DYNAVAX TECHNOLOGIES (DVAX) Company Report

Dynavax reported HEPLISAV-B net product revenue of $90 million in Q3 2025, marking a 13% increase year-over-year compared to Q3 2024, with its total U.S. market share reaching 46%.
The company raised its FY 2025 Adjusted EBITDA guidance to ≥$80 million from the previous ≥$75 million.
Dynavax's Board of Directors authorized a new share repurchase of up to $100 million, bringing the total aggregate share repurchases authorized since November 2024 to ~$300 million.
As of September 30, 2025, cash, cash equivalents, and marketable securities totaled ~$648 million.
Key pipeline advancements include positive Part 1 topline results for the Shingles vaccine program and ~$14 million in additional funding from the U.S. DoD for the Plague vaccine program, bringing its total funding to ~$44 million through 1H 2027.

Nov 5, 2025, 9:30 PM

Presentation

Dynavax Reports Strong Q3 2025 Results, Raises Guidance, and Authorizes Share Repurchase

DVAX

Earnings

Guidance Update

Share Buyback

Dynavax reported Q3 2025 net product revenue of $90 million for Heplisav-B, a 13% increase year-over-year, contributing to total revenues of $95 million, an 18% increase year-over-year. The company's U.S. adult hepatitis B vaccine market share reached 46%, with retail segment share growing to 63%.
GAAP net income for Q3 2025 was $27 million, and non-GAAP adjusted EBITDA improved to $36 million. Dynavax reiterated its full-year 2025 Heplisav-B net product revenue guidance of $315-$325 million and raised its adjusted EBITDA guidance to at least $80 million.
The company authorized a new $100 million share repurchase program and entered into an exclusive license agreement with Vaxart for an oral COVID-19 vaccine program, involving a $25 million upfront payment.
Key pipeline advancements include the shingles vaccine program entering Part 2 of its Phase 1-2 study, a $14 million Department of Defense award for the plague vaccine candidate, and completion of Part 1 of the pandemic influenza adjuvant program's Phase 1-2 study.

Nov 5, 2025, 9:30 PM

Transcript

Dynavax Reports Q3 2025 Financial Results and Authorizes New Share Repurchase Program

DVAX

Earnings

Share Buyback

New Projects/Investments

Dynavax reported total revenues of $94.9 million for Q3 2025, an 18% increase year-over-year, with HEPLISAV-B net product revenue reaching $90.0 million, a 13% increase compared to Q3 2024.
The company's GAAP net income for Q3 2025 was $26.9 million, or $0.21 diluted earnings per share, and Adjusted EBITDA was $35.5 million.
Dynavax's Board of Directors authorized a new $100 million share repurchase program.
The company reiterated its full-year 2025 HEPLISAV-B net product revenue guidance of $315 million to $325 million and increased its Adjusted EBITDA guidance to at least $80 million.
Dynavax entered into an exclusive license agreement with Vaxart for worldwide rights to Vaxart’s oral COVID-19 vaccine program, which includes an upfront license fee of $25 million and a $5 million equity investment.

Nov 5, 2025, 9:02 PM

8-K

Dynavax Reports Q3 2025 Results, Authorizes New Share Repurchase Program, and Announces Vaxart Licensing Deal

DVAX

Earnings

Share Buyback

New Projects/Investments

Dynavax reported Q3 2025 total revenues of $94.9 million, an 18% increase year-over-year, with HEPLISAV-B net product revenue reaching $90.0 million, a 13% increase. HEPLISAV-B's total estimated U.S. market share grew to approximately 46%. The company reiterated its full-year 2025 HEPLISAV-B net product revenue guidance of $315 to $325 million and raised its Adjusted EBITDA guidance to at least $80 million.
The Board of Directors authorized a new $100 million share repurchase program.
Dynavax entered into an exclusive license agreement with Vaxart for its oral COVID-19 vaccine candidate, involving an upfront license fee of $25 million and a $5 million equity investment.
Positive topline Phase 1/2 shingles vaccine trial data for Z-1018 were presented, indicating it was well-tolerated with robust immune responses comparable to Shingrix.

Nov 5, 2025, 9:01 PM

Press Release

Dynavax Enters Licensing Agreement with Vaxart for Oral COVID-19 Vaccine Program

DVAX

New Projects/Investments

Dynavax Technologies Corporation has entered into an exclusive, worldwide license and collaboration agreement with Vaxart, Inc. for Vaxart's investigational oral COVID-19 vaccine candidate.
Dynavax will make an upfront payment of $25 million and a $5 million equity investment in Vaxart.
Vaxart will retain full operational and financial responsibility for the program through Phase 2b completion and the End of Phase 2 (EOP2) meeting with the FDA, with topline data expected in late 2026.
Dynavax has the option to assume responsibility for continued clinical development and commercialization after Phase 2b data, which would trigger an additional $50 million payment to Vaxart and potential future regulatory and net sales milestone payments, along with tiered royalties.

Nov 5, 2025, 9:00 PM

Press Release

Dynavax Presents Positive Phase 1/2 Data for Shingles Vaccine Candidate Z-1018 and Initiates Part 2 Trial

DVAX

New Projects/Investments

Dynavax presented positive topline data from Part 1 of its Phase 1/2 clinical trial for Z-1018, a shingles vaccine candidate, at IDWeek 2025.
Z-1018 demonstrated comparable antibody and CD4+ T-cell responses to Shingrix® with a favorable tolerability profile.
The company has initiated Part 2 of the Phase 1/2 trial, which will evaluate Z-1018 head-to-head against Shingrix in adults aged 70 and older.
Topline immunogenicity and safety data from Part 2 are anticipated in the second half of 2026.

Oct 21, 2025, 8:01 PM

Press Release

Dynavax Technologies Discusses HEPLISAV B Growth and Pipeline Advancement

DVAX

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Dynavax Technologies is a commercial-stage vaccine company focused on developing improved vaccines using its novel adjuvant technology, with its lead asset, HEPLISAV B, generating significant revenue and on a continued growth path. The company expects HEPLISAV B revenue to be between $315 million and $325 million for the current year.
HEPLISAV B has a strong product profile and commercial execution, particularly in the retail setting, where it holds just under 60% market share as of Q2. The retail segment is projected to double in size by 2030, representing approximately 50% of the adult hepatitis B market.
The company's pipeline includes Z1018, a shingles vaccine candidate, which demonstrated similar efficacy to Shingrix with improved tolerability in its Phase III (Part 1) trial. Other pipeline programs include a plague vaccine in collaboration with the DoD, a Lyme disease vaccine, and a pandemic influenza program.
Dynavax maintains a strong financial position, prioritizing maximizing HEPLISAV B's value, advancing pipeline assets to value inflection points, and opportunistically evaluating derisked business development opportunities. The company is also willing to return capital to shareholders if appropriate.

Sep 3, 2025, 9:50 PM

Earnings Transcripts

Quarterly earnings call transcripts for DYNAVAX TECHNOLOGIES.

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