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Dynavax(DVAX) - 2025 Q1 - Quarterly Results
DVAXDynavax(DVAX)2025-05-06 20:03

Financial Performance - Dynavax reported record HEPLISAV-B net product revenue of 65millionforQ12025,representinga3665 million for Q1 2025, representing a 36% year-over-year growth from 47.8 million in Q1 2024[6]. - Total revenues for Q1 2025 were 68.2million,a3468.2 million, a 34% increase compared to 50.8 million in Q1 2024[17]. - Adjusted EBITDA for Q1 2025 was negative 4.4million,animprovementfromnegative4.4 million, an improvement from negative 6.8 million in Q1 2024[17]. - Total revenues for the three months ended March 31, 2025, were 68.164million,anincreaseof34.268.164 million, an increase of 34.2% compared to 50.790 million for the same period in 2024[36]. - Product revenue, net, was 64.959million,upfrom64.959 million, up from 47.845 million, reflecting a growth of 36.0% year-over-year[36]. - The net loss for the three months ended March 31, 2025, was 96.099million,comparedtoanetlossof96.099 million, compared to a net loss of 8.721 million for the same period in 2024[36]. - Adjusted EBITDA for the first quarter of 2025 was (4.356)million,animprovementfrom(4.356) million, an improvement from (6.751) million in the same quarter of 2024[40]. Market Position and Expectations - HEPLISAV-B's total estimated market share in the U.S. increased to approximately 43%, up from 41% in Q1 2024[7]. - The company expects the U.S. hepatitis B adult vaccine market to peak at over 900millioninannualsalesby2030,withHEPLISAVBprojectedtoachieveatleast60900 million in annual sales by 2030, with HEPLISAV-B projected to achieve at least 60% market share[7]. - Dynavax anticipates HEPLISAV-B net product revenue for the full year 2025 to be in the range of 305 to 325million[17].Dynavaxanticipatescontinuedgrowthandmarketexpansion,withexpectationsforfuturefinancialperformanceandproductcommercialization[32].ExpensesandLiabilitiesResearchanddevelopmentexpensesforQ12025were325 million[17]. - Dynavax anticipates continued growth and market expansion, with expectations for future financial performance and product commercialization[32]. Expenses and Liabilities - Research and development expenses for Q1 2025 were 19.4 million, compared to 13.5millioninQ12024[17].Totaloperatingexpensesincreasedto13.5 million in Q1 2024[17]. - Total operating expenses increased to 91.794 million from 68.559million,representingariseof33.968.559 million, representing a rise of 33.9%[36]. - Cash, cash equivalents, and marketable securities decreased to 661.336 million as of March 31, 2025, down from 713.834millionattheendof2024[38].Totalcurrentassetswere713.834 million at the end of 2024[38]. - Total current assets were 815.970 million, a decrease from 848.941millionasofDecember31,2024[38].Totalliabilitiesincreasedto848.941 million as of December 31, 2024[38]. - Total liabilities increased to 415.987 million from 389.457million,withtotallongtermliabilitiesrisingto389.457 million, with total long-term liabilities rising to 346.608 million[38]. - The company reported a significant loss on debt extinguishment of 82.095millionduringthequarter[36].ShareRepurchaseProgramThecompanyhasexecutedover8082.095 million during the quarter[36]. Share Repurchase Program - The company has executed over 80% of its 200 million share repurchase program, with $172 million repurchased as of May 5, 2025[17]. Future Developments - Dynavax plans to initiate a Phase 1/2 clinical trial for an investigational H5N1 influenza vaccine adjuvanted with CpG 1018 in Q2 2025[13].