Source SEC FilingsLatest period Q3 FY2025, ended Sep 30, 2025ReportedCurrency USDFYE December
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 5, 2025.
Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DVAX SEC filings page.
Dynavax Technologies Corporation (DVAX) reported $330.5M in revenue
over the twelve months to Sep 30, 2025, up 26.7% from the prior twelve months.
This page shows its income statement, balance sheet, cash flow statement, and key financial ratios.
View 15 years of annual fundamentals and quarterly data, with year-over-year
growth rates and compound annual growth rates (CAGR).
All figures are derived from SEC filings.
Rhea AIDVAXFY2024
FY2024 shows improving gross economics, but heavier operating investment keeps the business near break-even despite positive cash generation.
Revenue rose 19.4% while cost of revenue fell 1.4%, lifting gross margin 3.8 pp; yet SG&A and R&D both increased, leaving operating income a loss of $4.1M. This says margin improvement is not yet operating leverage: better unit economics are being absorbed by continued overhead and development spending.
Net income was $27.3M while operating cash flow reached $66.5M, so cash conversion exceeded reported profit. The supplied 243.6% operating-cash-flow-to-net-income ratio indicates noncash or working-capital effects materially shaped earnings.
Free cash flow fell 37.6% to $60.2M despite revenue growth, indicating cash conversion weakened as reinvestment intensified. Debt-to-equity was 0.4x while the current ratio was 10.8x, separating a debt-bearing capital structure from ample short-term coverage.
Financial Health Signals
Financial Health Score44/100
Scored against operating companies for FY2024. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Dynavax Technologies Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Profitability
33
Dynavax Technologies Corporation has an operating margin of -1.5%, meaning the company loses $1 on every $100 of revenue. This results in a profitability score of 33/100. This is up from -15.9% the prior year.
Growth
1
Dynavax Technologies Corporation's revenue surged 19.4% year-over-year to $277.2M, reflecting rapid business expansion. This strong growth earns a score of 1/100.
Leverage
1
Dynavax Technologies Corporation has elevated debt relative to equity (D/E of 0.38), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.
Liquidity
98
With a current ratio of 10.80, Dynavax Technologies Corporation holds $10.80 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 98/100.
Cash Flow
91
Dynavax Technologies Corporation converts 21.7% of revenue into free cash flow ($60.2M). This strong cash generation earns a score of 91/100.
Returns
42
Dynavax Technologies Corporation's ROE of 4.6% shows moderate profitability relative to equity, earning a score of 42/100. This is up from -1.0% the prior year.
Piotroski F-ScorePartial
7/8
Dynavax Technologies Corporation passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Earnings QualityCash-Backed
2.44x
For every $1 of reported earnings, Dynavax Technologies Corporation generates $2.44 in operating cash flow ($66.5M OCF vs $27.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Interest CoverageAt Risk
N/A
Dynavax Technologies Corporation reported an operating loss of $4.1M against $6.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Dynavax Technologies Corporation generated $94.9M in revenue in Q3 2025. This represents an increase of 17.7% from the same quarter a year earlier. Against the prior quarter it is down 0.6%.
EBITDA
$22.6M
YoY+100.3%
QoQ+44.0%
5Y CAGRn/m
Dynavax Technologies Corporation's EBITDA was $22.6M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 100.3% from the same quarter a year earlier. Against the prior quarter it is up 44.0%.
Net Income
$26.9M
YoY+53.0%
QoQ+43.8%
5Y CAGR+43.7%
10Y CAGRn/m
Dynavax Technologies Corporation reported $26.9M in net income in Q3 2025. This represents an increase of 53.0% from the same quarter a year earlier. Against the prior quarter it is up 43.8%.
EPS (Diluted)
$0.21
YoY+75.0%
QoQ+50.0%
Dynavax Technologies Corporation earned $0.21 per diluted share (EPS) in Q3 2025. This represents an increase of 75.0% from the same quarter a year earlier. Against the prior quarter it is up 50.0%.
Cash & Balance Sheet
Free Cash Flow
$32.6M
YoY+79.9%
QoQ+48.3%
5Y CAGRn/m
10Y CAGRn/m
Dynavax Technologies Corporation generated $32.6M in free cash flow in Q3 2025, representing cash available after capex. This represents an increase of 79.9% from the same quarter a year earlier. Against the prior quarter it is up 48.3%.
Cash & Debt
$160.2M
YoY+34.3%
QoQ+61.7%
5Y CAGR+37.4%
10Y CAGR+4.5%
Dynavax Technologies Corporation held $160.2M in cash against $221.0M in long-term debt as of Q3 2025.
Shares Outstanding
117M
YoY-10.7%
QoQ+0.1%
Dynavax Technologies Corporation had 117M shares outstanding in Q3 2025. This represents a decrease of 10.7% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.
Dividends Per Share
Not reported for Q3 2025.
Margins & Returns
Gross Margin
84.8%
YoY+1.0pp
QoQ-0.5pp
Dynavax Technologies Corporation's gross margin was 84.8% in Q3 2025, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.
Operating Margin
22.4%
YoY+9.9pp
QoQ+7.3pp
Dynavax Technologies Corporation's operating margin was 22.4% in Q3 2025, reflecting core business profitability. This is up 9.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.3 percentage points.
Net Margin
28.4%
YoY+6.6pp
QoQ+8.8pp
5Y change-4.4pp
Dynavax Technologies Corporation's net profit margin was 28.4% in Q3 2025, showing the share of revenue converted to profit. This is up 6.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.8 percentage points.
Return on Equity
5.0%
YoY+2.5pp
QoQ+1.2pp
5Y change-1.3pp
10Y change+19.3pp
Dynavax Technologies Corporation's quarterly ROE was 5.0% in Q3 2025: one quarter's net income over shareholder equity, not annualized. This is up 2.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.
Capital Allocation
R&D Spending
$19.1M
YoY+32.7%
QoQ+15.0%
5Y CAGR+17.5%
Dynavax Technologies Corporation invested $19.1M in research and development in Q3 2025. This represents an increase of 32.7% from the same quarter a year earlier. Against the prior quarter it is up 15.0%.
Share Buybacks
$572K
YoYn/m
QoQ-99.2%
Dynavax Technologies Corporation spent $572K on share buybacks in Q3 2025, returning capital to shareholders by reducing shares outstanding. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 99.2%.
Capital Expenditures
$1.2M
YoY-8.1%
QoQ-14.8%
5Y CAGR+36.1%
10Y CAGR-7.1%
Dynavax Technologies Corporation invested $1.2M in capex in Q3 2025, funding long-term assets and infrastructure. This represents a decrease of 8.1% from the same quarter a year earlier. Against the prior quarter it is down 14.8%.
DVAX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
TTM is the trailing twelve months, Q4 FY2024 through Q3 FY2025, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DVAX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Accounts Receivable.
DVAX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Dividends Paid.
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q4 FY2024 through Q3 FY2025, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DVAX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
Dynavax Technologies Corporation (DVAX) reported $277.2M in total revenue for fiscal year 2024. This represents a 19.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Dynavax Technologies Corporation (DVAX) revenue grew by 19.4% year-over-year, from $232.3M to $277.2M in fiscal year 2024.
No, Dynavax Technologies Corporation (DVAX) reported a net loss of $43.4M over the trailing 12 months to September 30, 2025. In fiscal year 2024 it reported a net income of $27.3M, with a net profit margin of 9.8%.
Dynavax Technologies Corporation (DVAX) reported diluted earnings per share of $0.20 for fiscal year 2024. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
Dynavax Technologies Corporation (DVAX) had EBITDA of $505K in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2024, Dynavax Technologies Corporation (DVAX) had $95.9M in cash and equivalents against $223.9M in long-term debt.
Dynavax Technologies Corporation (DVAX) had a gross margin of 82.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
Dynavax Technologies Corporation (DVAX) had an operating margin of -1.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
Dynavax Technologies Corporation (DVAX) had a net profit margin of 9.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Dynavax Technologies Corporation (DVAX) has a return on equity of 4.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
Dynavax Technologies Corporation (DVAX) generated $60.2M in free cash flow during fiscal year 2024. This represents a -37.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Dynavax Technologies Corporation (DVAX) generated $66.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
Dynavax Technologies Corporation (DVAX) had $986.3M in total assets as of fiscal year 2024, including both current and long-term assets.
Dynavax Technologies Corporation (DVAX) invested $6.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Dynavax Technologies Corporation (DVAX) invested $61.5M in research and development during fiscal year 2024.
Yes, Dynavax Technologies Corporation (DVAX) spent $100.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
Dynavax Technologies Corporation (DVAX) had 124M shares outstanding as of fiscal year 2024.
Dynavax Technologies Corporation (DVAX) had a current ratio of 10.80 as of fiscal year 2024, which is generally considered healthy.
Dynavax Technologies Corporation (DVAX) had a debt-to-equity ratio of 0.38 as of fiscal year 2024. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Dynavax Technologies Corporation (DVAX) had a liabilities-to-equity ratio of 0.65 as of fiscal year 2024, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Dynavax Technologies Corporation (DVAX) had a return on assets of 2.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Dynavax Technologies Corporation (DVAX) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Dynavax Technologies Corporation (DVAX) has an earnings quality ratio of 2.44x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Dynavax Technologies Corporation (DVAX) reported an operating loss of $4.1M against $6.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
Dynavax Technologies Corporation (DVAX) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.
