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Dynavax Technologies (DVAX) investor relations material
Dynavax Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 total revenue reached $94.9 million, up 18% year-over-year, with HEPLISAV-B net product revenue at $90 million, a 13% increase, and U.S. market share rising to 46% from 44% last year.
Advanced clinical pipeline with positive topline data for shingles vaccine Z-1018, progress in plague, pandemic influenza, and Lyme disease programs, and an exclusive license agreement for Vaxart's oral COVID-19 vaccine.
Board authorized a new $100 million share repurchase program, bringing total authorized to $300 million since November 2024.
Cash, cash equivalents, and marketable securities totaled $647.8 million as of September 30, 2025.
Net income for Q3 2025 was $26.9 million, with a nine-month net loss of $50.5 million due to an $82.1 million debt extinguishment loss.
Financial highlights
Q3 2025 HEPLISAV-B net product revenue was $90 million, up 13% year-over-year; total revenues were $94.9 million, up 18% year-over-year.
GAAP net income for Q3 2025 was $26.9 million ($0.21 per diluted share), up from $17.6 million in Q3 2024; adjusted EBITDA was $35.5 million, up from $25.0 million.
Gross margin for HEPLISAV-B was 84% in Q3 2025.
R&D expenses rose 33% year-over-year to $19.1 million; SG&A expenses decreased 7% to $40.1 million.
Cash and marketable securities at quarter end were $647.8 million, down from $713.8 million at year-end 2024.
Outlook and guidance
Reiterated full-year 2025 HEPLISAV-B net product revenue guidance of $315–$325 million.
Adjusted EBITDA for full-year 2025 expected to be at least $80 million, up from prior guidance of $75 million.
U.S. adult hepatitis B vaccine market projected to exceed $900 million by 2030, with HEPLISAV-B targeting at least 60% share.
Expects double-digit annual growth in HEPLISAV-B net product sales through 2030 and increased R&D expenses as pipeline advances.
Cash and short-term investments expected to fund operations for at least the next 12 months.
What drives confidence in 60% HEPLISAV-B share by 2030?
What specific efficacy data needed for Vaxart opt-in?
Capacity for dual Phase 3 shingles/COVID programs?
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Next Dynavax Technologies earnings date
Evercore ISI 8th Annual HealthCONx Conference2 Dec, 2025
Next Dynavax Technologies earnings date
Evercore ISI 8th Annual HealthCONx Conference2 Dec, 2025
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Dynavax Technologies Corporation is a biopharmaceutical company that develops and commercializes novel vaccines and immunotherapies. The company focuses on leveraging its proprietary Toll-like Receptor (TLR) immune modulation technology to enhance the efficacy of its products. The company is headquartered in Emeryville, California, and its shares are listed on the NASDAQ.
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