(12	)		111,171
Total cash, cash equivalents and marketable securities	$	150,983	$	84	$	(12	)	$	151,055

Maturities of Marketable Securities Available-for-Sale

The maturities of our marketable securities available-for-sale are as follows (in thousands):

	March 31, 2020
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	79,250	$	79,547
Mature after one year through two years		12,021		12,087
	$	91,271	$	91,634

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Summary of Inventories

The following table presents inventories, net (in thousands):

	March 31, 2020		December 31, 2019
Raw materials	$	18,441	$	15,198
Work-in-process		23,981		22,890
Finished goods		5,677		3,244
Total	$	48,099	$	41,332

Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets are related to certain capitalized milestone and sublicense payments. The following table presents intangible assets (in thousands):

	March 31, 2020			December 31, 2019
Intangible assets	$	19,773		$	19,773
Less accumulated amortization		(19,571	)		(17,273	)
Total	$	202		$	2,500

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Operating Lease Expense

Our lease expense comprises of the following (in thousands):

	Three Months Ended March 31,
	2020		2019
Operating lease expense	$	1,592	$	1,738

Summary of Balance Sheet Classification of Operating Lease Liabilities

The balance sheet classification of our operating lease liabilities was as follows (in thousands):

	March 31, 2020		December 31, 2019
Operating lease liabilities:
Current portion of lease liabilities (included in other current liabilities)	$	2,951	$	3,039
Long-term portion of lease liabilities		36,972		37,845
Total operating lease liabilities	$	39,923	$	40,884

Summary of Maturities of Sublease Income and Operating Lease Liabilities

At March 31, 2020, the maturities of our sublease income and operating lease liabilities were as follows (in thousands):

Years ending December 31,	Sublease Income		Operating Lease Liabilities
2020 (remaining)	$	3,801	$	5,148
2021		5,201		6,888
2022		5,357		6,201
2023		5,518		5,343
2024		5,684		5,487
Thereafter		39,596		36,261
Total	$	65,157		65,328
Less:
Present value adjustment				(25,405	)
Total			$	39,923

Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate

The weighted average remaining lease term and the weighted average discount rate used to determine the operating lease liability were as follows:

	March 31, 2020			December 31, 2019
Weighted average remaining lease term	9.6 years			9.7 years
Weighted average discount rate		10.1	%		10.1	%

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue Recognition [Abstract]

Summary of Product Revenue Allowance and Reserve Categories

The following table summarizes balances and activity in each of the product revenue allowance and reserve categories for the three months ended March 31, 2020 (in thousands):

	Balance at Beginning of Period		Provisions related to current period sales		Credit or payments made during the period			Balance at End of Period
Three months ended March 31, 2020:
Accounts receivable reserves(1)	$	2,701	$	2,906	$	(2,749	)	$	2,858
Revenue reserve accruals(2)	$	3,893	$	2,045	$	(1,355	)	$	4,583

(1)	Reserves are for chargebacks, discounts and other fees.

(2)	Accruals are for returns, rebates and other fees.

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

The following is a reconciliation of the numerator and the denominator used in the calculation of basic and diluted net loss per share (in thousands):

	Three Months Ended
	March 31,
	2020			2019
Numerator
Net loss, basic	$	(12,595	)	$	(39,672	)
Removal of change in fair value of warrant liability		(8,610	)		-
Net loss, diluted	$	(21,205	)	$	(39,672	)
Denominator
Weighted average shares used to compute basic net loss per share		85,477			63,778
Effect of dilutive warrants		171			-
Weighted average shares used to compute diluted net loss per share		85,648			63,778

Common Stock, Preferred Stock and Warrants (Tables)

3 Months Ended

Mar. 31, 2020

Preferred Stock Common Stock And Warrants [Abstract]

Summary of Common Stock Warrants Outstanding

As of March 31, 2020, the following common stock warrants were outstanding:

Warrants Issuance Date

Shares Issuable

(in thousands)

Expiration Date

Exercise Price

per Share

Outstanding as of

March 31, 2020

(in thousands)

August 12, 2019

5,841

February 12, 2022

4.50

5,841

Equity Plans and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share Based Compensation [Abstract]

Option Activity under Stock-Based Compensation Plans

Option activity under our stock-based compensation plans during the three months ended March 31, 2020 was as follows (in thousands except per share amounts):

	Shares Underlying Outstanding Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Balance at December 31, 2019		8,006		$	13.86
Options granted		1,335			5.34
Options exercised		—			—
Options cancelled:
Options forfeited (unvested)		(41	)		6.77
Options expired (vested)		(40	)		18.93
Balance at March 31, 2020		9,260		$	12.64		4.53	$	6
Vested and expected to vest at March 31, 2020		8,901		$	12.91		4.45	$	5
Exercisable at March 31, 2020		4,826		$	18.06		2.94	$	—

Summary of Restricted Stock Units Activity

Restricted stock unit activity under our stock-based compensation plans during the three months ended March 31, 2020 was as follows (in thousands except per share amounts):

	Number of Shares (in thousands)			Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2019		1,784		$	9.16
Granted		1,156			5.30
Vested		(728	)		10.56
Forfeited		(29	)		6.60
Non-vested as of March 31, 2020		2,183		$	6.68

Fair Value-Based Measurements and Weighted-Average Assumptions

The fair value-based measurements and weighted-average assumptions used in the calculations of these measurements are as follows:

	Stock Options						Employee Stock Purchase Plan
	Three Months Ended						Three Months Ended
	March 31,						March 31,
	2020			2019			2020			2019
Weighted-average fair value per share	$	3.58		$	6.85		$	2.17		$	5.19
Risk-free interest rate		1.4	%		2.5	%		1.5	%		2.5	%
Expected life (in years)		4.5			4.5			1.2			1.2
Volatility		0.9			0.9			0.6			0.8

Stock-Based Compensation Expense

The components of stock-based compensation expense were (in thousands):

	Three Months Ended
	March 31,
	2020			2019
Research and development	$	(1,573	)	$	2,180
Selling, general and administrative		2,442			3,080
Cost of sales - product		136			572
Inventory		773			338
Total	$	1,778		$	6,170

Organization and Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020 USD ($) Segment	Mar. 31, 2019 USD ($)
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of operating segment \| Segment	1
Cash, cash equivalents and marketable securities	$ 129,500,000
Principal amount including interest paid in kind	$ 180,900,000
Debt maturity date	Dec. 31, 2023
Inventory reserve	$ 0	$ 0
Maximum
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Expected period of payment to be received	1 year
HEPLISAV-B®
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Minimum age approved for vaccine prevention of infection caused	18 years

Fair Value Measurements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020 USD ($)
Fair Value Disclosures [Abstract]
Transfers from level 1 to level 2	$ 0
Transfers from level 2 to level 1	0
Transfers in or out of Level 3	$ 0

Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Total assets	$ 118,499	$ 147,017
Liabilities
Total liabilities		21,808
Money Market Funds
Assets
Total assets	26,865	27,854
U.S. Treasuries
Assets
Total assets	6,597	6,517
U.S. Government Agency Securities
Assets
Total assets	49,692	51,273
Corporate Debt Securities
Assets
Total assets	35,345	61,373
Warrant Liability
Liabilities
Total liabilities	6,250	14,860
Sublicense Liability
Liabilities
Total liabilities		6,948
Fair Value, Inputs, Level 1
Assets
Total assets	26,865	27,854
Fair Value, Inputs, Level 1 \| Money Market Funds
Assets
Total assets	26,865	27,854
Fair Value, Inputs, Level 2
Assets
Total assets	91,634	119,163
Fair Value, Inputs, Level 2 \| U.S. Treasuries
Assets
Total assets	6,597	6,517
Fair Value, Inputs, Level 2 \| U.S. Government Agency Securities
Assets
Total assets	49,692	51,273
Fair Value, Inputs, Level 2 \| Corporate Debt Securities
Assets
Total assets	35,345	61,373
Fair Value, Inputs, Level 3
Liabilities
Total liabilities		21,808
Fair Value, Inputs, Level 3 \| Warrant Liability
Liabilities
Total liabilities	$ 6,250	14,860
Fair Value, Inputs, Level 3 \| Sublicense Liability
Liabilities
Total liabilities		$ 6,948

Summary of Assumptions to Estimate the Fair Value of Warrant Liability (Detail) - Fair Value, Inputs, Level 3 shares in Thousands	Mar. 31, 2020 shares
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of shares	5,841,250
Expected term	1 year 10 months 24 days
Expected volatility	0.7
Risk-free interest rate	0.001
Dividend yield	0

Summary of Changes in Fair Value Warrant liability (Detail) - Fair Value, Inputs, Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance	$ 14,860
Decrease in estimated fair value of warrant liability upon revaluation	(8,610)
Balance	$ 6,250

Cash, Cash Equivalents, Restricted Cash and Marketable Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 37,899	$ 39,884	$ 112,133	$ 49,348
Restricted cash	212	216	615	619
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 38,111	$ 40,100	$ 112,748	$ 49,967

Cash, Cash Equivalents, Restricted Cash and Marketable Securities - Summary of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	$ 129,170	$ 150,983
Unrealized Gains	376	84
Unrealized Losses	(13)	(12)
Estimated Fair Value	129,533	151,055
Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	37,899	39,884
Estimated Fair Value	37,899	39,884
Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	91,271	111,099
Unrealized Gains	376	84
Unrealized Losses	(13)	(12)
Estimated Fair Value	91,634	111,171
Cash \| Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	11,034	4,038
Estimated Fair Value	11,034	4,038
Money Market Funds \| Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	26,865	27,854
Estimated Fair Value	26,865	27,854
Corporate Debt Securities \| Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost		7,992
Estimated Fair Value		7,992
Corporate Debt Securities \| Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	35,321	53,353
Unrealized Gains	37	28
Unrealized Losses	(13)
Estimated Fair Value	35,345	53,381
U.S. Treasuries \| Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	6,511	6,511
Unrealized Gains	86	6
Estimated Fair Value	6,597	6,517
U.S. Government Agency Securities \| Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	49,439	51,235
Unrealized Gains	253	50
Unrealized Losses		(12)
Estimated Fair Value	$ 49,692	$ 51,273

Cash, Cash Equivalents, Restricted Cash and Marketable Securities - Maturities of Marketable Securities Available-for-Sale (Detail) $ in Thousands	Mar. 31, 2020 USD ($)
Amortized Cost
Mature in one year or less	$ 79,250
Mature after one year through two years	12,021
Total amortized cost	91,271
Estimated Fair Value
Mature in one year or less	79,547
Mature after one year through two years	12,087
Total estimated fair value	$ 91,634

Cash, Cash Equivalents, Restricted Cash and Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]
Realized gains or losses from the sale of marketable securities	$ 0	$ 0

Inventories, Net - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 18,441	$ 15,198
Work-in-process	23,981	22,890
Finished goods	5,677	3,244
Total	$ 48,099	$ 41,332

Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets Net [Abstract]
Intangible assets	$ 19,773	$ 19,773
Less accumulated amortization	(19,571)	(17,273)
Total	$ 202	$ 2,500

Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finite Lived Intangible Assets Net [Abstract]
Cost of sales - amortization of intangible assets	$ 2,298	$ 2,273

Commitments and Contingencies - Additional Information (Detail) € in Millions			1 Months Ended		3 Months Ended
	Sep. 17, 2018 USD ($) ft²	Feb. 20, 2018 USD ($)	Jul. 31, 2019 USD ($) ft²	Nov. 30, 2009 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2020 EUR (€)	Mar. 29, 2019 USD ($)	Dec. 31, 2004 EUR (€)
Loss Contingencies [Line Items]
Tenant improvement allowance					$ (908,000)
Sublease income					1,926,000
Cash paid for amounts included in the measurement of operating lease liabilities					1,700,000	$ 700,000
Principal amount including interest paid in kind					$ 180,900,000
Debt maturity date					Dec. 31, 2023
Non-cancelable purchase and other commitments					$ 7,800,000
Symphony Dynamo Holdings LLC
Loss Contingencies [Line Items]
License arrangement contingent consideration percentage				50.00%
License arrangement upfront payment				$ 50,000,000
Milestone payments					0
Deutsche Bank Securities
Loss Contingencies [Line Items]
Letter of credit pledged as security \| €									€ 0.2
Collateralized certificate of deposit \| €							€ 0.2
CRG Servicing LLC
Loss Contingencies [Line Items]
Maximum borrowing capacity		$ 175,000,000.0
Current borrowing capacity		$ 100,000,000.0						$ 75,000,000.0
Principal amount including interest paid in kind					179,600,000
Debt discount					$ 1,300,000
Debt maturity date		Dec. 31, 2023			Dec. 31, 2023
Powell Street Sublease \| Emeryville, California (Premises)
Loss Contingencies [Line Items]
Lease area \| ft²			23,976
Base rent per square feet			$ 3.90
Lease expiration date			Jun. 30, 2022
Option to extend					There is no option to extend the sublease term
Existence of option to extend					false
Horton Street Master Lease
Loss Contingencies [Line Items]
Percentage of excess rent paid to landlord					50.00%		50.00%
Horton Street Master Lease \| Emeryville, California (Premises)
Loss Contingencies [Line Items]
Lease area \| ft²	75,662
Base rent per square feet	$ 4.75
Operations commencement date	Apr. 01, 2019
Tenant improvement allowance	$ 7,900,000
Initial lease term	12 years
Lease option to extend	The Horton Street Master Lease has an initial term of 12 years, following the Commencement Date with an option to extend the lease for two successive five-year terms.
Renewal term of lease	5 years
Horton Street Master Lease \| Emeryville, California (Premises) \| Maximum
Loss Contingencies [Line Items]
Tenant improvement allowance	$ 8,300,000
Horton Street Sublease \| Emeryville, California (Premises)
Loss Contingencies [Line Items]
Lease area \| ft²			75,662
Base rent per square feet			$ 5.50
Lease expiration date			Mar. 31, 2031
Option to extend			The Subtenant has no option to extend the sublease term.
Existence of option to extend			false
Sublease income					$ 1,900,000
Horton Street Sublease \| Emeryville, California (Premises) \| Other Income (Expense)
Loss Contingencies [Line Items]
Sublease income					$ 1,900,000

Commitments and Contingencies - Summary of Operating Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Operating lease expense	$ 1,592	$ 1,738

Commitments and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Current portion of lease liabilities (included in other current liabilities)	$ 2,951	$ 3,039
Long-term portion of lease liabilities	36,972	37,845
Total operating lease liabilities	$ 39,923	$ 40,884

Commitments and Contingencies - Summary of Maturities of Sublease Income and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Sublease Income
2020 (remaining)	$ 3,801
2021	5,201
2022	5,357
2023	5,518
2024	5,684
Thereafter	39,596
Total	65,157
Operating Lease Liabilities
2020 (remaining)	5,148
2021	6,888
2022	6,201
2023	5,343
2024	5,487
Thereafter	36,261
Total	65,328
Present value adjustment	(25,405)
Total	$ 39,923	$ 40,884

Commitments and Contingencies - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Detail)	Mar. 31, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Weighted average remaining lease term	9 years 7 months 6 days	9 years 8 months 12 days
Weighted average discount rate	10.10%	10.10%

Collaborative Research, Development and License Agreements - Additional Information (Detail) $ in Thousands	1 Months Ended			3 Months Ended
	Feb. 29, 2020 USD ($)	Feb. 28, 2019 USD ($)	Feb. 28, 2018 USD ($) Installment	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized				$ 10,919	$ 5,773
Intangible assets, net				202		$ 2,500
Serum Institute of India Pvt. Ltd. \| Collaboration Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized				400	$ 100
Merck, Sharp & Dohme Corp. \| Sublicense Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Aggregate amount payable to acquire intangible assets			$ 21,000
Number of installments \| Installment			3
Payment upon obligation	$ 7,000	$ 7,000	$ 7,000
Agreement expiration month and year			2020-04
Intangible assets, net				$ 200		$ 2,500

Long-Term Debt - Additional Information (Detail) - USD ($)		3 Months Ended
	Feb. 20, 2018	Mar. 31, 2020	Mar. 31, 2019	Aug. 01, 2019	Jul. 31, 2019
Debt Instrument [Line Items]
Net proceeds from the initial term loan			$ 74,250,000
Principal amount including interest paid in kind		$ 180,900,000
Debt maturity date		Dec. 31, 2023
Loan Agreement
Debt Instrument [Line Items]
Percentage of fee payable upon partial prepayment or maturity				4.00%	3.00%
Percentage of capital stock of subsidiaries subject to certain exception	65.00%
Debt instrument, covenant daily minimum combined cash and investment balance	$ 15,000,000.0
Interest expense related to initial term loan		$ 4,700,000	$ 2,600,000
CRG Servicing LLC
Debt Instrument [Line Items]
Maximum borrowing capacity	175,000,000.0
Net proceeds from the initial term loan	$ 173,300,000
Debt interest rate	9.50%
Debt instrument interest rate, effective percentage		10.30%
Principal amount including interest paid in kind		$ 179,600,000
Debt discount		$ 1,300,000
Debt maturity date	Dec. 31, 2023	Dec. 31, 2023

Revenue Recognition - Additional Information (Detail)	3 Months Ended
Revenue Recognition - Additional Information (Detail)	Mar. 31, 2020	Mar. 31, 2019
Product Revenue Allowance and Revenue Categories [Line Items]
Concentration risk, percentage	68.00%	66.00%
Product \| Revenue \| Credit Concentration Risk
Product Revenue Allowance and Revenue Categories [Line Items]
Concentration risk, customer	three largest Customers

Revenue Recognition - Summary of Product Revenue Allowance and Reserve Categories (Detail) - HEPLISAV-B® $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Accounts Receivable Reserves
Product Revenue Allowance and Revenue Categories [Line Items]
Balance at Beginning of Period	$ 2,701
Provisions related to current period sales	2,906
Credit or payments made during the period	(2,749)
Balance at End of Period	2,858
Revenue Reserve Accruals
Product Revenue Allowance and Revenue Categories [Line Items]
Balance at Beginning of Period	3,893
Provisions related to current period sales	2,045
Credit or payments made during the period	(1,355)
Balance at Beginning of Period	$ 4,583

Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disclosure Computation Of Basic And Diluted Earnings Per Share [Abstract]
Net loss, basic	$ (12,595)	$ (39,672)
Removal of change in fair value of warrant liability	(8,610)
Net loss, diluted	$ (21,205)	$ (39,672)
Weighted average shares used to compute basic net loss per share	85,477	63,778
Effect of dilutive warrants	171
Weighted average shares used to compute diluted net loss per share	85,648	63,778

Net Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Series B Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding securities excluded from the calculation of diluted net loss per share	4,840,000
Stock Options and Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding securities excluded from the calculation of diluted net loss per share	11,443,432	8,946,000

Common Stock, Preferred Stock and Warrants - Additional Information (Detail) - USD ($)		1 Months Ended		3 Months Ended
	Nov. 03, 2017	May 01, 2020	Aug. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 11, 2020	Dec. 31, 2019	Aug. 12, 2019
Class Of Stock [Line Items]
Common stock, shares outstanding				87,599,440			83,871,000
Issuance of common stock and preferred stock (in shares)			18,525,000
Common stock, par value			$ 0.001	$ 0.001			$ 0.001
Preferred stock, par value				$ 0.001			$ 0.001
Net cash proceeds received				$ 14,229,000	$ 13,623,000
Decrease in estimated fair value of warrant liability as gain				$ (8,610,000)
Common Stock
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)				2,909,000	1,343,000
Warrants
Class Of Stock [Line Items]
Fair value of derivative liability				$ 6,300,000				$ 7,400,000
Warrants \| Other Income, Net
Class Of Stock [Line Items]
Decrease in estimated fair value of warrant liability as gain				$ 8,600,000
Bain Life Sciences
Class Of Stock [Line Items]
Net cash proceeds received from issuance or sale of equity			$ 35,000,000.0
Bain Capital Life Sciences Fund, L.P
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)			6,826,266
Number of common stock allowed to purchase			2,645,566
Net cash proceeds received from issuance or sale of equity			$ 31,700,000
BCIP Life Sciences Associates, L.P
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)			698,734
Number of common stock allowed to purchase			270,684
Net cash proceeds received from issuance or sale of equity			$ 3,200,000
Offering
Class Of Stock [Line Items]
Number of common stock allowed to purchase			0.25
Combined price of common stock and warrant			$ 3.00
Net cash proceeds received from issuance or sale of equity			$ 65,600,000
Payment of issuance costs			$ 4,500,000
2017 ATM Agreement
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)				2,908,875
Net cash proceeds received				$ 14,200,000
Remaining proceeds from common stock, under sales agreement				$ 104,000,000.0
2017 ATM Agreement \| Subsequent Event
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)		4,584,591
Net cash proceeds received		$ 15,900,000
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)			4,840
Preferred stock, par value			$ 0.001
Preferred stock, shares outstanding				4,840			5,000
Preferred stock deemed dividend				$ 3,300,000
Series B Convertible Preferred Stock \| Common Stock
Class Of Stock [Line Items]
Number of common stock allowed to purchase				1,000
Series B Convertible Preferred Stock \| Bain Capital Life Sciences Fund, L.P
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)			3,756
Series B Convertible Preferred Stock \| BCIP Life Sciences Associates, L.P
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)			384
Series B Convertible Preferred Stock \| Offering
Class Of Stock [Line Items]
Number of common stock allowed to purchase			250
Combined price of preferred stock and warrant			$ 3,000
Series C Convertible Preferred Stock \| Bain Life Sciences \| Common Stock
Class Of Stock [Line Items]
Number of common stock allowed to purchase						1,000
Conversion price per share						$ 4.50
Maximum \| Warrants
Class Of Stock [Line Items]
Percentage of common stock held not to exceed for warrant exercises				19.99%
Maximum \| Offering
Class Of Stock [Line Items]
Warrant issued			5,841,250
Maximum \| 2017 ATM Agreement
Class Of Stock [Line Items]
Common stock sales agreement aggregate sales proceeds	$ 150,000,000
Commission on gross sales proceeds of common stock	3.00%
Maximum \| Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Percentage of common stock held not to exceed for warrant exercises				19.99%
Minimum \| Warrants
Class Of Stock [Line Items]
Percentage of common stock to be held for exercise of warrants				4.99%
Minimum \| Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Percentage of common stock to be held for conversion				4.99%

Common Stock, Preferred Stock and Warrants - Summary of Common Stock Warrants Outstanding (Detail) - Warrants shares in Thousands	3 Months Ended
	Mar. 31, 2020 $ / shares shares
Class Of Stock [Line Items]
Warrants Issuance Date	Aug. 12, 2019
Shares Issuable	5,841
Expiration Date	Feb. 12, 2022
Exercise Price per Share \| $ / shares	$ 4.50
Outstanding as of March 31, 2020	5,841

Equity Plans and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions				3 Months Ended
	May 30, 2019	May 31, 2018	May 28, 2014	Mar. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding stock awards granted				9,260,000	8,006,000
Increase in aggregate number of shares of common stock authorized for issuance		600,000
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value				$ 7.7
Restricted stock unit awards outstanding				2,183,000	1,784,000
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding stock awards granted				139,000
Performance Based Vesting Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock unit awards outstanding				185,000
Maximum \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period				4 years
Expiration period				10 years
Minimum \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period				3 years
Expiration period				7 years
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Newly reserved shares of common stock		5,000,000
Shares remaining available for future purchases		140,250
Outstanding stock awards granted		7,477,619
2018 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares remaining available for future purchases		12,617,869
Amended 2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Newly reserved shares of common stock	2,300,000
Shares remaining available for future purchases	14,917,869
Time Based Vesting Schedule
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested equity awards				$ 30.8
Total unrecognized compensation cost, weighted-average vesting period				1 year 10 months 24 days
Performance Based Vesting Schedule
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested equity awards				$ 0.9
2014 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued to employees				91,653
Shares remaining available for future purchases				359,264
2014 Employee Stock Purchase Plan \| The commencement of the offer period (generally, the sixteenth day in February or August)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price per share as percentage of fair market value of common stock			85.00%
2014 Employee Stock Purchase Plan \| The exercise date, which is the last day of a purchase period (generally, the fifteenth day in February or August)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price per share as percentage of fair market value of common stock			85.00%

Equity Plans and Stock-Based Compensation - Option Activity under Stock-Based Compensation Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares
Shares Underlying Outstanding Options
Beginning balance \| shares	8,006
Options granted \| shares	1,335
Ending balance \| shares	9,260
Vested and expected to vest at March 31, 2020 \| shares	8,901
Exercisable at March 31, 2020 \| shares	4,826
Weighted-Average Exercise Price Per Share
Beginning balance \| $ / shares	$ 13.86
Options granted \| $ / shares	5.34
Ending balance \| $ / shares	12.64
Vested and expected to vest at March 31, 2020 \| $ / shares	12.91
Exercisable at March 31, 2020 \| $ / shares	$ 18.06
Weighted-Average Remaining Contractual Term (years)
Balance at March 31, 2020	4 years 6 months 10 days
Vested and expected to vest at March 31, 2020	4 years 5 months 12 days
Exercisable at March 31, 2020	2 years 11 months 8 days
Aggregate Intrinsic Value
Balance at March 31, 2020 \| $	$ 6
Vested and expected to vest at March 31, 2020 \| $	$ 5
Unvested
Shares Underlying Outstanding Options
Options cancelled \| shares	(41)
Weighted-Average Exercise Price Per Share
Options cancelled \| $ / shares	$ 6.77
Vested
Shares Underlying Outstanding Options
Options cancelled \| shares	(40)
Weighted-Average Exercise Price Per Share
Options cancelled \| $ / shares	$ 18.93

Equity Plans and Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2020 $ / shares shares
Number of Shares
Non-vested, Beginning Balance \| shares	1,784
Granted \| shares	1,156
Vested \| shares	(728)
Forfeited \| shares	(29)
Non-vested, Ending Balance \| shares	2,183
Weighted-Average Grant-Date Fair Value Per Share
Non-vested, Beginning Balance \| $ / shares	$ 9.16
Granted \| $ / shares	5.30
Vested \| $ / shares	10.56
Forfeited \| $ / shares	6.60
Non-vested, Ending Balance \| $ / shares	$ 6.68

Equity Plans and Stock-Based Compensation - Fair Value-Based Measurements and Weighted-Average Assumptions (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value per share	$ 3.58	$ 6.85
Risk-free interest rate	1.40%	2.50%
Expected life (in years)	4 years 6 months	4 years 6 months
Volatility	0.90%	0.90%
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value per share	$ 2.17	$ 5.19
Risk-free interest rate	1.50%	2.50%
Expected life (in years)	1 year 2 months 12 days	1 year 2 months 12 days
Volatility	0.60%	0.80%

Equity Plans and Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	$ 1,778	$ 6,170
Research and Development
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	(1,573)	2,180
Selling, General and Administrative
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	2,442	3,080
Cost of Sales - Product
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	136	572
Inventory
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	$ 773	$ 338