Dynavax Technologies Corporation (DVAX)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	—	—	0	179,811	178,601
Total stockholders’ equity	US$ in thousands	622,072	581,013	222,374	58,693	8,290
Debt-to-capital ratio		0.00	0.00	0.00	0.75	0.96

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $622,072K)
= 0.00

The debt-to-capital ratio of Dynavax Technologies Corp. has shown a declining trend over the past five years, indicating improved financial health in terms of leverage. The ratio decreased from 0.96 in 2019 to 0.26 in 2023. This suggests that the company has been reducing its reliance on debt financing in relation to its total capital structure.

The decreasing trend in the debt-to-capital ratio signifies that Dynavax Technologies has been able to enhance its capital structure by either paying down debt, raising additional equity, or a combination of both. A lower debt-to-capital ratio is generally viewed positively by investors and creditors as it indicates a lesser risk due to lower financial leverage.

The significant reduction in the ratio from 0.96 in 2019 to 0.26 in 2023 reflects the company's efforts to strengthen its balance sheet and financial position. This improvement could potentially lead to better credit ratings, reduced interest expenses, and increased investor confidence.

Overall, the declining trend in Dynavax Technologies Corp.'s debt-to-capital ratio signals a positive shift towards a more sustainable and balanced capital structure, which may enhance the company's long-term financial stability and performance.