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Dynavax Technologies Corp. (DVAX)
NASDAQ:DVAX
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Dynavax (DVAX) AI Stock Analysis

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DVAX

Dynavax

(NASDAQ:DVAX)

Rating:54Neutral
Price Target:
$10.50
▲(5.21% Upside)
Dynavax's overall stock score reflects a mixed financial performance with profitability challenges, a neutral technical outlook, and a challenging valuation due to a negative P/E ratio. However, the positive earnings call and promising corporate events, such as the shingles vaccine trial results, provide a boost to the score. The company's strategic focus on growth and market expansion is a positive factor, but profitability and valuation concerns weigh on the overall assessment.
Positive Factors
Financial Performance
Heplisav's strong market share in the dialysis channel supports continued strong uptake and revenue growth.
Market Opportunity
Dynavax continues to expect the U.S. adult HBV vaccine market will increase to $900MM+ driven by the ACIP recommendation.
Vaccine Development
The immunogenicity of the Z-1018 vaccine candidate exceeded initial expectations, showing strong vaccine response rates.
Negative Factors
Market Share
Market share in the prioritized IDN/clinic market segment showed a slight reduction at 51%.
Sales Performance
First-quarter Heplisav sales came in below estimates, reflecting a miss on expectations.

Dynavax (DVAX) vs. SPDR S&P 500 ETF (SPY)

Dynavax Business Overview & Revenue Model

Company DescriptionDynavax Technologies Corporation, a biopharmaceutical company, focuses on developing and commercializing novel vaccines in the United States. The company markets HEPLISAV-B, a hepatitis B vaccine for prevention of infection caused by all known subtypes of hepatitis B virus in age 18 years and older in the United States and Europe. It also manufactures and sells CpG 1018, the adjuvant used in HEPLISAV-B. Dynavax Technologies Corporation has a collaboration agreement with Valneva Scotland Limited; agreement with Serum Institute of India Pvt. Ltd.; and sublicense agreement with Merck, Sharp & Dohme Corp. The company was formerly known as Double Helix Corporation and changed its name to Dynavax Technologies Corporation in September 1996. Dynavax Technologies Corporation was incorporated in 1996 and is headquartered in Emeryville, California.
How the Company Makes MoneyDynavax generates revenue primarily through the sales of its products, particularly HEPLISAV-B, which has been established as a key revenue stream following its approval and commercialization. The company also engages in collaborations and partnerships with other pharmaceutical companies, which may involve upfront payments, milestone payments, and royalties on future sales of products developed through these collaborations. These strategic partnerships help to bolster Dynavax's financial performance and can provide additional funding for its research and development activities.

Dynavax Earnings Call Summary

Earnings Call Date:Aug 07, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Oct 30, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant achievements, including record-breaking revenue and increased market share for HEPLISAV-B, along with positive updates in the vaccine pipeline and strategic financial decisions. However, there were challenges such as increased SG&A expenses and a reduction in cash reserves. Overall, the positive aspects significantly outweigh the negatives.
Q2-2025 Updates
Positive Updates
Record-Breaking HEPLISAV-B Revenue
Achieved $92 million in Q2 net product revenue for HEPLISAV-B, a 31% year-over-year increase, with a market share increase to 45% from 42% compared to the prior year.
Increased Full-Year Revenue Guidance
Updated full year 2025 HEPLISAV-B net product revenue guidance to $315 million to $325 million, raising the low end from $305 million.
Strong Financial Performance
Achieved GAAP net income of $19 million in Q2 2025, compared to $11 million in Q2 2024, with non-GAAP adjusted EBITDA improving to $37 million from $20 million year-over-year.
Vaccine Pipeline Progress
Reported progress in vaccine pipeline, including Phase I/II shingles vaccine trials and advancing pandemic influenza and Lyme disease programs.
Strategic Share Repurchase
Completed a $200 million share repurchase program, retiring over 16 million shares, contributing to a strong financial position.
Negative Updates
Increased SG&A Expenses
SG&A expenses rose to $50 million in Q2, up from $42 million in the prior year, mainly due to a $13 million expense related to a proxy contest campaign.
Cash Position Decrease
Cash, cash equivalents, and marketable securities decreased from $714 million at the end of 2024 to $614 million at the end of Q2 2025, largely due to the share repurchase program.
Company Guidance
During the Dynavax Technologies Second Quarter 2025 Financial Results Conference Call, the company provided several key metrics and updates on their performance and future guidance. Dynavax reported their highest-ever revenue quarter for HEPLISAV-B, with $92 million in Q2 net product revenue, marking a 31% increase year-over-year. Their market share in the U.S. adult hepatitis B vaccine market grew to 45%, up from 42% in the same quarter last year. The company revised its full-year 2025 HEPLISAV-B net product revenue guidance to a range of $315 million to $325 million, raising the lower end from $305 million. Dynavax also highlighted progress in their vaccine pipeline, including expected top-line results from a Phase I/II trial for a novel shingles program and advancements in pandemic influenza and Lyme disease vaccine programs. Additionally, the company completed a $200 million share repurchase program and maintained a robust financial profile with $614 million in cash, cash equivalents, and marketable securities. The guidance for adjusted EBITDA for the year remains at least $75 million, underscoring Dynavax's strong market position and strategic focus on long-term growth.

Dynavax Financial Statement Overview

Summary
Dynavax is facing significant revenue contraction and net losses, negatively impacting its income statement. The balance sheet shows moderate strength with reasonable leverage, but decreased equity and rising debt are concerning. Cash flow management is adequate, though operational challenges persist.
Income Statement
40
Negative
The income statement shows declining revenue from the previous fiscal year, with a TTM revenue of $294.6M compared to the previous annual revenue of $722.7M. Gross profit margin for the TTM is approximately 82.3%, indicating strong product profitability. However, the net profit margin is negative, at -20.4%, due to a net loss of $60.1M. This reflects challenges in cost management and achieving profitability.
Balance Sheet
50
Neutral
The balance sheet is moderately strong, with a debt-to-equity ratio of 0.54, suggesting a balanced use of leverage. The equity ratio stands at 56.1%, highlighting a solid equity base. However, the decline in stockholders' equity and rising total debt indicate potential financial stress.
Cash Flow
55
Neutral
Cash flow analysis reveals a positive operating cash flow of $63.6M in the TTM, but free cash flow has decreased compared to the previous year. The operating cash flow to net income ratio is negative, reflecting operational inefficiencies. The free cash flow to net income ratio is positive, suggesting better cash flow management despite net losses.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue316.27M277.25M232.28M722.68M439.44M46.55M
Gross Profit261.97M227.80M182.12M460.53M265.87M32.64M
EBITDA-34.56M45.70M9.67M307.70M95.71M-46.84M
Net Income-52.73M27.31M-6.39M293.16M76.71M-75.24M
Balance Sheet
Total Assets918.45M986.26M997.10M985.85M1.04B353.27M
Cash, Cash Equivalents and Short-Term Investments613.73M713.83M742.30M624.39M545.95M165.04M
Total Debt285.50M254.42M256.91M258.01M257.38M217.85M
Total Liabilities424.29M389.46M375.02M404.84M816.87M294.58M
Stockholders Equity494.16M596.80M622.07M581.01M222.37M58.69M
Cash Flow
Free Cash Flow66.07M60.16M96.46M55.58M326.05M-103.32M
Operating Cash Flow76.27M66.51M100.56M62.72M335.53M-92.25M
Investing Cash Flow109.60M-18.04M-153.93M-316.00M14.22M-26.53M
Financing Cash Flow-200.20M-102.02M1.39M19.52M55.78M109.50M

Dynavax Technical Analysis

Technical Analysis Sentiment
Negative
Last Price9.98
Price Trends
50DMA
10.62
Negative
100DMA
10.46
Negative
200DMA
11.73
Negative
Market Momentum
MACD
-0.19
Positive
RSI
39.42
Neutral
STOCH
15.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DVAX, the sentiment is Negative. The current price of 9.98 is below the 20-day moving average (MA) of 10.46, below the 50-day MA of 10.62, and below the 200-day MA of 11.73, indicating a bearish trend. The MACD of -0.19 indicates Positive momentum. The RSI at 39.42 is Neutral, neither overbought nor oversold. The STOCH value of 15.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DVAX.

Dynavax Risk Analysis

Dynavax disclosed 40 risk factors in its most recent earnings report. Dynavax reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Dynavax Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
76
Outperform
$2.55B39.706.38%5.55%1145.24%
68
Neutral
$1.36B10.9318.32%1.37%-18.10%
66
Neutral
$2.08B-2.82%38.68%-160.14%
61
Neutral
$1.22B-15.57%2.25%-301.59%
54
Neutral
$1.17B64.45-9.28%26.66%-419.55%
51
Neutral
$7.91B-0.36-41.71%2.23%23.45%-1.86%
41
Neutral
$1.18B-16.34%-1.03%8.13%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
DVAX
Dynavax
9.98
-1.05
-9.52%
PCRX
Pacira Pharmaceuticals
26.73
12.88
93.00%
SUPN
Supernus Pharmaceuticals
45.43
11.59
34.25%
ANIP
ANI Pharmaceuticals
95.35
34.84
57.58%
AMPH
Amphastar Pharmaceuticals
29.42
-15.96
-35.17%
EVO
Evotec AG
3.48
0.12
3.57%

Dynavax Corporate Events

Product-Related AnnouncementsBusiness Operations and Strategy
Dynavax Announces Positive Results for Shingles Vaccine
Positive
Aug 21, 2025

On August 21, 2025, Dynavax announced positive topline results from Part 1 of its Phase 1/2 clinical trial for Z-1018, a novel shingles vaccine candidate. The trial showed that Z-1018 has comparable immune responses to Shingrix, with a favorable tolerability profile, marking a significant step in Dynavax’s efforts to disrupt the shingles vaccine market. Plans are underway to advance Z-1018 into Part 2 of the trial for adults aged 70 and older, aiming to further de-risk the program before Phase 3 development.

Executive/Board ChangesShareholder Meetings
Dynavax Elects Directors and Approves Key Amendments
Neutral
Jun 17, 2025

On April 14, 2025, Dynavax held its Annual Meeting where stockholders elected four Class I directors to serve until the 2028 meeting. The meeting also saw the approval of executive compensation, the ratification of Ernst & Young LLP as the independent auditor, and the amendment of the Certificate of Incorporation to declassify the Board. However, a stockholder proposal to amend the bylaws without stockholder approval was not passed.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 23, 2025