Dynavax(US:DVAX)2025-05-06 20:03Financial Performance - Dynavax reported record HEPLISAV-B net product revenue of $65 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 $68.2 million, a 34% increase compared to $50.8 million in Q1 2024[17]. - Adjusted EBITDA for Q1 2025 was negative $4.4 million, an improvement from negative $6.8 million in Q1 2024[17]. - Total revenues for the three months ended March 31, 2025, were $68.164 million, an increase of 34.2% compared to $50.790 million for the same period in 2024[36]. - Product revenue, net, was $64.959 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 $96.099 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, 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 $900 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 $325 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 $13.5 million in Q1 2024[17]. - Total operating expenses increased to $91.794 million from $68.559 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 $713.834 million at the end of 2024[38]. - Total current assets were $815.970 million, a decrease from $848.941 million as of December 31, 2024[38]. - Total liabilities increased to $415.987 million from $389.457 million, with total long-term liabilities rising to $346.608 million[38]. - The company reported a significant loss on debt extinguishment of $82.095 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].