Dynavax Technologies Corporation reported its financial results for the first quarter of 2025, revealing a total revenue of $68.2 million, a 34% increase from $50.8 million in the same period last year. The growth was primarily driven by a significant rise in product revenue from HEPLISAV-B, which reached $65.0 million, up from $47.8 million in the prior year. However, the company also reported a net loss of $96.1 million for the quarter, compared to a loss of $8.7 million in the first quarter of 2024. This increase in losses was attributed to a $82.1 million loss on debt extinguishment related to the refinancing of convertible notes.
In terms of operational changes, Dynavax completed a refinancing transaction on March 13, 2025, where it issued $225 million in new convertible senior notes due 2030, replacing a portion of its existing 2026 notes. This transaction resulted in a significant loss on debt extinguishment, which impacted the company's financial performance for the quarter. Additionally, the company repurchased approximately 10 million shares of its common stock under a previously authorized $200 million share repurchase program, which included an accelerated share repurchase agreement.
Dynavax's operational metrics showed a continued focus on expanding its market presence. The company reported an increase in customer engagement, particularly in the integrated delivery networks and retail segments, contributing to the growth in HEPLISAV-B sales. As of March 31, 2025, the company had 120,080,650 shares of common stock outstanding. The company is also advancing its pipeline of vaccine candidates, including programs for shingles and plague, leveraging its CpG 1018 adjuvant technology.
Looking ahead, Dynavax expressed optimism about the market potential for HEPLISAV-B, particularly following the CDC's recommendation for universal hepatitis B vaccination in adults. The company anticipates that the U.S. market opportunity for HEPLISAV-B could reach approximately $900 million by 2030, with expectations of capturing at least 60% market share. However, the company also acknowledged the challenges posed by competition and the need for continued investment in commercialization and research and development efforts to sustain growth and achieve profitability.
About DYNAVAX TECHNOLOGIES CORP
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