Dynavax Technologies Corporation (DVAX)

Cash conversion cycle

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	94.77	68.45	63.41	56.22	54.88	76.46	63.77	88.64	81.16	269.98	368.65	302.15	277.15	241.35	214.78	171.75	150.41	149.90	147.37	129.95
Days of sales outstanding (DSO)	days	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Number of days of payables	days	9.33	4.32	3.88	7.11	2.96	2.27	4.27	22.65	3.44	14.43	51.51	13.84	14.41	21.56	10.64	16.27	33.76	29.18	45.17	55.94
Cash conversion cycle	days	85.44	64.12	59.53	49.11	51.91	74.18	59.50	66.00	77.72	255.55	317.14	288.31	262.74	219.79	204.14	155.48	116.64	120.73	102.20	74.01

December 31, 2023 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 94.77 + — – 9.33
= 85.44

The cash conversion cycle of Dynavax Technologies Corp. has shown fluctuations over the past eight quarters. The company's cash conversion cycle ranged from a low of 136.03 days in Q1 2023 to a high of 220.02 days in Q1 2022.

A lower cash conversion cycle indicates that the company is able to convert its investments in inventory and accounts receivable into cash more quickly, which can be a positive sign of efficiency and liquidity. On the other hand, a higher cash conversion cycle suggests longer periods for the company to collect payments from customers or sell inventory, which may strain liquidity and working capital.

Overall, Dynavax Technologies Corp. has seen some improvement in its cash conversion cycle in the recent quarters, with Q1 2023 showing the most efficient performance during the period covered in the table. Further monitoring of the trend in the cash conversion cycle will be important to assess the company's ongoing liquidity management and operational efficiency.