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.

• 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.

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

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.

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.

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

1. 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.
2. 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.
3. 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.
4. 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.

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.