Tearsheet

Dynavax Technologies (DVAX)

Market Price (12/23/2025): $11.155 | Market Cap: $1.3 Bil
Sector: Health Care | Industry: Biotechnology

Dynavax Technologies (DVAX)

Market Price (12/23/2025): $11.155
Market Cap: $1.3 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%	Weak multi-year price returns 2Y Excs Rtn is -63%, 3Y Excs Rtn is -76%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
2	Attractive yield FCF Yield is 6.2%		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.5%
3	Low stock price volatility Vol 12M is 35%		Key risks DVAX key risks include [1] its significant revenue reliance on a single vaccine, Show more.
4	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Vaccine & Adjuvant Technology, and Biopharmaceutical R&D.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2	Attractive yield FCF Yield is 6.2%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Vaccine & Adjuvant Technology, and Biopharmaceutical R&D.
5	Weak multi-year price returns 2Y Excs Rtn is -63%, 3Y Excs Rtn is -76%
6	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
7	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -17%
8	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
9	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.5%
10	Key risks DVAX key risks include [1] its significant revenue reliance on a single vaccine, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$11.15	$12.77	$13.98	$10.64	$14.07
Market Cap CYE ($ Bil)	1.3	1.6	1.8	1.4	1.7
Total Debt ($ Bil)	0.3	0.3	0.3	0.3	0.3
Total Cash ($ Bil)	0.6	0.7	0.7	0.6	0.5
Enterprise Value ($ Bil)	0.9	1.9	2.1	1.7	2.0
Valuation Ratios
P/S TTM	4.0	6.0	7.7	1.9	3.7
P/EBIT TTM	-38.6	44.1	753.0	4.5	18.4
P/E TTM	-30.2	60.8	-281.7	4.6	21.3
P/FCF TTM	16.2	27.6	18.7	24.2	5.0
Sector Ratios
P/S TTM (Sector)	4.2	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/23/25	2024	2023
Share Price CYE	$11.15	$12.77	$13.98
Market Cap CYE ($ Bil)	1.3	1.6	1.8
Total Debt ($ Bil)	0.3	0.3	0.3
Total Cash ($ Bil)	0.6	0.7	0.7
Enterprise Value ($ Bil)	0.9	1.9	2.1
Valuation Ratios
P/S TTM	4.0	6.0	7.7
P/EBIT TTM	-38.6	44.1	753.0
P/E TTM	-30.2	60.8	-281.7
P/FCF TTM	16.2	27.6	18.7
Sector Ratios
P/S TTM (Sector)	4.2	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	DVAX	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.3
Rev Chg Q	17.7%	7.3%
Rev Chg LTM	26.7%	6.0%
Rev Chg 3Y Avg	-17.3%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	6.5%	18.8%
CFO/Rev LTM	27.4%	20.4%
Net Inc Mgn	-13.1%	13.1%
VALUATION	MODERATE
P/S	4.0	3.2
P/CFO	14.4	15.5
P/FCF	16.2	20.7
P/E	-30.2	23.5
STABILITY	VERY GOOD
Debt/Equity	0.22	0.21
Cash/Assets	0.68	0.07

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Metric	Value	Date	Source
HEPLISAV-B U.S. Adult Market Share	46%	11052025	Link
HEPLISAV-B U.S. Retail Market Share	63%	11052025	Link
Number of Issued U.S. Patents for HEPLISAV-B Uses	3	5212025	Link

Upcoming
2/19/2026	Earnings Release	Rev: - EPS: -

DVAX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Q2 2025 Financial Results and Upgraded Guidance.

Dynavax Technologies reported record HEPLISAV-B quarterly net product revenue of $92 million for the second quarter of 2025, marking a 31% increase year-over-year. The company subsequently refined its full-year 2025 HEPLISAV-B net product revenue guidance range upwards to $315 million to $325 million, signaling strong commercial performance just before the requested period. 2. Positive Topline Data from Shingles Vaccine Trial.

On October 21, 2025, Dynavax presented positive topline data from Part 1 of its Phase 1/2 clinical trial for Z-1018, its novel shingles vaccine candidate. The results demonstrated comparable antibody and CD4+ T-cell responses to Shingrix with a favorable tolerability profile, leading the company to initiate Part 2 of the trial. Show more 1. Q2 2025 Financial Results and Upgraded Guidance.

Dynavax Technologies reported record HEPLISAV-B quarterly net product revenue of $92 million for the second quarter of 2025, marking a 31% increase year-over-year. The company subsequently refined its full-year 2025 HEPLISAV-B net product revenue guidance range upwards to $315 million to $325 million, signaling strong commercial performance just before the requested period. 2. Positive Topline Data from Shingles Vaccine Trial.

On October 21, 2025, Dynavax presented positive topline data from Part 1 of its Phase 1/2 clinical trial for Z-1018, its novel shingles vaccine candidate. The results demonstrated comparable antibody and CD4+ T-cell responses to Shingrix with a favorable tolerability profile, leading the company to initiate Part 2 of the trial. 3. Strong Q3 2025 Earnings Beat and Increased Financial Guidance.

Dynavax reported robust third-quarter earnings for 2025 on November 5, 2025, significantly surpassing analyst expectations with an earnings per share (EPS) of $0.21, exceeding the forecasted $0.13 by 61.54%. Total revenue reached $94.9 million, slightly above the anticipated $94.41 million, and the company raised its full-year adjusted EBITDA guidance to at least $80 million. This performance led to a 2.49% increase in the stock price in aftermarket trading. 4. New $100 Million Share Repurchase Program.

Coinciding with its Q3 earnings announcement on November 5, 2025, Dynavax's Board of Directors authorized a new $100 million share repurchase program, indicating confidence in the company's future and a commitment to returning value to shareholders. 5. Exclusive License Agreement for Vaxart's Oral COVID-19 Vaccine Program.

On November 5, 2025, Dynavax entered into an exclusive license and collaboration agreement with Vaxart, Inc. for worldwide rights to Vaxart's oral vaccine candidate for COVID-19. This strategic move expands Dynavax's pipeline with a late-stage asset and involved an upfront payment of $25 million plus $5 million in equity, alongside a contingent payment of $50 million upon Phase 2b completion. Show less

Stock Movement Drivers

Fundamental Drivers

The 15.2% change in DVAX stock from 9/22/2025 to 12/22/2025 was primarily driven by a 8.3% change in the company's P/S Multiple.

	9222025	12222025	Change
Stock Price ($)	9.69	11.16	15.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	316.27	330.51	4.50%
P/S Multiple	3.66	3.96	8.35%
Shares Outstanding (Mil)	119.32	117.31	1.68%
Cumulative Contribution			15.14%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
DVAX	15.2%
Market (SPY)	2.7%	34.1%
Sector (XLV)	13.7%	50.4%

Fundamental Drivers

The 14.2% change in DVAX stock from 6/23/2025 to 12/22/2025 was primarily driven by a 12.2% change in the company's Total Revenues ($ Mil).

	6232025	12222025	Change
Stock Price ($)	9.77	11.16	14.23%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	294.62	330.51	12.18%
P/S Multiple	4.14	3.96	-4.35%
Shares Outstanding (Mil)	124.87	117.31	6.06%
Cumulative Contribution			13.81%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
DVAX	14.2%
Market (SPY)	14.4%	22.3%
Sector (XLV)	18.0%	38.7%

Fundamental Drivers

The -12.3% change in DVAX stock from 12/22/2024 to 12/22/2025 was primarily driven by a -38.1% change in the company's P/S Multiple.

	12222024	12222025	Change
Stock Price ($)	12.72	11.16	-12.26%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	260.81	330.51	26.73%
P/S Multiple	6.40	3.96	-38.07%
Shares Outstanding (Mil)	131.13	117.31	10.54%
Cumulative Contribution			-13.24%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
DVAX	-12.3%
Market (SPY)	16.9%	28.5%
Sector (XLV)	14.5%	40.1%

Fundamental Drivers

The 3.4% change in DVAX stock from 12/23/2022 to 12/22/2025 was primarily driven by a 111.8% change in the company's P/S Multiple.

	12232022	12222025	Change
Stock Price ($)	10.79	11.16	3.43%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	733.26	330.51	-54.93%
P/S Multiple	1.87	3.96	111.85%
Shares Outstanding (Mil)	127.06	117.31	7.68%
Cumulative Contribution			2.82%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
DVAX	-19.4%
Market (SPY)	47.7%	23.2%
Sector (XLV)	18.4%	33.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
DVAX Return	-22%	216%	-24%	31%	-9%	-15%	90%
Peers Return	688%	2%	-23%	-33%	95%	14%	814%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
DVAX Win Rate	33%	58%	42%	67%	33%	50%
Peers Win Rate	52%	44%	37%	35%	48%	56%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
DVAX Max Drawdown	-60%	0%	-47%	-11%	-28%	-27%
Peers Max Drawdown	-11%	-19%	-48%	-39%	-23%	-29%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MRK, NVAX, EBS, GILD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	DVAX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-64.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	181.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-68.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	213.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	285 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-88.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	795.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-98.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	5979.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to VRTX, ACSB, ALPS, APRI, CRMO

In The Past

Dynavax Technologies's stock fell -64.4% during the 2022 Inflation Shock from a high on 11/3/2021. A -64.4% loss requires a 181.1% gain to breakeven.

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About Dynavax Technologies (DVAX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Dynavax Technologies Corporation, a biopharmaceutical company, focuses on developing and commercializing novel vaccines in the United States. The company markets HEPLISAV-B, a hepatitis B vaccine for prevention of infection caused by all known subtypes of hepatitis B virus in age 18 years and older in the United States and Europe. It also manufactures and sells CpG 1018, the adjuvant used in HEPLISAV-B. Dynavax Technologies Corporation has a collaboration agreement with Valneva Scotland Limited; agreement with Serum Institute of India Pvt. Ltd.; and sublicense agreement with Merck, Sharp & Dohme Corp. The company was formerly known as Double Helix Corporation and changed its name to Dynavax Technologies Corporation in September 1996. Dynavax Technologies Corporation was incorporated in 1996 and is headquartered in Emeryville, California.

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Here are 1-3 brief analogies for Dynavax Technologies (DVAX):

Dynavax is a focused vaccine developer, similar to a smaller, specialized version of a major pharmaceutical's vaccine division (e.g., Merck or GSK).
They are a 'secret ingredient' supplier that helps other vaccines work better, similar to how Dolby Labs licenses its audio enhancement technology to many electronics manufacturers.

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HEPLISAV-B®: An FDA-approved adult hepatitis B vaccine for individuals 18 years of age and older.
CpG 1018 Adjuvant: A proprietary Toll-like Receptor (TLR) 9 agonist adjuvant used in HEPLISAV-B and licensed to other vaccine developers.

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Dynavax Technologies (symbol: DVAX) primarily sells its products to other companies and governmental entities, rather than directly to individuals. Based on their public filings, their major customers and customer categories include: * **Valneva SE** (Symbol: VLS; listed on Euronext Paris and NASDAQ): A biopharmaceutical company that serves as a commercialization partner for HEPLISAV-B in Europe and is also a licensee of Dynavax's CpG 1018 adjuvant for use in its vaccine candidates. * **United States Government (specifically the Centers for Disease Control and Prevention - CDC):** The CDC is a significant institutional customer, particularly for Dynavax's HEPLISAV-B vaccine under programs like the Vaccines for Children program. * **U.S. Wholesalers and Large Chain Pharmacies:** Dynavax's sales of HEPLISAV-B in the United States are distributed through various wholesalers and large chain pharmacies. While Dynavax does not typically name individual major customers within these categories due to the diversified nature of their sales channels (and often states that no single customer accounts for 10% or more of total revenues), these categories collectively represent a significant portion of their domestic sales. Examples of such entities in the market include major pharmaceutical wholesalers (e.g., McKesson, AmerisourceBergen, Cardinal Health) and large pharmacy chains (e.g., CVS Health, Walgreens). * **Other Biopharmaceutical Companies:** Dynavax licenses its CpG 1018 adjuvant to several other biopharmaceutical companies for use in their vaccine development programs. One publicly known licensee is **Clover Biopharmaceuticals** (HKEX: 2171).

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Merck KGaA (MRK.DE)
AGC Biologics
Lonza Group AG (LONN.SW)

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Ryan Spencer, Chief Executive Officer

Mr. Spencer joined Dynavax in 2005 and has served as Chief Executive Officer since December 2019. He previously held various roles of increasing responsibility within the company, including Senior Vice President of Commercial, where he was instrumental in leading the launch and commercialization of HEPLISAV-B®. His background at Dynavax spans corporate finance, business strategy, and investor relations. Before joining Dynavax, Mr. Spencer was Assistant Controller at QRS Corporation, a publicly-held technology company, and worked in the audit practice at Ernst & Young.

Kelly MacDonald, Chief Financial Officer

Ms. MacDonald serves as the Chief Financial Officer of Dynavax Technologies.

David Novack, President and Chief Operating Officer

Mr. Novack joined Dynavax in 2013 and is currently the President and Chief Operating Officer. He has led the company’s technical operations, supply chain, and quality teams through the FDA approval, launch, and commercialization of HEPLISAV-B®. Prior to Dynavax, Mr. Novack held various roles at Novartis, including Global Head of Technical Operations and Supply Chain for Diagnostics, and Global Head of Manufacturing Strategy for Vaccines. Effective January 1, 2026, Mr. Novack will transition to the role of Senior Vice President and Chief Operating Officer.

Robert Janssen, Chief Medical Officer

Dr. Janssen was appointed Chief Medical Officer and Senior Vice President, Clinical Development in 2018, having joined Dynavax in 2010. He previously served as Dynavax's Vice President, Medical Affairs and Senior Director, Clinical Development. Before his tenure at Dynavax, Dr. Janssen was Vice President, Medical Affairs at Gilead from 2008 to 2010, overseeing physician and healthcare provider education focused on HIV and hepatitis B therapies. Dr. Janssen will be removed from his positions as Chief Medical Officer and Senior Vice President, Clinical Development, Medical and Regulatory Affairs, with his employment concluding by March 2, 2026.

Jeff Coon, Chief Human Resources Officer

Mr. Coon serves as the Chief Human Resources Officer at Dynavax Technologies.

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The key risks to Dynavax Technologies (DVAX) are primarily centered around its reliance on a single commercial product, the inherent challenges of vaccine pipeline development, and ongoing profitability concerns alongside activist investor pressures.

High Reliance on HEPLISAV-B and Market Competition: Dynavax Technologies is significantly reliant on its flagship hepatitis B vaccine, HEPLISAV-B, for the majority of its revenue. This heavy product reliance makes the company vulnerable to intense competition within the vaccine market, potential pricing pressures, and the emergence of new or improved formulations from competitors that could erode its market share. While HEPLISAV-B has gained significant market share, its dependence exposes Dynavax to revenue and margin instability should a superior alternative emerge or if pricing strategies are challenged by healthcare systems seeking to control costs.
Pipeline Development and Regulatory Risks: The biopharmaceutical industry, particularly vaccine development, is characterized by inherently high risks and elevated failure rates during clinical trials. Dynavax's pipeline candidates, such as Z-1018 for shingles, face substantial hurdles in demonstrating superior efficacy and safety compared to already established products like Shingrix. Any setbacks in clinical trials or delays in obtaining regulatory approvals for its pipeline products could negatively impact investor confidence and the company's future growth prospects. The extended timelines for vaccine development and approval also mean that diversifying revenue streams through new products could be significantly delayed.
Profitability and Activist Investor Scrutiny: Despite robust revenue growth, Dynavax operates at a net income loss and has a negative return on equity, which are metrics investors should closely monitor. This financial performance is exacerbated by an ongoing dispute with activist investor Deep Track Capital. Deep Track Capital has criticized Dynavax's strategy of pursuing external asset acquisitions and high-risk vaccine projects, arguing that these endeavors divert management's attention and capital away from maximizing the value of HEPLISAV-B, which they refer to as the company's "crown jewel." The activist investor has also highlighted that Dynavax reportedly failed to achieve its own market share and sales targets for HEPLISAV-B in 2024.

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The severe and accelerating contraction of revenue from Dynavax's adjuvant systems business, primarily due to the significant and ongoing decline in demand for Novavax's COVID-19 vaccine, which utilizes Dynavax's CpG 1018 adjuvant. This trend, evidenced by substantial year-over-year revenue decreases and forward guidance indicating further steep declines, threatens a key diversification strategy and future growth driver beyond their core HEPLISAV-B product.

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Dynavax Technologies (symbol: DVAX) has two main commercial products: HEPLISAV-B vaccine and CpG 1018 adjuvant. The addressable markets for these products are as follows:

HEPLISAV-B® Vaccine

U.S. Market: The U.S. adult hepatitis B vaccine market is projected to exceed $900 million in annual sales by 2030. Dynavax aims to secure at least 60% of this expanding U.S. market.
Global Market: The global Hepatitis B Vaccine Market was valued at USD 8.1 billion in 2023 and is anticipated to reach USD 13.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2032. Another estimate indicates the global hepatitis B market reached USD 3.3 billion in 2023 and is expected to reach USD 4.9 billion by 2034. HEPLISAV-B is approved in the U.S., European Union, and United Kingdom for adults aged 18 years and older.

CpG 1018® Adjuvant

Global Adjuvant Market: The global vaccine adjuvants market size reached US$ 703.15 million in 2024 and is expected to grow to US$ 1,280.35 million by 2033, with a CAGR of 6.9% during the forecast period of 2025-2033. North America is expected to dominate this global market with a 44.02% share in 2024. CpG 1018 is utilized in HEPLISAV-B and has been licensed for use in multiple COVID-19 vaccines by partners.
Shingles Vaccine Market (using CpG 1018): Dynavax is developing a shingles vaccine candidate (Z-1018) that uses CpG 1018 adjuvant. The current shingles vaccine market is approximately $2 billion and is expected to grow over time.

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Dynavax Technologies (DVAX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Continued Market Share Expansion of HEPLISAV-B within an Expanding U.S. Adult Hepatitis B Vaccine Market: HEPLISAV-B, Dynavax's flagship hepatitis B vaccine, is projected to continue increasing its market share in the U.S. adult hepatitis B vaccine market. By Q3 2025, HEPLISAV-B had already captured 46% of the total U.S. market, with a notable 63% share in the retail pharmacy segment. The company aims to achieve at least 60% market share by 2030. This growth is supported by an expanding overall U.S. adult hepatitis B vaccine market, which is anticipated to exceed $900 million by 2030, with the retail pharmacy segment expected to comprise 50% of the total market.
Advancement of the Shingles Vaccine Program (Z1018): Dynavax is progressing its shingles vaccine candidate, Z1018, through clinical development. The company has initiated Part 2 of the Phase I/II study for adults aged 70 and older, with top-line immunogenicity and safety results from Part 2 and 12-month follow-up data from Part 1 expected in the second half of 2026. This program targets a multi-billion-dollar market and represents a significant pipeline opportunity for future revenue.
Strategic License Agreement for Vaxart's Oral COVID-19 Vaccine Program: Dynavax entered an exclusive license agreement for Vaxart's novel oral COVID-19 vaccine program. This strategic deal expands Dynavax's pipeline with a late-stage candidate that could address a significant unmet need in the multi-billion-dollar COVID-19 vaccine market, offering a potential near-term clinical catalyst.
Broader Utilization and Collaborations Involving the CpG 1018 Adjuvant: Beyond HEPLISAV-B, Dynavax's CpG 1018 adjuvant technology is leveraged in various collaborations for other vaccine candidates, including those for COVID-19, pertussis, and universal flu. The company had previously projected the potential for CpG 1018 to be utilized in up to 500 million to 1.5 billion doses of vaccine annually starting in 2022, highlighting its ongoing potential to contribute significant revenue through partnerships.

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Share Repurchases

In November 2024, Dynavax authorized a $200 million share repurchase program, with $100 million completed via an Accelerated Share Repurchase (ASR) in Q1 2025, and the remainder expected by the end of 2025.
By May 2025, over 85% ($172 million) of the $200 million share repurchase program had been executed.
In November 2025, a new $100 million share repurchase program was authorized, with an expected completion within approximately one year.

Share Issuance

In May 2020, Dynavax announced a public offering of 14,000,000 shares of its common stock at $5.00 per share, resulting in expected gross proceeds of approximately $70.0 million.
In March 2025, the company issued $225 million in 2.0% Convertible Senior Notes due 2030, which included $40 million in new notes and an exchange for $185 million of existing convertible notes due 2026.

Outbound Investments

In November 2025, Dynavax entered an exclusive worldwide license agreement for Vaxart's oral COVID-19 vaccine candidate, involving a $25 million upfront license fee and a $5 million equity investment in Vaxart.
The agreement with Vaxart includes a potential additional $50 million payment after Phase 2b results, contingent on Dynavax electing to assume further development.

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Insmed

Higher Rev Chg 3Y Avg (Value for DVAX: -17.3%)

AMGN (11.2%)

Amgen

VRTX (10.5%)

Vertex Pharmaceuticals

GILD (2.3%)

Gilead Sciences

REGN (1.4%)

Regeneron Pharmaceuticals

ABBV (1.2%)

AbbVie

Higher Op Mgn LTM (Value for DVAX: 6.5%)

GILD (38.3%)

Gilead Sciences

REGN (26.7%)

Regeneron Pharmaceuticals

AMGN (24.1%)

Amgen

ABBV (24.1%)

AbbVie

ALNY (8.2%)

Alnylam Pharmaceuticals

Higher CFO/Rev LTM (Value for DVAX: 27.4%)

AMGN (36.5%)

Amgen

REGN (35.6%)

Regeneron Pharmaceuticals

ABBV (35.0%)

AbbVie

GILD (33.2%)

Gilead Sciences

VRTX (31.7%)

Vertex Pharmaceuticals

Higher FCF/Rev LTM (Value for DVAX: 24.4%)

ABBV (33.0%)

AbbVie

AMGN (32.1%)

Amgen

GILD (31.5%)

Gilead Sciences

VRTX (28.5%)

Vertex Pharmaceuticals

REGN (27.2%)

Regeneron Pharmaceuticals

Higher Total Yield (Value for DVAX: -3.3%)

GILD (7.8%)

Gilead Sciences

AMGN (6.8%)

Amgen

REGN (6.0%)

Regeneron Pharmaceuticals

ABBV (3.4%)

AbbVie

VRTX (3.1%)

Vertex Pharmaceuticals

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for DVAX: -17.3% | 4.0x)

UNH (11.4% | 0.7x)

UnitedHealth

PFE (-13.2% | 2.3x)

Pfizer

MDT (4.1% | 3.6x)

Medtronic

HCA (6.6% | 1.6x)

HCA Healthcare

BMY (1.0% | 2.3x)

Bristol-Myers Squibb

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DVAX: -17.3% | 61.2x)

LLY (23.4% | 42.2x)

Eli Lilly

JNJ (6.1% | 20.7x)

Johnson & Johnson

ABBV (1.2% | 28.1x)

AbbVie

UNH (11.4% | 11.2x)

UnitedHealth

MRK (2.9% | 11.7x)

Merck

Higher Rev Chg LTM (Value for DVAX: 26.7%)

ALNY (53.2%)

Alnylam Pharmaceuticals

NTRA (38.2%)

Natera

LLY (36.8%)

Eli Lilly

INSM (30.3%)

Insmed

PODD (27.1%)

Insulet

Higher Rev Chg 3Y Avg (Value for DVAX: -17.3%)

LLY (23.4%)

Eli Lilly

UNH (11.4%)

UnitedHealth

JNJ (6.1%)

Johnson & Johnson

MRK (2.9%)

Merck

ABBV (1.2%)

AbbVie

Higher Op Mgn LTM (Value for DVAX: 6.5%)

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

JNJ (26.2%)

Johnson & Johnson

ABBV (24.1%)

AbbVie

ABT (17.6%)

Abbott Laboratories

Higher CFO/Rev LTM (Value for DVAX: 27.4%)

AMGN (36.5%)

Amgen

ABBV (35.0%)

AbbVie

GILD (33.2%)

Gilead Sciences

VRTX (31.7%)

Vertex Pharmaceuticals

ISRG (30.8%)

Intuitive Surgical

Higher FCF/Rev LTM (Value for DVAX: 24.4%)

ABBV (33.0%)

AbbVie

AMGN (32.1%)

Amgen

BMY (31.9%)

Bristol-Myers Squibb

GILD (31.5%)

Gilead Sciences

VRTX (28.5%)

Vertex Pharmaceuticals

Higher Total Yield (Value for DVAX: -3.3%)

MRK (10.4%)

Merck

UNH (8.6%)

UnitedHealth

JNJ (7.5%)

Johnson & Johnson

ABBV (3.4%)

AbbVie

LLY (1.9%)

Eli Lilly

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DVAX: -17.3% | 4.0x)

AMZN (11.3% | 3.6x)

Amazon.com

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

WMT (5.4% | 1.3x)

Walmart

XOM (-5.6% | 1.6x)

Exxon Mobil

BAC (5.2% | 3.9x)

Bank of America

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DVAX: -17.3% | 61.2x)

NVDA (91.6% | 40.6x)

NVIDIA

AAPL (1.8% | 31.0x)

Apple

GOOGL (11.0% | 30.2x)

Alphabet

MSFT (13.2% | 26.5x)

Microsoft

AMZN (11.3% | 31.9x)

Amazon.com

Higher Rev Chg LTM (Value for DVAX: 26.7%)

APP (86.4%)

AppLovin

NVDA (65.2%)

NVIDIA

PLTR (47.2%)

Palantir Technologies

MU (45.4%)

Micron Technology

AMD (31.8%)

Advanced Micro Devices

Higher Rev Chg 3Y Avg (Value for DVAX: -17.3%)

NVDA (91.6%)

NVIDIA

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for DVAX: 6.5%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for DVAX: 27.4%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for DVAX: 24.4%)

MA (52.5%)

Mastercard

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

Higher Total Yield (Value for DVAX: -3.3%)

MSFT (3.6%)

Microsoft

GOOGL (3.6%)

Alphabet

AMZN (2.9%)

Amazon.com

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Health Care Sector
	DVAX	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	-30.2	21.9	13.4	33.4	13.7	12.0	79.8	75.3	28.4	11.5	59.3
P/EBIT	-38.6	10.6	10.5	34.2	11.5	9.1	58.0	73.4	27.7	7.7	69.0
What You Get
Rev Chg Q	17.7%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	26.7%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	-17.3%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	21.9%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Dynavax Technologies Earnings Notes
2	How Low Can Dynavax Technologies Stock Really Go?	Return
3	Dynavax Technologies (DVAX) Operating Cash Flow Comparison	Financials
4	Dynavax Technologies (DVAX) EBITDA Comparison	Financials
5	Dynavax Technologies (DVAX) Net Income Comparison	Financials
6	Dynavax Technologies (DVAX) Operating Income Comparison	Financials
7	Dynavax Technologies (DVAX) Tax Expense Comparison	Financials
8	Dynavax Technologies (DVAX) Debt Comparison	Financials
9	Dynavax Technologies (DVAX) Revenue Comparison	Financials
10	Why Dynavax Technologies Stock Moved: DVAX Stock Has Lost 23% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Revenues

	Title
0	ARTICLES

Trade Ideas

Select ideas related to DVAX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.0%	21.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-8.8%	-8.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.5%	11.5%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.7%	2.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.8%	13.8%	-5.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Dynavax Technologies

Peers to compare with:

Financials

	DVAX	MRK	NVAX	EBS	GILD	Median
Name	Dynavax .	Merck	Novavax	Emergent.	Gilead S.
Mkt Price	11.16	104.72	6.89	12.81	124.16	12.81
Mkt Cap	1.3	261.3	1.1	0.7	154.3	1.3
Rev LTM	331	64,235	1,024	812	29,086	1,024
Op Inc LTM	21	22,391	405	106	11,151	405
FCF LTM	81	13,049	-385	155	9,162	155
FCF 3Y Avg	74	13,685	-408	-55	8,815	74
CFO LTM	91	17,065	-378	169	9,667	169
CFO 3Y Avg	80	17,506	-375	-11	9,364	80

Growth & Margins

	DVAX	MRK	NVAX	EBS	GILD	Median
Name	Dynavax .	Merck	Novavax	Emergent.	Gilead S.
Rev Chg LTM	26.7%	1.7%	20.9%	-24.4%	2.8%	2.8%
Rev Chg 3Y Avg	-17.3%	2.9%	14.1%	-16.9%	2.3%	2.3%
Rev Chg Q	17.7%	3.7%	-16.6%	-47.5%	3.0%	3.0%
QoQ Delta Rev Chg LTM	4.5%	1.0%	-1.4%	-12.7%	0.8%	0.8%
Op Mgn LTM	6.5%	34.9%	39.5%	13.1%	38.3%	34.9%
Op Mgn 3Y Avg	5.0%	23.7%	-27.4%	-9.3%	39.2%	5.0%
QoQ Delta Op Mgn LTM	3.2%	3.7%	5.6%	20.8%	0.9%	3.7%
CFO/Rev LTM	27.4%	26.6%	-36.9%	20.8%	33.2%	26.6%
CFO/Rev 3Y Avg	23.9%	28.2%	-45.9%	0.3%	33.1%	23.9%
FCF/Rev LTM	24.4%	20.3%	-37.6%	19.1%	31.5%	20.3%
FCF/Rev 3Y Avg	21.9%	22.0%	-50.2%	-4.0%	31.2%	21.9%

Valuation

	DVAX	MRK	NVAX	EBS	GILD	Median
Name	Dynavax .	Merck	Novavax	Emergent.	Gilead S.
Mkt Cap	1.3	261.3	1.1	0.7	154.3	1.3
P/S	4.0	4.1	1.1	0.9	5.3	4.0
P/EBIT	-38.6	11.3	3.0	2.9	14.2	3.0
P/E	-30.2	13.7	3.3	5.0	19.0	5.0
P/CFO	14.4	15.3	-3.0	4.1	16.0	14.4
Total Yield	-3.3%	10.4%	30.6%	20.1%	7.8%	10.4%
Dividend Yield	0.0%	3.1%	0.0%	0.0%	2.6%	0.0%
FCF Yield 3Y Avg	4.9%	5.5%	-43.3%	-55.7%	8.0%	4.9%
D/E	0.2	0.2	0.2	1.0	0.2	0.2
Net D/E	-0.3	0.1	-0.5	0.6	0.1	0.1

Returns

	DVAX	MRK	NVAX	EBS	GILD	Median
Name	Dynavax .	Merck	Novavax	Emergent.	Gilead S.
1M Rtn	-0.2%	8.0%	6.5%	27.6%	-1.3%	6.5%
3M Rtn	15.2%	31.4%	-22.3%	56.6%	11.1%	15.2%
6M Rtn	14.2%	33.1%	9.2%	96.5%	18.5%	18.5%
12M Rtn	-12.3%	10.8%	-20.8%	58.1%	37.9%	10.8%
3Y Rtn	3.4%	2.6%	-28.7%	16.5%	62.8%	3.4%
1M Excs Rtn	-1.9%	6.0%	5.6%	35.9%	-5.2%	5.6%
3M Excs Rtn	13.0%	28.8%	-23.9%	53.3%	5.9%	13.0%
6M Excs Rtn	-0.3%	19.9%	-6.7%	76.3%	4.5%	4.5%
12M Excs Rtn	-29.7%	-6.6%	-37.3%	39.8%	23.6%	-6.6%
3Y Excs Rtn	-76.5%	-71.9%	-115.7%	-61.6%	-17.2%	-71.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/20/2025	2/22/2024	2/23/2023	2/28/2022	2/25/2021	3/11/2020
Key Financials
Total Revenue	331	277	232	723	439	47	35
EBITDA	-26	46	10	308	96	-47	-114
Operating Income	21	-4	-26	283	133	-75	-121
Net Income	-43	27	-6	293	77	-75	-153
EPS	-0.32	0.21	-0.05	2.32	0.62	-0.75	-2.16
Growth Rates
Total Revenue Growth	26.7%	19.4%	-67.9%	64.5%	844.0%	32.2%	329.6%
EBITDA Growth	-165.9%	372.8%	-96.9%	221.3%	304.4%	58.9%	15.5%
Operating Income Growth	295.0%	84.0%	-109.1%	111.6%	277.5%	38.1%	20.8%
Net Income Growth	-311.9%	527.4%	-102.2%	282.1%	202.0%	50.7%	4.0%
Margins
EBITDA Margin	-7.8%	16.5%	4.2%	42.6%	21.8%	-100.6%	-324.0%
Operating Income Margin	6.5%	-1.5%	-11.1%	39.1%	30.4%	-161.6%	-344.9%
Net Income Margin	-13.1%	9.9%	-2.8%	40.6%	17.5%	-161.6%	-433.3%
Cash & Debt
Total Cash	648	714	742	624	546	165	151
Total Debt	285	254	257	258	257	218	216
Net Debt / (Cash)	-363	-459	-485	-366	-289	53	65
Cash Flows
Net Cash from Operations	91	67	101	63	336	-92	-121
Free Cash from Operations	81	60	96	56	326	-103	-151
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	201	100	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/7/2025	5/6/2025	2/20/2025	11/7/2024	8/6/2024	5/8/2024	2/22/2024	11/2/2023	8/3/2023	5/2/2023	2/23/2023
Key Financials Quarterly
Total Revenue	95	95	68	72	81	74	51	56	70	60	47	184
Ebitda	32	25	-94	12	23	18	-8	5	17	7	-21	72
Operating Income	21	14	-13	-2	10	5	-18	-8	4	-3	-18	63
Net Income	27	19	-96	7	18	11	-9	0	14	3	-24	68
EPS	0.23	0.16	-0.77	0.06	0.13	0.09	-0.07	0.00	0.11	0.03	-0.19	0.53
Key Financials TTM
Total Revenue TTM	331	316	295	277	261	250	236	232	361	459	656	723
Ebitda TTM	-26	-34	-41	46	39	33	22	10	76	126	251	308
Operating Income TTM	21	10	1	-4	-11	-17	-26	-26	46	103	234	283
Net Income TTM	-43	-53	-60	27	20	17	9	-6	61	111	236	293
Growth Rates Quarterly
Total Revenue Growth	17.7%	29.3%	34.2%	29.6%	16.0%	22.5%	8.2%	-69.9%	-58.6%	-76.5%	-58.8%	-5.4%
EBITDA Growth	37.0%	34.6%	-1060.1%	123.7%	33.6%	146.9%	60.6%	-92.4%	-74.0%	-94.4%	-156.9%	-30.9%
Operating Income Growth	111.0%	177.6%	28.8%	80.8%	144.9%	252.7%	0.9%	-113.4%	-93.3%	-102.7%	-158.3%	-21.8%
Net Income Growth	53.0%	64.4%	-1001.9%	3119.2%	23.1%	231.9%	64.2%	-99.7%	-77.6%	-97.3%	-174.0%	-32.1%
Margins Quarterly
EBITDA Margin	33.6%	25.8%	-138.5%	17.0%	28.9%	24.8%	-16.0%	9.9%	25.1%	12.3%	-44.0%	39.0%
Operating Income Margin	22.4%	15.1%	-18.6%	-2.3%	12.5%	7.0%	-35.0%	-15.3%	5.9%	-5.7%	-38.2%	34.2%
Net Income Margin	28.4%	19.6%	-141.0%	9.8%	21.8%	15.4%	-17.2%	0.4%	20.6%	5.7%	-51.9%	36.7%
Cash & Debt
Total Cash	648	614	661	714	764	736	724	742	720	682	652	624
Total Debt	285	285	286	254	250	251	252	257	257	258	258	258
Net Debt / (Cash)	-363	-328	-375	-459	-514	-485	-472	-485	-463	-424	-394	-366
Cash Flows Quarterly
FCF from Operations	34	23	-20	53	19	11	-17	14	31	28	28	35
Cash Flows TTM
FCF from Operations TTM	91	76	64	67	27	39	56	101	122	152	141	63
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	1	71	29	100	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	7.2%	4.4%	-4.3%	-0.6%	3.3%	1.5%	-5.0%	-0.7%	1.5%	-1.0%	-6.4%	22.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	1.9%	0.9%	0.1%	-0.4%	-0.9%	-1.4%	-2.4%	-2.4%	4.2%	9.2%	20.8%	24.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
HEPLISAV-B	213
Other revenue	19	9	2	7	1
CpG 1018 adjuvant	0
Product revenue, net		714	437	39	35
Total	232	723	439	47	35

Price Behavior

Price Behavior

Market Price	$11.16
Market Cap ($ Bil)	1.3
First Trading Date	02/19/2004
Distance from 52W High	-22.5%
	50 Days	200 Days
DMA Price	$10.71	$10.80
DMA Trend	down	up
Distance from DMA	4.2%	3.3%
	3M	1YR
Volatility	29.8%	34.9%
Downside Capture	40.20	67.66
Upside Capture	103.63	44.16
Correlation (SPY)	33.1%	28.3%

DVAX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.48	0.75	0.72	0.64	0.49	0.64
Up Beta	1.88	1.66	1.67	0.62	0.37	0.40
Down Beta	0.53	0.88	0.77	0.78	0.66	0.83
Up Capture	95%	99%	71%	64%	27%	28%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	23	32	66	127	366
Down Capture	-37%	8%	21%	51%	68%	93%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	16	27	54	113	370

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of DVAX With Other Asset Classes (Last 1Y)
	DVAX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-13.5%	13.6%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	34.6%	17.3%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	-0.37	0.57	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		40.1%	28.6%	-3.0%	4.4%	22.5%	13.3%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of DVAX With Other Asset Classes (Last 5Y)
	DVAX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	16.6%	8.7%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	61.3%	14.5%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.48	0.42	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		27.8%	31.1%	2.2%	6.8%	25.3%	17.8%

Based On 10-Year Data

		Comparison of DVAX With Other Asset Classes (Last 10Y)
	DVAX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-7.6%	10.0%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	78.8%	16.7%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.26	0.50	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		25.7%	25.0%	4.4%	9.6%	16.5%	13.3%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	14,287,206
Short Interest: % Change Since 11152025	4.1%
Average Daily Volume	1,636,064
Days-to-Cover Short Interest	8.73
Basic Shares Quantity	117,307,000
Short % of Basic Shares	12.2%

Returns Analyses

	Title
0	How Low Can Dynavax Technologies Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	6.7%	9.3%	6.5%
8/7/2025	-6.6%	-4.0%	-12.3%
5/6/2025	-11.0%	-11.9%	-8.9%
2/20/2025	0.0%	1.9%	3.7%
11/7/2024	8.2%	11.4%	6.8%
8/6/2024	7.0%	9.9%	8.0%
5/8/2024	-5.5%	-5.2%	3.5%
2/22/2024	2.5%	1.8%	-1.2%
...
SUMMARY STATS
# Positive	13	10	11
# Negative	8	11	10
Median Positive	7.0%	9.6%	8.0%
Median Negative	-8.8%	-7.0%	-8.7%
Max Positive	16.1%	22.8%	79.0%
Max Negative	-22.2%	-22.8%	-44.7%

	Forward Returns
11/5/2025	6.7%	9.3%	6.5%
8/7/2025	-6.6%	-4.0%	-12.3%
5/6/2025	-11.0%	-11.9%	-8.9%
2/20/2025	0.0%	1.9%	3.7%
11/7/2024	8.2%	11.4%	6.8%
8/6/2024	7.0%	9.9%	8.0%
5/8/2024	-5.5%	-5.2%	3.5%
2/22/2024	2.5%	1.8%	-1.2%
11/2/2023	1.1%	-7.0%	-1.1%
8/3/2023	8.3%	7.2%	8.6%
2/23/2023	-3.8%	-5.5%	-8.4%
11/3/2022	12.6%	15.5%	10.1%
8/4/2022	16.1%	16.4%	-21.8%
2/28/2022	-0.4%	-19.5%	-7.3%
11/4/2021	-22.2%	-21.0%	-35.5%
8/4/2021	4.6%	22.8%	79.0%
5/6/2021	10.5%	-17.5%	0.9%
2/25/2021	7.2%	3.8%	24.5%
11/5/2020	0.5%	-2.2%	15.0%
8/6/2020	-11.8%	-22.8%	-44.7%
3/11/2020	-13.4%	-1.3%	-4.2%
SUMMARY STATS
# Positive	13	10	11
# Negative	8	11	10
Median Positive	7.0%	9.6%	8.0%
Median Negative	-8.8%	-7.0%	-8.7%
Max Positive	16.1%	22.8%	79.0%
Max Negative	-22.2%	-22.8%	-44.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2202025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2222024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2282022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Myers Scott Dunseth		8252025	Buy	10.82	3,800	41,116	378,743	Form
1	Deep Track Biotechnology Master Fund, Ltd.		8222025	Sell	11.03	1,094,994	12,077,784	184,162,307	Form
2	Novack David F	President & COO	3202025	Sell	13.58	14,020	190,392	109,699	Form
3	Novack David F	President & COO	3102025	Sell	14.39	32,764	471,474	317,990	Form

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Dynavax Technologies (DVAX)

Market Price (12/23/2025): $11.155 | Market Cap: $1.3 BilSector: Health Care | Industry: Biotechnology

Dynavax Technologies (DVAX)

Market Price (12/23/2025): $11.155Market Cap: $1.3 BilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

DVAX Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Dynavax Technologies (DVAX)

HEPLISAV-B® Vaccine

CpG 1018® Adjuvant

Interactive Breakdown

Better Bets than Dynavax Technologies (DVAX)

INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DVAX: -17.3% | 4.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DVAX: -17.3% | 61.2x)

Higher Rev Chg LTM (Value for DVAX: 26.7%)

Higher Rev Chg 3Y Avg (Value for DVAX: -17.3%)

Higher Op Mgn LTM (Value for DVAX: 6.5%)

Higher CFO/Rev LTM (Value for DVAX: 27.4%)

Higher FCF/Rev LTM (Value for DVAX: 24.4%)

Higher Total Yield (Value for DVAX: -3.3%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for DVAX: -17.3% | 4.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DVAX: -17.3% | 61.2x)

Higher Rev Chg LTM (Value for DVAX: 26.7%)

Higher Rev Chg 3Y Avg (Value for DVAX: -17.3%)

Higher Op Mgn LTM (Value for DVAX: 6.5%)

Higher CFO/Rev LTM (Value for DVAX: 27.4%)

Higher FCF/Rev LTM (Value for DVAX: 24.4%)

Higher Total Yield (Value for DVAX: -3.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DVAX: -17.3% | 4.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DVAX: -17.3% | 61.2x)

Higher Rev Chg LTM (Value for DVAX: 26.7%)

Higher Rev Chg 3Y Avg (Value for DVAX: -17.3%)

Higher Op Mgn LTM (Value for DVAX: 6.5%)

Higher CFO/Rev LTM (Value for DVAX: 27.4%)

Higher FCF/Rev LTM (Value for DVAX: 24.4%)

Higher Total Yield (Value for DVAX: -3.3%)

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Market Price (12/23/2025): $11.155 | Market Cap: $1.3 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (12/23/2025): $11.155
Market Cap: $1.3 Bil
Sector: Health Care
Industry: Biotechnology