Earnings call transcript: Dynavax beats Q2 2025 forecasts, stock dips

Dynavax Technologies Corporation (DVAX) reported its second-quarter 2025 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $0.14 against a forecasted $0.10, marking a 40% surprise. Revenue also exceeded projections, coming in at $95.44 million compared to the anticipated $85.57 million. The company, currently valued at $1.33 billion, maintains a "GOOD" overall financial health score according to InvestingPro analysis. Despite these strong financial results, Dynavax’s stock declined by 1.16% in after-hours trading, closing at $11.06.

Key Takeaways

• Dynavax’s Q2 2025 EPS was $0.14, beating the forecast by 40%.
• Revenue increased by 29% year-over-year, reaching $95 million.
• Stock price fell by 1.16% in after-hours trading.
• The company completed a $200 million share repurchase program.
• Dynavax’s HEPLISAV B vaccine market share rose to 45%.

Company Performance

Dynavax Technologies demonstrated robust performance in Q2 2025, with significant year-over-year growth in both net product revenue and total revenues. The company’s HEPLISAV B vaccine continues to perform strongly, capturing a 45% market share in the U.S. adult hepatitis B vaccine market. This growth is attributed to strategic market segmentation and increased demand.

Financial Highlights

• Revenue: $95 million, up 29% YoY
• EPS: $0.14, up from previous estimates
• HEPLISAV B gross margin: 85%, an increase from 83% in 2024
• GAAP net income: $19 million, compared to $11 million in 2024
• Non-GAAP adjusted EBITDA: $37 million, up from $20 million in 2024

Earnings vs. Forecast

Dynavax’s Q2 2025 results outperformed expectations, with EPS at $0.14 versus the forecast of $0.10, resulting in a 40% surprise. Revenue also surpassed forecasts by 11.53%, achieving $95.44 million against the expected $85.57 million. This marks a continuation of the company’s trend of exceeding market expectations.

Market Reaction

Despite the positive earnings report, Dynavax’s stock experienced a decline of 1.16% in after-hours trading, closing at $11.06. According to InvestingPro’s Fair Value analysis, the stock appears fairly valued at current levels. This movement contrasts with the company’s strong financial performance and could reflect broader market trends or investor caution regarding future projections. The stock maintains a beta of 1.09, indicating slightly higher volatility than the broader market.

Outlook & Guidance

Looking ahead, Dynavax has set a full-year HEPLISAV B net product revenue guidance of between $315 million and $325 million. The company anticipates an adjusted EBITDA of at least $75 million. Future growth is expected to be driven by continued expansion in the hepatitis B vaccine market and new product developments.

Executive Commentary

• "We continued our momentum in 2025 by delivering our highest ever revenue quarter for HEPLISAV B," said Ryan Spencer, CEO.
• "The ACIP universal recommendation has fundamentally transformed the adult hepatitis B vaccine market," noted Don Cassell, Chief Commercial Officer.
• "We are excited about the strong performance throughout 2025," stated Kelly McDowell, CFO.

Risks and Challenges

• Market saturation in the hepatitis B vaccine segment could limit growth.
• Regulatory changes may impact vaccine distribution and pricing.
• Economic downturns could affect healthcare spending and vaccine uptake.
• Competitive pressures from other vaccine manufacturers.

Q&A

During the earnings call, analysts inquired about the shingles vaccine program, with the company focusing on the vaccine response rate at the one-month mark. Discussions also highlighted the market shift towards retail, driven by convenience and patient outreach, and the continued strong relationship with the Department of Defense for the plague vaccine program.

Full transcript - Dynavax Technologies Corporation (DVAX) Q2 2025:

Conference Call Operator: Good day, ladies and gentlemen, and welcome to the Dynavax Technologies second quarter twenty twenty five financial results conference call. As a reminder, this call is being recorded. At the end of the company’s prepared remarks, we will open the call for questions and provide specific participation instructions at that time. I would now like to turn the call over to Paul Cox, Vice President, Investor Relations and Corporate Communications. You may begin.

Paul Cox, Vice President, Investor Relations and Corporate Communications, Dynavax Technologies: Thank you for participating in today’s call. Joining me from Dynavax are Ryan Spencer, Chief Executive Officer Don Cassell, Chief Commercial Officer Rob Jansen, Chief Medical Officer and Kelly McDowell, our Chief Financial Officer. Earlier today, Dynavax released financial results for the second quarter ended 06/30/2025. Copies of the press release and a supplementary slide presentation are available on Dynavax’s website. Before we begin, I advise you that we will be making forward looking statements today based on our current expectations and beliefs, including but not limited to, potential market sizes, market segmentation, effective marketing efforts, future expected market share and related growth rates, and related ACIP recommendation impact on each financial guidance and trends, including revenue, profitability, cash flow and sufficiency of current capitalization, timing and results of FDA submissions, clinical trial starts and data readouts, and potential future uses of or demand for our CpG ten eighteen adjuvant.

These statements involve risks and uncertainties, and our actual results may differ materially. These risks are summarized in today’s press release and detailed in the Risk Factors section of our SEC filings, including today’s quarterly report on Form 10 Q. Our forward looking statements speak as of today, and we undertake no obligation to update such statements. Our earnings press release and this call will include discussion of certain non GAAP information. You can find our earnings press release, including relevant non GAAP reconciliations, on the Investors section of our corporate website at dynavax.com.

And with that, I will now turn the call over to Ryan.

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Thanks, Paul. Thank you all for joining us this afternoon. We continued our momentum in the 2025 by delivering our highest ever revenue quarter for HEPLISAV B. We recorded $92,000,000 in Q2 net product revenue, representing an increase of 31% year over year. We also continue to grow our market leading position in The U.

S. Adult hepatitis B vaccine market with 45% estimated market share in Q2 compared to 42% for the prior year quarter, demonstrating our ability to continue growing share in this expanding market, putting us on track to achieve our long term goal of at least 60 total market share in The U. S. By 02/1930. Based on our strong performance for the first half of the year, we are updating our full year 2025 Hepatib B net product revenue guidance to $315,000,000 to $325,000,000 bringing up to the prior low end of the range of $3.00 $5,000,000 Beyond HEPLISAV B, our vaccine pipeline remains on track with key clinical milestones achieved or expected this year across multiple programs.

We look forward to reporting initial top line immunogenicity and safety results from our phase onetwo trial for our novel shingles program in the coming weeks. We are excited to have an opportunity to advance a potential best in class profile for this program with the goal of disrupting the multibillion dollar shingles vaccine market. We’re also excited to continue advancing our earlier stage development pipeline, which leverages our vaccine adjuvant technology, CPG FiniX team. As we announced last quarter, we are developing two new programs in pandemic influenza and Lyme disease. We believe our pandemic influenza adjuvant program is an attractive opportunity to leverage our expertise and capabilities as a supplier of CpG ten eighteen, given the global shortage of proven vaccine adjuvants for potential pandemic responses.

This program is on track to report the safety and immunogenicity phase onetwo data next year, which would support our business development efforts with global flu manufacturers, governments, and non government organizations focused on global pandemic preparedness and response efforts. We continue to focus on building an optimal product portfolio and development pipeline with a disciplined capital allocation approach. First and foremost, supporting our lead asset HEPLISAV B. Second, advancing our internal pipeline programs, which are evolving and maturing. While third, also continuing to assess attractive opportunities that would complement our existing portfolio.

We believe this performance year to date continues to set us up for a banner year for Dynavax.

: I look forward to providing you with

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: updates on our progress along the way. Now, I’d like to turn the call over to Don.

Don Cassell, Chief Commercial Officer, Dynavax Technologies: Thanks, Ryan. In the second quarter, we observed continued strong momentum in the expansion of The U. S. Adult hepatitis B vaccine market, driven by increasing awareness, higher vaccination rates, and growing demand across key segments. HEPLISAV B continued to gain share, reinforcing its competitive position and clinical differentiation.

Together, these factors contributed to a record quarter for net product sales, reflecting both the strength of the market and the effectiveness of our commercial execution. The ACIP universal recommendation has fundamentally transformed the adult hepatitis B vaccine market, establishing

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: one of

Don Cassell, Chief Commercial Officer, Dynavax Technologies: the largest addressable vaccination opportunities in The United States. As adoption of the updated guidelines takes hold, hepatitis B vaccination rates continue to rise across key segments. In Q2, total HEPLISAV B dose volume grew by approximately 13% year over year, demonstrating sustained momentum and expanded provider uptake. HEPLISAV B’s estimated quarter end market share in The U. S.

Rose to 45% in Q2, up from 42% in the same period last year. This growth was driven by broad based gains, including consistent annual market share increases across major retail customers. We expect to see similar year over year market share gains throughout the remainder of 2025, in line with our long term expectations. Our positive outlook is supported by strong market growth in retail and other key customer segments where HEPLISAV B holds a leading position. We have updated our approach to communicating market performance by organizing The U.

S. Adult hepatitis B vaccine market into four primary segments: IDN, retail, dialysis, and other. This new segmentation simplifies and consolidates customer groups to more accurately reflect market dynamics. In addition to our quarter end market share metric, we are now reporting trailing twelve month market share data across these four market segments to enhance visibility into performance. This metric accounts for seasonality and variability across segments and offers a clearer picture of HEPLISAV B’s position in the market.

For Q2, HEPLISAV B had a 44% total market share on a trailing twelve month basis, with retail and IDS segments reaching 5753% respectively. Please refer to our updated corporate presentation for additional details, including historical trends and key insights. The hepatitis B market is rapidly shifting to retail. In the second quarter, retail continued to perform strongly with annual dose utilization increasing by approximately 35%. Given this momentum, we are updating our long term market outlook, and we now anticipate that the retail segment will account for at least fifty percent of the total hepatitis B doses by 02/1930.

As this shift continues, retailers are placing greater emphasis on hepatitis B vaccination. Top chains are implementing operational levers to better identify eligible patients and are partnering with us to help educate retail leadership and pharmacists on the value of HEPLISAV B. Additionally, we are increasing investments in collaborative marketing initiatives designed to drive in store patient identification and consumer activation for hepatitis B vaccination during the fall season. To further support HEPLISAV B’s growth in the retail segment, we’re encouraged by recent Medicare policy changes that now allow coverage of monovalent hepatitis B vaccines, such as HEPLISAV B, in the retail setting. Previously, Twinrix was the only hepatitis B containing vaccine reimbursed and utilized for Medicare patients in retail.

This is a meaningful policy shift as approximately twenty five percent of all hepatitis B doses administered in retail are to patients over 65 years old. This update enhances HEPLISAV B’s growth potential and strengthens its competitive positioning within their Medicare population in the retail channel. We are actively collaborating with our retail partners to help support them with these changes and look forward to updating you on our progress throughout the remainder of the year. HEPLISAV B continues to demonstrate strong and sustained adoption, reinforcing its value and competitive position in the adult hepatitis B vaccine market. Our progress continues to track with our long term outlook for HEPLISAV B market opportunity, which we expect to peak at over $900,000,000 in The U.

S. By 02/1930, with HEPLISAV B capturing at least 60% of the market. This long term guidance reflects our expectation of double digit annual growth in product net sales through 02/1930. We expect the HEPLISAV B market opportunity to remain durable beyond 02/1930, driven by ongoing vaccination of the eligible adult population, observed revaccination practices by healthcare providers, and continued market share gains. We are excited about the future for HEPLISAV B.

The execution by our commercial team has been outstanding, and we believe the momentum we have built in the 2025 sets a strong foundation for continued success this year and beyond. I’ll now turn the call over to Rob to take you through our clinical pipeline.

Rob Jansen, Chief Medical Officer, Dynavax Technologies: Thank you, Don. For our vaccine development pipeline, our internal programs focus on well established antigens in biology with clear regulatory pathways where CpG ten eighteen adjuvant can provide a meaningful improvement. Additionally, we provide CpG ten eighteen to support external collaborations in a variety of programs. We believe this maximizes the opportunity for CpG ten eighteen to be utilized in novel vaccine development initiatives. Our clinical pipeline continues to advance, led by our novel shingles vaccine program currently in phase onetwo development.

As Ryan mentioned, we now expect to report top line results this month. The top line results will be based on one month data following the last vaccine dose in the study. This is an antigen dose ranging study to select the dose level to further optimize the formulation and regimen for our vaccine. We expect to report top line immunogenicity results, including vaccine response rates compared to Shingrix, along with safety and tolerability. And these data support advancement, we plan to select the optimal dose formulation and regimen to advance into part two of the study in adults 70 years of age and older.

This portion of the trial will have a higher number of subjects to more fully support assessment of the vaccine response rate compared to Shingrix. We believe the part two data along with a longer term follow-up from part one, both of which are expected next year, will be a comprehensive data package to provide confidence in determining whether to advance our novel shingles vaccine candidate into a pivotal efficacy trial. Now for the pandemic influenza adjuvant program, as Ryan mentioned, we initiated this first in human clinical trial and also completed enrollment in the 2025. This is a randomized active controlled phase one two study to evaluate the safety and immunogenicity of an investigational H5N1 avian pandemic influenza vaccine that’s adjuvanted with CpG ten eighteen and alum. We believe this study could enable us to generate clinical proof of concept in an efficient and low cost manner.

We recently completed dosing in the study with the intention to select the optimal formulations of CpG ten eighteen for part two of the phase one two trial. Now regarding our plague vaccine program, it’s in collaboration with and fully funded by the US Department of Defense. Given that the program is focused on preventing the spread of pneumonic plague in a biological attack, our goal in the upcoming phase two study is to maximize a rapid antibody response through dose ranging of the CpG ten eighteen adjuvant and optimizing the dosing regimen. We plan to initiate this phase two clinical trial in the second half of this year. I’ll now turn the call over to Kelly to review our financial results.

Kelly McDowell, Chief Financial Officer, Dynavax Technologies: Thank you, Rob. Before I get started, a reminder to please refer to our press release and Form 10 Q filed earlier today for more detailed financial information and for a full reconciliation of GAAP to non GAAP results in accompanying disclosure. We are very pleased with the momentum of HEPLISAV B quarterly net sales of approximately $92,000,000 up 31% year over year and approximately $95,000,000 in total revenues, up 29% year over year. Of note and unique to this quarter, HEPLISAV B net product revenue in the second quarter includes $1,600,000 in ex U. S.

Revenue and approximately $5,000,000 in gross to net favorability associated with improvement in returns rates, neither of which are expected to recur in the second half of the year. Additionally, PELISAV B gross margin was 85% for the 2025, an increase compared to 83% in the 2024. We continue to expect HEPLISAV B gross margin of approximately 80% for the full year 2025. Turning to expenses and starting with R and D. As we continue to progress our clinical stage pipeline through key milestones this year, R and D expenses were $17,000,000 in the second quarter, up slightly compared to $15,000,000 in the second quarter of last year.

We expect to provide further clarity on full year R and D expenses in connection with the results of our shingles data readout expected later this month. Q2 SG and A expenses were $50,000,000 up from $42,000,000 in the second quarter of last year, with this increase primarily related to an incremental $13,000,000 in expenses related to our successful proxy contest campaign, partially offset by a reduction in personnel related costs. Looking ahead for the full year, we continue to expect SG and A expenses to be consistent with prior year, excluding the aforementioned proxy contest related costs reported in the first half of this year. This prudent management of our SG and A line reflects our ongoing commitment to financial discipline as the organization matures. Moving to the bottom line, we had GAAP net income of $19,000,000 for the 2025 compared to GAAP net income of $11,000,000 for the 2024.

Additionally, non GAAP adjusted EBITDA improved to $37,000,000 for the second quarter compared to $20,000,000 in the second quarter of last year. Transitioning to the balance sheet. We ended the second quarter with cash, cash equivalents and marketable securities of $614,000,000 compared to $714,000,000 at the 2024. The decrease in our cash position was primarily driven by the successful and highly efficient execution of our previously announced $200,000,000 share repurchase program, which we completed during the second quarter. We retired over 16,000,000 shares using a combination of execution tactics to maximize the value of the program during a period of significant market volatility.

Following the completion of our share repurchase program and our successful debt refinancing completed in March 2025, we believe that we have the right sized capital structure to support our strategy to protect and deliver long term value for shareholders. We continue to be highly prudent stewards of capital on behalf of all of our shareholders and evaluate the highest and best use of capital allocation in connection with our strategy. Turning now to our financial guidance for the full year 2025, We expect HEPLISAV B net product revenue to be in the range of $315 to $325,000,000 raising the low end of the range to reflect our strong performance in the first half of the year. We also continue to expect adjusted EBITDA to be at least $75,000,000 for the year. In closing, we’re very excited about the strong performance throughout the 2025, consisting of a record quarter for HEPLISAV B, our advancing pipeline with key milestones and new programs this year, and our strong financial profile.

We are proud of this progress and we are also excited about our growth prospects as outlined on the call today. Thank you everyone for your time. Operator, we would now like to open the Q and A portion of today’s call.

Conference Call Operator: Thank you. At this time, we will conduct the question and answer session. To ask a question, you will need to press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please stand by while we compile the Q and A roster.

Our first question comes from the line of Matthew Phipps with William Blair. Your line is now open.

Matthew Phipps, Analyst, William Blair: Hi. Thanks for taking my question, and also thanks for a lot of additional granularity around some of the market dynamics and market share here and glad to see that market share tick up in the quarter. You know with the shingles readout obviously coming pretty soon, I know you all talked previously about hoping to see CD4 T cells. I think you said within 75% of Shingrix as what you think could be result in comparable efficacy. Just wanted to kind of check on that number.

And then also, is that the one month time point, or is that a six or twelve month time point where you want to be within that range of Shingrix?

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Hey, Matt, thanks for that question. Rob, why don’t you take that?

Rob Jansen, Chief Medical Officer, Dynavax Technologies: Sure. So at one month, what we’re going to be looking at is VRR as a composite endpoint, both CD4 and antibody vaccine response rate. Our concern, as we’ve talked to more experts around CD4s, we have small numbers of subjects. And because of that, we’re concerned about the variability across the assays and across subjects. So we’re focusing more on VRR initial time point.

Over time, we will be looking at VRR also at six and twelve months. But at that point, we will be looking more at CD4 antibody levels over time and see how they change over time in comparison to Shingrix. So the 75%, we certainly will be looking at it, but we also will be looking at other factors as well with VRR sort of leading the charge.

Phil Nadeau, Analyst, TD Cohen: And then

Rob Jansen, Chief Medical Officer, Dynavax Technologies: partly because Matt, sorry, we really the first thing we want to see is sort of a robust immune response, both an antibody response and CD4 response.

Matthew Phipps, Analyst, William Blair: Yeah, okay. And then, and looking at the side effects, I think you all have talked before about trying to make sure that’s standardized and using a patient reported outcomes tool. Is that do we get that full type of data in this first update?

Rob Jansen, Chief Medical Officer, Dynavax Technologies: We’re certainly looking at that with respect to tolerability. We will have some of those data, although we have an ongoing study to validate all that, which will not be ready in the next month.

Matthew Phipps, Analyst, William Blair: Yeah, Thanks for taking my questions.

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Yeah, Matt, just to reiterate, the primary focus of this trial, just to remind everyone, was to demonstrate immunogenicity of our Dynavax developed GE protein. And well, and we’re confident in the tolerability profile of our adjuvant during this original study, as well as all of our other work with our other vaccine candidates. So, given that the numbers in this trial by arm aren’t powered to demonstrate the, you know, statistically the reactogenicity profile, but we do expect that they’ll be supportive as all of our other work has been today.

Matthew Phipps, Analyst, William Blair: Thanks, Ryan.

Conference Call Operator: Thank you. Our next question comes from the line of Phil Nadeau with TD Cohen. Your line is now open.

John Miller, Analyst, Evercore: Good afternoon. Congratulations on progress. Thanks for taking our questions. A couple of commercial questions from us. First, in terms of HEPLISAV’s performance in the quarter, it was obviously very strong.

Were there any onetime issues during the quarter, anything like inventory build or big lumpy orders that happened during the quarter? That’s the first question. And then second on the market share segments, it looks like the other segment is almost a third of market and that’s where your share is the lowest. Could you talk a little bit more about that segment of the market? What comprises it?

And do you have any plans to be more aggressive at marketing into it?

Don Cassell, Chief Commercial Officer, Dynavax Technologies: Hey, Phil, it’s Don. Regarding any one time issues or stock ins in the quarter, no. It was just widespread adoption, particularly by retail in particular. For the quarter, they gave us the strong output for the second quarter results. With regards to other, it’s a combination of a bunch of smaller segments, so military, corrections, small clinics, and so it’s kind of the long tail of customers.

And so the reach there is usually challenging. But again, as we said, I think on previous calls, when we think about the strategy, the patients that originate in a lot of those small clinics, which is a part of the other, they also originate in pharmacy and retail pharmacy. So our strategy is to capture the patient where they originate within the retail pharmacy segment, and we’re seeing that happen, and we’re seeing the continued shift, obviously, patients to retail, which aligns with our strategy and where we’re most successful. So, we anticipate continued increases in overall market share due to that fact of increase in retail utilization and market mix and our share in that segment.

John Miller, Analyst, Evercore: Perfect. That’s very helpful. Congrats again.

Conference Call Operator: Thanks, Sue. Thank you. Our next question comes from the line of John Miller with Evercore. Your line is now open.

: Hi, guys. Congrats on the progress, and thanks for taking my question. I’d love to start with the shift to retail that you talked a little bit about today. What’s driving that shift to retail? And it looks like a lot of that’s coming away from IDNs, which I know was another focus area for you in the past.

So given that shift in the way the market is operating, I’m not surprised necessarily, to see that your long term guidance has remained exactly the same. Is there anything that’s changing in the way that you’re operating in this market that gives you confidence in the ability to keep that long term guidance exactly the same even as the market is sort of shifting around?

Don Cassell, Chief Commercial Officer, Dynavax Technologies: So, John, I’ll take that. With regards to the shift, you know, hep B is following what we’ve seen with other vaccines. We see it in, obviously, zoster, pneumococcal, and flu. You see the continued shift post pandemic in particular. Retail is being more proactive on patient outreach around adult vaccines, and hep B is following that trend.

And so we continue to see that. We’re seeing it throughout the quarters. We’re right on trend, quite frankly, with the shift here in this quarter as we project out into 2030 that retail will be at least 50%, if not more. So again, it goes back to the fact that it’s following other adult vaccines, the infrastructure, the capabilities of retail, and convenience for the consumer and the patient are all the things that are supporting that. And it really fits in lines right with our long term guidance.

So we think about having 60% of the market, It’s really underpinned by the fact that retail is going to be a big part of that market where we have a tremendous, as I said before, infrastructure, relationships and momentum with the key customers within the retail segment.

: Great. Thank you. And then one more, maybe if I may. I noticed that PR that the share repo is now complete. How looking back on that, how are you happy with the performance of that program?

Do you have any current plans to reinitiate that given where the valuation is currently?

Kelly McDowell, Chief Financial Officer, Dynavax Technologies: Thanks, John. Yeah, I think we’re, first of all, we’re really proud of the way that we’ve been able to efficiently and very effectively execute that program. As you know, we use the combination of different tactics and we’re able to very opportunistically take advantage of a lot of volatility in the market completely unaffiliated with our performance. So, really happy with the way that we executed on that program. As a reminder, that program was a discrete decision from a capital allocation perspective, and it was in connection with a number of events that occurred sort of after our Q3 earnings last year, including the decision to discontinue our clinical for our, which are one of our clinical last clinical programs as well as the continued progress of capital, which gave us confidence in being able to identify the exact amount of excess.

Capital that would be appropriate to allocate to a share buyback program. Like, we always say, and I’ll reiterate again here, it’s our first and foremost, it’s our priority to drive value is maximizing capital, we believe is the best. Way to drive long term value for all of our shareholders. And then also, do look opportunistically at other tools to drive value, including potentially share buyback when appropriate.

: Great. Thank you so much.

Conference Call Operator: Thank you.

Matthew Phipps, Analyst, William Blair: Thanks, Jeff. Our

Conference Call Operator: next question comes from the line of Roy Buchanan with Citizens. Your line is now open.

Phil Nadeau, Analyst, TD Cohen: Hey. Thanks for taking the question. I just had a quick one. I I assume you saw the CorMedix deal for Malinta today. Clearly, you guys have the capital to do do that deal.

Is there a strategic reason something like that isn’t particularly a fit for Dynavax? And have there been any changes in BD intensity or focus areas with your moving the H5N1 and Lyme program forward? Thanks.

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Roy, I’m sorry. We’re not familiar with the deal. Obviously, we’ve been a little focused on our events for today. So, I can’t comment on whether or not, but if you want to give me a quick summary of more specifically what the question is on the type of deal, I can see if we can provide our thoughts.

Phil Nadeau, Analyst, TD Cohen: Yeah, so CorMedix bought Malinta. Malinta has a portfolio of hospital antibiotics and some other programs. Yeah, so they think it’s going to be accretive.

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Yeah, we’re familiar with the Malenta portfolio. And, you know, we have looked at a variety of different in line products and portfolios. The reality is, when we think about different opportunities, we’re trying to leverage our areas of strength. So, for example, inpatient hospital sales for relatively portfolio of small individual brands is not something that is not the top of our list. We really are looking forward to leveraging our vaccine development capability and our institutional sales capability that is not quite the same as inpatient capability.

So, that perspective, that is not a specific area that we targeted. And then what can you just remind me of the second part of your question, please?

Phil Nadeau, Analyst, TD Cohen: Yeah, just if there’s been any change in your focus or intensity around BD efforts, having moved that H5N1 of the line programs forward.

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: No, I mean, wouldn’t suggest that those two programs change our desire to find synergistic and opportunistic and accretive opportunities. Those are relatively early stage programs. As a reminder, H5N1 is a fairly discrete clinical investment. We’re excited to be able to generate the data that will support many years of BD activities as the adjuvant supplier, but it is a fairly discrete senior investment in clinical development. And the Lyme disease program, again, a very interesting, exciting opportunity to leverage the power of our adjuvant for a known approach to protecting against Lyme disease.

But again, that’s an early stage preclinical work in primates and enabling studies. So relatively small capital requirements at the moment. And so they don’t have an impact on our focus on BD and corporate development.

Phil Nadeau, Analyst, TD Cohen: Okay, thank you.

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Thank you.

Conference Call Operator: Thank you. Our next question comes from the line of Paul Choi with Goldman Sachs. Your line is now open. Paul, your line is now open.

Paul Cox, Vice President, Investor Relations and Corporate Communications, Dynavax Technologies0: Hi. Can you hear me?

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Yes. Hey, Paul.

Don Cassell, Chief Commercial Officer, Dynavax Technologies: Hey, Ryan. Thanks for taking the

Paul Cox, Vice President, Investor Relations and Corporate Communications, Dynavax Technologies0: question. I want to ask first just on the plague program, sort of what I guess given the sort of moving pieces in the vaccine support from the government, just what the DoD commitment is here and just how much of your future development plans are contingent on that? And then second, on Lyme disease, I know you guys are going to kick it off IND enabling studies with clinical development in 2027, so a little bit off. But just in terms of enrolling that with the patients, just how much of a seasonal element is that, and, you know, how would that, you know, potentially affect enrollment timelines there? Thanks for taking our questions.

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Okay, so DOD, I mean, I think we I think the point around DOD commitment compared to our commitment, we are 100% aligned to the DOD on this program. We will not be advancing the plague program independent at full support from the Department of Defense. As it relates to, which I assume is underpinning some of this question is the continued shift we see at the USG. We have continued to have strong relationships with the DOD as it relates to this program with funding for this program already being awarded, and it’s funded through the first half of twenty twenty seven based on the award already granted. Obviously, we would update that to the extent we learn anything else along the way, but as of now, this continues to be business as usual with no indication of any issue from the DOD’s perspective as it relates to funding late program.

As it relates to Lyme disease and enrollment, we’d have to get into really the trial design. We’re going to have a way to go before we do our efficacy study, which of course we’ll have to be thoughtful about seasonality for an efficacy study, especially given some of the challenges of the currently developed products in development. So, I do expect we’ll be thoughtful about seasonality and durability, given the fact that that is a key element of our product profile is to be able to have durability through multiple seasons. So that will be definitely a part of the clinical development plan, but I it’ll be a little a little bit further off, given that our next few studies will be more focused on safety and immunogenicity.

Paul Cox, Vice President, Investor Relations and Corporate Communications, Dynavax Technologies0: Great. Thank you.

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Thanks, Paul.

Conference Call Operator: Thank you. We have no further questions at this time. I would now like to turn the call over to Ryan Spencer, CEO, for closing remarks. You may begin.

Ryan Spencer, Chief Executive Officer, Dynavax Technologies: Thank you, operator, and thank you all for joining us today. We appreciate your interest in Dynavax. We are excited about our recent accomplishments and the strength of our position. We look forward to updating you on our progress focused on protecting the world against infectious diseases. Operator, you may end the call.

Conference Call Operator: Ladies and gentlemen, thank you for joining us today. This concludes today’s conference call. You may now disconnect.

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