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Equity Plans and Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2021
Share Based Compensation [Abstract] |
Option Activity under Stock-Based Compensation Plans | In January 2021, we adopted the Dynavax Technologies Corporation 2021 Inducement Award Plan (“2021 Inducement Plan”), pursuant to which we reserved 1,500,000 shares of common stock for issuance under the plan to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company. As of March 31, 2021, the 2018 Equity Incentive Plan, as amended, (“Amended 2018 EIP”), the 2021 Inducement Plan and the Amended and Restated 2014 Employee Stock Purchase Plan are our active plans. Under the Amended 2018 EIP, the aggregate number of shares of our common stock that may be issued to employees and directors (subject to adjustment for certain changes in capitalization) is 22,517,869. Under our stock-based compensation plans, option awards generally vest over a three or four-year period contingent upon continuous service, and expire seven to ten years from the date of grant (or earlier upon termination of continuous service). Option activity under our stock-based compensation plans during the three months ended March 31, 2021 was as follows (in thousands except per share amounts):
|  | Shares Underlying Outstanding Options |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Balance at December 31, 2020 |  |  | 8,505 |  |  | $ | 11.57 |  |  |  |  |  |  |  |  |
Options granted |  |  | 1,996 |  |  |  | 9.36 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (119 | ) |  |  | 4.16 |  |  |  |  |  |  |  |  |
Options cancelled: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options forfeited (unvested) |  |  | (171 | ) |  |  | 7.50 |  |  |  |  |  |  |  |  |
Options expired (vested) |  |  | (164 | ) |  |  | 19.67 |  |  |  |  |  |  |  |  |
Balance at March 31, 2021 |  |  | 10,047 |  |  | $ | 11.15 |  |  |  | 4.26 |  |  | $ | 17,816 |
Vested and expected to vest at March 31, 2021 |  |  | 9,693 |  |  | $ | 11.26 |  |  |  | 4.18 |  |  | $ | 17,184 |
Exercisable at March 31, 2021 |  |  | 5,967 |  |  | $ | 13.44 |  |  |  | 3.05 |  |  | $ | 8,975 |
Summary of Restricted Stock Units Activity | Restricted stock unit activity under our stock-based compensation plans during the three months ended March 31, 2021 was as follows (in thousands except per share amounts):
|  | Number of Shares (in thousands) |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Non-vested as of December 31, 2020 |  |  | 1,794 |  |  | $ | 7.23 |
Granted |  |  | 1,796 |  |  |  | 9.43 |
Vested |  |  | (533 | ) |  |  | 8.88 |
Forfeited |  |  | (120 | ) |  |  | 8.50 |
Non-vested as of March 31, 2021 |  |  | 2,937 |  |  | $ | 8.22 |
Summary Of Performance Based Restricted Stock Unit | We granted performance-based restricted stock unit (“PSU”) to certain executives in February 2021. These PSUs vest upon a specified market condition. The summary of PSU activities for the three months ended March 31, 2021 is as follows:
|  | Number of Shares (in thousands) |  |  | Weighted-Average Grant-Date Fair Value Per Share |
Non-vested as of December 31, 2020 |  |  | - |  |  | $ | - |
Granted |  |  | 297 |  |  |  | 8.40 |
Forfeited |  |  | (30 | ) |  |  | 8.40 |
Non-vested as of March 31, 2021 |  |  | 267 |  |  | $ | 8.40 |
Fair Value-Based Measurements and Weighted-Average Assumptions | The fair value-based measurement of each option is estimated on the date of grant using the Black-Scholes option valuation model. The fair value of each RSU is determined at the date of grant using our closing stock price. The fair value of each PSU is estimated using the Monte Carlo simulation method on the date of grant. The weighted-average assumptions used in the calculations of these fair value measurements are as follows:
|  | Stock Options |  |  | Market-Based Performance Stock Unit (“PSUs”) |
|  | Three Months Ended |  |  | Three Months Ended |
|  | March 31, |  |  | March 31, 2021 |
|  | 2021 |  |  | 2020 |  |  |  |  |
Weighted-average fair value per share |  | $ | 6.72 |  |  | $ | 3.58 |  |  | $ | 8.40 |
Risk-free interest rate |  |  | 0.5 | % |  |  | 1.4 | % |  | From 0.03% to 1.92% |
Expected life (in years) |  |  | 4.5 |  |  |  | 4.5 |  |  |  | 2.9 |
Volatility |  |  | 1.0 |  |  |  | 0.9 |  |  |  | 0.9 |
Stock-Based Compensation Expense | The components of stock-based compensation expense were as follows (in thousands):
|  | Three Months Ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Research and development |  | $ | 872 |  |  | $ | (1,573 | )
Selling, general and administrative |  |  | 3,144 |  |  |  | 2,442 |
Cost of sales - product |  |  | 170 |  |  |  | 136 |
Inventory |  |  | 537 |  |  |  | 773 |
Total |  | $ | 4,723 |  |  | $ | 1,778 |

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