Dynavax Reports Second Quarter 2025 Financial Results
Dynavax (NASDAQ:DVAX) reported strong Q2 2025 financial results, highlighted by record HEPLISAV-B quarterly net product revenue of $92 million, representing 31% year-over-year growth. The company refined its full-year 2025 HEPLISAV-B revenue guidance to $315-325 million.
Total Q2 revenues reached $95.4 million, with GAAP net income of $18.7 million ($0.16 per share). HEPLISAV-B's U.S. market share increased to 45%, up from 42% in Q2 2024. The company expects the U.S. hepatitis B vaccine market to expand to over $900 million in annual sales by 2030.
Key pipeline updates include anticipated top-line results from Phase 1/2 shingles vaccine trial in August 2025 and completed dosing in Part 1 of the pandemic influenza adjuvant program trial.
Dynavax (NASDAQ:DVAX) ha riportato risultati finanziari solidi per il secondo trimestre del 2025, con un record di ricavi netti trimestrali del prodotto HEPLISAV-B pari a 92 milioni di dollari, che rappresentano una crescita del 31% rispetto allo stesso periodo dell'anno precedente. L'azienda ha rivisto la stima dei ricavi per HEPLISAV-B per l'intero 2025, prevedendo un intervallo di 315-325 milioni di dollari.
I ricavi totali del secondo trimestre hanno raggiunto 95,4 milioni di dollari, con un utile netto GAAP di 18,7 milioni di dollari (0,16 dollari per azione). La quota di mercato di HEPLISAV-B negli Stati Uniti è salita al 45%, rispetto al 42% nel secondo trimestre del 2024. L'azienda prevede che il mercato statunitense del vaccino per l'epatite B supererà i 900 milioni di dollari di vendite annue entro il 2030.
Tra gli aggiornamenti chiave della pipeline, sono attesi i risultati preliminari dello studio di Fase 1/2 sul vaccino per l'herpes zoster ad agosto 2025, mentre è stata completata la somministrazione nella Parte 1 dello studio sul programma di adiuvante per l'influenza pandemica.
Dynavax (NASDAQ:DVAX) reportó sólidos resultados financieros en el segundo trimestre de 2025, destacando un récord de ingresos netos trimestrales del producto HEPLISAV-B de 92 millones de dólares, lo que representa un crecimiento interanual del 31%. La compañía ajustó su pronóstico de ingresos para todo el año 2025 de HEPLISAV-B a 315-325 millones de dólares.
Los ingresos totales del segundo trimestre alcanzaron 95,4 millones de dólares, con un ingreso neto GAAP de 18,7 millones de dólares (0,16 dólares por acción). La cuota de mercado de HEPLISAV-B en EE.UU. aumentó al 45%, desde el 42% en el segundo trimestre de 2024. La empresa espera que el mercado estadounidense de vacunas contra la hepatitis B crezca a más de 900 millones de dólares en ventas anuales para 2030.
Entre las actualizaciones clave de la cartera, se esperan resultados preliminares del ensayo de fase 1/2 para la vacuna contra el herpes zóster en agosto de 2025 y se completó la dosificación en la Parte 1 del ensayo del programa de adyuvante para la influenza pandémica.
Dynavax (NASDAQ:DVAX)는 2025년 2분기 강력한 재무 실적을 보고했으며, 분기별 HEPLISAV-B 순제품 매출 9,200만 달러로 사상 최고치를 기록하며 전년 동기 대비 31% 성장했습니다. 회사는 2025년 전체 HEPLISAV-B 매출 가이던스를 3억 1,500만~3억 2,500만 달러로 조정했습니다.
2분기 총 매출은 9,540만 달러에 달했으며, GAAP 순이익은 1,870만 달러(주당 0.16달러)였습니다. HEPLISAV-B의 미국 시장 점유율은 2024년 2분기 42%에서 45%로 상승했습니다. 회사는 미국 B형 간염 백신 시장이 2030년까지 연간 매출 9억 달러 이상으로 성장할 것으로 예상합니다.
주요 파이프라인 업데이트로는 2025년 8월 대상포진 백신 1/2상 임상시험의 초기 결과 발표 예정과 팬데믹 인플루엔자 보조제 프로그램 시험 1부 용량 투여 완료가 포함됩니다.
Dynavax (NASDAQ:DVAX) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un record de 92 millions de dollars de revenus nets trimestriels du produit HEPLISAV-B, soit une croissance de 31 % par rapport à l'année précédente. La société a affiné ses prévisions de revenus annuels pour HEPLISAV-B à 315-325 millions de dollars.
Les revenus totaux du deuxième trimestre ont atteint 95,4 millions de dollars, avec un bénéfice net GAAP de 18,7 millions de dollars (0,16 dollar par action). La part de marché américaine de HEPLISAV-B est passée à 45 %, contre 42 % au deuxième trimestre 2024. La société prévoit que le marché américain du vaccin contre l'hépatite B dépassera 900 millions de dollars de ventes annuelles d'ici 2030.
Parmi les mises à jour clés du pipeline, on attend les résultats préliminaires de l'essai de phase 1/2 du vaccin contre le zona en août 2025, ainsi que la fin du dosage dans la première partie de l'essai du programme d'adjuvant pour la grippe pandémique.
Dynavax (NASDAQ:DVAX) meldete starke Finanzergebnisse für das zweite Quartal 2025, mit einem Rekord von HEPLISAV-B Nettoproduktumsatz im Quartal von 92 Millionen US-Dollar, was einem Wachstum von 31 % im Jahresvergleich entspricht. Das Unternehmen hat seine Umsatzprognose für HEPLISAV-B im Gesamtjahr 2025 auf 315-325 Millionen US-Dollar angepasst.
Die Gesamterlöse im zweiten Quartal betrugen 95,4 Millionen US-Dollar, mit einem GAAP-Nettogewinn von 18,7 Millionen US-Dollar (0,16 US-Dollar pro Aktie). Der Marktanteil von HEPLISAV-B in den USA stieg auf 45 %, gegenüber 42 % im zweiten Quartal 2024. Das Unternehmen erwartet, dass der US-Markt für Hepatitis-B-Impfstoffe bis 2030 auf über 900 Millionen US-Dollar Jahresumsatz anwachsen wird.
Zu den wichtigsten Pipeline-Updates gehören erwartete Zwischenergebnisse der Phase-1/2-Studie zum Gürtelrose-Impfstoff im August 2025 sowie der Abschluss der Dosierung im Teil 1 der Studie zum Pandemie-Grippe-Adjuvans-Programm.
- Record HEPLISAV-B quarterly revenue of $91.9M, up 31% YoY
- Market share increased to 45% from 42% YoY
- Strong cash position of $613.7M as of June 30, 2025
- GAAP net income increased to $18.7M from $11.4M YoY
- Completed $200M share repurchase program
- Raised lower end of full-year revenue guidance to $315-325M
- Cash position decreased from $713.8M to $613.7M since December 2024
- SG&A expenses increased 21% to $50.4M compared to Q2 2024
- R&D expenses rose to $16.6M from $15.0M YoY
Insights
Dynavax delivered record HEPLISAV-B revenue, raised guidance, and advances promising pipeline with critical data expected soon.
Dynavax reported impressive Q2 2025 results, with HEPLISAV-B achieving record quarterly revenue of
The company's financial health remains strong, with
HEPLISAV-B continues gaining market share, now at approximately
Beyond HEPLISAV-B, Dynavax's pipeline is advancing with several promising vaccine candidates leveraging their CpG 1018 adjuvant technology. Most notably, the company expects to release top-line results from Part 1 of its Phase 1/2 shingles vaccine trial in August 2025, potentially positioning them to compete in what management describes as a "multi-billion-dollar shingles vaccine market." The plague vaccine program secured
Overall operating expenses increased year-over-year, with R&D expenses rising to
- Record HEPLISAV-B® quarterly net product revenue of
$92 million 31% year-over-year growth - Refines full year 2025 HEPLISAV-B net product revenue guidance range to
$315 $325 million $305 $325 million - Top-line results in Part 1 of Phase 1/2 shingles vaccine trial expected in August 2025
- Completed dosing in Part 1 of Phase 1/2 trial of pandemic influenza adjuvant program
- Conference call today at 4:30 p.m. ET/1:30 p.m. PT
"In the second quarter of 2025, we continued our momentum by delivering robust Q2 results, achieving our highest net product revenue quarter ever for HEPLISAV-B, while further growing our market share leading position in the
BUSINESS UPDATES
HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted]
HEPLISAV-B vaccine is the first and only adult hepatitis B vaccine approved in the
- HEPLISAV-B achieved record quarterly net product revenue of
$91.9 million 31% compared to$70.2 million - HEPLISAV-B total estimated market share in the
U.S. increased to approximately45% , compared to approximately42% for the second quarter 2024. - Dynavax continues to expect the hepatitis B adult vaccine market in the
U.S. to expand to a peak of over$900 million 60% total market share. Additionally, Dynavax believes the HEPLISAV-B U.S. market opportunity will remain substantial beyond 2030 due to the ongoing penetration of the unvaccinated eligible adult population, observed revaccination practices by healthcare providers, and continued gains in market share.
Clinical and Preclinical Pipeline
Dynavax is advancing a pipeline of differentiated product candidates that leverage its CpG 1018® adjuvant, which has demonstrated its ability to enhance the immune response with a favorable tolerability profile in a wide range of clinical trials and real-world commercial use.
Shingles Vaccine Program:
Z-1018 is an investigational vaccine candidate being developed for the prevention of shingles in adults aged 50 years and older.
- Dynavax has completed enrollment in Part 1 of a Phase 1/2 clinical trial comparing Z-1018 to Shingrix® in 441 healthy adults aged 50 to 69, and anticipates reporting top-line immunogenicity and safety data in August 2025.
- Dynavax plans to advance the selected vaccine formulation and regimen from Part 1 into Part 2 of the Phase 1/2 study in adults over age 70 years to generate clinical proof-of-concept in this key population, with key endpoints including tolerability and immunogenicity comparisons to Shingrix, ahead of advancement into a pivotal trial.
Plague Vaccine Program:
Dynavax is developing a plague (rF1V) vaccine candidate adjuvanted with CpG 1018 in collaboration with, and fully funded by, the
- In the fourth quarter of 2024, Dynavax and the DoD executed a new agreement for approximately
$30 million
Pandemic Influenza Adjuvant Program:
Dynavax is evaluating CpG 1018 in an adjuvanted H5N1 influenza vaccine as a proof-of-concept for its potential use with pandemic influenza vaccines.
- Dynavax recently completed enrollment and dosing in Part 1 of a randomized, active-controlled Phase 1/2 study to evaluate the safety and immunogenicity of an investigational H5N1 influenza vaccine adjuvanted with CpG 1018 in 101 participants aged 18 to 49.
- Dynavax expects to use the Part 1 data to select the optimal formulations of CpG 1018 adjuvant to advance to Part 2 of the Phase 1/2 trial, with top-line immunogenicity and safety data expected in 2026.
Lyme Disease Vaccine Program:
Dynavax is developing an investigational multivalent protein subunit vaccine candidate adjuvanted with CpG 1018 for the prevention of Lyme disease, a bacterial infection that is the most common vector-borne illness in the Northern Hemisphere.
- There are currently no approved human vaccines for Lyme disease, and current vaccine candidates in clinical development require three-dose primary series and annual boosters. Dynavax believes its investigational Lyme disease vaccine adjuvanted with CpG 1018, which has a demonstrated ability to amplify immune responses and improve durability of protection, has the potential for a differentiated and best-in-class vaccine profile.
- Dynavax's Lyme disease vaccine candidate has progressed into Investigational New Drug (IND)-enabling studies, with plans to initiate clinical development in 2027.
HEPLISAV-B for Adults on Hemodialysis:
- Dynavax plans to conduct an observational retrospective cohort study to support its sBLA filing for a HEPLISAV-B® vaccine regimen for adults on hemodialysis. In the first quarter of 2025, Dynavax received feedback from the
U.S. Food and Drug Administration (FDA) that its proposed patient database may be acceptable for the observational retrospective cohort study, and Dynavax is engaging with the FDA to finalize the study protocol.
SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS
- Total revenues were
$95.4 million 29% increase compared to$73.8 million - HEPLISAV-B net product revenue was
$91.9 million 31% increase compared to$70.2 million - Cost of sales - product for HEPLISAV-B were
$14.0 million $12.0 million - Research and development expenses (R&D) were
$16.6 million $15.0 million - Selling, general, and administrative expenses (SG&A) were
$50.4 million $41.7 million - GAAP net income was
$18.7 million , or$0.16 per share basic and$0.14 diluted in the second quarter of 2025, compared to GAAP net income of$11.4 million , or$0.09 per share basic and$0.08 diluted in the second quarter of 2024. - Adjusted EBITDA* was
$37.3 million $20.5 million - Cash, cash equivalents and marketable securities were
$613.7 million as of June 30, 2025, compared to$713.8 - Share repurchase program: As of June 30, 2025, Dynavax completed repurchases under its
$200 million
FULL YEAR 2025 FINANCIAL GUIDANCE
Dynavax is updating its full year 2025 financial guidance, based on its current operating plan:
- HEPLISAV-B net product revenue is expected in the range of
$315 $325 million $305 $325 million - Adjusted EBITDA* is expected to be at least
$75 million
* Non-GAAP financial measure. Please refer to the "Non-GAAP Financial Measures" section for details regarding this measure.
Conference Call and Webcast Information
Dynavax will host a conference call and live audio webcast on Thursday, August 7, 2025, at 4:30 p.m. ET/1:30 p.m. PT. The live audio webcast may be accessed through the "Events & Presentations" page on the "Investors" section of Dynavax's website at https://investors.dynavax.com/events-presentations. A replay of the webcast will be available for 30 days following the live event.
To dial into the call, participants will need to register for the call using the caller registration link. It is recommended that participants dial into the conference call or log into the webcast approximately 10 minutes prior to the call.
WHAT IS HEPLISAV-B?
HEPLISAV-B is a shot given to adults 18 years of age and older to help prevent infection caused by the hepatitis B virus. HEPLISAV-B is usually given in the arm muscle. HEPLISAV-B is given in 2 doses, 1 month apart, by a healthcare provider.
IMPORTANT SAFETY INFORMATION
Do not administer HEPLISAV-B to individuals with a history of severe allergic reaction (e.g., anaphylaxis) after a previous dose of any hepatitis B vaccine or to any component of HEPLISAV-B, including yeast.
Appropriate medical treatment and supervision must be available to manage possible anaphylactic reactions following administration of HEPLISAV-B.
Immunocompromised persons, including individuals receiving immunosuppressant therapy, may have a diminished immune response to HEPLISAV-B.
Hepatitis B has a long incubation period. HEPLISAV-B may not prevent hepatitis B infection in individuals who have an unrecognized hepatitis B infection at the time of vaccine administration.
The most common patient-reported adverse reactions reported within 7 days of vaccination were injection site pain (
There are no adequate and well-controlled studies of HEPLISAV-B in pregnant individuals. Available data, primarily in individuals who received one dose of HEPLISAV-B in the 28 days prior to or during pregnancy, do not suggest an increased risk of major birth defects and miscarriage.
It is not known whether HEPLISAV-B is excreted in human milk.
Data are not available to assess the effects of HEPLISAV-B on the breastfed infant or on milk production/excretion.
Vaccination with HEPLISAV-B may not result in protection of all vaccine recipients.
Talk to your healthcare provider to determine if HEPLISAV-B is right for you.
Please see full Prescribing Information
About Dynavax
Dynavax is a commercial-stage biopharmaceutical company developing and commercializing innovative vaccines to help protect the world against infectious diseases. Dynavax has two commercial products, HEPLISAV-B® vaccine [Hepatitis B Vaccine (Recombinant), Adjuvanted], which is approved in the
Non-GAAP Financial Measures
To supplement financial results presented on a GAAP basis, Dynavax has included information about adjusted EBITDA, a non-GAAP financial measure. Dynavax believes the presentation of this non-GAAP financial measure, when viewed with its results under GAAP and the accompanying reconciliation, provide analysts, investors and other third parties with insights into how Dynavax evaluates normal operational activities, including its ability to generate cash from operations, on a comparable year-over-year basis, and manage its budgeting and forecasting.
In quarterly and annual reports, earnings press releases and conference calls, Dynavax may discuss Adjusted EBITDA to supplement its consolidated financial statements presented on a GAAP basis.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in Dynavax's business but do not represent ongoing operations, including loss on debt extinguishment and proxy contest costs. Adjusted EBITDA, as used by Dynavax, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as:
- adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA;
- adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs;
- adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes;
- adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
- Dynavax excludes stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the foreseeable future, a significant recurring expense for its business and an important part of its compensation strategy; and (ii) if Dynavax did not pay out a portion of its compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect its cash position;
- From time to time, Dynavax may exclude other expenses that are episodic in nature and do not directly correlate to the cost of operating its business on an ongoing basis, such as loss on debt extinguishment and proxy contest costs.
Reconciliation of each historical non-GAAP financial measure to Adjusted EBITDA can be found in the table accompanying this press release. The Company has not provided a reconciliation of its full-year 2025 guidance for Adjusted EBITDA to the most directly comparable forward-looking GAAP measures because the Company is unable to predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, income tax expense or provision for income taxes. These items are uncertain and depend on various factors that are outside of the Company's control or cannot be reasonably predicted. While the Company is unable to address the probable significance of these items, they could have a material impact on GAAP net income for the guidance period. A reconciliation of Adjusted EBITDA would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors.
Forward-Looking Statements
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to a number of risks and uncertainties. All statements that are not historical facts are forward-looking statements. Forward-looking statements can generally be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "will," "may," "plan," "potential," "would" and similar expressions, or the negatives thereof, or they may use future dates. Forward-looking statements made in this document include statements regarding Dynavax's expected financial results for the quarter ended June 30, 2025 and full year guidance, expectations regarding its future growth and long-term performance, extent and timing of market growth and market share beyond 2030, the timing of IND filings, initiation and completion of clinical studies, potential of its clinical and pre-clinical pipeline, expected timing for data readouts, and interaction with regulators. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in Dynavax's business, including, the risk that market size or actual demand for its products may differ from its expectations, risks relating to its ability to commercialize and supply HEPLISAV-B, risks related to the timing of completion and results of current clinical studies, risks related to the development and pre-clinical and clinical testing of vaccines containing CpG 1018 adjuvant, as well as other risks detailed in the "Risk Factors" section of its Quarterly Report on Form 10-Q for the three months ended June 30, 2025 and periodic filings made thereafter, as well as discussions of potential risks, uncertainties and other important factors in its other filings with the
Reference herein to any specific commercial products, process, or service by trade name, trademark, manufacturer, or otherwise, does not constitute or imply its endorsement, recommendation, or favoring by the
For Investors/Media:
Paul Cox
pcox@dynavax.com
510-665-0499
Nicole Arndt
narndt@dynavax.com
510-665-7264
DYNAVAX TECHNOLOGIES CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenues: | |||||||
Product revenue, net | $ 91,872 | $ 70,188 | $ 156,831 | $ 118,032 | |||
Other revenue | 3,570 | 3,607 | 6,775 | 6,552 | |||
Total revenues | 95,442 | 73,795 | 163,606 | 124,584 | |||
Operating expenses: | |||||||
Cost of sales - product | 14,035 | 11,985 | 27,804 | 22,952 | |||
Research and development | 16,619 | 14,950 | 35,996 | 28,478 | |||
Selling, general and administrative | 50,359 | 41,662 | 98,037 | 85,727 | |||
Bad debt expense | — | — | 10,970 | — | |||
Total operating expenses | 81,013 | 68,597 | 172,807 | 137,157 | |||
Income (loss) from operations | 14,429 | 5,198 | (9,201) | (12,573) | |||
Other income (expense): | |||||||
Interest income | 6,798 | 9,201 | 14,537 | 18,668 | |||
Interest expense | (1,641) | (1,698) | (3,333) | (3,393) | |||
Sublease income | 2,226 | 2,205 | 4,452 | 603 | |||
Loss on debt extinguishment | — | — | (82,095) | — | |||
Other (loss) income | (596) | — | (1,019) | 103 | |||
Net income (loss) before income taxes | 21,216 | 14,906 | (76,659) | 3,408 | |||
Provision for income taxes | (2,495) | (3,520) | (719) | (743) | |||
Net income (loss) | $ 18,721 | $ 11,386 | $ (77,378) | $ 2,665 | |||
Net income (loss) per share attributable to common | |||||||
Basic | $ 0.16 | $ 0.09 | $ (0.63) | $ 0.02 | |||
Diluted | $ 0.14 | $ 0.08 | $ (0.63) | $ 0.02 | |||
Weighted-average shares used in computing net | |||||||
Basic | 119,317 | 130,916 | 122,079 | 130,551 | |||
Diluted | 138,356 | 154,468 | 122,079 | 133,582 | |||
DYNAVAX TECHNOLOGIES CORPORATION SELECTED BALANCE SHEET DATA (In thousands) (Unaudited) | |||
June 30, | December 31, | ||
Assets | |||
Cash, cash equivalents and marketable securities | $ 613,729 | $ 713,834 | |
Inventories | $ 75,687 | $ 70,054 | |
Other current assets | $ 96,296 | $ 65,053 | |
Total current assets | $ 785,712 | $ 848,941 | |
Total non-current assets | $ 132,737 | $ 137,315 | |
Total assets | $ 918,449 | $ 986,256 | |
Liabilities and stockholders' equity | |||
Total current liabilities | $ 118,230 | $ 78,634 | |
Total long-term liabilities | $ 306,057 | $ 310,823 | |
Stockholders' equity | $ 494,162 | $ 596,799 | |
Total liabilities and stockholders' equity | $ 918,449 | $ 986,256 | |
DYNAVAX TECHNOLOGIES CORPORATION RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (In thousands) (Unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
GAAP net income (loss) | $ 18,721 | $ 11,386 | $ (77,378) | $ 2,665 | |||
Adjustments: | |||||||
Depreciation & amortization | 374 | 376 | 748 | 751 | |||
Interest income | (6,798) | (9,201) | (14,537) | (18,668) | |||
Interest expense | 1,641 | 1,698 | 3,333 | 3,393 | |||
Benefit from income taxes | 2,495 | 3,520 | 719 | 743 | |||
Total adjustments | (2,288) | (3,607) | (9,737) | (13,781) | |||
EBITDA | 16,433 | 7,779 | (87,115) | (11,116) | |||
Stock-based compensation | 12,087 | 12,685 | 25,536 | 24,829 | |||
Loss on debt extinguishment | — | — | 82,095 | — | |||
Proxy contest costs | 8,827 | — | 12,520 | — | |||
Adjusted EBITDA | $ 37,347 | $ 20,464 | $ 33,036 | $ 13,713 | |||
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SOURCE Dynavax Technologies
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