0001564590-21-024973 | 10-Q | XBRL Viewer | Dynavax Technologies Corp

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2021

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

	March 31, 2021		December 31, 2020
Raw materials	$	25,137	$	25,121
Work-in-process		20,525		30,293
Finished goods		23,184		8,275
Total	$	68,846	$	63,689

Revenue Recognition - Additional Information (Detail)	3 Months Ended
Revenue Recognition - Additional Information (Detail)	Mar. 31, 2021	Mar. 31, 2020
HEPLISAV-B
Valuation And Qualifying Accounts Disclosure [Line Items]
Concentration risk, percentage	75.00%	68.00%
HEPLISAV-B \| Revenue \| Credit Concentration Risk
Valuation And Qualifying Accounts Disclosure [Line Items]
Concentration risk, customer	three largest Customers
CpG 1018
Valuation And Qualifying Accounts Disclosure [Line Items]
Concentration risk, percentage	87.00%
CpG 1018 \| Revenue \| Credit Concentration Risk
Valuation And Qualifying Accounts Disclosure [Line Items]
Concentration risk, customer	one customer

Commitments and Contingencies - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Detail)	Mar. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Weighted average remaining lease term	9 years	9 years 1 month 6 days
Weighted average discount rate	10.10%	10.10%

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

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, 2021
Assets
Money market funds	$	71,374	$	-	$	-	$	71,374
U.S. treasuries		-		28,465		-		28,465
U.S. government agency securities		-		47,472		-		47,472
Corporate debt securities		-		77,682		-		77,682
Total assets	$	71,374	$	153,619	$	-	$	224,993
Liabilities
Warrant liability	$	-	$	-	$	31,737	$	31,737

	Level 1		Level 2		Level 3		Total
December 31, 2020
Assets
Money market funds	$	23,128	$	-	$	-	$	23,128
U.S. treasuries		-		32,579		-		32,579
U.S. government agency securities		-		40,321		-		40,321
Corporate debt securities		-		61,063		-		61,063
Total assets	$	23,128	$	133,963	$	-	$	157,091
Liabilities
Warrant liability	$	-	$	-	$	10,736	$	10,736

Summary of Assumptions to Estimate the Fair Value of Warrant Liability

As of March 31, 2021, we used the following key assumptions to estimate the fair value of warrant liability:

Number of shares		5,090,942
Expected term	0.9 year
Expected volatility		1.2
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, 2021 (in thousands):

Balance at December 31, 2020	$	10,736
Increase in fair value of warrants exercised		3,172
Warrants exercised		(4,551	)
Increase in the estimated fair value of warrant liability upon revaluation		22,380
Balance at March 31, 2021	$	31,737

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, 2021 USD ($) $ / shares shares
Shares Underlying Outstanding Options
Beginning balance \| shares	8,505
Options granted \| shares	1,996
Options exercised \| shares	(119)
Ending balance \| shares	10,047
Vested and expected to vest at March 31, 2021 \| shares	9,693
Exercisable at March 31, 2021 \| shares	5,967
Weighted-Average Exercise Price Per Share
Beginning balance \| $ / shares	$ 11.57
Options granted \| $ / shares	9.36
Options exercised \| $ / shares	4.16
Ending balance \| $ / shares	11.15
Vested and expected to vest at March 31, 2021 \| $ / shares	11.26
Exercisable at March 31, 2021 \| $ / shares	$ 13.44
Weighted-Average Remaining Contractual Term (years)
Balance at March 31, 2021	4 years 3 months 4 days
Vested and expected to vest at March 31, 2021	4 years 2 months 5 days
Exercisable at March 31, 2021	3 years 18 days
Aggregate Intrinsic Value
Balance at March 31, 2021 \| $	$ 17,816
Vested and expected to vest at March 31, 2021 \| $	17,184
Exercisable at March 31, 2021 \| $	$ 8,975
Unvested
Shares Underlying Outstanding Options
Options cancelled \| shares	(171)
Weighted-Average Exercise Price Per Share
Options cancelled \| $ / shares	$ 7.50
Vested
Shares Underlying Outstanding Options
Options cancelled \| shares	(164)
Weighted-Average Exercise Price Per Share
Options cancelled \| $ / shares	$ 19.67

Cash, Cash Equivalents, Restricted Cash and Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Realized gains on investments	$ 0	$ 0
Realized loss on investments	$ 0	$ 0

Common Stock, Preferred Stock and Warrants

3 Months Ended

Mar. 31, 2021

Preferred Stock Common Stock And Warrants [Abstract]

Common Stock, Preferred Stock and Warrants

10. Common Stock, Preferred Stock and Warrants

Common Stock

As of March 31, 2021, there were 114,563,212 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 Convertible 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, LP 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 Preferred Stock. As of March 31, 2021, Bain Life Sciences Funds have not exercised their rights to exchange common stock warrants with Series C Warrants.

In May 2020, we completed an underwritten public offering of 16,100,000 shares of our common stock, par value $0.001 per share, including 2,100,000 shares sold pursuant to the full exercise of an overallotment option previously granted to the underwriters. All of the shares were offered at a price to the public of $5.00 per share. The net proceeds to us from this offering were approximately $75.4 million, after deducting the underwriting discount and other estimated offering expenses payable by us. Bain Life Sciences Funds purchased 1,000,000 shares of common stock in the underwritten public offering. Bain Capital Life Sciences is the general partner of Bain Life Sciences Funds. The participation by Bain Life Sciences Funds was on the same terms as the other investors in the offering.

On August 6, 2020, we entered into an at-the-market Sales Agreement (the “2020 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 of up to $150 million through Cowen as our sales agent. We agreed to pay Cowen a commission of up to 3% of the gross sales proceeds of any common stock sold through Cowen under the 2020 ATM Agreement. For the three months ended March 31, 2021, we received net cash proceeds of $28.2 million resulting from sales of 2,878,567 shares of our common stock pursuant to the 2020 ATM Agreement. As of March 31, 2021, we had $120.5 million remaining under the 2020 ATM Agreement.

Preferred Stock

As of March 31, 2021, there were 4,140 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

In the first quarter of 2021, 750,308 of our common stock warrants were exercised. As of March 31, 2021, 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, 2021

(in thousands)

August 12, 2019

5,091

February 12, 2022

4.50

5,091

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, 2021, the estimated fair value of warrant liability was $31.7 million. For the three months ended March 31, 2021, we recognized the increase in the estimated fair value of warrant liability of $25.6 million as expense in other income (expense) in our condensed consolidated statements of operations.

Cash, Cash Equivalents, Restricted Cash and Marketable Securities - Summary of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	$ 232,652	$ 165,005
Unrealized Gains	42	48
Unrealized Losses	(20)	(17)
Estimated Fair Value	232,674	165,036
Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	79,055	32,073
Estimated Fair Value	79,055	32,073
Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	153,597	132,932
Unrealized Gains	42	48
Unrealized Losses	(20)	(17)
Estimated Fair Value	153,619	132,963
Cash \| Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	7,681	7,945
Estimated Fair Value	7,681	7,945
Money Market Funds \| Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	71,374	23,128
Estimated Fair Value	71,374	23,128
U.S. Treasuries \| Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	28,448	32,548
Unrealized Gains	17	31
Estimated Fair Value	28,465	32,579
U.S. Government Agency Securities \| Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	47,462	40,313
Unrealized Gains	17	14
Unrealized Losses	(7)	(6)
Estimated Fair Value	47,472	40,321
Corporate Debt Securities \| Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost		1,000
Estimated Fair Value		1,000
Corporate Debt Securities \| Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	77,687	60,071
Unrealized Gains	8	3
Unrealized Losses	(13)	(11)
Estimated Fair Value	$ 77,682	$ 60,063

Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

7. 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, 2021, 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, 2021, a portion of our interest was paid in kind, which increased the principal amount of the Term Loans to $180.9 million, excluding debt discount of $1.0 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 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.

In November 2020, we entered into a third amendment to the Loan Agreement (the “Third Amendment”). The Third Amendment modified the annual net sales threshold requirement to include sales of CpG 1018 and it removed the annual net sales threshold requirement for the twelve-month period beginning July 1, 2020 and ending on June 30, 2021.

In January 2021, we entered into a fourth amendment to the Loan Agreement (the “Fourth Amendment”). The Fourth Amendment amended the Loan Agreement to, among other things, allow us to enter into the Agreement with CEPI and to perform our obligations thereunder.

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 for sales of HEPLISAV-B and CpG 1018.

We recorded $4.7 million of interest expense related to the Term Loans during each of the three months ended March 31, 2021 and 2020.

Organization and Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 USD ($) Segment	Mar. 31, 2020 USD ($)
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of operating segment \| Segment	1
Cash, cash equivalents and marketable securities	$ 232,700,000
Principal amount including interest paid in kind	$ 180,900,000
Debt maturity date	Dec. 31, 2023
Net income (loss)	$ 891,000	$ (12,595,000)
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

Revenue Recognition - Summary of Product Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Valuation And Qualifying Accounts Disclosure [Line Items]
Total revenues	$ 83,335	$ 10,919
HEPLISAV-B
Valuation And Qualifying Accounts Disclosure [Line Items]
Total revenues	8,303	10,514
CpG 1018
Valuation And Qualifying Accounts Disclosure [Line Items]
Total revenues	74,582
Product
Valuation And Qualifying Accounts Disclosure [Line Items]
Total revenues	$ 82,885	$ 10,514

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Inventories, Net

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories, net

4. Inventories, net

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

	March 31, 2021		December 31, 2020
Raw materials	$	25,137	$	25,121
Work-in-process		20,525		30,293
Finished goods		23,184		8,275
Total	$	68,846	$	63,689

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Total assets	$ 224,993		$ 157,091
Money Market Funds
Assets
Total assets	71,374		23,128
U.S. Treasuries
Assets
Total assets	28,465		32,579
U.S. Government Agency Securities
Assets
Total assets	47,472		40,321
Corporate Debt Securities
Assets
Total assets	77,682		61,063
Warrant Liability
Liabilities
Total liabilities	31,737	$ 10,736
Fair Value, Inputs, Level 1
Assets
Total assets	71,374		23,128
Fair Value, Inputs, Level 1 \| Money Market Funds
Assets
Total assets	71,374		23,128
Fair Value, Inputs, Level 2
Assets
Total assets	153,619		133,963
Fair Value, Inputs, Level 2 \| U.S. Treasuries
Assets
Total assets	28,465		32,579
Fair Value, Inputs, Level 2 \| U.S. Government Agency Securities
Assets
Total assets	47,472		40,321
Fair Value, Inputs, Level 2 \| Corporate Debt Securities
Assets
Total assets	77,682		$ 61,063
Fair Value, Inputs, Level 3 \| Warrant Liability
Liabilities
Total liabilities	$ 31,737	$ 10,736

Cash, Cash Equivalents, Restricted Cash and Marketable Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 79,055	$ 32,073	$ 37,899	$ 39,884
Restricted cash	226	237	212	216
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 79,281	$ 32,310	$ 38,111	$ 40,100

Common Stock, Preferred Stock and Warrants (Tables)

3 Months Ended

Mar. 31, 2021

Preferred Stock Common Stock And Warrants [Abstract]

Summary of Common Stock Warrants Outstanding

In the first quarter of 2021, 750,308 of our common stock warrants were exercised. As of March 31, 2021, 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, 2021

(in thousands)

August 12, 2019

5,091

February 12, 2022

4.50

5,091

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

3 Months Ended

Mar. 31, 2021

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, 2021		December 31, 2020		March 31, 2020		December 31, 2019
Cash and cash equivalents	$	79,055	$	32,073	$	37,899	$	39,884
Restricted cash		226		237		212		216
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	79,281	$	32,310	$	38,111	$	40,100

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 5.

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

	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
March 31, 2021
Cash and cash equivalents:
Cash	$	7,681	$	-	$	-		$	7,681
Money market funds		71,374		-		-			71,374
Total cash and cash equivalents		79,055		-		-			79,055
Marketable securities available-for-sale:
U.S. treasuries		28,448		17		-			28,465
U.S. government agency securities		47,462		17		(7	)		47,472
Corporate debt securities		77,687		8		(13	)		77,682
Total marketable securities available-for-sale		153,597		42		(20	)		153,619
Total cash, cash equivalents and marketable securities	$	232,652	$	42	$	(20	)	$	232,674
December 31, 2020
Cash and cash equivalents:
Cash	$	7,945	$	-	$	-		$	7,945
Money market funds		23,128		-		-			23,128
Corporate debt securities		1,000		-		-			1,000
Total cash and cash equivalents		32,073		-		-			32,073
Marketable securities available-for-sale:
U.S. treasuries		32,548		31		-			32,579
U.S. government agency securities		40,313		14		(6	)		40,321
Corporate debt securities		60,071		3		(11	)		60,063
Total marketable securities available-for-sale		132,932		48		(17	)		132,963
Total cash, cash equivalents and marketable securities	$	165,005	$	48	$	(17	)	$	165,036

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

	March 31, 2021
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	137,849	$	137,877
Mature after one year through two years		15,748		15,742
	$	153,597	$	153,619

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 unrealized 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.

There were no realized gains or losses from the sale of marketable securities during the three months ended March 31, 2021 and 2020. All investments with unrealized losses at March 31, 2021 have been in a loss position for less than twelve months. We do not intend to sell the investments that are in an unrealized loss position before recovery of their amortized cost basis. To date, there have been no declines in fair value that have been identified as other than temporary.

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

3 Months Ended

Mar. 31, 2021

Cash Cash Equivalents And Short Term Investments [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

	March 31, 2021		December 31, 2020		March 31, 2020		December 31, 2019
Cash and cash equivalents	$	79,055	$	32,073	$	37,899	$	39,884
Restricted cash		226		237		212		216
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	79,281	$	32,310	$	38,111	$	40,100

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, 2021
Cash and cash equivalents:
Cash	$	7,681	$	-	$	-		$	7,681
Money market funds		71,374		-		-			71,374
Total cash and cash equivalents		79,055		-		-			79,055
Marketable securities available-for-sale:
U.S. treasuries		28,448		17		-			28,465
U.S. government agency securities		47,462		17		(7	)		47,472
Corporate debt securities		77,687		8		(13	)		77,682
Total marketable securities available-for-sale		153,597		42		(20	)		153,619
Total cash, cash equivalents and marketable securities	$	232,652	$	42	$	(20	)	$	232,674
December 31, 2020
Cash and cash equivalents:
Cash	$	7,945	$	-	$	-		$	7,945
Money market funds		23,128		-		-			23,128
Corporate debt securities		1,000		-		-			1,000
Total cash and cash equivalents		32,073		-		-			32,073
Marketable securities available-for-sale:
U.S. treasuries		32,548		31		-			32,579
U.S. government agency securities		40,313		14		(6	)		40,321
Corporate debt securities		60,071		3		(11	)		60,063
Total marketable securities available-for-sale		132,932		48		(17	)		132,963
Total cash, cash equivalents and marketable securities	$	165,005	$	48	$	(17	)	$	165,036

Maturities of Marketable Securities Available-for-Sale

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

	March 31, 2021
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	137,849	$	137,877
Mature after one year through two years		15,748		15,742
	$	153,597	$	153,619

Equity Plans and Stock-Based Compensation - Fair Value-Based Measurements and Weighted-Average Assumptions (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value per share	$ 6.72	$ 3.58
Expected life (in years)	4 years 6 months	4 years 6 months
Volatility	1.00%	0.90%
Minimum \| Share-based Payment Arrangement, Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	0.50%	1.40%
Market Based Performance Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value per share	$ 8.40
Expected life (in years)	2 years 10 months 25 days
Volatility	0.90%
Market Based Performance Stock Unit \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	0.03%
Market Based Performance Stock Unit \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	1.92%

Inventories, Net - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 25,137	$ 25,121
Work-in-process	20,525	30,293
Finished goods	23,184	8,275
Total	$ 68,846	$ 63,689

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 79,055	$ 32,073
Marketable securities available-for-sale	153,619	132,963
Accounts and other receivables, net	83,994	22,661
Inventories, net	68,846	63,689
Prepaid manufacturing	32,642	29,423
Prepaid expenses and other current assets	9,377	9,206
Total current assets	427,533	290,015
Property and equipment, net	30,696	30,567
Operating lease right-of-use assets	25,799	26,583
Goodwill	2,197	2,297
Restricted cash	226	237
Other assets	3,668	3,573
Total assets	490,119	353,272
Current liabilities:
Accounts payable	3,154	3,312
Accrued research and development	2,890	2,805
Accrued liabilities	16,083	19,099
Warrant liability	31,737	10,736
Deferred revenue	52,202	38,212
Other current liabilities	3,356	3,247
Total current liabilities	109,422	77,411
Long-term debt, net of debt discount of $1,016 and $1,094 at March 31, 2021 and December 31, 2020, respectively	179,889	179,811
Long-term deferred revenue	64,350
Long-term portion of lease liabilities	33,795	34,789
Other long-term liabilities	2,901	2,568
Total liabilities	390,357	294,579
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock value
Common stock: $0.001 par value; 278,000 shares authorized at March 31, 2021 and December 31, 2020; 114,563 shares and 110,190 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	114	110
Additional paid-in capital	1,393,947	1,352,374
Accumulated other comprehensive (loss) gain	(1,126)	273
Accumulated deficit	(1,293,173)	(1,294,064)
Total stockholders’ equity	99,762	58,693
Total liabilities and stockholders’ equity	490,119	353,272
Series B Convertible Preferred Stock
Stockholders’ equity:
Preferred stock value

Commitments and Contingencies - Additional Information (Detail) € in Millions			1 Months Ended			3 Months Ended		9 Months Ended
	Sep. 17, 2018 USD ($) ft²	Feb. 20, 2018 USD ($)	Aug. 31, 2020 USD ($)	Jul. 31, 2019 USD ($) ft²	Nov. 30, 2009 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Mar. 29, 2019 USD ($)	Dec. 31, 2004 EUR (€)
Loss Contingencies [Line Items]
Tenant improvement allowance							$ (908,000)
Sublease income						$ 2,022,000	1,926,000
Cash paid for amounts included in the measurement of operating lease liabilities						1,700,000	1,700,000
Principal amount including interest paid in kind						$ 180,900,000
Debt maturity date						Dec. 31, 2023
Non-cancelable purchase and other commitments						$ 90,900,000
Letter of credit pledged as security \| €												€ 0.2
Collateralized certificate of deposit \| €									€ 0.2
Liability under agreement						390,357,000				$ 294,579,000
Symphony Dynamo Holdings LLC
Loss Contingencies [Line Items]
License arrangement contingent consideration percentage					50.00%
License arrangement upfront payment					$ 50,000,000
Payment to holdings			$ 2,500,000
Symphony Dynamo Holdings LLC \| Asset Purchase Agreement
Loss Contingencies [Line Items]
Liability under agreement						$ 0
Contingent precommencialization milestone payments percentage						50.00%			50.00%
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
total contractual obligations						$ 188,100,000
principal amount						175,000,000.0
Principal amount including interest paid in kind						5,900,000		$ 180,900,000
backend facility fee						$ 7,200,000
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	$ 8,100,000
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 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
Horton Street Sublease \| Emeryville, California (Premises) \| Other Income (Expense)
Loss Contingencies [Line Items]
Sublease income						$ 2,000,000.0	$ 1,900,000

Summary of Changes in Fair Value Warrant liability (Detail) - Fair Value, Inputs, Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance	$ 10,736
Increase in fair value of warrants exercised	3,172
Warrants exercised	(4,551)
Increase in the estimated fair value of warrant liability upon revaluation	22,380
Balance	$ 31,737

Common Stock, Preferred Stock and Warrants - Summary of Common Stock Warrants Outstanding (Detail) - Warrants shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Class Of Stock [Line Items]
Warrants Issuance Date	Aug. 12, 2019
Shares Issuable \| shares	5,091
Expiration Date	Feb. 12, 2022
Exercise Price per Share \| $ / shares	$ 4.50

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, 2021 $ / shares shares
Number of Shares
Non-vested, Beginning Balance \| shares	1,794
Granted \| shares	1,796
Vested \| shares	(533)
Forfeited \| shares	(120)
Non-vested, Ending Balance \| shares	2,937
Weighted-Average Grant-Date Fair Value Per Share
Non-vested, Beginning Balance \| $ / shares	$ 7.23
Granted \| $ / shares	9.43
Vested \| $ / shares	8.88
Forfeited \| $ / shares	8.50
Non-vested, Ending Balance \| $ / shares	$ 8.22

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2020 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, 2020, 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 subsidiaries, Dynavax GmbH located in Düsseldorf, Germany and Dynavax India LLP in India. 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, 2021, we had cash, cash equivalents and marketable securities of $232.7 million. As of March 31, 2021, 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. Prior to January 1, 2021, we incurred net losses in each year since our inception. For the three months ended March 31, 2021, we recorded net income of $0.9 million. We incurred net loss of $12.6 million for three months ended March 31, 2020. We cannot be certain that sales of our products, and the revenue from our other activities are sustainable. Further, we expect to continue to incur substantial expenses as we continue to invest in commercialization of HEPLISAV-B, development of our CpG 1018 adjuvant and clinical trials and other development. 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, 2021, and anticipated revenues from HEPLISAV-B and CpG 1018 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 – HEPLISAV-B We sell HEPLISAV-B 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 significant 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, 2021 and 2020. 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. Product Revenue, Net – CpG 1018 We also sell our CpG 1018 adjuvant to our collaboration partners for use in their development and/or commercialization of COVID-19 vaccine. We have determined that our collaboration partners meet the definition of customers under ASC 606. Therefore, we accounted for our CpG 1018 sales under ASC 606. Revenues from product sales are recognized when we have satisfied our performance obligation, which is the transfer of control of our product to the customer. 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. 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.
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, 2021 and 2020, there were no inventory reserves recognized. We consider regulatory approval of product candidates to be uncertain and product manufactured prior to the required 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 United States Food and Drug Administration (“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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Update 2019-12 In December 2019, the FASB issued Accounting Standards Update (“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 adopted this ASU on January 1, 2021 and the adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Standards Update 2020-06 We adopted ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity on January 1, 2021 using the modified retrospective method. This ASU simplifies the accounting for convertible instruments and requires entities to use the if-converted method for all convertible instruments in calculating diluted earnings-per-share. Entities also need to recombine instruments that were previously separated into two units of account if separation is no longer required. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements as there were no outstanding financial instruments that require recombination at January 1, 2021. Accounting Standards Update 2016-13 In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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. For public business entities, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2019. Furthermore, the one-time determination of whether an entity is eligible to be a smaller reporting company shall be based on an entity’s most recent determination as of November 15, 2019, in accordance with SEC regulations. Because we were a smaller reporting company based on the most recent determination as of November 15, 2019, this ASU and its subsequent updates, will be effective for fiscal years beginning after December 15, 2022. We are currently evaluating the impact this standard will have on our consolidated financial statements.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
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+ Details

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 891	$ (12,595)
Other comprehensive income (loss), net of tax:
Change in unrealized gain on marketable securities available- for-sale	(9)	291
Foreign currency translation adjustments	(1,390)	(479)
Total other comprehensive loss	(1,399)	(188)
Total comprehensive loss	$ (508)	$ (12,783)

- Definition

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

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Commitments and Contingencies - Summary of Maturities of Sublease Income and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Sublease Income
2021 (remaining)	$ 3,915
2022	5,357
2023	5,518
2024	5,684
2025	5,854
Thereafter	33,742
Total	60,070
Operating Lease Liabilities
2021 (remaining)	5,215
2022	6,240
2023	5,377
2024	5,521
2025	5,670
Thereafter	30,704
Total	58,727
Present value adjustment	(21,576)
Total	$ 37,151	$ 38,036

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long-term debt, net of debt discount	$ 1,016	$ 1,094
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	278,000,000	278,000,000
Common stock, shares issued	114,563,000	110,190,000
Common stock, shares outstanding	114,563,212	110,190,000
Series B Convertible Preferred Stock
Preferred stock, shares issued	4,000	4,000
Preferred stock, shares outstanding	4,140	4,000

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		114,588,212
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

Outstanding Stock Options and Stock Awards Excluded from Calculation of Net Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Outstanding securities not included in diluted net income (loss) per share calculation (in thousands):
Outstanding securities not included in diluted net loss per share calculation	17,146,000	16,283,000
Warrants
Outstanding securities not included in diluted net income (loss) per share calculation (in thousands):
Outstanding securities not included in diluted net loss per share calculation	5,091,000
Stock Options and Stock Awards
Outstanding securities not included in diluted net income (loss) per share calculation (in thousands):
Outstanding securities not included in diluted net loss per share calculation	7,915,000	11,443,000
Series B Convertible Preferred Stock
Outstanding securities not included in diluted net income (loss) per share calculation (in thousands):
Outstanding securities not included in diluted net loss per share calculation	4,140,000	4,840,000

Collaborative Research, Development and License Agreements

3 Months Ended

Mar. 31, 2021

Research And Development [Abstract]

Collaboration, Development and Supply Agreements

6. Collaboration, Development and Supply Agreements

Coalition for Epidemic Preparedness Innovations

In January 2021, we entered into an agreement (the “Agreement”) with Coalition for Epidemic Preparedness Innovations (“CEPI”) for the manufacture and reservation of a specified quantity of CpG 1018 (“CpG 1018 Materials”). The Agreement enables CEPI to direct the supply of CpG 1018 Materials to CEPI partner(s). CEPI partner(s) would purchase CpG 1018 Materials under separately negotiated agreements. The Agreement also allows us to sell CpG 1018 Materials to third-parties if not purchased by a CEPI partner within a two-year term.

In exchange for reserving CpG 1018 Materials and agreeing to sell CpG 1018 Materials to CEPI partner(s) at pre-negotiated prices, CEPI has agreed to provide advance payments in the form of an interest-free, unsecured, forgivable loan of up to $99.0 million (the “Advance Payments”). We are obligated to repay the Advance Payments, in proportion to quantity sold, if and to the extent we receive payments from sales of CpG 1018 Materials reserved under the Agreement. If the vaccine programs pursued by CEPI partner(s) are unsuccessful and no alternative use is found for CpG 1018 Materials reserved under the Agreement, the applicable Advance Payments will be forgiven at the end of the two-year term.

We have determined that the accounting of the Advance Payments is under the scope of ASC 606. The Advance Payments are to cover the costs of manufacture and to reserve CpG 1018 Materials, which is an output of our ordinary activities. As such, the Advance Payments are classified as deferred revenue in our condensed consolidated balance sheets.

In February 2021, we received the first Advance Payment of $45.8 million from CEPI which we recorded as long-term deferred revenue. In March 2021, CEPI executed their option to reserve additional quantity of CpG 1018 Materials. Upon the exercise, we recorded $18.6 million of accounts receivable and long-term deferred revenue. As of March 31, 2021, long-term deferred revenue balance related to CEPI’s Advance Payments was $64.4 million. No revenue was recognized for the three months ended March 31, 2021.

Valneva SE

In April 2020, we entered into a Collaboration Agreement with Valneva Scotland Limited (“Valneva”) to provide CpG 1018 adjuvant for use in the development of Valneva’s COVID-19 vaccine candidate. The Collaboration Agreement was amended in July 2020, to provide additional quantities of CpG 1018 adjuvant. In September 2020, we entered into a Supply Agreement (“Supply Agreement”) with Valneva to manufacture and supply specified quantities of CpG 1018 adjuvant for use in the commercialization of Valneva's COVID-19 vaccine candidate.

We concluded that the Collaboration Agreement and the Supply Agreement were entered into at or near the same time, with the same customer and were negotiated as a package with a single commercial objective, that is the provision of CpG 1018 adjuvant to Valneva. Therefore, the Collaboration Agreement and the Supply Agreement should be combined and accounted for as a single arrangement.

Pursuant to the Supply Agreement, we receive advanced payments to purchase specified quantities of CpG 1018 adjuvant which are recorded as deferred revenue until we deliver the product to Valneva. In the first quarter of 2021, we recognized CpG 1018 product revenue, net of $64.9 million, of which $14.2 million was reported as deferred revenue as of December 31, 2020. As of March 31, 2021, deferred revenue related to the Supply Agreement was $51.0 million.

Fair Value Measurements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 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

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

9. Net Income (Loss) Per Share

We compute net income (loss) per share of common stock using the two-class method required for participating securities. We consider Series B Preferred Stocks and warrants to be participating securities because holders of such shares have dividend rights in the event of our declaration of a dividend for common shares. Undistributed earnings allocated to participating securities are subtracted from net income (loss) in determining net income attributable to common stockholders.

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of our common stock outstanding.

For the calculation of diluted net income (loss) per share, net income (loss) attributable to common stockholders for basic net income (loss) per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans and change in fair value of warrant liability. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the resulting net income (loss) attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding.

The numerators and denominators of the basic and diluted net income (loss) per share computations for our common stock are calculated as follows (in thousands, except per share amounts):

	Three Months Ended
	March 31,
	2021			2020
Numerator
Net income (loss)	$	891		$	(12,595	)
Less: undistributed earnings allocated to participating securities		(70	)		-
Net income (loss) attributable to common stockholders, basic	$	821		$	(12,595	)
Less: Removal of change in fair value of warrant liability		-			(8,610	)
Net income (loss) attributable to common stockholders, diluted	$	821		$	(21,205	)
Denominator
Weighted average common stock outstanding, basic		112,035			85,477
Effect of dilutive shares:
Stock-based compensation plans		1,434			-
Effect of dilutive warrants		-			171
Weighted average common stock outstanding, diluted		113,469			85,648

The following were excluded from the calculation of diluted net income (loss) per share as the effect of their inclusion would have been anti-dilutive.

	March 31,
	2021		2020
Outstanding securities not included in diluted net income (loss) per share calculation (in thousands):
Stock options and stock awards		7,915		11,443
Series B Convertible Preferred Stock (as converted to common stock)		4,140		4,840
Warrants (as exercisable into common stock)		5,091		-
Total		17,146		16,283

Common Stock, Preferred Stock and Warrants - Additional Information (Detail) - USD ($)			1 Months Ended		3 Months Ended
	Aug. 06, 2020	Nov. 03, 2017	May 31, 2020	Aug. 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 11, 2020	Aug. 12, 2019
Class Of Stock [Line Items]
Common stock, shares outstanding					114,563,212		110,190,000
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					$ 28,156,000	$ 14,229,000
Change in fair value of warrant liability					$ 25,552,000	$ (8,610,000)
Common Stock
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)					2,879,000	2,909,000
Number of common stock allowed to purchase								1,000
Conversion price per share								$ 4.50
Warrants
Class Of Stock [Line Items]
Fair value of derivative liability					$ 31,700,000				$ 7,400,000
Warrants \| Other Income, Net
Class Of Stock [Line Items]
Change in fair value of warrant liability					$ 25,600,000
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]
Issuance of common stock and preferred stock (in shares)			2,100,000
Common stock, par value			$ 0.001
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			$ 75,400,000	$ 65,600,000
Payment of issuance costs				$ 4,500,000
Price of common stock			$ 5.00
Offering \| Bain Capital Life Sciences Fund, L.P
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)			1,000,000
2017 ATM Agreement
Class Of Stock [Line Items]
Issuance of common stock and preferred stock (in shares)					2,878,567
Net cash proceeds received					$ 28,200,000
Remaining proceeds from common stock, under sales agreement					$ 120,500,000
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					4,140		4,000
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
Maximum
Class Of Stock [Line Items]
Common stock sales agreement aggregate sales proceeds	$ 150,000,000
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]
Issuance of common stock and preferred stock (in shares)			16,100,000
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%

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income (Loss) Per Share

The numerators and denominators of the basic and diluted net income (loss) per share computations for our common stock are calculated as follows (in thousands, except per share amounts):

	Three Months Ended
	March 31,
	2021			2020
Numerator
Net income (loss)	$	891		$	(12,595	)
Less: undistributed earnings allocated to participating securities		(70	)		-
Net income (loss) attributable to common stockholders, basic	$	821		$	(12,595	)
Less: Removal of change in fair value of warrant liability		-			(8,610	)
Net income (loss) attributable to common stockholders, diluted	$	821		$	(21,205	)
Denominator
Weighted average common stock outstanding, basic		112,035			85,477
Effect of dilutive shares:
Stock-based compensation plans		1,434			-
Effect of dilutive warrants		-			171
Weighted average common stock outstanding, diluted		113,469			85,648

Outstanding Stock Options and Stock Awards Excluded from Calculation of Net Loss Per Share

The following were excluded from the calculation of diluted net income (loss) per share as the effect of their inclusion would have been anti-dilutive.

	March 31,
	2021		2020
Outstanding securities not included in diluted net income (loss) per share calculation (in thousands):
Stock options and stock awards		7,915		11,443
Series B Convertible Preferred Stock (as converted to common stock)		4,140		4,840
Warrants (as exercisable into common stock)		5,091		-
Total		17,146		16,283

Subsequent Event

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Event

12. Subsequent Events

CEPI Amendment

On May 3, 2021, we entered into the first Amendment (the “Amendment”) to the Agreement with CEPI. The Amendment provides for the manufacture and reservation of an additional specified quantity of CpG 1018 adjuvant (the “Extra Reserved Material”) and helps to accelerate the Company’s efforts to further increase its available inventory of CpG 1018 adjuvant. In exchange for the Company’s reserving additional CpG 1018 adjuvant pursuant to the Amendment, in addition to the $99.0 million previously provided under the Agreement, CEPI has agreed to provide advance payments in the form of an interest-free, unsecured, forgivable loan in an amount equivalent to the anticipated manufacturing costs of all material reserved by CEPI, which, for the Extra Reserved Material covered by the Amendment, is up to an additional $77.4 million, for a total of CEPI’s funding under the Agreement of up to $176.4 million. We intend to establish an additional qualified source of supply for CpG 1018 adjuvant, including a portion of the Extra Reserved Material, which is expected to be available for release during the fourth quarter of 2021.

Amendment to CRG Loan Agreement

On May 3, 2021, we entered into a fifth amendment to the Loan Agreement with CRG (the “Fifth Amendment”). The Fifth Amendment amended the Loan Agreement to, among other things, allow us to enter into the Amendment with CEPI and to perform our obligations thereunder.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Product Revenue

Our product revenue, net consisted of the following:

	Three Months Ended
	March 31,
	2021		2020
HEPLISAV-B	$	8,303	$	10,514
CpG 1018		74,582		-
Total	$	82,885	$	10,514

HEPLISAV-B

Summary of Product Revenue Allowance and Reserve Categories

The following table summarizes balances and activity in HEPLISAV-B product revenue allowance and reserve categories for the three months ended March 31, 2021 (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, 2021:
Accounts receivable reserves(1)	$	2,836	$	1,962	$	(2,469	)	$	2,329
Revenue reserve accruals(2)	$	6,040	$	1,641	$	(1,533	)	$	6,148

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

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

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 83,335	$ 10,919
Operating expenses:
Cost of sales - amortization of intangible assets		2,298
Research and development	7,758	4,653
Selling, general and administrative	22,423	20,926
Total operating expenses	54,806	30,231
Income (loss) from operations	28,529	(19,312)
Other income (expense):
Interest income	47	590
Interest expense	(4,712)	(4,731)
Sublease income	2,022	1,926
Change in fair value of warrant liability (Note 10)	(25,552)	8,610
Other	557	322
Net income (loss)	$ 891	$ (12,595)
Net income (loss) per share attributable to common stockholders
Basic	$ 0.01	$ (0.15)
Diluted	$ 0.01	$ (0.25)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:
Basic	112,035	85,477
Diluted	113,469	85,648
Product
Revenues:
Total revenues	$ 82,885	$ 10,514
Operating expenses:
Cost of sales - product	24,625	2,354
Cost of sales - amortization of intangible assets		2,298
Other Revenue
Revenues:
Total revenues	$ 450	$ 405

Equity Plans and Stock-Based Compensation -Summary Of Performance Based Restricted Stock Unit (Detail) - Performance Based Restricted Stock Units shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Weighted-Average Grant-Date Fair Value Per Share
Granted \| $ / shares	$ 8.40
Forfeited \| $ / shares	8.40
Non-vested, Ending Balance \| $ / shares	$ 8.40
Number of Shares
Granted \| shares	297
Forfeited \| shares	(30)
Non-vested, Ending Balance \| shares	267

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income (loss)	$ 891	$ (12,595)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,106	1,014
Amortization of right-of-use assets	653	634
Gain on disposal of property and equipment and from lease termination		(76)
Amortization of premium (accretion of discounts) on marketable securities	221	(87)
Change in fair value of warrant liability	25,552	(8,610)
Stock compensation expense	4,723	1,778
Cost of sales - amortization of intangible assets		2,298
Non-cash interest expense	414	1,338
Tenant improvements provided by the landlord		908
Changes in operating assets and liabilities:
Accounts and other receivables, net	(61,333)	751
Inventories, net	(5,157)	(6,767)
Prepaid manufacturing	3,219
Prepaid expenses and other current assets	(171)	(1,000)
Other assets	(95)	43
Accounts payable	(295)	(2,095)
Lease liabilities	(751)	(672)
Deferred revenue	78,340
Accrued liabilities and other liabilities	(2,847)	(3,728)
Net cash provided by (used in) operating activities	38,032	(26,866)
Investing activities
Acquisition of technology licenses		(7,000)
Purchases of marketable securities	(72,016)	(17,985)
Proceeds from maturities and redemptions of marketable securities	51,130	37,900
Purchases of property and equipment, net	(1,747)	(2,352)
Net cash (used in) provided by investing activities	(22,633)	10,563
Financing activities
Proceeds from issuance of common stock, net	28,156	14,229
Proceeds from exercise of warrants	3,377
Proceeds (tax withholding) from exercise of stock options and restricted stock awards, net	387	(1)
Proceeds from Employee Stock Purchase Plan	383	311
Net cash provided by financing activities	32,303	14,539
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(731)	(225)
Net increase (decrease) in cash, cash equivalents and restricted cash	46,971	(1,989)
Cash, cash equivalents and restricted cash at beginning of period	32,310	40,100
Cash, cash equivalents and restricted cash at end of period	79,281	38,111
Supplemental disclosure of cash flow information
Cash paid during the period for interest	4,296	3,412
Non-cash investing and financing activities:
Purchases of property and equipment, not yet paid	$ 411	$ 408

Revenue Recognition - Summary of Product Revenue Allowance and Reserve Categories (Detail) - HEPLISAV-B $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Valuation And Qualifying Accounts Disclosure [Line Items]
Provisions related to current period sales	$ 1,641
Credit or payments made during the period	(1,533)
Balance at Beginning of Period	6,040
Balance at End of Period	6,148
Accounts Receivable Reserves
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	2,836
Provisions related to current period sales	1,962
Credit or payments made during the period	(2,469)
Balance at End of Period	$ 2,329

Commitments and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Current portion of lease liabilities (included in other current liabilities)	$ 3,356	$ 3,247
Long-term portion of lease liabilities	33,795	34,789
Total operating lease liabilities	$ 37,151	$ 38,036

Equity Plans and Stock-Based Compensation - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Jan. 31, 2021
Minimum \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period	3 years
Expiration period	7 years
Maximum \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period	4 years
Expiration period	10 years
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Newly reserved shares of common stock		1,500,000
2014 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued to employees	22,517,869

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. 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 have received tenant improvement allowance totaling $8.1 million through March 31, 2021. 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, 2021 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. Sublease income for the three months ended March 31, 2021 and 2020 were $2.0 million and $1.9 million, respectively. Sublease income is 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,
	2021		2020
Operating lease expense	$	1,560	$	1,592

Cash paid for amounts included in the measurement of lease liabilities for each of the three months ended March 31, 2021 and 2020 was $1.7 million and was included in change in lease liabilities in our condensed consolidated statement of cash flows.

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

	March 31, 2021		December 31, 2020
Operating lease liabilities:
Current portion of lease liabilities (included in other current liabilities)	$	3,356	$	3,247
Long-term portion of lease liabilities		33,795		34,789
Total operating lease liabilities	$	37,151	$	38,036

At March 31, 2021, the maturities of our sublease income and operating lease liabilities were as follows (in thousands):

Years ending December 31,	Sublease Income		Operating Lease Liabilities
2021 (remaining)	$	3,915	$	5,215
2022		5,357		6,240
2023		5,518		5,377
2024		5,684		5,521
2025		5,854		5,670
Thereafter		33,742		30,704
Total	$	60,070		58,727
Less:
Present value adjustment				(21,576	)
Total			$	37,151

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

	March 31, 2021			December 31, 2020
Weighted average remaining lease term	9.0 years			9.1 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, 2021, a portion of our interest was paid in kind, which increased the principal amount of the Term Loans. Included in our total contractual obligations of $188.1 million is the principal amount of $175.0 million, paid-in-kind interest of $5.9 million and the backend facility fee of $7.2 million. The Term Loans have a maturity date of December 31, 2023, unless earlier prepaid. See Note 7.

As of March 31, 2021, our material non-cancelable purchase and other commitments, for the supply of HEPLISAV-B, CpG 1018 and for clinical research, totaled $90.9 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, 2021 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, 2021.

In conjunction with our agreement 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. In July 2020, we sold assets related to our SD-101 compound to TriSalus. We paid $2.5 million to Holdings in August 2020. We are obligated to pay Holdings 50% of the contingent pre-commercialization milestone payments that we may receive under the Asset Purchase Agreement. No liability has been recorded under this agreement as of March 31, 2021.

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.

Organization and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

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 focused on developing and commercializing novel vaccines. Our first marketed product, HEPLISAV-B® (Hepatitis B Vaccine (Recombinant), Adjuvanted) is approved in the United States and European Union for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older. We also manufacture and sell CpG 1018, the adjuvant used in HEPLISAV-B. We are working to develop CpG 1018 as a premier vaccine adjuvant through research collaborations and partnerships. Current collaborations are focused on adjuvanted vaccines for COVID-19, pertussis and universal influenza.

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, 2020 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, 2020, 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 subsidiaries, Dynavax GmbH located in Düsseldorf, Germany and Dynavax India LLP in India. 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, 2021, we had cash, cash equivalents and marketable securities of $232.7 million. As of March 31, 2021, 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.

Prior to January 1, 2021, we incurred net losses in each year since our inception. For the three months ended March 31, 2021, we recorded net income of $0.9 million. We incurred net loss of $12.6 million for three months ended March 31, 2020. We cannot be certain that sales of our products, and the revenue from our other activities are sustainable. Further, we expect to continue to incur substantial expenses as we continue to invest in commercialization of HEPLISAV-B, development of our CpG 1018 adjuvant and clinical trials and other development. 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, 2021, and anticipated revenues from HEPLISAV-B and CpG 1018 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 – HEPLISAV-B

We sell HEPLISAV-B 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 significant 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, 2021 and 2020.

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.

Product Revenue, Net – CpG 1018

We also sell our CpG 1018 adjuvant to our collaboration partners for use in their development and/or commercialization of COVID-19 vaccine. We have determined that our collaboration partners meet the definition of customers under ASC 606. Therefore, we accounted for our CpG 1018 sales under ASC 606. Revenues from product sales are recognized when we have satisfied our performance obligation, which is the transfer of control of our product to the customer.

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.

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, 2021 and 2020, there were no inventory reserves recognized.

We consider regulatory approval of product candidates to be uncertain and product manufactured prior to the required 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 United States Food and Drug Administration (“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.

Recent Accounting Pronouncements

Accounting Standards Update 2019-12

In December 2019, the FASB issued Accounting Standards Update (“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 adopted this ASU on January 1, 2021 and the adoption of this standard did not have a material impact on our consolidated financial statements.

Accounting Standards Update 2020-06

We adopted ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity on January 1, 2021 using the modified retrospective method. This ASU simplifies the accounting for convertible instruments and requires entities to use the if-converted method for all convertible instruments in calculating diluted earnings-per-share. Entities also need to recombine instruments that were previously separated into two units of account if separation is no longer required. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements as there were no outstanding financial instruments that require recombination at January 1, 2021.

Accounting Standards Update 2016-13

In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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. For public business entities, excluding smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2019. Furthermore, the one-time determination of whether an entity is eligible to be a smaller reporting company shall be based on an entity’s most recent determination as of November 15, 2019, in accordance with SEC regulations. Because we were a smaller reporting company based on the most recent determination as of November 15, 2019, this ASU and its subsequent updates, will be effective for fiscal years beginning after December 15, 2022. We are currently evaluating the impact this standard will have on our consolidated financial statements.

Revenue Recognition

3 Months Ended

Mar. 31, 2021

Revenue Recognition [Abstract]

Revenue Recognition

8. Revenue Recognition

Our product revenue, net consisted of the following:

	Three Months Ended
	March 31,
	2021		2020
HEPLISAV-B	$	8,303	$	10,514
CpG 1018		74,582		-
Total	$	82,885	$	10,514

All of our HEPLISAV-B sales were in the U.S. For the three months ended March 31, 2021 and 2020, our three largest Customers collectively represented approximately 75% and 68% of our HEPLISAV-B product revenue, respectively.

All of our CpG 1018 sales were outside the U.S. For the three months ended March 31, 2021, one customer represented approximately 87% of our CpG 1018 product revenue.

The following table summarizes balances and activity in HEPLISAV-B product revenue allowance and reserve categories for the three months ended March 31, 2021 (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, 2021:
Accounts receivable reserves(1)	$	2,836	$	1,962	$	(2,469	)	$	2,329
Revenue reserve accruals(2)	$	6,040	$	1,641	$	(1,533	)	$	6,148

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

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

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

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, 2021.

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

	Level 1		Level 2		Level 3		Total
March 31, 2021
Assets
Money market funds	$	71,374	$	-	$	-	$	71,374
U.S. treasuries		-		28,465		-		28,465
U.S. government agency securities		-		47,472		-		47,472
Corporate debt securities		-		77,682		-		77,682
Total assets	$	71,374	$	153,619	$	-	$	224,993
Liabilities
Warrant liability	$	-	$	-	$	31,737	$	31,737

	Level 1		Level 2		Level 3		Total
December 31, 2020
Assets
Money market funds	$	23,128	$	-	$	-	$	23,128
U.S. treasuries		-		32,579		-		32,579
U.S. government agency securities		-		40,321		-		40,321
Corporate debt securities		-		61,063		-		61,063
Total assets	$	23,128	$	133,963	$	-	$	157,091
Liabilities
Warrant liability	$	-	$	-	$	10,736	$	10,736

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 10. 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, 2021, we used the following key assumptions to estimate the fair value of warrant liability:

Number of shares		5,090,942
Expected term	0.9 year
Expected volatility		1.2
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, 2021 (in thousands):

Balance at December 31, 2020	$	10,736
Increase in fair value of warrants exercised		3,172
Warrants exercised		(4,551	)
Increase in the estimated fair value of warrant liability upon revaluation		22,380
Balance at March 31, 2021	$	31,737

- 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

Equity Plans and Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	$ 4,723	$ 1,778
Research and Development
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	872	(1,573)
Selling, General and Administrative
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	3,144	2,442
Cost of Sales - Product
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	170	136
Inventory
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	$ 537	$ 773

Commitments and Contingencies - Summary of Operating Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Operating lease expense	$ 1,560	$ 1,592

Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure Computation Of Basic And Diluted Earnings Per Share [Abstract]
Net income (loss)	$ 891	$ (12,595)
Less: undistributed earnings allocated to participating securities	(70)
Net income (loss) attributable to common stockholders, basic	821	(12,595)
Less: Removal of change in fair value of warrant liability	25,552	(8,610)
Net income (loss) attributable to common stockholders, diluted	$ 821	$ (21,205)
Weighted average common stock outstanding, basic	112,035	85,477
Effect of dilutive shares:
Stock-based compensation plans	1,434
Effect of dilutive warrants		171
Weighted average common stock outstanding, diluted	113,469	85,648

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, 2019	$ 8,290	$ 84		$ 1,229,417	$ (2,387)	$ (1,218,824)
Beginning Balances (in shares) at Dec. 31, 2019		83,871	5
Issuance of common stock upon exercise of stock options and restricted stock awards, net	(1)	$ 1		(2)
Issuance of common 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 income (Loss)	(188)				(188)
Net income (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
Beginning Balances at Dec. 31, 2020	58,693	$ 110		1,352,374	273	(1,294,064)
Beginning Balances (in shares) at Dec. 31, 2020		110,190	4
Exercise of warrants	7,928	$ 1		7,927
Stock Issued Exercise of Warrants During Period, Shares, New Issues		750
Issuance of common stock upon exercise of stock options and restricted stock awards, net	387			387
Issuance of common upon exercise of stock options and restricted stock awards, net (in shares)		640
Issuance of common stock under Employee Stock Purchase Plan	383			383
Issuance of common stock under Employee Stock Purchase Plan (in shares)		104
Issuance of common stock, net of issuance costs, in conjunction with an At Market Sales Agreement	28,156	$ 3		28,153
Issuance of common stock, net of issuance costs, in conjunction with an At Market Sales Agreement (in shares)		2,879
Stock compensation expense	4,723			4,723
Total other comprehensive income (Loss)	(1,399)				(1,399)
Net income (loss)	891					891
Ending Balances at Mar. 31, 2021	$ 99,762	$ 114		$ 1,393,947	$ (1,126)	$ (1,293,173)
Ending Balances (in shares) at Mar. 31, 2021		114,563	4

Equity Plans and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share Based Compensation [Abstract]

Option Activity under Stock-Based Compensation Plans

In January 2021, we adopted the Dynavax Technologies Corporation 2021 Inducement Award Plan (“2021 Inducement Plan”), pursuant to which we reserved 1,500,000 shares of common stock for issuance under the plan to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company.

As of March 31, 2021, the 2018 Equity Incentive Plan, as amended, (“Amended 2018 EIP”), the 2021 Inducement Plan and the Amended and Restated 2014 Employee Stock Purchase Plan are our active plans. 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 22,517,869.

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). Option activity under our stock-based compensation plans during the three months ended March 31, 2021 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, 2020		8,505		$	11.57
Options granted		1,996			9.36
Options exercised		(119	)		4.16
Options cancelled:
Options forfeited (unvested)		(171	)		7.50
Options expired (vested)		(164	)		19.67
Balance at March 31, 2021		10,047		$	11.15		4.26	$	17,816
Vested and expected to vest at March 31, 2021		9,693		$	11.26		4.18	$	17,184
Exercisable at March 31, 2021		5,967		$	13.44		3.05	$	8,975

Summary of Restricted Stock Units Activity

Restricted stock unit activity under our stock-based compensation plans during the three months ended March 31, 2021 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, 2020		1,794		$	7.23
Granted		1,796			9.43
Vested		(533	)		8.88
Forfeited		(120	)		8.50
Non-vested as of March 31, 2021		2,937		$	8.22

Summary Of Performance Based Restricted Stock Unit

We granted performance-based restricted stock unit (“PSU”) to certain executives in February 2021. These PSUs vest upon a specified market condition. The summary of PSU activities for the three months ended March 31, 2021 is as follows:

	Number of Shares (in thousands)			Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2020		-		$	-
Granted		297			8.40
Forfeited		(30	)		8.40
Non-vested as of March 31, 2021		267		$	8.40

Fair Value-Based Measurements and Weighted-Average Assumptions

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 of each RSU is determined at the date of grant using our closing stock price. The fair value of each PSU is estimated using the Monte Carlo simulation method on the date of grant. The weighted-average assumptions used in the calculations of these fair value measurements are as follows:

	Stock Options						Market-Based Performance Stock Unit (“PSUs”)
	Three Months Ended						Three Months Ended
	March 31,						March 31, 2021
	2021			2020
Weighted-average fair value per share	$	6.72		$	3.58		$	8.40
Risk-free interest rate		0.5	%		1.4	%	From 0.03% to 1.92%
Expected life (in years)		4.5			4.5			2.9
Volatility		1.0			0.9			0.9

Stock-Based Compensation Expense

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

	Three Months Ended
	March 31,
	2021		2020
Research and development	$	872	$	(1,573	)
Selling, general and administrative		3,144		2,442
Cost of sales - product		170		136
Inventory		537		773
Total	$	4,723	$	1,778

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Operating Lease Expense

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

	Three Months Ended March 31,
	2021		2020
Operating lease expense	$	1,560	$	1,592

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, 2021		December 31, 2020
Operating lease liabilities:
Current portion of lease liabilities (included in other current liabilities)	$	3,356	$	3,247
Long-term portion of lease liabilities		33,795		34,789
Total operating lease liabilities	$	37,151	$	38,036

Summary of Maturities of Sublease Income and Operating Lease Liabilities

At March 31, 2021, the maturities of our sublease income and operating lease liabilities were as follows (in thousands):

Years ending December 31,	Sublease Income		Operating Lease Liabilities
2021 (remaining)	$	3,915	$	5,215
2022		5,357		6,240
2023		5,518		5,377
2024		5,684		5,521
2025		5,854		5,670
Thereafter		33,742		30,704
Total	$	60,070		58,727
Less:
Present value adjustment				(21,576	)
Total			$	37,151

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, 2021			December 31, 2020
Weighted average remaining lease term	9.0 years			9.1 years
Weighted average discount rate		10.1	%		10.1	%

Subsequent Event - Additional Information (Detail) - CEPI Member - Reservation Agreement - USD ($)	May 03, 2021	Mar. 31, 2021
Subsequent Event [Line Items]
Interest- free unsecured forgivable loan		$ 99,000.0
Subsequent Event
Subsequent Event [Line Items]
Increase in interest free unsecured forgiveable loan maximum borrowing capacity	$ 77,400
Interest free unsecured forgiveable loan Maximum borrowing capacity	$ 176,400

Collaboration, Development and Supply Agreements-Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Feb. 28, 2021	Jan. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Long-term deferred revenue	$ 64,350
Revenue recognized	83,335		$ 10,919
Valneva SE
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue	51,000
Valneva SE \| Supply Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue		$ 14,200
Revenue recognized		$ 64,900
CEPI Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Interest- free unsecured forgivable loan					$ 99,000
Advance payment from customer	18,600			$ 45,800
Long-term deferred revenue	$ 64,400

- Definition

+ References

+ Details

Long-Term Debt - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 20, 2018	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Aug. 01, 2019	Jul. 31, 2019
Debt Instrument [Line Items]
Principal amount including interest paid in kind		$ 180,900,000
Long-term debt, net of debt discount		$ 1,016,000			$ 1,094,000
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	$ 4,700,000
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		$ 5,900,000		$ 180,900,000
Long-term debt, net of debt discount				$ 1,000,000.0
Debt maturity date	Dec. 31, 2023			Dec. 31, 2023

Equity Plans and Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share Based Compensation [Abstract]

Equity Plans and Stock-Based Compensation

11. Equity Plans and Stock-Based Compensation

	Shares Underlying Outstanding Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Balance at December 31, 2020		8,505		$	11.57
Options granted		1,996			9.36
Options exercised		(119	)		4.16
Options cancelled:
Options forfeited (unvested)		(171	)		7.50
Options expired (vested)		(164	)		19.67
Balance at March 31, 2021		10,047		$	11.15		4.26	$	17,816
Vested and expected to vest at March 31, 2021		9,693		$	11.26		4.18	$	17,184
Exercisable at March 31, 2021		5,967		$	13.44		3.05	$	8,975

Restricted stock unit activity under our stock-based compensation plans during the three months ended March 31, 2021 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, 2020		1,794		$	7.23
Granted		1,796			9.43
Vested		(533	)		8.88
Forfeited		(120	)		8.50
Non-vested as of March 31, 2021		2,937		$	8.22

	Number of Shares (in thousands)			Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2020		-		$	-
Granted		297			8.40
Forfeited		(30	)		8.40
Non-vested as of March 31, 2021		267		$	8.40

	Stock Options						Market-Based Performance Stock Unit (“PSUs”)
	Three Months Ended						Three Months Ended
	March 31,						March 31, 2021
	2021			2020
Weighted-average fair value per share	$	6.72		$	3.58		$	8.40
Risk-free interest rate		0.5	%		1.4	%	From 0.03% to 1.92%
Expected life (in years)		4.5			4.5			2.9
Volatility		1.0			0.9			0.9

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

	Three Months Ended
	March 31,
	2021		2020
Research and development	$	872	$	(1,573	)
Selling, general and administrative		3,144		2,442
Cost of sales - product		170		136
Inventory		537		773
Total	$	4,723	$	1,778

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 in the first quarter of 2020.

Summary of Assumptions to Estimate the Fair Value of Warrant Liability (Detail) - Fair Value, Inputs, Level 3 shares in Thousands	Mar. 31, 2021 shares
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of shares	5,090,942
Expected term	10 months 24 days
Expected volatility	1.2
Risk-free interest rate	0.001
Dividend yield	0

Cash, Cash Equivalents, Restricted Cash and Marketable Securities - Maturities of Marketable Securities Available-for-Sale (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Amortized Cost
Mature in one year or less	$ 137,849
Mature after one year through two years	15,748
Total amortized cost	153,597
Estimated Fair Value
Mature in one year or less	137,877
Mature after one year through two years	15,742
Total estimated fair value	$ 153,619