Dynavax Technologies Reports 29% Revenue Growth to $95.4 Million in Q2 2025

Dynavax Technologies Corporation reported significant financial results for the second quarter of 2025, with total revenues reaching $95.4 million, a 29% increase from $73.8 million in the same period of 2024. The growth was primarily driven by a 31% rise in product revenue from HEPLISAV-B, which amounted to $91.9 million, compared to $70.2 million in the prior year. For the first half of 2025, total revenues were $163.6 million, up 31% from $124.6 million in the first half of 2024. The company reported a net income of $18.7 million for the quarter, compared to $11.4 million in the same quarter last year, while the net loss for the first half of 2025 was $77.4 million, a decline from a profit of $2.7 million in the first half of 2024.

In terms of operational developments, Dynavax has continued to expand its market presence, particularly in the U.S. where HEPLISAV-B is marketed. The company has also been advancing its pipeline of vaccine candidates leveraging its CpG 1018 adjuvant, with ongoing clinical trials for shingles and plague vaccines. As of June 30, 2025, Dynavax had 117.3 million shares of common stock outstanding and had completed a share repurchase program, buying back 16.6 million shares for approximately $200 million. The company’s cash and cash equivalents, along with marketable securities, totaled $613.7 million, providing a solid financial foundation for future operations.

The filing also highlighted a significant change in the company’s liabilities, with total liabilities increasing to $424.3 million from $389.5 million at the end of 2024. This increase was attributed to the issuance of $225 million in new convertible senior notes due in 2030, which replaced existing notes due in 2026. The refinancing transaction resulted in a loss on debt extinguishment of $82.1 million, impacting the company’s financial results for the first half of 2025.

Looking ahead, Dynavax expressed optimism regarding the market potential for HEPLISAV-B, particularly following the CDC's recommendation for universal hepatitis B vaccination in adults aged 19-59. The company anticipates capturing a significant share of the expanding market, projecting a total annual market opportunity of approximately $900 million in the U.S. by 2030. However, the company also acknowledged the challenges posed by competition and the need for continued investment in its research and development pipeline to sustain growth and profitability.

Overall, Dynavax Technologies Corporation's latest 10-Q filing reflects a period of growth and strategic development, with a focus on expanding its product offerings and market presence while navigating the complexities of the biopharmaceutical landscape.