Core Insights - Dynavax Technologies Corporation reported strong financial results for Q1 2025, achieving a record net product revenue of $65 million for its HEPLISAV-B vaccine, marking a 36% increase year-over-year [6][7][15] - The company is advancing its clinical pipeline, including key milestones for shingles and plague vaccine programs, while also exploring new opportunities in pandemic influenza and Lyme disease [2][4][11] Business Updates - HEPLISAV-B is the first and only adult hepatitis B vaccine approved in the U.S., EU, and UK that requires only two doses for series completion [3] - The U.S. market share for HEPLISAV-B increased to approximately 43%, with expectations for the hepatitis B adult vaccine market to exceed $900 million by 2030 [7][12] Clinical and Preclinical Pipeline - Dynavax is developing Z-1018, an investigational shingles vaccine for adults aged 50 and older, with top-line results expected in Q3 2025 [5][8] - The company is also collaborating with the U.S. Department of Defense on a plague vaccine candidate, with a new agreement worth approximately $30 million [9] - Plans for a pandemic influenza adjuvant program and a Lyme disease vaccine are set to enter clinical development in 2025 and 2027, respectively [10][11] Financial Highlights - Total revenues for Q1 2025 were $68.2 million, a 34% increase from $50.8 million in Q1 2024 [15] - GAAP net loss for Q1 2025 was $96.1 million, primarily due to a loss on debt extinguishment [23] - Cash, cash equivalents, and marketable securities totaled $661.3 million as of March 31, 2025 [23] Full Year 2025 Financial Guidance - Dynavax reaffirmed its full-year 2025 financial guidance, expecting HEPLISAV-B net product revenue to be in the range of $305 to $325 million [17][23]