0001029142-24-000012 | 10-Q | XBRL Viewer | Dynavax Technologies Corp

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

The following table disaggregates our product revenue, net by product and geographic region and disaggregates our other revenues by geographic region (in thousands):


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	U.S.		Non U.S.		Total		U.S.		Non U.S.		Total
Product revenue, net
HEPLISAV-B	$	79,345	$	-	$	79,345	$	62,318	$	-	$	62,318
Total product revenue, net	79,345		-		79,345		62,318		-		62,318
Other revenue	1,263		22		1,285		7,196		-		7,196
Total revenues	$	80,608	$	22	$	80,630	$	69,514	$	-	$	69,514

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	U.S.		Non U.S.		Total		U.S.		Non U.S.		Total
Product revenue, net
HEPLISAV-B	$	195,030	$	2,347	$	197,377	$	162,209	$	-	$	162,209
Total product revenue, net	195,030		2,347		197,377		162,209		-		162,209
Other revenue	7,663		174		7,837		14,479		-		14,479
Total revenues	$	202,693	$	2,521	$	205,214	$	176,688	$	-	$	176,688

Revenues from Major Customers and Collaboration Partners

All of our HEPLISAV-B sales in the U.S. are to certain wholesalers and specialty distributors whose principal customers include integrated delivery networks, retail pharmacies, independent hospitals and clinics, public health clinics and prisons, the Department of Defense, and the Department of Veterans Affairs. All of our HEPLISAV-B sales in Germany are to one distributor.

The following table summarizes HEPLISAV-B product revenue from each of our three largest customers (as a percentage of total HEPLISAV-B net product revenue):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Largest customer	31	%	27	%	29	%	25	%
Second largest customer	20	%	25	%	21	%	24	%
Third largest customer	19	%	18	%	18	%	17	%

Contract Balances

The following table summarizes balances and activities in HEPLISAV-B product revenue allowance and reserve categories for the nine months ended September 30, 2024 (in thousands):


	Balance at Beginning of Period		Provisions related to current period sales		Credit or payments made during the period		Adjustments related to prior periods		Balance at End of Period
Nine months ended September 30, 2024:
Accounts receivable reserves (1)	$	7,011	$	57,494	$	(53,716)	$	(10)	$	10,779
Revenue reserve accruals (2)	$	21,004	$	43,507	$	(32,385)	$	(871)	$	31,255

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

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

When we perform services under our agreement with the DoD, we recognize product revenue and a corresponding contract asset as our right to consideration is conditioned on something other than the passage of time. See Note 6 for further discussion. The following table summarizes balances and activities in our contract asset account (in thousands):


	Balance at Beginning of Period		Additions		Subtractions		Balance at End of Period
Nine months ended September 30, 2024
Contract asset, included in other current assets (1)	$	1,389	$	7,663	$	(8,314)	$	738
Contract asset, included in other assets (long term) (2)	$	71,307	$	-	$	-	$	71,307

(1)The $0.7 million of contract asset is derived from our agreement with the DoD.

(2)The Clover contract asset was included in long term assets to reflect the timing of expected long term demand for CpG 1018 adjuvant for Clover Product. See Note 6 for further discussion.

- 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
-Topic 606
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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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) measured at fair value on a recurring basis (in thousands):


	Level 1		Level 2		Level 3		Total
September 30, 2024
Assets
Money market funds	$	100,160	$	-	$	-	$	100,160
U.S. treasuries	-		170,325		-		170,325
U.S. government agency securities	-		167,859		-		167,859
Corporate debt securities	-		306,476		-		306,476
Total assets	$	100,160	$	644,660	$	-	$	744,820

	Level 1		Level 2		Level 3		Total
December 31, 2023
Assets
Money market funds	$	131,635	$	-	$	-	$	131,635
U.S. treasuries	-		74,237		-		74,237
U.S. government agency securities	-		216,688		-		216,688
Corporate debt securities	-		308,552		-		308,552
Total assets	$	131,635	$	599,477	$	-	$	731,112

Equity Plans and Stock-Based Compensation - Option Activity under Stock-Based Compensation Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Shares Underlying Outstanding Options
Beginning balance (in shares) \| shares	10,120
Options granted (in shares) \| shares	1,710
Options exercised (in shares) \| shares	(537)
Options forfeited (unvested) (in shares) \| shares	(22)
Options expired (vested) (in shares) \| shares	(144)
Ending balance (in shares) \| shares	11,127	10,120
Vested and expected to vest as of September 30, 2024 (in shares) \| shares	10,939
Exercisable as of September 30, 2024 (in share) \| shares	8,268
Weighted-Average Exercise Price Per Share
Beginning balance (in USD per share) \| $ / shares	$ 10.78
Options granted (in USD per share) \| $ / shares	12.37
Options exercised (in USD per share) \| $ / shares	7.76
Options forfeited (unvested) (in USD per share) \| $ / shares	11.56
Options expired (vested) (in USD per share) \| $ / shares	14.63
Ending balance (in USD per share) \| $ / shares	11.12	$ 10.78
Vested and expected to vest as of September 30, 2024 (in USD per share) \| $ / shares	11.10
Exercisable as of September 30, 2024 (in USD per share) \| $ / shares	$ 10.79
Weighted-Average Remaining Contractual Term (years)
Weighted - Average Remaining Contractual Term (years), balance	3 years 11 months 23 days	4 years 2 months 4 days
Vested and expected to vest as of September 30, 2024	3 years 11 months 12 days
Exercisable as of September 30, 2024	3 years 3 months 25 days
Aggregate Intrinsic Value
Balance as of December 31, 2023 \| $	$ 37,388
Balance as of June 30, 2024 \| $	13,791	$ 37,388
Vested and expected to vest as of September 30, 2024 \| $	13,788
Exercisable as of September 30, 2024 \| $	$ 13,693

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Oct. 28, 2024	Nov. 07, 2024
Subsequent Event [Line Items]
Share Repurchase Program, Authorized, Amount		$ 200.0
Preferred Stock
Subsequent Event [Line Items]
Number of preferred share purchase rights per common share	1
Class of warrant or right, number of securities called by each warrant or right	0.001
Right expiration period	1 year
Class of warrant or right, terms, exercisable threshold percentage	15.00%

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning Balances (in shares) at Dec. 31, 2022		127,604,000	0
Beginning Balances at Dec. 31, 2022	$ 581,013	$ 128	$ 0	$ 1,510,518	$ (5,438)	$ (924,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		556,000
Issuance of common stock upon exercise of stock options	4,339			4,339
Issuance of common stock upon release of restricted stock awards, net of statutory tax withholdings (in shares)		874,000
Issuance of common stock upon release of restricted stock awards, net of statutory tax withholdings	(6,125)	$ 1		(6,126)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		161,000
Issuance of common stock under Employee Stock Purchase Plan	1,535			1,535
Stock compensation expense	31,283			31,283
Total other comprehensive income (loss)	(521)				(521)
Net income (loss)	(6,608)					(6,608)
Ending Balances (in shares) at Sep. 30, 2023		129,195,000	0
Ending Balances at Sep. 30, 2023	604,916	$ 129	$ 0	1,541,549	(5,959)	(930,803)
Beginning Balances (in shares) at Jun. 30, 2023		128,779,000	0
Beginning Balances at Jun. 30, 2023	577,205	$ 129	$ 0	1,527,544	(5,372)	(945,096)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		312,000
Issuance of common stock upon exercise of stock options	2,722			2,722
Issuance of common stock upon release of restricted stock awards, net of statutory tax withholdings (in shares)		24,000
Issuance of common stock upon release of restricted stock awards, net of statutory tax withholdings	(162)			(162)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		80,000
Issuance of common stock under Employee Stock Purchase Plan	758			758
Stock compensation expense	10,687			10,687
Total other comprehensive income (loss)	(587)				(587)
Net income (loss)	14,293					14,293
Ending Balances (in shares) at Sep. 30, 2023		129,195,000	0
Ending Balances at Sep. 30, 2023	$ 604,916	$ 129	$ 0	1,541,549	(5,959)	(930,803)
Beginning Balances (in shares) at Dec. 31, 2023	129,530,000	129,530,000	0
Beginning Balances at Dec. 31, 2023	$ 622,072	$ 130	$ 0	1,554,634	(2,108)	(930,584)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	537,000	515,000
Issuance of common stock upon exercise of stock options	$ 3,925			3,925
Issuance of common stock upon release of restricted stock awards, net of statutory tax withholdings (in shares)		1,115,000
Issuance of common stock upon release of restricted stock awards, net of statutory tax withholdings	(8,826)	$ 1		(8,827)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		185,000
Issuance of common stock under Employee Stock Purchase Plan	1,760			1,760
Stock compensation expense	39,615			39,615
Total other comprehensive income (loss)	2,622				2,622
Net income (loss)	$ 20,259					20,259
Ending Balances (in shares) at Sep. 30, 2024	131,344,804	131,345,000	0
Ending Balances at Sep. 30, 2024	$ 681,427	$ 131	$ 0	1,591,107	514	(910,325)
Beginning Balances (in shares) at Jun. 30, 2024		130,984,000	0
Beginning Balances at Jun. 30, 2024	642,849	$ 131	$ 0	1,575,548	(4,911)	(927,919)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		221,000
Issuance of common stock upon exercise of stock options	1,871			1,871
Issuance of common stock upon release of restricted stock awards, net of statutory tax withholdings (in shares)		49,000
Issuance of common stock upon release of restricted stock awards, net of statutory tax withholdings	(251)			(251)
Issuance of common stock under Employee Stock Purchase Plan (in shares)		91,000
Issuance of common stock under Employee Stock Purchase Plan	856			856
Stock compensation expense	13,083			13,083
Total other comprehensive income (loss)	5,425				5,425
Net income (loss)	$ 17,594					17,594
Ending Balances (in shares) at Sep. 30, 2024	131,344,804	131,345,000	0
Ending Balances at Sep. 30, 2024	$ 681,427	$ 131	$ 0	$ 1,591,107	$ 514	$ (910,325)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 17,594	$ 14,293	$ 20,259	$ (6,608)

- Definition

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

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Equity Plans and Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Non-vested, beginning balance (in shares)	4,445,000
Granted (in shares)	3,139,000
Vested (in shares)	(1,815,000)
Forfeited (in shares)	(257,000)
Non-vested, ending balance (in shares)	5,512,000
Weighted-Average Grant-Date Fair Value Per Share
Non-vested, Beginning Balance (in USD per share) \| $ / shares	$ 11.57
Granted (in USD per share) \| $ / shares	12.42
Vested (in USD per share) \| $ / shares	11.14
Forfeited (in USD per share) \| $ / shares	12.38
Non-vested, Ending Balance (in USD per share) \| $ / shares	$ 12.16
RSUs not converted into shares	699,684

Cash and Cash Equivalents, Restricted Cash and Marketable Securities - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 119,332	$ 150,279	$ 154,511	$ 202,004
Restricted cash	280	277	266	207
Total cash and cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 119,612	$ 150,556	$ 154,777	$ 202,211

Equity Plans and Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Plans and Stock-Based Compensation

Equity 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 our employees or directors. In June 2021, we amended the 2021 Inducement Plan (“Amended 2021 Inducement Plan”) to increase the number of shares of common stock reserved under the 2021 Inducement Plan to 3,250,000. The Amended 2021 Inducement Plan was terminated effective as of April 3, 2022 and, therefore, there are no shares of our common stock available for grant.

In May 2024, our stockholders approved the amendment and restatement of our 2018 Equity Incentive Plan (the “Amended 2018 EIP”) to, among other things, increase the authorized number of shares of common stock by 11,400,000. The maximum number of shares of common stock that may be issued under the Amended 2018 EIP, will not exceed 41,440,250 shares of common stock. As of September 30, 2024, the Amended 2018 EIP and the Amended and Restated 2014 Employee Stock Purchase Plan are our active plans (the "Plans").

The Amended 2018 EIP is administered by our Board of Directors, or a designated committee of the Board of Directors, and awards granted under the Amended 2018 EIP have a term of seven years unless earlier terminated by the Board of Directors. As of September 30, 2024, there were 14,308,992 shares of common stock reserved for issuance under the Amended 2018 EIP.

Under our Amended 2018 EIP, we may grant stock options, restricted stock units ("RSUs"), performance-based awards, and other awards that are settled in shares of our common stock. Our equity awards generally vest over a three-year period contingent upon continuous service and unless exercised, expire seven or ten years from the date of grant (or earlier upon termination of continuous service). Activity under our Plans is set forth below:

Stock Options

The following table summarizes the activity of stock options for the nine months ended September 30, 2024:


	Shares Underlying Outstanding Options (in thousands)	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2023	10,120	$	10.78	4.18	$	37,388
Options granted	1,710	12.37
Options exercised	(537)	7.76
Options cancelled:
Options forfeited (unvested)	(22)	11.56
Options expired (vested)	(144)	14.63
Balance as of September 30, 2024	11,127	$	11.12	3.98	$	13,791
Vested and expected to vest as of September 30, 2024	10,939	$	11.10	3.95	$	13,788
Exercisable as of September 30, 2024	8,268	$	10.79	3.32	$	13,693

Restricted Stock Units

The following table summarizes the activity of RSUs for the nine months ended September 30, 2024:


	Number of Shares (in thousands)	Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2023	4,445	$	11.57
Granted	3,139	12.42
Vested (1)	(1,815)	11.14
Forfeited	(257)	12.38
Non-vested as of September 30, 2024	5,512	$	12.16

(1)Inclusive of approximately 699,684 RSUs for the nine months ended September 30, 2024, which were not converted into shares due to net share settlement in order to cover the required amount of employee withholding taxes. The value of the withheld shares was classified as a reduction to additional paid-in capital.

Market-based Performance Stock Units

We granted market-based performance restricted stock units (“PSUs”) to certain executives. These PSUs vest upon a specified market condition. The summary of PSU activities for the nine months ended September 30, 2024 is as follows:


	Number of Shares (in thousands)	Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2023	557	$	15.95
Granted	558	17.23
Non-vested as of September 30, 2024	1,115	$	16.59

Performance-based Options

As of September 30, 2024, approximately 36,000 shares underlying performance-based options were outstanding.

Significant Assumptions in Estimating Option Fair Value

The fair value of each time-based 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						Stock Options						Market-Based Performance Stock Units
	Three Months Ended September 30,						Nine Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023			2024			2023
Weighted-average fair value per share	$	6.66		$	8.61		$	7.82		$	7.30		$	17.23		$	18.25
Risk-free interest rate	3.8		%	4.2		%	4.2		%	4.0		%	4.3		%	4.3		%
Expected life (in years)	4.5			4.5			4.5			4.5			2.9			2.9
Volatility	0.8			0.8			0.8			0.8			0.6			0.9

Stock-based Compensation

Compensation expense is based on awards ultimately expected to vest and reflects estimated forfeitures. For equity awards with time-based vesting, the fair value is amortized to expense on a straight-line basis over the vesting periods.

We have also granted performance-based equity awards to certain of our employees. For equity awards with performance-based vesting criteria, the fair value is amortized to expense when the achievement of the vesting criteria becomes probable.

The following table summarizes stock-based compensation expense recorded in each component of operating expenses in our condensed consolidated statements of operations, and amounts capitalized to our inventories (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	3,135	$	2,339	$	8,681	$	6,752
Selling, general and administrative	8,703		7,320		26,878		21,353
Cost of sales - product	397		369		1,505		1,463
Inventories	848		659		2,551		1,715
Total	$	13,083	$	10,687	$	39,615	$	31,283

Commitments and Contingencies - Summary of Maturities of Sublease Income and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Sublease Income
2024 (remaining)	$ 1,480
2025	6,127
2026	6,342
2027	6,564
2028	6,794
Thereafter	16,191
Total	43,498
Operating Lease Liabilities
2024 (remaining)	1,911
2025	6,987
2026	6,128
2027	6,059
2028	6,222
Thereafter	15,083
Total	42,390
Present value adjustment	(11,360)
Total operating lease liabilities	$ 31,030	$ 34,216

Convertible Notes

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Convertible Notes

In May 2021, we issued $225.5 million of Convertible Notes in a private placement. Total proceeds from the issuance of the Convertible Notes, net of debt issuance and offering costs of $5.7 million, were $219.8 million. We used $190.2 million of the net proceeds to retire our previous loan agreement with CRG Servicing LLC and $27.2 million of the net proceeds to pay the costs of the Capped Calls described below.

The Convertible Notes are general unsecured obligations and accrue interest at a rate of 2.5% per annum payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The Convertible Notes mature on May 15, 2026, unless converted, redeemed or repurchased prior to such date.

The Convertible Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, at an initial conversion rate of 95.5338 shares of our common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $10.47 per share of our common stock. The Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding February 15, 2026, only under the following circumstances:

•During any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•During the five business day period after any ten consecutive trading day period (the “measurement period”), in which the “trading price” (as defined the indenture governing the Convertible Notes) per $1,000 principal amount of the Convertible Notes for each trading day of

the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day;

•If we call such Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

•Upon the occurrence of specified corporate events as set forth in the indenture governing the Convertible Notes.

On or after February 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert all or any portion of their Convertible Notes regardless of the foregoing circumstances.

Since we have the election of repaying the Convertible Notes in cash, shares of our common stock, or a combination of both, we continued to classify the Convertible Notes as long-term debt on the condensed consolidated balance sheets as of September 30, 2024.

We may redeem for cash all or any portion of the Convertible Notes (subject to the partial redemption limitation described in the indenture governing the Convertible Notes), at our option, on or after May 20, 2024 and prior to the 31st scheduled trading day immediately preceding the maturity date, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on the trading day immediately preceding the date on which we provide notice of redemption, at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

If we undergo a fundamental change (as set forth in the indenture governing the Convertible Notes), noteholders may require us to repurchase for cash all or any portion of their Convertible Notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events (as set forth in the indenture governing the Convertible Notes) or if we deliver a notice of redemption prior to the maturity date, we will, in certain circumstances, adjust the conversion rate for a noteholder who elects to convert its notes in connection with such a corporate event or such notice of redemption.

We accounted for the Convertible Notes as a single liability in accordance with ASU 2020-06 - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (“ASU 2020-06”). As of September 30, 2024, the Convertible Notes were recorded at the aggregate principal amount of $225.5 million less unamortized issuance costs of $1.9 million as a long-term liability on the condensed consolidated balance sheets. As of September 30, 2024, the fair value of the Convertible Notes was $273.7 million. The fair value was estimated using a reputable third-party valuation model based on observable inputs and is considered Level 2 in the fair value hierarchy. The debt issuance costs are amortized to interest expense over the contractual term of the Convertible Notes at an effective interest rate of 3.1%.

The following table presents the components of interest expense related to Convertible Notes (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stated coupon interest	$	1,409	$	1,409	$	4,227	$	4,227
Amortization of debt issuance cost	290		282		863		838
Total interest expense	$	1,699	$	1,691	$	5,090	$	5,065

Capped Calls

In connection with the issuance of the Convertible Notes, we entered into capped call transactions with one of the initial purchasers of the Convertible Notes and other financial institutions, totaling $27.2 million (the “Capped Calls”). The Capped Calls cover, subject to customary adjustments, the number of shares of our common stock that initially underlie the Convertible Notes (or 21,542,871 shares of our common stock). The Capped Calls have an initial strike price and an initial cap price of $10.47 per share and $15.80 per share, respectively, subject to certain adjustments. Conditions that cause adjustments to the initial strike price of the Capped Calls mirror conditions that result in corresponding

adjustments to the conversion price of the Convertible Notes. The Capped Calls are expected to offset the potential dilution to our common stock as a result of any conversion of the Convertible Notes, subject to a cap based on the cap price.

For accounting purposes, the Capped Calls are considered separate financial instruments and not part of the Convertible Notes. As the Capped Calls transactions meet certain accounting criteria, we recorded the cost of the Capped Calls, totaling $27.2 million, as a reduction to additional paid-in capital within the condensed consolidated statements of stockholders’ equity.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Equity Plans and Stock-Based Compensation - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2024	May 31, 2024	Dec. 31, 2023	Jun. 30, 2021	Jan. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in aggregate number of shares of common stock authorized for issuance		11,400,000
Options vesting period	3 years
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period	7 years
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units awards outstanding (in shares)	5,512,000		4,445,000
Performance Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units awards outstanding (in shares)	1,115,000		557,000
Maximum \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period	10 years
Minimum \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period	7 years
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Newly reserved shares of common stock	14,308,992			3,250,000	1,500,000
Performance Based Vesting Schedule \| Performance Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units awards outstanding (in shares)	36,000
2018 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued to employees		41,440,250

Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator
Net income (loss) attributable to common stockholders, basic	$	17,594	$	14,293	$	20,259	$	(6,608)

Add: interest expense on convertible notes	$	1,274	$	1,268	$	-	$	-
Net income (loss) attributable to common stockholders, diluted	$	18,868	$	15,561	$	20,259	$	(6,608)
Denominator
Weighted average common stock outstanding, basic	131,133		128,988		130,746		128,515
Effect of dilutive shares:
Stock-based compensation plans	2,131		3,665		2,898		-
Convertible Notes (as converted to common stock)	21,543		21,543		-		-
Weighted average common stock outstanding, diluted	154,807		154,196		133,644		128,515


Net income (loss) per share attributable to common stockholders
Basic	$	0.13	$	0.11	$	0.15	$	(0.05)
Diluted	$	0.12	$	0.10	$	0.15	$	(0.05)

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 (in thousands).


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Outstanding securities not included in diluted net income (loss) per share calculation:
Stock options and stock awards	8,987	5,605	8,172	15,304
Convertible Notes (as converted to common stock)	-	-	21,543	21,543
Total	8,987	5,605	29,715	36,847

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Operating Lease Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease expense	$	1,437	$	1,392	$	4,349	$	4,172

Summary of Balance Sheet Classification of Operating Lease Liabilities

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


	September 30, 2024		December 31, 2023
Operating lease liabilities:
Current portion of lease liabilities (included in other current liabilities)	$	4,423	$	4,496
Long-term portion of lease liabilities	26,607		29,720
Total operating lease liabilities	$	31,030	$	34,216

Summary of Maturities of Sublease Income and Operating Lease Liabilities

As of September 30, 2024, the maturities of our sublease income and operating lease liabilities were as follows (in thousands):


Years ending December 31,	Sublease Income		Operating Lease Liabilities
2024 (remaining)	$	1,480	$	1,911
2025	6,127		6,987
2026	6,342		6,128
2027	6,564		6,059
2028	6,794		6,222
Thereafter	16,191		15,083
Total	$	43,498	42,390
Less:
Present value adjustment			(11,360)
Total			$	31,030

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 liabilities were as follows:


	September 30, 2024		December 31, 2023
Weighted average remaining lease term	6.2 years		6.7 years
Weighted average discount rate	10.1	%	10.1	%

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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 and nine months ended September 30, 2024.

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

Recurring Fair Value Measurements

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


	Level 1		Level 2		Level 3		Total
September 30, 2024
Assets
Money market funds	$	100,160	$	-	$	-	$	100,160
U.S. treasuries	-		170,325		-		170,325
U.S. government agency securities	-		167,859		-		167,859
Corporate debt securities	-		306,476		-		306,476
Total assets	$	100,160	$	644,660	$	-	$	744,820

	Level 1		Level 2		Level 3		Total
December 31, 2023
Assets
Money market funds	$	131,635	$	-	$	-	$	131,635
U.S. treasuries	-		74,237		-		74,237
U.S. government agency securities	-		216,688		-		216,688
Corporate debt securities	-		308,552		-		308,552
Total assets	$	131,635	$	599,477	$	-	$	731,112

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.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Convertible Notes - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2021 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) d
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| d		20
Convertible debt, fair value disclosures		$ 273,700
2.50% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Aggregate principal amount	$ 225,500	225,500
Debt issuance and offering costs	5,700	$ 1,900
Proceeds from issuance of convertible notes, net	$ 219,800
Debt instrument, interest rate, stated percentage		2.50%
Initial conversion rate	0.0955338
Debt conversion, original debt, principal amount converted		$ 1,000
Debt instrument, conversion price per share (in USD per share) \| $ / shares	$ 10.47
Redemption price, percentage		100.00%
Debt instrument interest rate, effective percentage		3.10%
2.50% Convertible Senior Notes Due 2026 \| Debt Instrument, Conversion, Period One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold consecutive trading days \| d		30
2.50% Convertible Senior Notes Due 2026 \| Debt Instrument, Conversion, Period One \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
2.50% Convertible Senior Notes Due 2026 \| Debt Instrument, Conversion, Period Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| d		5
Debt instrument, convertible, threshold consecutive trading days \| d		10
2.50% Convertible Senior Notes Due 2026 \| Debt Instrument, Conversion, Period Two \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger		98.00%
Loan Agreement
Debt Instrument [Line Items]
Repayments of debt	$ 190,200
Capped Calls
Debt Instrument [Line Items]
Net proceeds to pay the costs	$ 27,200
Number of shares converted (in shares) \| shares	21,542,871
Initial strike price (in USD per share) \| $ / shares	$ 10.47
Initial cap price (in USD per share) \| $ / shares	$ 15.80
Reduction to additional paid-in capital, capped calls cost		$ 27,200

Cash and Cash Equivalents, Restricted Cash and Marketable Securities - Summary of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	$ 641,541	$ 591,177
Unrealized Gains	3,201	1,179
Unrealized Losses	(82)	(333)
Estimated Fair Value	644,660	592,023
Total cash and cash equivalents, and marketable securities, Amortized Cost	760,873	741,455
Total cash and cash equivalents, and marketable securities, Unrealized Gain	3,201	1,180
Total cash and cash equivalents, and marketable securities, Unrealized Loss	(82)	(333)
Total cash and cash equivalents, and marketable securities, Fair Value	763,992	742,302
U.S. treasuries
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	169,214	74,109
Unrealized Gains	1,118	172
Unrealized Losses	(7)	(44)
Estimated Fair Value	170,325	74,237
U.S. government agency securities
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	166,881	216,265
Unrealized Gains	1,018	692
Unrealized Losses	(40)	(269)
Estimated Fair Value	167,859	216,688
Corporate debt securities
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	305,446	300,803
Unrealized Gains	1,065	315
Unrealized Losses	(35)	(20)
Estimated Fair Value	306,476	301,098
Cash and cash equivalents:
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	119,332	150,278
Unrealized Gains	0	1
Unrealized Losses	0	0
Estimated Fair Value	119,332	150,279
Cash and cash equivalents: \| Cash
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	19,172	11,190
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	19,172	11,190
Cash and cash equivalents: \| Money market funds
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	100,160	131,635
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	100,160	131,635
Cash and cash equivalents: \| Corporate debt securities
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	0	7,453
Unrealized Gains	0	1
Unrealized Losses	0	0
Estimated Fair Value	$ 0	$ 7,454

Commitments and Contingencies - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Detail)	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	6 years 2 months 12 days	6 years 8 months 12 days
Weighted average discount rate	10.10%	10.10%

Convertible Notes (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Interest Expenses Related to Convertible Notes

The following table presents the components of interest expense related to Convertible Notes (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stated coupon interest	$	1,409	$	1,409	$	4,227	$	4,227
Amortization of debt issuance cost	290		282		863		838
Total interest expense	$	1,699	$	1,691	$	5,090	$	5,065

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

We lease our facilities in Emeryville, California and Düsseldorf, Germany. We lease and sublease certain manufacturing and office space with lease terms ranging from 3 to 12 years. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include options to renew or extend the lease for two successive five-year terms. These optional periods have not been considered in the determination of the right-of-use assets or lease liabilities associated with these leases as we did not consider the exercise of these options to be reasonably certain.

Sublease Termination and New Sublease

On February 22, 2024, our third-party subtenant obtained the approval of a voluntary petition for relief under Chapter 11 of the United States Code. As a consequence, the sublease agreement with that third-party for the subleased premises (approximately 75,662 square feet of office/laboratory space located at 5959 Horton Street, Emeryville, California) was terminated effective March 7, 2024. Simultaneously, on March 7, 2024, we entered into a new sublease agreement with a different third-party under similar conditions and for the same premises. Rent from the new sublease agreement is subject to scheduled annual increases, and the subtenant is responsible for certain operating expenses and taxes throughout the life of the sublease. The new sublease term expires on March 31, 2031, unless earlier terminated, concurrent with the term of our lease. The subtenant has no option to extend the sublease term.

As a result of the termination of the existing sublease agreement, we recognized a net loss of approximately $3.5 million during the three months ended March 31, 2024 and nine months ended September 30, 2024, comprising primarily of a $4.8 million write-off of the accrued rent asset balance as of March 7, 2024, partially offset by the collection of a termination payment of $1.3 million. Sublease income for the three and nine months ended September 30, 2024 was $2.2 million and $2.8 million, respectively. Sublease income for the three and nine months ended September 30, 2023 was $2.0 million and $5.6 million, respectively. Both the net loss on sublease termination and the sublease income are included net in “Sublease income” within “Other income (expense)” in our condensed consolidated statements of operations. Rent received from the new 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease expense	$	1,437	$	1,392	$	4,349	$	4,172

Cash paid for amounts included in the measurement of lease liabilities for the nine months ended September 30, 2024 and 2023 was $5.7 million and $5.3 million, respectively, and were 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):


	September 30, 2024		December 31, 2023
Operating lease liabilities:
Current portion of lease liabilities (included in other current liabilities)	$	4,423	$	4,496
Long-term portion of lease liabilities	26,607		29,720
Total operating lease liabilities	$	31,030	$	34,216

As of September 30, 2024, the maturities of our sublease income and operating lease liabilities were as follows (in thousands):


Years ending December 31,	Sublease Income		Operating Lease Liabilities
2024 (remaining)	$	1,480	$	1,911
2025	6,127		6,987
2026	6,342		6,128
2027	6,564		6,059
2028	6,794		6,222
Thereafter	16,191		15,083
Total	$	43,498	42,390
Less:
Present value adjustment			(11,360)
Total			$	31,030

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


	September 30, 2024		December 31, 2023
Weighted average remaining lease term	6.2 years		6.7 years
Weighted average discount rate	10.1	%	10.1	%

Commitments

As of September 30, 2024 and December 31, 2023, our material non-cancelable purchase and other commitments for the supply of HEPLISAV-B totaled $34.0 million and $43.4 million, respectively.

On September 7, 2023 (the “Effective Date”), we entered into an agreement (the “Avecia Supply Agreement”) with Nitto Denko Avecia Inc. (“Avecia”) for the manufacture and supply of our CpG 1018 adjuvant using a specific production process. Under the Avecia Supply Agreement, Avecia has agreed to produce and supply to us quantities of CpG 1018 adjuvant ordered by us after the Effective Date. Subject to certain conditions in the Avecia Supply Agreement, we are obligated to purchase all of our annual volume requirements of CpG 1018 adjuvant from Avecia up to a specified production capacity. We may alternatively order CpG 1018 adjuvant produced using a different production

process pursuant to the existing supply agreement between us and Avecia dated October 1, 2012 (the “2012 Agreement”). As of September 30, 2024 and December 31, 2023, our material non-cancelable purchase and other commitments for HEPLISAV-B supply included minimum commitments for the supply of CpG 1018 adjuvant under the Avecia Supply Agreement, totaling $0.7 million and $7.4 million, respectively. These amounts are expected to be fulfilled within the next 12 months from September 30, 2024.

In addition to the non-cancelable commitments included above, we have entered into contractual arrangements that obligate us to make payments to the contractual counterparties upon the occurrence of future events. In addition, in the normal course of operations, we have entered into license and other agreements and intend to continue to seek additional rights relating to compounds or technologies in connection with our discovery, manufacturing and development programs. Under the terms of the agreements, we may be required to pay future up-front fees, milestones and royalties on net sales of products originating from the licensed technologies, if any, or other payments contingent upon the occurrence of future events that cannot reasonably be estimated.

We also rely on and have entered into agreements with research institutions, contract research organizations and clinical investigators as well as clinical material manufacturers. These agreements are terminable by us upon written notice. Generally, we are liable only for actual effort expended by the organizations at any point in time during the contract through the notice period.

As of September 30, 2024, the aggregate principal amount of our convertible senior notes ("Convertible Notes") was $225.5 million, excluding debt discount of $1.9 million (see Note 7).

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 September 30, 2024 and was collateralized by a certificate of deposit for €0.2 million, which has been included in restricted cash in the condensed consolidated balance sheets as of September 30, 2024.

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 our immune-oncology compound, SD-101. In July 2020, we sold assets related to SD-101 to Surefire Medical, Inc. d/b/a TriSalus Life Sciences (“TriSalus”). We paid $2.5 million to Holdings in August 2020. In each of September 2021, May 2022 and September 2023, we received $1.0 million from TriSalus because it met pre-commercialization milestones. We recorded the proceeds as gain on sale of assets in our condensed consolidated statements of operations. We paid Holdings $0.5 million in each of September 2021, May 2022 and October 2023. We included the payments in selling, general and administrative expenses in our condensed consolidated statements of operations. No liability has been recorded under this agreement as of September 30, 2024.

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.

Equity Plans and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Option Activity under Stock-Based Compensation Plans

The following table summarizes the activity of stock options for the nine months ended September 30, 2024:


	Shares Underlying Outstanding Options (in thousands)	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2023	10,120	$	10.78	4.18	$	37,388
Options granted	1,710	12.37
Options exercised	(537)	7.76
Options cancelled:
Options forfeited (unvested)	(22)	11.56
Options expired (vested)	(144)	14.63
Balance as of September 30, 2024	11,127	$	11.12	3.98	$	13,791
Vested and expected to vest as of September 30, 2024	10,939	$	11.10	3.95	$	13,788
Exercisable as of September 30, 2024	8,268	$	10.79	3.32	$	13,693

Summary of Restricted Stock Units Activity

The following table summarizes the activity of RSUs for the nine months ended September 30, 2024:


	Number of Shares (in thousands)	Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2023	4,445	$	11.57
Granted	3,139	12.42
Vested (1)	(1,815)	11.14
Forfeited	(257)	12.38
Non-vested as of September 30, 2024	5,512	$	12.16

Summary of Performance Based Restricted Stock Unit


	Number of Shares (in thousands)	Weighted-Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2023	557	$	15.95
Granted	558	17.23
Non-vested as of September 30, 2024	1,115	$	16.59

Fair Value-Based Measurements and Weighted-Average Assumptions

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


	Stock Options						Stock Options						Market-Based Performance Stock Units
	Three Months Ended September 30,						Nine Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023			2024			2023
Weighted-average fair value per share	$	6.66		$	8.61		$	7.82		$	7.30		$	17.23		$	18.25
Risk-free interest rate	3.8		%	4.2		%	4.2		%	4.0		%	4.3		%	4.3		%
Expected life (in years)	4.5			4.5			4.5			4.5			2.9			2.9
Volatility	0.8			0.8			0.8			0.8			0.6			0.9

Stock-Based Compensation Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	3,135	$	2,339	$	8,681	$	6,752
Selling, general and administrative	8,703		7,320		26,878		21,353
Cost of sales - product	397		369		1,505		1,463
Inventories	848		659		2,551		1,715
Total	$	13,083	$	10,687	$	39,615	$	31,283

Revenue Recognition - Summary of Product Revenue Allowance and Reserve Categories (Detail) - HEPLISAV-B $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accounts receivable reserves
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 7,011
Provisions related to current period sales	57,494
Credit or payments made during the period	(53,716)
Adjustments related to prior periods	(10)
Balance at End of Period	10,779
Revenue Reserve Accruals
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	21,004
Provisions related to current period sales	43,507
Credit or payments made during the period	(32,385)
Adjustments related to prior periods	(871)
Balance at End of Period	$ 31,255

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Benefit from (provision for) income taxes	$ (2,224)	$ 147	$ (2,967)	$ (1,245)
Effective tax rate	11.20%	(1.00%)	12.80%	(22.90%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During our last fiscal quarter, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of our securities set forth in the table below.

Type of Trading Arrangement

Name and Position

Action

Adoption/ Termination

Date

Rule 10b5-1*

Non-Rule 10b5-1**

Total Shares of Common Stock to be Sold

Total Shares of Common Stock to be Purchased

Expiration Date

Robert Janssen, M.D.,
Chief Medical Officer and Senior Vice President, Clinical Development, Medical and Regulatory Affairs

Termination (1)

July 26, 2024

311,535 shares of common stock underlying stock options

September 12, 2025, unless earlier terminated as outlined in the plan

Robert Janssen, M.D.,
Chief Medical Officer and Senior Vice President, Clinical Development, Medical and Regulatory Affairs

Adoption

August 8, 2024

281,251 shares of common stock underlying stock options

November 13, 2025, unless earlier terminated as outlined in the plan

* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

(1) Represents the termination of a written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) adopted on May 30, 2024.

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

July 2024 Rule 105b-1 Plan [Member] | Robert Janssen [Member]

Trading Arrangements, by Individual

Name

Robert Janssen

Title

M.D.,Chief Medical Officer and Senior Vice President

Rule 10b5-1 Arrangement Terminated

true

Termination Date

July 26, 2024

Aggregate Available

311,535

August 2024 Arrangement [Member] | Robert Janssen [Member]

Trading Arrangements, by Individual

Name

Robert Janssen

Title

M.D.,Chief Medical Officer and Senior Vice President

Rule 10b5-1 Arrangement Adopted

true

August 8, 2024

November 13, 2025

462 days

281,251

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivables	$ 12,313	$ 12,313
Long-term debt, net of debt discount	$ 1,939	$ 2,802
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, shares outstanding	131,344,804	129,530,000
Common stock, shares issued	131,345,000	129,530,000
Common stock, shares authorized	278,000,000	278,000,000
Common stock, par value (in usd per share)	$ 0.001	$ 0.001

Net Income (Loss) Per Share - Outstanding Stock Options and Stock Awards Excluded from Calculation of Net Loss Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Outstanding securities not included in diluted net income (loss) per share calculation:
Total	8,987	5,605	29,715	36,847
Stock options and stock awards
Outstanding securities not included in diluted net income (loss) per share calculation:
Total	8,987	5,605	8,172	15,304
Convertible Notes (as converted to common stock)
Outstanding securities not included in diluted net income (loss) per share calculation:
Total	0	0	21,543	21,543

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 80,630	$ 69,514	$ 205,214	$ 176,688
Operating expenses:
Cost of sales - product	13,084	13,229	36,035	41,478
Research and development	14,403	14,116	42,881	40,767
Selling, general and administrative	43,061	38,053	128,788	111,667
Gain on sale of assets (Note 5)	0	(1,000)	0	(1,000)
Bad debt expense	0	0	0	12,313
Total operating expenses	70,548	64,398	207,704	205,225
Income (loss) from operations	10,082	5,116	(2,490)	(28,537)
Other income (expense):
Interest income	9,382	8,462	28,050	22,437
Interest expense	(1,699)	(1,691)	(5,090)	(5,065)
Sublease income (Note 5)	2,205	1,993	2,808	5,584
Other	(152)	266	(52)	218
Net income (loss) before income taxes	19,818	14,146	23,226	(5,363)
(Provision for) benefit from income taxes	(2,224)	147	(2,967)	(1,245)
Net income (loss)	$ 17,594	$ 14,293	$ 20,259	$ (6,608)
Net income (loss) per share attributable to common stockholders
Basic (in USD per share)	$ 0.13	$ 0.11	$ 0.15	$ (0.05)
Diluted (in USD per share)	$ 0.12	$ 0.10	$ 0.15	$ (0.05)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:
Basic (in USD per share)	131,133	128,988	130,746	128,515
Diluted (in USD per share)	154,807	154,196	133,644	128,515
Product revenue, net
Revenues:
Total revenues	$ 79,345	$ 62,318	$ 197,377	$ 162,209
Other revenue
Revenues:
Total revenues	$ 1,285	$ 7,196	$ 7,837	$ 14,479

Revenue Recognition - Schedule of Revenues from Major Customers (Detail) - HEPLISAV-B - Product Concentration Risk - Revenue Benchmark	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Largest customer
Concentration Risk [Line Items]
Percentage of product revenue	31.00%	27.00%	29.00%	25.00%
Second largest customer
Concentration Risk [Line Items]
Percentage of product revenue	20.00%	25.00%	21.00%	24.00%
Third largest customer
Concentration Risk [Line Items]
Percentage of product revenue	19.00%	18.00%	18.00%	17.00%

Organization - Additional Information (Detail)	9 Months Ended
Organization - Additional Information (Detail)	Sep. 30, 2024 Segment
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of operating segments	1
HEPLISAV-B
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Minimum age approved for vaccine prevention of infection caused	18 years

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 34,036	$ 27,256
Work-in-process	8,446	18,954
Finished goods	19,920	7,080
Total	62,402	$ 53,290
Prepaid inventory costs	$ 6,900

Net Income (Loss) Per Share - Computation of Basic and Diluted Net (Loss) Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income (loss) attributable to common stockholders, basic (in USD per share)	$ 17,594	$ 14,293	$ 20,259	$ (6,608)
Add: interest expense on convertible notes	1,274	1,268	0	0
Net income (loss) attributable to common stockholders, diluted	$ 18,868	$ 15,561	$ 20,259	$ (6,608)
Denominator
Weighted average common stock outstanding, basic (in USD per share)	131,133	128,988	130,746	128,515
Effect of dilutive shares:
Stock-based compensation plans	2,131	3,665	2,898	0
Convertible Notes (as converted to common stock)	21,543	21,543	0	0
Weighted average common stock outstanding, diluted (in USD per share)	154,807	154,196	133,644	128,515
Net income (loss) per share attributable to common stockholders
Basic (in USD per share)	$ 0.13	$ 0.11	$ 0.15	$ (0.05)
Diluted (in USD per share)	$ 0.12	$ 0.10	$ 0.15	$ (0.05)

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-34207
Entity Registrant Name	Dynavax Technologies Corporation
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 720
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,454,561
Entity Central Index Key	0001029142
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	DVAX
Security Exchange Name	NASDAQ
Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Stockholder Rights Plan On October 28, 2024, we announced that our Board of Directors approved the adoption of a limited-duration shareholder rights agreement (the “Rights Agreement”), which includes the declaration of a dividend distribution of one preferred share purchase right (each, a “Right”) to purchase one-thousandth of one share of our common stock to stockholders of record as of the close of business on November 8, 2024 (the “Record Date”). The Rights will expire on the earlier of (i) the one year anniversary of the date of the Rights Agreement and (ii) the day following the certification of the voting results of our 2025 annual meeting of stockholders, unless the Rights are earlier redeemed or exchanged by us. While the Rights Agreement was effective immediately, the Rights would become exercisable only if a person or group acquired beneficial ownership, as defined in the Rights Agreement, of 15% or more of our common stock in a transaction not approved by our Board of Directors. Share Repurchase Program In November 2024, our Board of Directors authorized a share repurchase program allowing us to repurchase up to $200.0 million of our common stock.

Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

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 per share, net income attributable to common stockholders for basic net income 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 per share attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator
Net income (loss) attributable to common stockholders, basic	$	17,594	$	14,293	$	20,259	$	(6,608)

Add: interest expense on convertible notes	$	1,274	$	1,268	$	-	$	-
Net income (loss) attributable to common stockholders, diluted	$	18,868	$	15,561	$	20,259	$	(6,608)
Denominator
Weighted average common stock outstanding, basic	131,133		128,988		130,746		128,515
Effect of dilutive shares:
Stock-based compensation plans	2,131		3,665		2,898		-
Convertible Notes (as converted to common stock)	21,543		21,543		-		-
Weighted average common stock outstanding, diluted	154,807		154,196		133,644		128,515


Net income (loss) per share attributable to common stockholders
Basic	$	0.13	$	0.11	$	0.15	$	(0.05)
Diluted	$	0.12	$	0.10	$	0.15	$	(0.05)

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 (in thousands).


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Outstanding securities not included in diluted net income (loss) per share calculation:
Stock options and stock awards	8,987	5,605	8,172	15,304
Convertible Notes (as converted to common stock)	-	-	21,543	21,543
Total	8,987	5,605	29,715	36,847

Organization (Policies)	9 Months Ended
Organization (Policies)	Sep. 30, 2024
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 as of December 31, 2023 has been derived from audited financial statements at that date, but excludes some disclosures required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements and these notes should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, 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, Dynavax India LLP, located in India, and a branch of Dynavax registered in Italy.
Consolidation	All significant intercompany accounts and transactions among these entities have been eliminated from the unaudited condensed consolidated financial statements. We operate in one business segment: discovery, development and commercialization of novel vaccines.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make informed estimates and assumptions that may affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes, including amounts of revenues and expenses during the reported periods. Management’s estimates are based on historical information available as of the date of the unaudited condensed consolidated financial statements and various other assumptions we believe are reasonable under the circumstances. On an ongoing basis, we evaluate our estimates, judgments and methodologies. Significant estimates and assumptions in the unaudited condensed consolidated financial statements include those related to revenue recognition; accounts receivable; useful lives of long-lived assets; valuation procedures for right-of-use assets and operating lease liabilities; valuation of inventory; research and development expenses; contingencies and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-09.
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 and nine months ended September 30, 2024.

Equity Plans and Stock-Based Compensation -Summary of Performance Based Restricted Stock Unit (Detail) - Performance Based Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Non-vested, beginning balance (in shares) \| shares	557
Granted (in shares) \| shares	558
Non-vested, ending balance (in shares) \| shares	1,115
Weighted-Average Grant-Date Fair Value Per Share
Non-vested, Beginning Balance (in USD per share) \| $ / shares	$ 15.95
Granted (in USD per share) \| $ / shares	17.23
Non-vested, Ending Balance (in USD per share) \| $ / shares	$ 16.59

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income (loss)	$ 20,259	$ (6,608)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,443	3,228
Amortization of right-of-use assets	2,538	2,090
Inventory write off	1,264	0
Sublease termination loss (Note 5)	4,765	0
Accretion of discounts on marketable securities	(11,892)	(11,313)
Stock-based compensation expense	39,615	31,283
Bad debt expense	0	12,313
Non-cash interest expense	2,272	2,246
Gain on sale of assets (Note 5)	0	(1,000)
Changes in operating assets and liabilities:
Accounts and other receivables, net	(30,744)	40,935
Inventories	(10,376)	9,435
Prepaid manufacturing	(6,893)	0
Prepaid expenses and other current assets	(2,643)	(4,650)
Other assets	(878)	730
Accounts payable	2,023	(612)
Lease liabilities	(3,220)	(2,635)
Accrued and other liabilities	3,968	11,355
Net cash provided by operating activities	13,501	86,797
Investing activities
Purchases of marketable securities	(491,047)	(484,040)
Proceeds from maturities and redemption of marketable securities	452,520	351,735
Purchases of property and equipment, net	(2,874)	(2,381)
Proceeds from sale of assets	0	1,000
Net cash used in investing activities	(41,401)	(133,686)
Financing activities
Proceeds from exercise of stock options	3,925	4,339
Proceeds from Employee Stock Purchase Plan	1,760	1,535
Payments for taxes related to net share settlement of restricted stock units	(8,827)	(6,264)
Net cash used in financing activities	(3,142)	(390)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	98	(155)
Net decrease in cash and cash equivalents, and restricted cash	(30,944)	(47,434)
Cash and cash equivalents, and restricted cash at beginning of period	150,556	202,211
Cash and cash equivalents, and restricted cash at end of period	119,612	154,777
Supplemental disclosure of cash flow information
Cash paid during the period for income taxes	4,577	1,413
Cash paid during the period for interest	2,819	2,819
Reclassification of contract asset from other current assets to other assets	0	71,307
Reclassification of CEPI accrual to CEPI accrual long-term	0	(60,337)
Advance Payments forgiven per CEPI-Bio E Assignment Agreement (Note 6)	0	(47,401)
Non-cash investing and financing activities:
Purchases of property and equipment, not yet paid	762	704
Right-of-use assets obtained in exchange of operating lease liabilities	$ 0	$ 1,332

Revenue Recognition - Summary of balances and activities in our contract asset account (Details) - CpG 1018 adjuvant $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 1,389
Additions	7,663
Subtractions	(8,314)
Balance at End of Period	738
Balance at Beginning of Period	71,307
Additions	0
Subtractions	0
Balance at End of Period	71,307
Contract asset	$ 738

Equity Plans and Stock-Based Compensation - Fair Value-Based Measurements and Weighted-Average Assumptions (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Market-Based Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value per share (in USD per share)			$ 17.23	$ 18.25
Risk-free interest rate			4.30%	4.30%
Expected life (in years)			2 years 10 months 24 days	2 years 10 months 24 days
Volatility			0.60%	0.90%
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value per share (in USD per share)	$ 6.66	$ 8.61	$ 7.82	$ 7.30
Risk-free interest rate	3.80%	4.20%	4.20%	4.00%
Expected life (in years)	4 years 6 months	4 years 6 months	4 years 6 months	4 years 6 months
Volatility	0.80%	0.80%	0.80%	0.80%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Convertible Notes - Summary of Interest Expenses Related to Convertible Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Stated coupon interest	$ 1,409	$ 1,409	$ 4,227	$ 4,227
Amortization of debt issuance cost	290	282	863	838
Total interest expense	$ 1,699	$ 1,691	$ 5,090	$ 5,065

Cash and Cash Equivalents, Restricted Cash and Marketable Securities - Maturities of Marketable Securities Available-for-Sale (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Amortized Cost
Mature in one year or less	$ 377,534
Mature after one year through two years	264,007
Total amortized cost	641,541
Estimated Fair Value
Mature in one year or less	378,836
Mature after one year through two years	265,824
Total estimated fair value	$ 644,660

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets
Money market funds	$ 119,332	$ 150,279	$ 154,511	$ 202,004
Available-for-sale debt securities	644,660	592,023
U.S. treasuries
Assets
Available-for-sale debt securities	170,325	74,237
U.S. government agency securities
Assets
Available-for-sale debt securities	167,859	216,688
Corporate debt securities
Assets
Available-for-sale debt securities	306,476	301,098
Recurring Fair Value Measurements
Assets
Total assets	744,820	731,112
Recurring Fair Value Measurements \| Money market funds
Assets
Money market funds	100,160	131,635
Recurring Fair Value Measurements \| U.S. treasuries
Assets
Available-for-sale debt securities	170,325	74,237
Recurring Fair Value Measurements \| U.S. government agency securities
Assets
Available-for-sale debt securities	167,859	216,688
Recurring Fair Value Measurements \| Corporate debt securities
Assets
Available-for-sale debt securities	306,476	308,552
Recurring Fair Value Measurements \| Level 1
Assets
Total assets	100,160	131,635
Recurring Fair Value Measurements \| Level 1 \| Money market funds
Assets
Money market funds	100,160	131,635
Recurring Fair Value Measurements \| Level 1 \| U.S. treasuries
Assets
Available-for-sale debt securities	0	0
Recurring Fair Value Measurements \| Level 1 \| U.S. government agency securities
Assets
Available-for-sale debt securities	0	0
Recurring Fair Value Measurements \| Level 1 \| Corporate debt securities
Assets
Available-for-sale debt securities	0	0
Recurring Fair Value Measurements \| Level 2
Assets
Total assets	644,660	599,477
Recurring Fair Value Measurements \| Level 2 \| Money market funds
Assets
Money market funds	0	0
Recurring Fair Value Measurements \| Level 2 \| U.S. treasuries
Assets
Available-for-sale debt securities	170,325	74,237
Recurring Fair Value Measurements \| Level 2 \| U.S. government agency securities
Assets
Available-for-sale debt securities	167,859	216,688
Recurring Fair Value Measurements \| Level 2 \| Corporate debt securities
Assets
Available-for-sale debt securities	306,476	308,552
Recurring Fair Value Measurements \| Level 3
Assets
Total assets	0	0
Recurring Fair Value Measurements \| Level 3 \| Money market funds
Assets
Money market funds	0	0
Recurring Fair Value Measurements \| Level 3 \| U.S. treasuries
Assets
Available-for-sale debt securities	0	0
Recurring Fair Value Measurements \| Level 3 \| U.S. government agency securities
Assets
Available-for-sale debt securities	0	0
Recurring Fair Value Measurements \| Level 3 \| Corporate debt securities
Assets
Available-for-sale debt securities	$ 0	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 119,332	$ 150,279
Marketable securities available-for-sale	644,660	592,023
Accounts receivables, net of allowance for doubtful accounts of $12,313 at September 30, 2024 and December 31, 2023, respectively	73,334	40,607
Other receivables	1,943	3,926
Inventories	62,402	53,290
Prepaid expenses and other current assets	24,570	18,995
Total current assets	926,241	859,120
Property and equipment, net	37,420	37,297
Operating lease right-of-use assets	21,780	24,287
Goodwill	2,091	2,067
Other assets	74,458	74,325
Total assets	1,061,990	997,096
Current liabilities:
Accounts payable	7,089	5,245
Accrued research and development	4,402	2,982
Accrued liabilities	54,102	49,448
Other current liabilities	4,437	4,520
Total current liabilities	70,030	62,195
Convertible Notes, net of debt discount of $1,939 and $2,802 at September 30, 2024 and December 31, 2023, respectively (Note 7)	223,561	222,698
Long-term portion of lease liabilities	26,607	29,720
CEPI accrual long-term (Note 6)	60,337	60,337
Other long-term liabilities	28	74
Total liabilities	380,563	375,024
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock: $0.001 par value, 5,000 shares authorized at September 30, 2024 and December 31, 2023; zero shares outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock: $0.001 par value, 278,000 shares authorized at September 30, 2024 and December 31, 2023; 131,345 shares and 129,530 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	131	130
Additional paid-in capital	1,591,107	1,554,634
Accumulated other comprehensive income (loss)	514	(2,108)
Accumulated deficit	(910,325)	(930,584)
Total stockholders’ equity	681,427	622,072
Total liabilities and stockholders’ equity	$ 1,061,990	$ 997,096

Collaborative Research, Development and License Agreements - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended		9 Months Ended
	Apr. 26, 2023	Aug. 31, 2023	Apr. 30, 2023	Sep. 30, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Apr. 27, 2023
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Advance Payments forgiven per CEPI-Bio E Assignment Agreement (Note 6)					$ 0	$ (47,401)	$ 0	$ (47,401)
Repayment of advance from customer										$ 47,400
Accrued liabilities					54,102		54,102		$ 49,448
Allowance for doubtful accounts receivables					12,313		12,313		12,313
Prepayment of advance payment		$ 1,000	$ 13,500
Increase in revenue adjustment							38,700
Total revenues					80,630	69,514	205,214	176,688
Coalition for Epidemic Preparedness Innovations Partners
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Advance Payments forgiven per CEPI-Bio E Assignment Agreement (Note 6)					175,000		175,000
Repayment of advance from customer					67,300		67,300
Accrued liabilities					47,400		47,400
Accrual long term balance					60,300		60,300
Contract with customer, liability					0		0		0
Zhejiang Clover Biopharmaceuticals Inc And Clover Hong Kong Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accrual long term balance					60,300		60,300
Zhejiang Clover Biopharmaceuticals Inc And Clover Hong Kong Inc \| Supply Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contract asset					71,300		71,300		$ 71,300
Biological E. Limited
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Repayment of advance from customer	$ 47,400
Prepayment of advance payment	14,500
Biological E. Limited \| Term 1
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional future payment	5,500
Advance payment received	125,000
Biological E. Limited \| Term 2
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional future payment	12,300
Advance payment received	$ 250,000
U.S. Department of Defense
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from grant				$ 22,000
Transaction duration				2 years 6 months
Total revenues					$ 1,300	$ 7,200	$ 7,700	$ 14,500
CEPI Member
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable net current										$ 47,400

Commitments and Contingencies - Narrative (Detail) $ in Thousands, € in Millions		1 Months Ended						3 Months Ended			9 Months Ended
	Mar. 07, 2024 USD ($)	Oct. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	May 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Aug. 31, 2020 USD ($)	Nov. 30, 2009 USD ($)	Sep. 30, 2024 USD ($) renewal_term	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) renewal_term	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€) renewal_term	Feb. 22, 2024 ft²	Dec. 31, 2023 USD ($)	May 31, 2021 USD ($)
Loss Contingencies [Line Items]
Number of successive terms \| renewal_term								2			2		2
Renewal term								5 years			5 years		5 years
Lease area \| ft²														75,662
Termination of sublease agreement									$ 3,500		$ 3,500
Write-off of accrued balance	$ 4,800
Collection of termination payment	$ 1,300
Sublease (expense) income (Note 5)								$ 2,200		$ 2,000	$ 2,800	$ 5,600
Percentage of excess rent paid											0.50
Cash paid for amounts included in the measurement of operating lease liabilities											$ 5,700	$ 5,300
Aggregate minimum commitment								700			700				$ 7,400
Long-term debt, net of debt discount								1,939			1,939				2,802
Symphony Dynamo Holdings LLC
Loss Contingencies [Line Items]
License arrangement contingent consideration percentage							50.00%
License arrangement upfront payment							$ 50,000
TriSalus
Loss Contingencies [Line Items]
Payment to holdings						$ 2,500
Payment received for pre-commercialization milestone			$ 1,000	$ 1,000	$ 1,000
TriSalus \| Asset Purchase Agreement
Loss Contingencies [Line Items]
Payment made for pre-commercialization milestone		$ 500		$ 500	$ 500
Deutsche Bank Securities
Loss Contingencies [Line Items]
Letter of credit \| €													€ 0.2
Deutsche Bank Securities \| Letter of credit
Loss Contingencies [Line Items]
Letter of credit \| €													€ 0.2
2.50% Convertible Senior Notes Due 2026
Loss Contingencies [Line Items]
Aggregate principal amount								225,500			225,500					$ 225,500
Long-term debt, net of debt discount								1,900			1,900
HEPLISAV-B
Loss Contingencies [Line Items]
Non-cancelable purchase and other commitments								$ 34,000			$ 34,000				$ 43,400
Minimum \| Emeryville, California (Premises)
Loss Contingencies [Line Items]
Lease term								3 years			3 years		3 years
Maximum \| Emeryville, California (Premises)
Loss Contingencies [Line Items]
Lease term								12 years			12 years		12 years

Revenue Recognition - Summary of Disaggregation of Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenues	$ 80,630	$ 69,514	$ 205,214	$ 176,688
U.S.
Disaggregation Of Revenue [Line Items]
Total revenues	80,608	69,514	202,693	176,688
Non U.S.
Disaggregation Of Revenue [Line Items]
Total revenues	22	0	2,521	0
HEPLISAV-B
Disaggregation Of Revenue [Line Items]
Total revenues	79,345	62,318	197,377	162,209
HEPLISAV-B \| U.S.
Disaggregation Of Revenue [Line Items]
Total revenues	79,345	62,318	195,030	162,209
HEPLISAV-B \| Non U.S.
Disaggregation Of Revenue [Line Items]
Total revenues	0	0	2,347	0
Product revenue, net
Disaggregation Of Revenue [Line Items]
Total revenues	79,345	62,318	197,377	162,209
Product revenue, net \| U.S.
Disaggregation Of Revenue [Line Items]
Total revenues	79,345	62,318	195,030	162,209
Product revenue, net \| Non U.S.
Disaggregation Of Revenue [Line Items]
Total revenues	0	0	2,347	0
Other revenue
Disaggregation Of Revenue [Line Items]
Total revenues	1,285	7,196	7,837	14,479
Other revenue \| U.S.
Disaggregation Of Revenue [Line Items]
Total revenues	1,263	7,196	7,663	14,479
Other revenue \| Non U.S.
Disaggregation Of Revenue [Line Items]
Total revenues	$ 22	$ 0	$ 174	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Collaborative Research, Development and License Agreements	9 Months Ended
	Sep. 30, 2024
Research and Development [Abstract]
Collaborative Research, Development and License Agreements	Collaborative Research, Development and License Agreements Coalition for Epidemic Preparedness Innovations In January 2021, we entered into an agreement (together with subsequent amendments, the “CEPI Agreement”) with Coalition for Epidemic Preparedness Innovations (“CEPI”) for the manufacture and reservation of a specified quantity of CpG 1018 adjuvant (“CpG 1018 Materials”). In May 2021, we entered into the first amendment to the CEPI Agreement. The CEPI 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 CEPI 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 agreed to provide payments in the form of an interest-free, unsecured, forgivable loan (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 CEPI 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 CEPI Agreement, the applicable Advance Payments will be forgiven at the end of the two-year term. On April 27, 2023, we entered into a waiver and second amendment to the CEPI Agreement by and between us and CEPI (the “CEPI-Bio E Assignment Agreement”). Pursuant to the CEPI-Bio E Assignment Agreement, CEPI has forgiven the entirety of the outstanding Advance Payments for CpG 1018 Materials allocated to and ordered by Bio E under the CEPI Agreement and has assumed our previous rights to $47.4 million of Bio E accounts receivable. Through September 30, 2024, we received Advance Payments totaling approximately $175.0 million pursuant to the CEPI Agreement, of which $67.3 million have been repaid and $47.4 million have been forgiven (as discussed above). As of September 30, 2024, remaining Advance Payments totaling $60.3 million in CEPI accrual long-term were reflected in our condensed consolidated balance sheets, representing the outstanding balance of the Advance Payments relating to the Clover Supply Agreement (as defined and discussed below). There were no deferred revenue balances related to the CEPI Agreement as of September 30, 2024 and December 31, 2023. Zhejiang Clover Biopharmaceuticals, Inc. and Clover Biopharmaceuticals (Hong Kong) Co., Limited In June 2021, we entered into an agreement with Zhejiang Clover Biopharmaceuticals, Inc. and Clover Biopharmaceuticals (Hong Kong) Co., Limited (collectively, “Clover”), for the commercial supply of CpG 1018 adjuvant, for use with Clover’s COVID-19 vaccine candidate, SCB-2019 (together with subsequent amendments, the “Clover Supply Agreement”). Under the Clover Supply Agreement, Clover committed to purchase specified quantities of CpG 1018 adjuvant, at pre-negotiated prices pursuant to the CEPI Agreement, for use in Clover’s commercialization of vaccines containing SCB-2019 and CpG 1018 adjuvant (“Clover Product”). The Clover Supply Agreement also provides terms for Clover to order additional quantities of CpG 1018 adjuvant beyond the quantities reserved by CEPI. In 2022 and 2023, we signed four amendments to the Clover Supply Agreement. The terms and conditions of the Clover Supply Agreement were operative through December 2022, and as of December 31, 2022, we had satisfied all delivery obligations thereunder. For CpG 1018 adjuvant reserved for Clover under the CEPI Agreement, Clover is obligated to pay us the purchase price upon the earliest of (i) the true-up exercise, (ii) within a specified period after Clover delivers Clover Product to a customer, or (iii) Clover’s receipt of payment for Clover Product from a customer. When we transfer control of CpG 1018 adjuvant that is reserved under the CEPI Agreement, we recognize product revenue and a corresponding contract asset as our right to consideration is contingent on something other than the passage of time, as outlined above. The contract asset of $71.3 million relating to Clover was included in other assets (long term) as of September 30, 2024 and December 31, 2023. The contract asset was included in other assets (long term) to reflect the timing of expected long term demand for CpG 1018 adjuvant for Clover Product. Corresponding Advance Payments of $60.3 million relating to Clover are recorded in CEPI accrual long-term in our condensed consolidated balance sheets as of September 30, 2024. These Advance Payments may be repaid using cash collected from Clover or forgiven in accordance with the CEPI Agreement. We had no accounts receivable balance from Clover as of September 30, 2024 and December 31, 2023. Biological E. Limited In July 2021, we entered into an agreement (together with subsequent amendments, the “Bio E Supply Agreement”) with Biological E. Limited (“Bio E”), for the commercial supply of CpG 1018 adjuvant, for use with Bio E’s subunit COVID-19 vaccine candidate, CORBEVAX™. Under the Bio E Supply Agreement, Bio E committed to purchase specified quantities of CpG 1018 adjuvant, at pre-negotiated prices pursuant to the CEPI Agreement, for use in Bio E’s commercialization of its CORBEVAX vaccine (“Bio E Product”) with specified delivery dates in 2021 and the first quarter of 2022. The Bio E Supply Agreement also provides terms for Bio E to order additional quantities of CpG 1018 adjuvant beyond the quantities reserved by CEPI. In June 2022 and in October 2022, we entered into amendments to the Bio E Supply Agreement (the “Bio E Amendment No. 1” and the “Bio E Amendment No. 2,” together the “Bio E Amendments”). The Bio E Amendments primarily established: (i) a new payment schedule for certain outstanding invoices related to the CEPI product to be the earlier of December 31, 2022, or receipt of certain amounts from Bio E from the Government of India in connection with their advance purchase agreement for CORBEVAX, and (ii) further modified the scope of the Bio E Supply Agreement, by reducing certain quantities of CpG 1018 adjuvant to be delivered. The terms and conditions of the Bio E Supply Agreement were operative through December 2022, and as of December 31, 2022, we had satisfied all delivery obligations thereunder. As of September 30, 2024, we had no net accounts receivable balance from Bio E. In 2023, we recorded an allowance for doubtful accounts of $12.3 million, which was determined by assessing changes in Bio E’s credit risk, contemplation of ongoing negotiations relating to Bio E Amendment No. 3 (defined below), and Bio E's dependence on cash collections from the Government of India, which have been delayed and significantly reduced in connection with the overall reduction in demand for CORBEVAX from the Government of India. On April 26, 2023, we entered into a third amendment to the Bio E Supply Agreement (the “Bio E Amendment No. 3”), and on April 27, 2023, we entered into the CEPI-Bio E Assignment Agreement. Pursuant to the CEPI-Bio E Assignment Agreement, CEPI has forgiven the entirety of remaining amounts outstanding relating to a liability for Advance Payments of $47.4 million (the “Bio E CEPI Advance Payments”) for CpG 1018 Materials allocated to Bio E, and has assumed our previous rights to collect $47.4 million of Bio E accounts receivable. Pursuant to the Bio E Amendment No. 3, we collected $14.5 million from Bio E (including $13.5 million in April 2023 and $1.0 million in August 2023). Accordingly, as of September 30, 2024, the CEPI-Bio E Assignment Agreement resulted in: (i) no net accounts receivable balance, and (ii) the derecognition of $47.4 million CEPI accrual in connection with the Bio E CEPI Advance Payments. The Bio E Amendment No. 3 provides for additional future payment of either $5.5 million in the event that Bio E receives at least $125.0 million, or $12.3 million in the event that Bio E receives at least $250.0 million in future payments from the Government of India associated with its CORBEVAX product on or before August 15, 2025. These additional amounts are not considered collectible until the achievement of these future milestones. U.S. Department of Defense In September 2021, we entered into an agreement with the DoD for the development of a recombinant plague vaccine adjuvanted with CpG 1018 adjuvant for approximately $22.0 million over two and a half years. Under the agreement, we conducted a Phase 2 clinical trial combining our CpG 1018 adjuvant with the DoD's rF1V vaccine. In 2023 and 2024, we executed contract modifications with the DoD to support advancement into a nonhuman primate challenge study and a chemistry, manufacturing and control gap analysis, with the agreement now totaling $38.7 million through 2025. We recognized revenue of $1.3 million and $7.7 million from our agreement with the DoD for the three and nine months ended September 30, 2024, respectively. We recognized revenue of $7.2 million and $14.5 million from our agreement with the DoD for the three and nine months ended September 30, 2023, respectively. Revenue from our agreement with the DoD is included in other revenue in our condensed consolidated statements of operations.

Common Stock - Additional Information (Detail) - USD ($) $ in Millions		9 Months Ended
	Aug. 06, 2020	Sep. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock, shares outstanding		131,344,804	129,530,000
2017 ATM Agreement
Class Of Stock [Line Items]
Remaining proceeds from common stock, under sales agreement		$ 120.0
Maximum
Class Of Stock [Line Items]
Common stock sales agreement aggregate sales proceeds	$ 120.0
Maximum \| 2017 ATM Agreement
Class Of Stock [Line Items]
Commission on gross sales proceeds of common stock	3.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (h)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.5-02(28))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Plans and Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Inventories	$ 848	$ 659	$ 2,551	$ 1,715
Total	13,083	10,687	39,615	31,283
Research and development
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	3,135	2,339	8,681	6,752
Selling, general and administrative
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	8,703	7,320	26,878	21,353
Cost of sales - product
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	$ 397	$ 369	$ 1,505	$ 1,463

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

The following table presents inventories (in thousands):


	September 30, 2024		December 31, 2023
Raw materials	$	34,036	$	27,256
Work-in-process	8,446		18,954
Finished goods	19,920		7,080
Total	$	62,402	$	53,290

Commitments and Contingencies - Summary of Operating Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 1,437	$ 1,392	$ 4,349	$ 4,172

Commitments and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Current portion of lease liabilities (included in other current liabilities)	$ 4,423	$ 4,496
Long-term portion of lease liabilities	26,607	29,720
Total operating lease liabilities	$ 31,030	$ 34,216

Organization	9 Months Ended
Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Dynavax Technologies Corporation (“we,” “our,” “us,” “Dynavax” or the “Company”) is a commercial stage biopharmaceutical company developing and commercializing innovative vaccines to help protect the world against infectious diseases. Our first marketed product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted] is approved in the United States, the European Union and Great Britain for the prevention of infection caused by all known subtypes of hepatitis B virus in adults aged 18 years and older. In May 2022, we commenced commercial shipments of HEPLISAV-B in Germany. We are advancing a pipeline of differentiated product candidates that leverage our CpG 1018® adjuvant, the adjuvant used in HEPLISAV-B, to develop improved vaccines in indications with unmet medical needs. These programs currently include vaccine candidates under development for shingles and a plague vaccine candidate program in collaboration with and fully funded by the U.S. Department of Defense ("DoD"). Additionally, we manufacture and have in the past supplied CpG 1018 adjuvant, the adjuvant used in HEPLISAV-B, through both commercial supply agreements, and through preclinical and clinical research collaborations with third-party organizations. 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 as of December 31, 2023 has been derived from audited financial statements at that date, but excludes some disclosures required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements and these notes should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, 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, Dynavax India LLP, located in India, and a branch of Dynavax registered in Italy. All significant intercompany accounts and transactions among these entities have been eliminated from the unaudited condensed consolidated financial statements. We operate in one business segment: discovery, development and commercialization of novel vaccines. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make informed estimates and assumptions that may affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes, including amounts of revenues and expenses during the reported periods. Management’s estimates are based on historical information available as of the date of the unaudited condensed consolidated financial statements and various other assumptions we believe are reasonable under the circumstances. On an ongoing basis, we evaluate our estimates, judgments and methodologies. Significant estimates and assumptions in the unaudited condensed consolidated financial statements include those related to revenue recognition; accounts receivable; useful lives of long-lived assets; valuation procedures for right-of-use assets and operating lease liabilities; valuation of inventory; research and development expenses; contingencies and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-09.

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

9 Months Ended

Sep. 30, 2024

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and 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):


	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Cash and cash equivalents	$	119,332	$	150,279	$	154,511	$	202,004
Restricted cash (1)	280		277		266		207
Total cash and cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	119,612	$	150,556	$	154,777	$	202,211

(1)Restricted cash is included in "Other assets" in the Condensed Consolidated Balance Sheets.

Summary of Cash, Cash Equivalents and Marketable Securities

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


	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
September 30, 2024
Cash and cash equivalents:
Cash	$	19,172	$	-	$	-	$	19,172
Money market funds	100,160		-		-		100,160
Corporate debt securities	-		-		-		-
Total cash and cash equivalents	119,332		-		-		119,332
Marketable securities available-for-sale:
U.S. treasuries	169,214		1,118		(7)		170,325
U.S. government agency securities	166,881		1,018		(40)		167,859
Corporate debt securities	305,446		1,065		(35)		306,476
Total marketable securities available-for-sale	641,541		3,201		(82)		644,660
Total cash and cash equivalents, and marketable securities	$	760,873	$	3,201	$	(82)	$	763,992
December 31, 2023
Cash and cash equivalents:
Cash	$	11,190	$	-	$	-	$	11,190
Money market funds	131,635		-		-		131,635
Corporate debt securities	7,453		1		-		7,454
Total cash and cash equivalents	150,278		1		-		150,279
Marketable securities available-for-sale:
U.S. treasuries	74,109		172		(44)		74,237
U.S. government agency securities	216,265		692		(269)		216,688
Corporate debt securities	300,803		315		(20)		301,098
Total marketable securities available-for-sale	591,177		1,179		(333)		592,023
Total cash and cash equivalents, and marketable securities	$	741,455	$	1,180	$	(333)	$	742,302

Investments Classified by Contractual Maturity Date

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


	September 30, 2024
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	377,534	$	378,836
Mature after one year through two years	264,007		265,824
	$	641,541	$	644,660

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal, state and foreign income taxes. For the three and nine months ended September 30, 2024, we recorded a provision for income taxes of approximately $2.2 million and $3.0 million, respectively. For the three months ended September 30, 2023, we recorded a benefit from income taxes of approximately $0.1 million. For the nine months ended September 30, 2023, we recorded a provision for income taxes of approximately $1.2 million. Our effective tax rate was approximately 11.2% and 12.8% for the three and nine months ended September 30, 2024, respectively. Our effective tax rate was approximately (1.0)% and (22.9)% for the three and nine months ended September 30, 2023, respectively. For the nine months ended September 30, 2024, the primary difference between the effective tax rate and the federal statutory rate is due to the benefit of net operating losses utilized during the periods and the full valuation allowance we established on our federal, state, and certain foreign deferred tax assets. For the nine months ended September 30, 2023, the primary difference between the effective tax rate and the federal statutory rate is due to the benefit of net operating losses utilized during the periods and the full valuation allowance we established on our federal, state, and certain foreign deferred tax assets. The tax benefit of net operating losses, temporary differences and credit carryforwards is required to be recorded as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on our ability to generate sufficient taxable income within the carryforward period. A high degree of judgment is required to determine if, and the extent to which, valuation allowances should be recorded against deferred tax assets. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. Based on all available evidence as of September 30, 2024, both positive and negative, and the weight of that evidence to the extent such evidence can be objectively verified, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not more likely than not to be realized, and, accordingly, has provided a valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Disaggregation Of Revenue [Line Items]

Summary of Disaggregation of Revenues

The following table disaggregates our product revenue, net by product and geographic region and disaggregates our other revenues by geographic region (in thousands):


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	U.S.		Non U.S.		Total		U.S.		Non U.S.		Total
Product revenue, net
HEPLISAV-B	$	79,345	$	-	$	79,345	$	62,318	$	-	$	62,318
Total product revenue, net	79,345		-		79,345		62,318		-		62,318
Other revenue	1,263		22		1,285		7,196		-		7,196
Total revenues	$	80,608	$	22	$	80,630	$	69,514	$	-	$	69,514

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	U.S.		Non U.S.		Total		U.S.		Non U.S.		Total
Product revenue, net
HEPLISAV-B	$	195,030	$	2,347	$	197,377	$	162,209	$	-	$	162,209
Total product revenue, net	195,030		2,347		197,377		162,209		-		162,209
Other revenue	7,663		174		7,837		14,479		-		14,479
Total revenues	$	202,693	$	2,521	$	205,214	$	176,688	$	-	$	176,688

HEPLISAV-B

Disaggregation Of Revenue [Line Items]

Schedule of Revenues from Major Customers

The following table summarizes HEPLISAV-B product revenue from each of our three largest customers (as a percentage of total HEPLISAV-B net product revenue):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Largest customer	31	%	27	%	29	%	25	%
Second largest customer	20	%	25	%	21	%	24	%
Third largest customer	19	%	18	%	18	%	17	%

Summary of Product Revenue Allowance and Reserve Categories

The following table summarizes balances and activities in HEPLISAV-B product revenue allowance and reserve categories for the nine months ended September 30, 2024 (in thousands):


	Balance at Beginning of Period		Provisions related to current period sales		Credit or payments made during the period		Adjustments related to prior periods		Balance at End of Period
Nine months ended September 30, 2024:
Accounts receivable reserves (1)	$	7,011	$	57,494	$	(53,716)	$	(10)	$	10,779
Revenue reserve accruals (2)	$	21,004	$	43,507	$	(32,385)	$	(871)	$	31,255

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

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

CpG 1018 adjuvant

Disaggregation Of Revenue [Line Items]

Summarizes balances and activities in our contract asset account

The following table summarizes balances and activities in our contract asset account (in thousands):


	Balance at Beginning of Period		Additions		Subtractions		Balance at End of Period
Nine months ended September 30, 2024
Contract asset, included in other current assets (1)	$	1,389	$	7,663	$	(8,314)	$	738
Contract asset, included in other assets (long term) (2)	$	71,307	$	-	$	-	$	71,307

(1)The $0.7 million of contract asset is derived from our agreement with the DoD.

(2)The Clover contract asset was included in long term assets to reflect the timing of expected long term demand for CpG 1018 adjuvant for Clover Product. See Note 6 for further discussion.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 17,594	$ 14,293	$ 20,259	$ (6,608)
Other comprehensive income (loss), net of tax:
Change in unrealized gain (loss) on marketable securities available-for-sale	4,021	426	2,275	(105)
Cumulative foreign currency translation adjustments	1,404	(1,013)	347	(416)
Total other comprehensive income (loss)	5,425	(587)	2,622	(521)
Total comprehensive income (loss)	$ 23,019	$ 13,706	$ 22,881	$ (7,129)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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-Name Accounting Standards Codification
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+ Details

Cash and Cash Equivalents, Restricted Cash and Marketable Securities

9 Months Ended

Sep. 30, 2024

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Cash and Cash Equivalents, Restricted Cash and Marketable Securities


	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Cash and cash equivalents	$	119,332	$	150,279	$	154,511	$	202,004
Restricted cash (1)	280		277		266		207
Total cash and cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	119,612	$	150,556	$	154,777	$	202,211

(1)Restricted cash is included in "Other assets" in the Condensed Consolidated Balance Sheets.

Restricted cash balances relate to certificates of deposit issued as collateral to certain letters of credit issued as security to our lease arrangements (see Note 5).

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


	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
September 30, 2024
Cash and cash equivalents:
Cash	$	19,172	$	-	$	-	$	19,172
Money market funds	100,160		-		-		100,160
Corporate debt securities	-		-		-		-
Total cash and cash equivalents	119,332		-		-		119,332
Marketable securities available-for-sale:
U.S. treasuries	169,214		1,118		(7)		170,325
U.S. government agency securities	166,881		1,018		(40)		167,859
Corporate debt securities	305,446		1,065		(35)		306,476
Total marketable securities available-for-sale	641,541		3,201		(82)		644,660
Total cash and cash equivalents, and marketable securities	$	760,873	$	3,201	$	(82)	$	763,992
December 31, 2023
Cash and cash equivalents:
Cash	$	11,190	$	-	$	-	$	11,190
Money market funds	131,635		-		-		131,635
Corporate debt securities	7,453		1		-		7,454
Total cash and cash equivalents	150,278		1		-		150,279
Marketable securities available-for-sale:
U.S. treasuries	74,109		172		(44)		74,237
U.S. government agency securities	216,265		692		(269)		216,688
Corporate debt securities	300,803		315		(20)		301,098
Total marketable securities available-for-sale	591,177		1,179		(333)		592,023
Total cash and cash equivalents, and marketable securities	$	741,455	$	1,180	$	(333)	$	742,302

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


	September 30, 2024
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	377,534	$	378,836
Mature after one year through two years	264,007		265,824
	$	641,541	$	644,660

We have classified our entire investment portfolio as available-for-sale ("AFS") and available for use in current operations and accordingly have classified all investments as short-term. Our AFS 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. Unrealized losses are included in accumulated other comprehensive loss in stockholders’ equity. We determine whether a decline in the fair value of our AFS debt securities below their amortized cost basis (i.e., an impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairments (if any) are recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Both the allowance and the adjustment to net income can be reversed if conditions change.

There were no realized gains or losses from the sale of marketable securities during the three and nine months ended September 30, 2024 and 2023. We do not intend to sell, and are not required to sell, the investments that are in an unrealized loss position before recovery of their amortized cost basis. During each of the three and nine months ended September 30, 2024, we did not record an allowance for credit losses, as management believes any such losses would be immaterial based on the investment-grade credit rating for each of the investments as of September 30, 2024. As such, there have been no declines in fair value that have been identified as a credit-related impairment.

Common Stock	9 Months Ended
Common Stock	Sep. 30, 2024
Equity [Abstract]
Common Stock	Common Stock Common Stock Outstanding As of September 30, 2024, there were 131,344,804 shares of our common stock outstanding. We entered into an at-the-market Sales Agreement with Cowen and Company, LLC (“Cowen”) on August 6, 2020 and an amendment to such agreement on August 3, 2023 (the sales agreement as amended, the “ATM Agreement”). Under the ATM Agreement, 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 $120.0 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 ATM Agreement. As of September 30, 2024, we had $120.0 million remaining under the ATM Agreement.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

4. Inventories

The following table presents inventories (in thousands):


	September 30, 2024		December 31, 2023
Raw materials	$	34,036	$	27,256
Work-in-process	8,446		18,954
Finished goods	19,920		7,080
Total	$	62,402	$	53,290

As of September 30, 2024, we recorded prepaid manufacturing costs related to prepayments made to third-party manufacturers of CpG 1018 adjuvant of $6.9 million. Prepaid manufacturing costs are included in “Prepaid expenses and other current assets" in our condensed consolidated balance sheets. Prepaid manufacturing costs are reclassified to inventory upon meeting all necessary quality requirements, which typically occurs within twelve months.