Dynavax(DVAX) - 2025 Q3 - Quarterly Results

Financial Performance - HEPLISAV-B® quarterly net product revenue reached $90 million, a 13% increase year-over-year from $79.3 million[12] - Total revenues for the third quarter of 2025 were $94.9 million, an 18% increase compared to $80.6 million for the same quarter in 2024[18] - Dynavax expects HEPLISAV-B net product revenue for the full year 2025 to be in the range of $315 to $325 million[18] - The company reported GAAP net income of $26.9 million, or $0.23 per share basic, compared to $17.6 million, or $0.13 per share basic in the third quarter of 2024[18] - Adjusted EBITDA for the third quarter of 2025 was $35.5 million, compared to $25 million for the same period in 2024[18] - Total revenues for the three months ended September 30, 2025, were $94.876 million, an increase of 17.5% compared to $80.630 million for the same period in 2024[41] - Product revenue for the three months ended September 30, 2025, was $89.954 million, up from $79.345 million in the prior year, reflecting a growth of 13.5%[41] - Adjusted EBITDA for the three months ended September 30, 2025, was $35.532 million, compared to $24.994 million for the same period in 2024, representing a year-over-year increase of 42.2%[44] - Net income for the three months ended September 30, 2025, was $26.927 million, compared to $17.594 million in the same period of 2024, marking a growth of 53.0%[41] Expenses and Liabilities - Research and development expenses for the third quarter of 2025 were $19.1 million, compared to $14.4 million in the same quarter of 2024[18] - Total current assets as of September 30, 2025, were $814.331 million, a decrease from $848.941 million as of December 31, 2024[43] - Total liabilities as of September 30, 2025, were $412.368 million, compared to $389.457 million as of December 31, 2024, indicating an increase of 5.9%[43] - Research and development expenses for the three months ended September 30, 2025, were $19.116 million, compared to $14.403 million in the same period of 2024, reflecting a 32.5% increase[41] - The company reported a loss on debt extinguishment of $82.095 million for the nine months ended September 30, 2025[44] Market Position and Strategic Initiatives - HEPLISAV-B's total estimated market share in the U.S. increased to approximately 46%, up from 44% in the third quarter of 2024[12] - Dynavax entered into an exclusive license agreement with Vaxart for its oral COVID-19 vaccine candidate, involving an upfront license fee of $25 million and potential additional payments totaling $50 million[6] - The company authorized a new $100 million share repurchase program, reflecting confidence in its future and commitment to capital allocation[7] - The company anticipates continued growth and strategic investments, including collaborations and market expansion opportunities beyond 2030[37] Cash and Securities - Cash, cash equivalents, and marketable securities totaled $647.8 million as of September 30, 2025, down from $713.8 million as of December 31, 2024[18] - Cash, cash equivalents, and marketable securities as of September 30, 2025, were $647.815 million, down from $713.834 million at the end of 2024, a decrease of 9.2%[43]