Dynavax Technologies Stock Earnings Reports

Dynavax reported a strong Q3 2025: total revenue ~ $95M and HEPLISAV-B net product sales of ~$90M (up 13% YoY). HEPLISAV-B reached an estimated 46% share of the U.S. adult hepatitis B market (63% retail; 51% IDN on trailing 12-month basis) and management reiterated a long-term goal of at least 60% market share in the U.S. by 2030 and an expectation the market could exceed $900M by 2030. Pipeline progress: Part 2 of the Z-1018 (shingles) Phase I/II in adults ≥70 has started (top-line Part 1 12-month and Part 2 data expected H2 2026); plague program received an additional $14M DoD award and pandemic flu Part 1 completed with selection of formulations to advance to Part 2 (top-line flu immunogenicity/safety data expected 2026). Corporate development: Dynavax licensed Vaxart’s oral COVID-19 candidate (exclusive option to in-license after Phase IIb readout) — Vaxart continues to run the ongoing Phase IIb (~5,400 enrolled) with top-line data expected by end of 2026; Dynavax paid $25M upfront and would pay an additional $50M if it opts in after Phase IIb, plus potential milestones/royalties. Capital allocation: Board authorized a new $100M share repurchase program (to be executed within 12 months), bringing cumulative capital returned to $300M (about 25% of current market cap). Financials and guidance: HEPLISAV-B full-year 2025 net product revenue reiterated at $315M–$325M; adjusted EBITDA expectation raised to at least $80M for 2025 (ex certain items). R&D investment will increase through 2026 to support mid/late-stage programs and the Vaxart option; cash and equivalents were $648M at quarter end after completing a $200M repurchase earlier in 2025. Management emphasized disciplined SG&A, ongoing commercial momentum (particularly in retail), and staging development spend to de-risk expensive late-stage decisions.