Dynavax at TD Cowen Conference: Strategic Growth and Future Plans

On Tuesday, March 4, 2025, Dynavax Technologies Corporation (NASDAQ: DVAX) presented at the TD Cowen 45th Annual Healthcare Conference, discussing its strategic performance and future outlook. The company highlighted its significant achievements in 2024, including the growth of its HEPLISAV B vaccine, while also addressing challenges such as seasonal sales fluctuations and the need for strategic acquisitions to maximize shareholder value.

Key Takeaways

• Dynavax’s HEPLISAV B vaccine achieved 27% year-over-year growth in 2024, capturing 44% of the market share.
• The company anticipates 2025 sales between $305 million and $325 million, with a 17% growth at the midpoint.
• A $200 million share buyback program was authorized, with $100 million already executed.
• The shingles vaccine program is progressing, with phase one/two data expected in Q3 2025.
• Dynavax is exploring strategic acquisitions to leverage its commercial infrastructure.

Financial Results

• HEPLISAV B experienced a 27% year-over-year growth, capturing a 44% market share by the end of 2024.
• Projected 2025 sales are between $305 million and $325 million, marking a 17% increase at the midpoint.
• The HEPLISAV B market is expected to grow from $615 million in 2024 to over $900 million by 2030.
• The company has a long-term goal of achieving at least 60% of this market opportunity by 2030.
• Dynavax’s gross margins are projected to be 80%, with adjusted EBITDA reflecting cash flow efficiency.

Operational Updates

• Dynavax is focusing on expanding HEPLISAV B’s market share in retail and IDN segments.
• Recent changes in Medicare billing are expected to enhance reimbursement processes.
• The company plans to refile for HEPLISAV B in the hemodialysis market by year-end.
• The shingles vaccine program aims for improved tolerability, with data expected in Q3 2025.
• A $30 million agreement with the Department of Defense supports the development of a plague vaccine.

Future Outlook

• Dynavax aims to maximize HEPLISAV B’s growth potential in 2025 through market expansion and share gains.
• The shingles vaccine program could lead to a multinational partnership and a phase three study.
• The company is actively pursuing business development opportunities with late-stage or commercial-stage assets.
• Preclinical R&D is focused on leveraging the ten eighteen adjuvant technology for various indications.

Q&A Highlights

• Dynavax plans to refile HEPLISAV B for hemodialysis, using real-world evidence to support its application.
• The company prioritizes HEPLISAV B, the shingles program, share buybacks, and strategic acquisitions.
• Dynavax remains open to potential acquisitions by larger companies if it aligns with shareholder value maximization.

For more detailed insights, readers are encouraged to refer to the full conference call transcript.

Full transcript - TD Cowen 45th Annual Healthcare Conference:

Phil Nadeau, Biotech Analyst, TD Cowan: Good afternoon, and welcome once again to TD Cowan’s forty fifth annual health care conference. I’m Phil Nadeau, a biotech analyst here at Cowan. It’s my pleasure to moderate a fireside chat with Kelly McDonald, the CFO of Dynavax. Kelly, maybe I’ll I’ll kick it over you to start. Could you give us a brief state of the company overview?

What are Dynavax strengths, its challenges, and what will Dynavax do to create shareholder value over the next year?

Kelly MacDonald, CFO, Dynavax: Yeah. Great. Thanks, Phil, and thanks for having us. We really appreciate it. So Dynavax is a a commercial stage biotech company focused on developing and commercializing novel vaccines, leveraging our innovative CPG ten eighteen vaccine adjuvant platform.

We’ve we’ve had a a tremendous, a tremendous execution year in 2024 focused on our three core strategic priorities. First and foremost, maximizing our commercial hepatitis adult hepatitis b vaccine in the in The US, HEPLISAV B. We had 27% year over year growth top line last year. Secondly, we continue to make really meaningful progress on our clinical stage pipeline. Our most advanced clinical wholly owned clinical stage asset is our shingles vaccine candidate, where we have important phase one, two data readout expected in q three.

And then thirdly, and really underpinning all of our strategic priorities, you know, maintaining a very disciplined financial approach as we think about driving near term and long term value creation for all of our shareholders. We have, we have a we’re we’re making great progress executing under an authorized $200,000,000 share buyback program that we announced November of last year. And then also we have great aspirations to leverage our fully integrated commercial infrastructure, with through corporate development. And we’re we’re working really hard to identify the right assets to drive long term shareholder value

Phil Nadeau, Biotech Analyst, TD Cowan: through

Kelly MacDonald, CFO, Dynavax: that pillar.

Phil Nadeau, Biotech Analyst, TD Cowan: Maybe we’ll start with HEPLISAV and its commercialization. Can you give us an update on where you are driving share at the targeted accounts?

Kelly MacDonald, CFO, Dynavax: Absolutely. So we we exited 2024 with, 44% overall market share, 27% year over year growth top line. The way that, you know, the way that our promotional efforts focused on HEPLISAV is both to drive market expansion as well as to drive market share shift. There are two key segments that we spend a lot of time focused on because these two key segments, both retail and integrated delivery networks or IDNs, we believe will create a sort of have are on track to be disproportionately large and a disproportionately positive growth opportunity for for the brand. So we’re really we’re really focused on driving share shift in both of those segments, and we exited the year with over, 55% in both of those segments.

Phil Nadeau, Biotech Analyst, TD Cowan: Sales were down in q four. Can you talk about the seasonal dynamics, the pressure revenue through the respiratory virus season? And what do you expect q one to be like? How how bad will the seasonality be, this quarter?

Kelly MacDonald, CFO, Dynavax: Sure. The the so seasonality, we continue to to see across a lot of adult vaccines, frankly. But, specifically for HEPL seven, for hepatitis b vaccination, we do, very regularly now, we have a nice historical trend to be able to predict the seasonality. We expect similar to in past years, very strong q two and q three, with softer q four and q one really due to the health care providers focusing on respiratory vaccination, during the q four and q one quarters. We did guide for 2025 an expectation for sales between $3.00 5 and $325,000,000.

That represents 17% year over year growth at the midpoint. So we’re looking forward to to maximizing the opportunity for continued growth in 2025.

Phil Nadeau, Biotech Analyst, TD Cowan: Can you discuss your marketing efforts that’ll drive that growth? Where are they focused? And do you have a targeted share that you’d like to achieve by the end of the year?

Kelly MacDonald, CFO, Dynavax: For marketing our marketing and both personal and nonpersonal promotion tactics are, like I said in, earlier, sort of really focused on two two things. One, driving share expansion, so driving, you know, sort of market share growth, and then also driving the size of the market. So we’re the primary and and really only share of voice, you know, sort of out there expressing how important hepatitis b vaccine vaccination is for the for adults. And, we’ve had we’ve had a few really meaningful tailwinds that we expect to be able to capitalize in 2025, both supporting growth in retail and IDN. So for the in the retail setting, some of the some of what we’re looking ahead to is a recent change that we saw in Medicare and in Medicare billing.

So Medicare prior to the beginning of this year, the only hepatitis b containing adult vaccine that was covered under part d was Twinrix. And Twinrix represents 30% of the retail segment. And, you know, starting January 1, Medicare has adopted Part b roster billing, which effectively removes those barriers for reimbursement for all Medicare patients. So now we have no real barriers to entry as we think about competing for the Medicare patient in the retail channel. So we expect that to be a pretty important tailwind, and we expect to capitalize on that in the in the coming year.

Likewise, for IDN, the integrated delivery networks, this is a a customer base that make a lot of, a lot of decisions sort of top down. So all of our marketing and promotional efforts are really focused on working and partnering with these IDNs and these big hospital systems to change behavior sort of from a top down protocol perspective. One of the really meaningful changes that we saw, that we we were seeing early in 2021 is hepatitis b is now added as a HEDIS measure. And we know that a lot of these retail or a lot of these IDNs and large hospitals and clinics, they they organize and orient their protocols to be able to achieve these important HEDIS metrics. So having hepatitis B on a level playing level playing field with a lot of the other high volume vaccines like pneumococcal and, influenza, not only brings, you know, brings prominence to the importance of hepatitis b vaccination for adults, but it also provides our marketing and sales team with, you know, some some extra talking points and some extra horsepower to go into these to these customers and make sure that they’re aware, that we have a product that has, you know, higher compliance because it’s two dose versus three dose.

Phil Nadeau, Biotech Analyst, TD Cowan: You referenced market growth. Where was the market prior to the a ACIP guidelines change? Where is it today? And ultimately, where do you think it it could be?

Kelly MacDonald, CFO, Dynavax: So prior to the universal recommendation, the market was around $400,000,000. That was, of course, also prior to the pandemic, which disrupted all the non respiratory vaccines. Where we saw the the market exiting, 2024, we estimate about $615,000,000. That’s growth from 525 in, 2023. And we project that the total HEPLISAV market opportunity is going to be greater than 900,000,000 by 02/1930.

So the last couple of years has really has really sort of act as really nice proof points on trajectory towards the total market opportunity of greater than $900,000,000 which we expect to be able to realize at least 60% of of that opportunity by 02/1930.

Phil Nadeau, Biotech Analyst, TD Cowan: So what do you think your peak share will be? Do you think 60% is as high as you’re going to go? Or or could you even take more share of the market?

Kelly MacDonald, CFO, Dynavax: So we certainly hope to take more more than 60%. You know, 60 is is a number that we put out for our long term guidance and remain really confident. And, you know, we’ve come up with that number based on a lot of different analogs and very reasonable vaccine coverage rates sort of consistent with other similar vaccines in the adult vaccine space. So we have a lot of data points that we’re looking at to come up with, with that long term guide. But we certainly will do everything we can to outperform it.

Phil Nadeau, Biotech Analyst, TD Cowan: In May of last year, the FDA issued a complete response letter for use of HEPLISAV in hemodialysis. Give us an update on the process of of refiling and what the impact is on on your revenue from that complete response letter.

Kelly MacDonald, CFO, Dynavax: So we we have, we do expect to refile by the end of the year, and we’re working closely with the agency to leverage data that we have. We have a lot of real world evidence data in this population already. So hopefully, we’ll be able to to navigate the complexities of, you know, what from a regulatory perspective to get these this indication in the label. I think this is really important. This is a very underserved population in a sense that the regimen right now is much less favorable.

It’s many more doses compared to what the regimen will be with with HEPLISAV. So we do think that there’s a really nice opportunity for our product to make a meaningful difference for patients in that, in the dialysis population.

Phil Nadeau, Biotech Analyst, TD Cowan: Is there use in dialysis today even ahead of the label change?

Kelly MacDonald, CFO, Dynavax: There is. There is use in dialysis, and we’re we’re leveraging some of that real world data just to support our discussions with the FDA.

Phil Nadeau, Biotech Analyst, TD Cowan: Got it. TD Cowen projects $325,000,000 in U. S. Revenue in 2025, consistent with your guidance, growing to $725,000,000 in 02/1930, which assumes 61% share of the market. I guess, how could you beat our estimates?

What could drive growth in revenue on top of what we’re or above what we’re projecting? And then similarly, what do you think the risks are to our estimates If revenue were to fall short, particularly of the long term projection, why would that be?

Kelly MacDonald, CFO, Dynavax: We would outperform those expectations and even our own expectations if the uptake is more sort of quicker than we’re estimating. So this is, you know, the universal recommendation. There aren’t many of them to sort of have really good analogs. So we are leveraging analogs that we have to be able to make predictions on what the uptake is. But at the end of the day, it is still a one and done vaccine, meaning every new every new customer is a new a new patient.

So identifying and sort of embedding practices throughout all of our customers to not only grow the market, to identify people who can be who should be protected against hep b. And then also, to the extent that folks should be, you know, revaccinated even if they’ve been vaccinated, there’s a certain level of opportunity there too as we see that that happening based on claims data that’s publicly available. So, you know, as we think about time to peak, I think certainly, you know, the uptake can happen more quickly. It may happen it may happen more deliberately and and over a longer period of time. Very importantly, though, for for our product, there is no LOE cliff per se, and there’s no real drop off.

We are looking at the the cash flow and and revenue stream and the underlying valuation of the product to include a post 02/1930 opportunity that is very real and very durable.

Phil Nadeau, Biotech Analyst, TD Cowan: TDECOM projects, long term gross margins of 80%. Is that consistent with your internal estimates? Could could margins be above or below that?

Kelly MacDonald, CFO, Dynavax: It it is consistent with our internal projections and what we’ve seen last year. It’s also consistent with what we’ve guided to specifically this year. On any given quarter, as as you could see if you look at our filings, you know, it might be a little higher, a little lower. These are some of the the fun accounting gymnastics around investing in a manufacturing facility. And, you know, the manufacturing facilities have certain times where you need to be offline and and online in capital expenditure investments.

And, so some of the the choppiness quarter to quarter, you know, over time will will balance out to the 80% range.

Phil Nadeau, Biotech Analyst, TD Cowan: Great. Turning to the pipeline, perhaps the most prominent pipeline program is is the shingles program. You can provide a brief update on on the status.

Kelly MacDonald, CFO, Dynavax: Really excited about our shingles program. We have our phase one, two data reading out in q three of this year. What we’re really looking from from those data are comparable, I mean so it’s an immunogenicity trial. What we’re looking for is comparable immunogenicity across a number of markers, particularly CD4 positive T cells as well as antibodies. We also, are looking for very favorable and differentiated tolerability.

We believe that there’s, you know, the unmet the unmet need and the real opportunity in the shingles adult vaccine space is to have a vaccine that has similar efficacy towards the current vaccine, but improved tolerability. The tolerability profile absolutely can be improved. It’s a it’s a multibillion dollar global market too. So, we know that we’re just starting to scratch the surface on on the ex US market. So go ahead.

Phil Nadeau, Biotech Analyst, TD Cowan: I guess to set the table for the data that’s coming out later this year, can you review the data that were released at ACVR in 2023?

Kelly MacDonald, CFO, Dynavax: Big picture data that we released last year and and maybe just by way of a reminder, that that leveraged commercially available antigen. So GE protein that was commercially available and was really an adjuvant dosing, dose ranging study. What we were looking for there, primarily was one, evidence of clear vaccine response, which we did see. We saw a nice very nice improvement in tolerability across moderate and severe local and systemic post injection reactions. And then also, of course, we know we needed to see comparable immunogenicity in terms of not only vaccine response rates, but bold increase across antibodies in CD4 positive T cells.

Phil Nadeau, Biotech Analyst, TD Cowan: I think maybe the most controversial part of the data where the was that the CD four positive t cells were increased, but maybe not quite as much as Shingrix. What’s the significance of that finding? And as we think forward to the phase one, two, how close is close enough?

Kelly MacDonald, CFO, Dynavax: Sure. So that that finding is absolutely significant, you know, that, and and helps us think about how we were designing our phase one, two. So we’ve designed our phase one, two with, you know, Dynavax produced, Dynavax manufactured, GE antigen, importantly. And, since we did, we were able to down select the ant the adjuvant dose, that we’re really focused on this phase one, two on figuring out the right antigen dose and the right adjuvant platform. So we are still looking at ten eighteen and alum versus ten eighteen without alum across a variety of antigen dosages.

And importantly, we are looking to to see if we can find that optimized, dose and regimen, which we believe will be as comparable as possible head to head versus Shingrix in order to give ourselves confidence across a variety of immune markers and immunogenicity measures in order to advance to the pivotal program. Importantly, you know, our our q three data readout, that will be on the one month data. This program is also designed such that there’s a six month data readout as well as a twelve month data readout. So, you know, while the the one month data certainly is a primary endpoint and that’ll be something that’ll be very meaningful in in terms of, you know, on gating in sort of the the next steps, we do also have other data that will serve to derisk the program, particularly from a durability perspective over time, should the program be be supportive of advancing.

Phil Nadeau, Biotech Analyst, TD Cowan: What would be the next steps for the program?

Kelly MacDonald, CFO, Dynavax: So should should the data be supportive? We we absolutely think that this is a program that will benefit from a multinational partner. Now this is a a large global opportunity, and we’d wanna make sure that we’re partnering with, an organization that has a a ex US footprint importantly so that we can unlock all the value of of this asset. Also, you know, we would expect in our current design in our current protocol design and regulatory pathway to have to execute a placebo controlled phase three study, which will be quite expensive. So certainly, you know, part of having the right partner to defray and share in some of those economics will be valuable from that perspective as well.

So that’ll be an important next step in the program as well as getting the additional data from the six month and twelve month readouts.

Phil Nadeau, Biotech Analyst, TD Cowan: Can you size the shingles market opportunity? How large of a of a revenue opportunity is this?

Kelly MacDonald, CFO, Dynavax: Right now, it’s about $4,000,000,000, globally. Some of that is a catch up cohort, but, we believe that the ex US market will continue to expand even while the even if The US market does end up contracting a bit.

Phil Nadeau, Biotech Analyst, TD Cowan: Moving next to the plague vaccine that you’re developing in collaboration with the Department of Defense, can you give an update on that program?

Kelly MacDonald, CFO, Dynavax: So we signed a a $30,000,000 agreement for a plague an adjuvanted plague vaccine with the Department of Defense towards the very end of last year. It’s a $30,000,000 contract through the first half of twenty twenty seven. Now historically, you know, we we’ve sort of roughly said, we incur these expenses over time in in a somewhat linear fashion. It never works out exactly that way. But it’s an important it’s an important program for us in partnership with the DOD.

And really, what we’re looking for here is an optimized dosing and regimen to be able to to protect troops. So it’s a it’s a smaller stockpile opportunity. It’s not like an SNS opportunity or anything like that unless the the risk profile of plague changes in a meaningful way. But certainly, it’s a great it’s a great way to partner with the government and to get the government to have some some access to the adjuvant, which we believe will be valuable not only for a plague, but potentially for other, pandemic for even pandemic or other vaccine opportunities as well.

Phil Nadeau, Biotech Analyst, TD Cowan: Can you remind us what data has been publicly released on the play clinic?

Kelly MacDonald, CFO, Dynavax: There haven’t been any data publicly released because of the nature of the obligations with the DOD.

Phil Nadeau, Biotech Analyst, TD Cowan: And any chance we’ll see the data that were from the trial that was just completed? Unlikely? Unlikely. Okay. You you have disclosed that there’s a a phase two trial that’s gonna start later this year.

What’s the purpose of that that study?

Kelly MacDonald, CFO, Dynavax: It it’s really a a dose and and regimen optimization effort.

Phil Nadeau, Biotech Analyst, TD Cowan: Perfect. Maybe next, turning to the early pipeline and and business development, TDECOM projects that Dynavax will be cash flow positive during 2025 and end the year with $60,762,000,000 dollars in cash. Your balance sheet’s significantly strengthened. Can you talk about use use of capital? How do you prioritize capital in terms of business development versus returning money to shareholders?

Kelly MacDonald, CFO, Dynavax: For sure. So so so you highlighted a bunch of more important points there, starting with our our balance sheet. But I I think one of the the new pieces of guidance that we introduced this year in connection with our year end earnings update and and sort of guide for 2025 is adjusted EBITDA, less noncash stock based compensation. So one of the the reasons for providing that metric is to share with folks sort of a nice a nice data point that more or less roughly represents cash flow. It’s not exact, of course, but it sort of closely represents cash flow.

And, importantly, you know, our our trajectory towards profitability balances and and has to continue balancing for, you know, for obvious reasons, creating near term value with long term value. We have an early stage pipeline, but we have a fully a fully integrated commercial team and infrastructure. And we have the ability to leverage our infrastructure, right now that we that we have to build to to drive growth in HEPLISAV and to maximize HEPLISAV. So as we think about capital allocation, you know, we have a we have a lot of levers that we can pull, and we spend a lot of time kind of really interrogating every single one of these levers. First, maximizing HEPLISAV is, you know, mission critical for our organization.

We wanna make sure that we’re we’re investing in high ROI investments that can drive growth both through size of market and through market share. Secondly, you know, we do have an important catalyst coming up for our shingles program, making sure that we’re advancing that program in a very disciplined way, stage gating the cost that should be stage gated and also proceeding full steam ahead with the cost that should be proceeded with in order to get the answers in on that program as quickly and as efficiently as possible and to understand that we’re going to need certain amounts of data to be confident in and compelling as we bring that program forward either to a through a BD dialogue or otherwise because because there is no correlate of protection. So so we we very much understand that. I think thirdly, as we talk about some of the other sort of tactics and levers that you can pull, you know, Phil mentioned share share buyback program. We we did authorize a $200,000,000 share buyback program back in November.

And then immediately after that announcement, we executed a $100,000,000 ASR. And we’ve been in the market also in the open market with, share buybacks in the interim. So we’re making really nice progress under our share buyback plan and believe that that’s that’s the right use of capital right now with, you know, where the where the stock has been trading and relative to the other uses of capital that we have access to. As we think about, you know, the the forward and how to create long term value and how to bring on additional catalyst, to leverage the strengths of our company, we absolutely are looking at business development opportunities and corporate development opportunities. These are opportunities that we believe can create outsized upside value for shareholders in the long term.

And we we are very focused and we have a very disciplined sort of series of governance around decision making, around evaluating these kinds of assets.

Phil Nadeau, Biotech Analyst, TD Cowan: Maybe you could go into that point in a bit more detail. There are some shareholders who think, return capital shareholders should be prioritized well above business development. So why is business development integral to creating long term value for for the Diamondbacks shareholders?

Kelly MacDonald, CFO, Dynavax: Sure. So it’s I mean, we we do believe that business development for the right assets at the right economics will absolutely create, you know, disproportionately disproportionate upside relative to just buying back our capital at, you know, current prices. There’s absolutely a a a rationale for for share buybacks, and I think we we certainly have proven that we’re willing to to do that. And and it’s the right thing to to do under certain set of circumstances where that’s the clear, clear use of proceeds and that has the highest IRR. But to the extent that we’ve, you know, we see other opportunities that have a higher IRR, IRR, I think we’d all agree that that’s the right thing to chase after.

Phil Nadeau, Biotech Analyst, TD Cowan: Can you talk a bit about what programs or products would appeal to Dynavax? What’s the ideal stage of development, disease area, risk profile?

Kelly MacDonald, CFO, Dynavax: Ideal stage of development would be late stage or or maybe even commercial. Importantly, we know that we have an early stage pipeline. We have a commercial, you know, commercial infrastructure. It is the classic biotech barbell conundrum where you have a dearest commercial asset and cash flows coming from that that commercial asset, and then a, you know, a much different risk profiles for the earlier stage, you know, ideas and and candidates. Filling out the late stage elements of our of our pipeline will be really important as we think about, yeah, not only durability of growth, but also about leveraging our our current strengths.

We have tremendous capability and strength as a team and as a leadership team bringing forward, products through late stage regulatory, clinical, and pre commercial efforts and then successfully commercializing them. So we we do think that we have unique capabilities in this area, and the kinds of assets that we are looking at are ones that we believe are technically derisked or or would be technically derisked and could have real catalyst flow and have real upside value creation that can uniquely be unlocked by Dynavax. And, you know, in terms of of economics, we absolutely would look to to not meaningfully change the current risk profile of of the company. I think we’ve worked really, really hard to establish, the financial framework and disciplined financial profile that we’re operating under right now. We wouldn’t do anything to change the trajectory of HEPLISAV.

If anything, we think that, you know, adding another late stage or commercial product to the bag would be really valuable in terms of unlocking a greater share of voice across multiple indications.

Phil Nadeau, Biotech Analyst, TD Cowan: Can you talk about how, how aggressive Dynavix is being in looking for these opportunities? I guess, how liquid is the market? How many opportunities do you see? What’s the quality that’s out there today?

Kelly MacDonald, CFO, Dynavax: Sure. So I mean, I we’re aggressive in the sense that we have a very robust process to evaluate candidates and opportunities. So we’re very, very well, integrated into the discussions and dialogues and and sort of are able to evaluate the opportunities as they come, as they surface. I would say not aggressive in a sense that we’re not willing to to do anything that’s gonna destroy value for shareholders or not be complementary to our, to our infrastructure or leverage our, you know, what we’re great at. I think it’s really important that we find the right thing or combination of things that will help us accelerate value and also balance near term value creation with long term value creation with the the right level of risk and the right level of risk profile.

Phil Nadeau, Biotech Analyst, TD Cowan: Where, is DynaVec’s preclinical research and development focused today? What what, what are your scientists working on? So we

Kelly MacDonald, CFO, Dynavax: haven’t we have a number of preclinical assets that we’re really, really excited about but haven’t named indications yet. We’re we’re really trying to be disciplined about only naming indications when they’re at sort of the IND enabling stage or we have a real clear path to to the clinic. But, you know, leveraging ten eighteen has always been a hallmark of you know, ten eighteen is our core technology, so we’re doing everything we can to leverage ten eighteen. And there are a number of, indications where we think that ten eighteen could be could provide a really meaningful differentiation too. So we’re we’re looking forward to sharing more as soon as as soon as we get as soon as we can, and we can definitely, you know, continue that dialogue.

Phil Nadeau, Biotech Analyst, TD Cowan: And on ten eighteen, any visibility on new partnerships, new collaborations, or or new purchase orders? What new new orders from some of your current partners?

Kelly MacDonald, CFO, Dynavax: So from a commercial perspective, no no updates there. We have a lot of we have a number of preclinical and and clinical collaborations leveraging ten eighteen with other academics and and biotech companies, earlier stage companies, that are public. So we’re looking forward to, you know, continuing to support all of our all of our partners who are investigating different experiments with ten eighteen. And, you know, that’s that’s part of leveraging what is a very broad based, adjuvant, you know, adjuvant opportunity.

Phil Nadeau, Biotech Analyst, TD Cowan: Perfect. And then I guess last question from us, one that we get all the time. You have a great vaccine. There’s a lot of big vaccine businesses out there. Can you talk about Dynavax’s desire to be an independent company versus part of a larger organization?

Kelly MacDonald, CFO, Dynavax: There’s a you know, right now, we’re an independent company, and we’re gonna do our absolute best to drive as much value as we can within the confines of reality, which are that we are an independent company. You know, to the extent that a that a larger company sees scale and value unlock and and we agree with the level of that value unlock, we absolutely would not be in the in the way of of a transaction like that. I think it’s it’s no question that vaccines are highly capital intensive, and there is real benefit from scaling vaccines with multiple products.

Phil Nadeau, Biotech Analyst, TD Cowan: That’s great. We’re just about out of time. So we’d like to thank you for coming to the forty fifth annual conference.

Kelly MacDonald, CFO, Dynavax: Thank you,

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