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DVAX

Dynavax Technologies Corporation

DVAX

Dynavax Technologies Corporation • NASDAQ
$11.37 ▼ -0.52% (-0.06)
Market Cap $1.34 B
52w High $14.63
52w Low $9.20
Dividend Yield 0%
P/E -30.73
Volume 836.34K
Outstanding Shares 117.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $94.876M ▼ $59.202M ▼ $26.927M ▲ 28.381% ▲ $0.23 ▲ $31.889M ▲
Q2-2025 $95.442M ▲ $66.978M ▼ $18.721M ▲ 19.615% ▲ $0.16 ▲ $24.631M ▲
Q1-2025 $68.164M ▼ $78.025M ▲ $-96.099M ▼ -140.982% ▼ $-0.77 ▼ $-94.435M ▼
Q4-2024 $72.032M ▼ $60.254M ▲ $7.05M ▼ 9.787% ▼ $0.055 ▼ $12.267M ▼
Q3-2024 $80.63M $57.464M $17.594M 21.821% $0.13 $23.571M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $647.815M ▲ $946.506M ▲ $412.368M ▼ $534.138M ▲
Q2-2025 $613.729M ▼ $918.449M ▼ $424.287M ▲ $494.162M ▼
Q1-2025 $661.336M ▼ $945.928M ▼ $414.987M ▲ $530.941M ▼
Q4-2024 $713.834M ▼ $986.256M ▼ $389.457M ▲ $596.799M ▼
Q3-2024 $763.992M $1.062B $380.563M $681.427M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $26.927M ▲ $33.829M ▲ $27.323M ▼ $-61K ▲ $61.146M ▲ $32.592M ▲
Q2-2025 $18.721M ▲ $23.431M ▲ $94.792M ▲ $-71.918M ▼ $47.405M ▲ $21.979M ▲
Q1-2025 $-96.099M ▼ $-19.639M ▼ $6.91M ▼ $-31.882M ▲ $-44.153M ▼ $-23.567M ▼
Q4-2024 $7.05M ▼ $53.011M ▲ $23.366M ▲ $-98.875M ▼ $-23.449M ▼ $49.533M ▲
Q3-2024 $17.594M $19.467M $-15.465M $2.476M $6.841M $18.121M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
H E P L I S A V B
H E P L I S A V B
 $70.00M ▲$60.00M ▼$90.00M ▲$90.00M ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Dynavax has transitioned from being a money-losing developer to a consistently profitable commercial-stage company, though on a smaller scale than during the pandemic peak. Revenue surged earlier in the period and then settled back as COVID-related opportunities faded, leaving a more normal, product-driven business profile. Margins are healthy for a small biotech, with gross profit staying strong and operating results hovering modestly positive except for a small setback in one year. Earnings per share have been volatile, reflecting the one-time pandemic boost and then normalization, but the latest period shows the company can generate steady, if not yet large, profitability from its core hepatitis B vaccine and adjuvant sales.

Balance Sheet

Balance Sheet The balance sheet looks solid for a mid-sized biotech. Assets have been stable, suggesting no aggressive expansion or balance-sheet stress. Cash is well below the pandemic-era high but still meaningful relative to the size of the business, giving a cushion to fund operations and R&D. Debt is moderate and has not grown, indicating no recent heavy reliance on borrowing. Shareholders’ equity has grown markedly over the last few years, reflecting both past capital raising and retained profits, and now represents a sizable buffer to absorb shocks compared with the company’s earlier, more fragile position.

Cash Flow

Cash Flow Dynavax is generating consistent cash from its operations, which is an important milestone for a company in this sector. Operating cash flow has been positive for several years in a row, even after the extraordinary pandemic period, showing that the commercial business can largely fund itself. Free cash flow closely tracks operating cash flow because capital spending needs are modest, which means most cash generated is available for R&D, business development, or balance-sheet strengthening rather than being tied up in large facilities or equipment. This relatively light investment burden is an advantage but also underscores the importance of sustaining product demand and pricing.

Competitive Edge

Competitive Edge The company’s competitive position is anchored by HEPLISAV-B, a differentiated hepatitis B vaccine with a simpler dosing schedule and stronger immune response profile than older options. That has translated into steadily rising market share in the U.S. adult hepatitis B market. The underlying CpG 1018 adjuvant platform, used both in HEPLISAV-B and in partnered vaccines, adds a second layer of competitive strength through technology and manufacturing know-how that is not easy to copy. However, Dynavax remains heavily concentrated in a single commercial product and within the vaccine niche, and it competes against much larger players like GSK, which have broader portfolios, deeper sales footprints, and more resources. Patent protection, trade secrets, and a head start in TLR9-based adjuvants form a notable moat, but the absence of a composition-of-matter patent in the U.S. adds some long-term uncertainty once existing method-of-use patents age.

Innovation and R&D

Innovation and R&D R&D is highly focused and platform-driven, centered on extending the CpG 1018 adjuvant into new vaccines. The most visible near- to mid-term opportunity is the shingles vaccine candidate, which early data suggest could offer similar protection to the market leader with potentially better tolerability. A plague vaccine program backed by the U.S. Department of Defense brings non-dilutive funding and validates the platform for biodefense uses. Longer-term, a universal flu project, pandemic influenza work, and a planned Lyme disease program broaden the opportunity set but will take time and carry typical clinical and regulatory risks. The recent decision to discontinue the Tdap program shows management is willing to cut projects that lack clear differentiation, which is positive for capital discipline but also a reminder that not all pipeline efforts will succeed. Overall, the R&D engine is concentrated but deep, with a clear strategy of turning a single adjuvant technology into a family of vaccines.

Summary

Dynavax has evolved from a high-risk, pre-commercial biotech into a profitable, cash-generating vaccine company with a clear technological focus. Financially, the business is smaller than during the pandemic surge but now appears more stable, with positive earnings, a stronger equity base, and self-funded operations. The company’s competitive strength rests on HEPLISAV-B and the CpG 1018 adjuvant platform, which together provide differentiation in efficacy, dosing convenience, and technology. At the same time, revenue concentration in one main product, reliance on ongoing market share gains, and competition from much larger vaccine makers are key structural risks. The pipeline—especially the shingles candidate and government-backed programs—offers meaningful upside potential but also introduces clinical and execution uncertainty. Overall, Dynavax is positioned as a focused vaccine innovator with a healthier financial profile than in the past, balanced by the typical risks of a concentrated, R&D-driven business model.

NEWS

November 19, 2025 · 4:01 PM UTC

Dynavax to Participate at the 8th Annual Evercore Healthcare Conference

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November 5, 2025 · 4:01 PM UTC

Dynavax Reports Third Quarter 2025 Financial Results and Announces New $100 Million Share Repurchase Program

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November 5, 2025 · 4:00 PM UTC

Dynavax Enters Exclusive License Agreement for Vaxart's Novel Oral COVID-19 Vaccine Program

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October 22, 2025 · 4:01 PM UTC

Dynavax to Report Third Quarter 2025 Financial Results and Host Conference Call on November 5, 2025

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October 21, 2025 · 4:01 PM UTC

Dynavax Presents Positive Topline Data from Part 1 of Phase 1/2 Trial for Shingles Vaccine Candidate at IDWeek 2025 and Announces Initiation of Part 2 of Trial

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