Dynavax Technologies Corporation (DVAX)

Debt-to-equity 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-equity ratio		0.00	0.00	0.00	3.06	21.54

December 31, 2023 calculation

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

Dynavax Technologies Corp.'s debt-to-equity ratio has shown a decreasing trend from 21.54 in 2019 to 0.36 in 2023. This indicates a significant improvement in the company's financial structure over the past five years. A lower debt-to-equity ratio suggests that the company is relying less on debt financing and is financing its operations more through equity. This can be a positive sign for investors and creditors as it indicates a more stable and less risky financial position. The decreasing trend in the ratio shows that the company has been actively reducing its debt levels relative to its equity, which can enhance its financial stability and flexibility. Overall, the declining debt-to-equity ratio of Dynavax Technologies Corp. reflects a positive trajectory in the company's financial health and risk profile.