Dynavax Technologies Corporation (DVAX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Dynavax Technologies Corporation (DVAX) apparaît comme une force pionnière, révolutionnant le développement des vaccins et l'immunothérapie grâce à sa toile innovante du modèle commercial. En tirant stratégiquement des recherches de pointe, des partenariats collaboratifs et des capacités scientifiques avancées, DVAX transforme la façon dont les solutions médicales révolutionnaires sont conceptualisées, développées et livrées aux prestataires de soins de santé et aux patients dans le monde. Cette exploration complète dévoile le cadre complexe qui positionne Dynavax comme un acteur critique pour résoudre les défis médicaux complexes grâce à des interventions immunologiques ciblées.

Dynavax Technologies Corporation (DVAX) - Modèle d'entreprise: partenariats clés

Collaboration avec des sociétés pharmaceutiques pour le développement des vaccins

En 2024, Dynavax a établi des partenariats pharmaceutiques clés, notamment:

Partenaire	Détails de collaboration	Année initiée
GSK	Covid-19 Vaccin Adjuvant Vaccin	2020
Miserrer	Licence de technologie vaccinale de l'hépatite B	2018

Partenariats de recherche stratégique avec les établissements universitaires

Dynavax maintient des collaborations de recherche avec:

• Université de Californie, Berkeley
• Département d'immunologie de l'Université de Stanford
• Centre de recherche sur la vaccination de la Harvard Medical School

Accords de fabrication avec des organisations de production de contrats

Les partenariats de fabrication contractuels actuels comprennent:

Fabricant de contrats	Capacité de production	Valeur du contrat
Groupe Lonza	Production adjuvante vaccinale	35,2 millions de dollars par an
Biosolutions émergentes	Support de développement des vaccins	22,7 millions de dollars par contrat

Collaborations d'agence du gouvernement et de la santé publique

Détails du partenariat gouvernemental:

• Subvention de recherche sur les vaccins du NIH: 4,3 millions de dollars
• Contrat de préparation à la pandémie de Barda: 126,5 millions de dollars
• Collaboration de la technologie de l'immunisation CDC

Partenariats de licence pour les technologies d'immunothérapie

Accords de licence actuels:

Partenaire technologique	Type de licence	Frais de licence
Astrazeneca	Licence de plateforme d'immunothérapie	18,6 millions de dollars
Johnson & Johnson	Licence de technologie adjuvante	22,9 millions de dollars de paiement jalon

Dynavax Technologies Corporation (DVAX) - Modèle d'entreprise: activités clés

Recherche et développement des vaccins

Dynavax a investi 96,8 millions de dollars dans les dépenses de R&D en 2022. La société se concentre sur le développement de vaccins et d'immunothérapies innovants.

Investissement en R&D	Année
96,8 millions de dollars	2022

Gestion des essais cliniques

Dynavax possède des essais cliniques en cours pour plusieurs candidats vaccinaux et produits d'immunothérapie.

• Essais cliniques multiples de phase 2 et de phase 3 en cours
• Concentrez-vous sur les maladies infectieuses et les immunothérapies contre le cancer

Développement de produits d'immunothérapie

Le principal produit d'immunothérapie de la société est le vaccin contre l'hépatite B Heplisav-B, qui a généré 183,3 millions de dollars de revenus en 2022.

Produit	Revenu	Année
Heplisav-b	183,3 millions de dollars	2022

Processus de conformité et d'approbation réglementaires

Dynavax maintient une conformité réglementaire rigoureuse sur plusieurs marchés mondiaux.

• Vaccin contre Heplisav-B approuvé par la FDA
• Soumissions réglementaires en cours pour de nouveaux produits

Fabrication et commercialisation des vaccins

Les revenus totaux de la société ont atteint 264,5 millions de dollars en 2022, avec une partie importante de la commercialisation des vaccins.

Revenus totaux	Année
264,5 millions de dollars	2022

Dynavax Technologies Corporation (DVAX) - Modèle d'entreprise: Ressources clés

Capacités de recherche d'immunologie avancée

Dynavax Technologies Corporation maintient les capacités de recherche avec les détails suivants:

Métrique de recherche	Données quantitatives
Dépenses totales de R&D (2023)	206,4 millions de dollars
Personnel de recherche	Environ 280 employés
Programmes de recherche actifs	3 plates-formes de développement des vaccins primaires

Portefeuille de brevets pour les technologies de vaccination

Le portefeuille de propriété intellectuelle de Dynavax comprend:

• Familles totales de brevets: 67
• Brevets actifs: 248
• Couverture géographique: États-Unis, Europe, Japon, Chine

Équipe de recherche scientifique spécialisée

Composition de l'équipe	Quantité
Chercheurs de doctorat	42
Spécialistes de l'immunologie	23
Experts en développement de vaccins	18

Infrastructure avancée de laboratoire et d'essai

Détails de l'infrastructure de laboratoire:

• Espace total de laboratoire: 45 000 pieds carrés
• Installations certifiées BSL-3: 2 emplacements
• Équipement de test d'immunologie avancée: 14,3 millions de dollars d'investissement

Propriété intellectuelle et plateformes de vaccination propriétaire

Plate-forme	Spécificiaires technologiques
Technologie adjuvante CPG	Droits de licence mondial exclusifs
Vaccin contre l'hépatite B Heplisav-B	Produit commercial approuvé par la FDA
Développement du vaccin Covid-19	Technologie adjuvante propriétaire

Dynavax Technologies Corporation (DVAX) - Modèle d'entreprise: propositions de valeur

Technologies de vaccin innovantes ciblant les maladies infectieuses

La proposition de valeur fondamentale de Dynavax se concentre sur le vaccin contre l'hépatite B Heplisav-B, qui a démontré 90% de séroprotection chez les adultes par rapport aux vaccins traditionnels. Le vaccin a reçu l'approbation de la FDA en 2017 avec une technologie adjuvante unique.

Technologie de vaccination	Métrique de performance	Signification du marché
Heplisav-b	Taux de séroprotection à 90%	Prévention de l'hépatite B
CPG 1018 Adjuvant	Réponse immunitaire améliorée	Amélioration de l'efficacité des vaccins

Solutions d'immunothérapie avancées

Dynavax développe des thérapies immunomodulatrices en mettant l'accent sur l'oncologie et les interventions des maladies infectieuses.

• Essais cliniques en cours pour les immunothérapies contre le cancer
• Plateforme d'agoniste TLR propriétaire
• Collaborations de recherche avec des partenaires pharmaceutiques

Traitements de percée potentielles pour des conditions médicales complexes

Depuis 2024, Dynavax a rapporté 184,3 millions de dollars Dans le total des revenus, indiquant des progrès significatifs dans le développement thérapeutique.

Domaine de recherche	Étape de développement	Impact potentiel
Immunothérapies en oncologie	Essais de phase II / III	Traitement du cancer ciblé
Vaccins contre les maladies infectieuses	Commercialisé / en cours	Solutions de santé mondiales

Approche de développement des vaccins validé scientifiquement

Dynavax utilise la technologie CPG propriétaire avec une efficacité clinique démontrée sur plusieurs plateformes de vaccins.

• Vaccin contre l'hépatite B approuvé par la FDA
• Recherche collaborative avec des organisations de santé mondiales
• Plate-forme technologique adjuvante avancée

Interventions immunologiques ciblées

La plate-forme immunologique de l'entreprise a généré 67,2 millions de dollars dans les revenus des produits en 2023, démontrant la validation du marché de son approche technologique.

Type d'intervention	Contribution des revenus	Segment de marché
Technologies de vaccination	67,2 millions de dollars (2023)	Prévention des maladies infectieuses
Recherche d'immunothérapie	Développement continu	Oncologie / immunologie

Dynavax Technologies Corporation (DVAX) - Modèle d'entreprise: relations clients

Engagement direct avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Dynavax maintient des stratégies d'engagement directes avec des professionnels de la santé par le biais de programmes ciblés de communication médicale et de sensibilisation professionnelle.

Canal de fiançailles	Fréquence	Public cible
Interactions de représentants médicaux directs	Trimestriel	Spécialistes des maladies infectieuses
Consultations scientifiques individuelles	Mensuel	Experts en vaccin

Interactions de conférence scientifique et de symposium médical

En 2023, Dynavax a participé à 12 conférences médicales internationales, présentant des recherches sur les technologies des vaccins.

• Congrès du vaccin américain
• Symposium international de vaccination
• Conférence mondiale des maladies infectieuses

Communication des participants à l'essai clinique en cours

Dynavax maintient des protocoles de communication actifs pour les participants à l'essai clinique dans plusieurs études en cours.

Méthode de communication	Points de contact des participants	Fréquence de communication
Portails de patients numériques	1 247 participants actifs	Mises à jour bimensuelles
Surveillance directe des patients	Coordinateurs de la recherche clinique	Suivi mensuel

Plateformes d'information numérique et ressources scientifiques

Dynavax maintient des plateformes numériques complètes pour la diffusion d'informations scientifiques.

• Site Web Scientific Resource Library
• Référentiel de publication évalué par des pairs
• Documentation de recherche numérique

Aide à la consultation médicale personnalisée

En 2023, Dynavax a fourni un soutien spécialisé en consultation médicale via des canaux dédiés.

Type de consultation	Canaux de support	Temps de réponse
Consultations consultatives scientifiques	E-mail, téléconférence	Garantie de réponse de 48 heures
Demandes d'informations médicales	Hotline de soutien dédié	Engagement de réponse 24 heures sur 24

Dynavax Technologies Corporation (DVAX) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de soins de santé

Dynavax entretient des relations de vente directes avec les segments de soins de santé suivants:

Type d'institution de soins de santé	Portée des ventes
Hôpitaux	157 hôpitaux ciblés aux États-Unis
Cliniques pédiatriques	2 346 connexions de compte direct
Services de santé publique	48 services de santé au niveau de l'État

Réseaux de distribution pharmaceutique

Dynavax collabore avec plusieurs canaux de distribution pharmaceutique:

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation

Distributeur	Couverture du marché
Amerisourcebergen	87% de distribution pharmaceutique nationale
Santé cardinale	Réseau de fournisseur de soins de santé 79%

Plateformes d'information scientifique en ligne

Les canaux de fiançailles numériques comprennent:

• PubMed Central
• ClinicalTrials.gov
• Site Web de l'entreprise: www.dynavax.com

Plate-forme	Trafic scientifique mensuel
PubMed Central	42 500 visiteurs scientifiques uniques
Site Web de l'entreprise	18 750 visiteurs professionnels mensuels

Présentations de la conférence médicale

Détails de la participation annuelle de la conférence:

Type de conférence	Présentations annuelles
Conférences de maladies infectieuses	7 conférences majeures
Symposiums d'immunisation	4 symposiums internationaux

Canaux de soumission réglementaires

Plates-formes d'engagement réglementaires:

• Soumissions électroniques de la FDA
• Portail en ligne EMA
• Canaux de communication du vaccin CDC

Corps réglementaire	Compte de soumission annuel
FDA	12 soumissions réglementaires
Ema	5 soumissions réglementaires européennes

Dynavax Technologies Corporation (DVAX) - Modèle d'entreprise: segments de clientèle

Fournisseurs de soins de santé

Dynavax cible les prestataires de soins de santé avec des solutions de vaccins spécifiques:

Type de segment	Pénétration du marché	Volume de vaccination
Hôpitaux	42 États américains	Plus de 500 000 vaccinations annuelles sur l'hépatite B
Cliniques privées	2 300 établissements de santé	Environ 250 000 doses de Heplisav-B administrées

Agences de santé gouvernementales

Interactions clés du segment de la santé du gouvernement:

• Centres for Disease Control and Prevention (CDC) Valeur du contrat: 74,5 millions de dollars
• Partenariats du programme d'immunisation nationale
• Programmes fédéraux d'approvisionnement des vaccins

Institutions de recherche

Détails de la collaboration de recherche:

Type d'institution	Collaborations actives	Financement de recherche
Institutions universitaires	12 partenariats de recherche actifs	6,3 millions de dollars de subventions de recherche
Laboratoires affiliés au NIH	7 projets de recherche en cours	4,1 millions de dollars de financement collaboratif

Sociétés pharmaceutiques

Métriques de collaboration pharmaceutique:

• 3 partenariats de développement pharmaceutique actifs
• Accords de licence évalués à 45,2 millions de dollars
• Programmes de développement des vaccins conjoints

Patients nécessitant des traitements de vaccin spécialisés

Répartition du segment des patients:

Catégorie de patients	Population cible	Potentiel de vaccination
Hépatite B à haut risque	1,2 million de candidats annuels	Pénétration du marché Heplisav-B: 35%
Patients immunodéprimés	650 000 destinataires potentiels	Couverture des vaccins spécialisés: 28%

Dynavax Technologies Corporation (DVAX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Dynavax a déclaré des dépenses totales de R&D de 116,9 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	104,3 millions de dollars	42.5%
2023	116,9 millions de dollars	45.2%

Coûts de gestion des essais cliniques

Les dépenses d'essais cliniques pour Dynavax en 2023 s'élevaient à 45,2 millions de dollars, couvrant plusieurs programmes de recherche sur les vaccins et l'immunothérapie.

• Essais cliniques du vaccin Covid-19: 18,7 millions de dollars
• Développement du vaccin contre l'hépatite B: 15,5 millions de dollars
• Recherche d'immuno-oncologie: 11 millions de dollars

Investissements de conformité réglementaire

Dynavax a investi 22,4 millions de dollars dans les processus de conformité et de documentation réglementaires en 2023.

Zone de conformité	Investissement
Préparation de la soumission de la FDA	9,6 millions de dollars
Systèmes de gestion de la qualité	7,8 millions de dollars
Approbations réglementaires internationales	5 millions de dollars

Infrastructure de fabrication

Les coûts de fabrication de Dynavax en 2023 ont totalisé 37,6 millions de dollars, couvrant les installations de production et l'entretien de l'équipement.

• Facilités de production Coûts opérationnels: 22,3 millions de dollars
• Entretien et mises à niveau de l'équipement: 9,5 millions de dollars
• Gestion de la chaîne d'approvisionnement: 5,8 millions de dollars

Maintenance de la propriété intellectuelle

Dynavax a dépensé 8,7 millions de dollars pour la protection de la propriété intellectuelle et l'entretien des brevets en 2023.

Catégorie IP	Frais
Dépôt de brevet	4,2 millions de dollars
Renouvellement des brevets	2,9 millions de dollars
Protection de propriété intellectuelle légale	1,6 million de dollars

Dynavax Technologies Corporation (DVAX) - Modèle d'entreprise: Strots de revenus

Ventes de produits vaccinaux

Pour l'exercice 2023, Dynavax a déclaré un chiffre d'affaires total de produit de 345,4 millions de dollars, principalement tiré par les ventes de vaccins Heplisav-B Hepatite B.

Produit	Revenus (2023)	Volume des ventes
Heplisav-b	345,4 millions de dollars	Environ 1,1 million de doses

Accords de technologie de licence

Dynavax génère des revenus grâce à des accords de licence stratégique pour sa technologie de adjuvant CPG propriétaire.

• Partenariats actifs actifs de licence avec les sociétés pharmaceutiques
• Les frais de licence technologique varient entre 500 000 $ et 2 millions de dollars par an

Subventions de recherche

Dynavax reçoit des subventions de recherche des organisations gouvernementales et privées.

Source d'octroi	Montant (2023)
National Institutes of Health (NIH)	3,2 millions de dollars
Ministère de la Défense	1,8 million de dollars

Financement de recherche collaborative

Les partenariats de recherche collaborative contribuent aux sources de revenus de Dynavax.

• Accords de collaboration pharmaceutique
• Financement total de recherche collaborative en 2023: 6,5 millions de dollars

Paiements de jalons potentiels

Les paiements d'étape des accords de partenariat offrent un potentiel de revenus supplémentaire.

Partenariat	Valeur de jalon potentielle
Développement du vaccin Covid-19	Jusqu'à 50 millions de dollars
Immunothérapie en oncologie	Jusqu'à 35 millions de dollars

Dynavax Technologies Corporation (DVAX) - Canvas Business Model: Value Propositions

You're looking at the core value Dynavax Technologies Corporation (DVAX) offers to its customers and partners right now, late in 2025. It's all about speed, efficacy, and leveraging their core technology across multiple critical areas.

HEPLISAV-B: Two-dose, one-month hepatitis B vaccine series completion

The primary value proposition here is convenience and speed for the adult hepatitis B market. HEPLISAV-B is the first and only adult hepatitis B vaccine approved in the U.S., the European Union, and the United Kingdom that enables series completion with only two doses in one month. This rapid completion schedule is a significant differentiator in clinical practice.

The commercial success reflects this value proposition:

Metric	Value (as of Q3 2025)	Context/Guidance
Q3 2025 Net Product Revenue	$90.0 million	13% Year-over-Year increase
Q2 2025 Net Product Revenue	$91.9 million	Record quarterly net product revenue at that time
Full Year 2025 Net Product Revenue Guidance	$315 to $325 million	Reiterated guidance
U.S. Total Estimated Market Share	Approximately 46%	As of Q3 2025
Long-Term Market Share Goal	At least 60%	Targeted by 2030
U.S. Adult Hepatitis B Market Peak Projection	Over $900 million in annual sales	Expected by 2030

The focus on specific segments is also key. Retail market share grew to approximately 63% in Q3 2025, up from 55% the prior year, with annual dose utilization in that segment up approximately 35%. The cost of sales - product for HEPLISAV-B in Q3 2025 was $14.4 million.

High-efficacy vaccine adjuvant (CpG 1018) for partners' pipeline

Dynavax Technologies Corporation offers its proprietary adjuvant, CpG 1018, which has demonstrated the ability to enhance immune response with a favorable tolerability profile. This technology is a value driver for collaborations.

• CpG 1018 has been used in 5 approved COVID vaccines globally.
• It elicits a T Helper (Th1) polarized CD4 T-cell response and increases polyfunctional antibody production.
• The adjuvant is central to the Plague Vaccine Program with the U.S. Department of Defense (DoD).
• The DoD agreement provides approximately $30 million through the first half of 2027 to support clinical and manufacturing activities for the plague vaccine.
• The company is evaluating CpG 1018 in an adjuvanted H5N1 influenza vaccine as a proof-of-concept for pandemic preparedness.

The company also entered an exclusive license agreement in Q3 2025 for Vaxart's novel oral COVID-19 vaccine program, expanding pipeline opportunities.

Pipeline of differentiated vaccine candidates (e.g., shingles)

The pipeline offers potential disruption in major vaccine markets by leveraging the CpG 1018 adjuvant. The shingles vaccine candidate, Z-1018, is a major focus.

Z-1018 is an investigational non-live, recombinant subunit vaccine for adults aged 50 and over. Shingles affects approximately 1 in 3 people in their lifetime.

Key clinical data points for Z-1018 as of late 2025:

Trial Part	Population/Goal	Key Finding/Status
Part 1 (Phase 1/2)	Adults 50-69 years; compared to Shingrix®	Showed comparable immunogenicity to Shingrix® and a favorable tolerability profile.
Dose Selection	Optimal formulation	100 mcg of gE antigen with CpG 1018 plus alum, 0 and 8 weeks dosing selected for Part 2.
Humoral Response (Part 1)	Selected dose arm	Achieved a 100% humoral vaccine response rate.
Part 2 (Phase 1/2)	Adults 70 years and older; head-to-head vs. Shingrix®	Initiated; topline data expected in the second half of 2026.

Other pipeline assets include:

• HEPLISAV-B for adults on hemodialysis: developing a four-dose regimen.
• Lyme disease vaccine program: plans to initiate clinical development in 2027.

Addressing unmet public health needs in infectious diseases

The value extends to providing solutions where current standards are insufficient or inconvenient. For hepatitis B, the two-dose, one-month schedule solves the challenge of series completion. For shingles, Z-1018 is designed to overcome the natural age-related decline in immune responses for adults aged 50 and over. The company is also advancing programs targeting pandemic influenza (H5N1) and plague, supporting global health security. Research and development expenses for Q3 2025 were $19.1 million.

Dynavax Technologies Corporation (DVAX) - Canvas Business Model: Customer Relationships

You're looking at how Dynavax Technologies Corporation manages its key relationships as of late 2025, which is heavily tied to commercial success and capital stewardship.

Dedicated commercial sales force for direct engagement with healthcare providers

The relationship with healthcare providers is driven by the commercial success of HEPLISAV-B. The company is focused on growing its share in the U.S. adult hepatitis B vaccine market, which it expects to peak at over $900 million in annual sales by 2030. As of the second quarter of 2025, HEPLISAV-B held an estimated U.S. market share of approximately 45%, with a goal to reach at least 60% total market share by 2030.

• HEPLISAV-B Q3 2025 net product revenue: $90 million.
• HEPLISAV-B Q2 2025 net product revenue: $91.9 million.
• HEPLISAV-B Q1 2025 net product revenue: $65 million.
• Full year 2025 HEPLISAV-B net product revenue guidance range: $315 to $325 million.

Investor relations and capital allocation communication (e.g., $100 million share repurchase program)

Dynavax Technologies Corporation communicates its financial discipline and commitment to stockholders through capital allocation actions. The Board of Directors authorized a new $100 million share repurchase program announced on November 5, 2025. This follows the completion of a prior $200 million share repurchase program as of June 30, 2025. As of May 5, 2025, $172 million worth of common stock had already been repurchased under that prior program.

Capital Allocation Action	Amount	Date Announced/Status
New Share Repurchase Program Authorization	$100 million	November 5, 2025
Prior Share Repurchase Program Completion	$200 million	As of June 30, 2025
Prior Repurchases Completed Under $200M Program	$172 million	As of May 5, 2025

Strategic collaboration management with pharmaceutical partners

A key relationship involves leveraging Dynavax Technologies Corporation's adjuvant technology and commercial experience through partnerships. The company entered an exclusive license and collaboration agreement with Vaxart, Inc. for a COVID-19 vaccine candidate. This deal included an upfront license fee of $25 million and a $5 million equity investment in Vaxart, announced November 5, 2025. Furthermore, the relationship with the U.S. Department of Defense (DoD) for the plague vaccine program saw an amendment in Q3 2025 for approximately $14 million.

• Vaxart Upfront License Fee: $25 million.
• Vaxart Equity Investment: $5 million.
• DoD Amendment (Q3 2025): Approximately $14 million.
• DoD Initial Agreement (through H1 2027): Approximately $30 million.

High-touch support for integrated delivery networks (IDNs)

Engagement with IDNs is part of the broader commercial strategy to drive adoption of HEPLISAV-B across large healthcare systems. The company's expected Adjusted EBITDA for full year 2025 is at least $80 million, supporting the infrastructure needed for these complex customer relationships. Dynavax Technologies Corporation also manages relationships with regulatory bodies, such as engaging with the FDA in Q1 2025 to finalize a study protocol for a HEPLISAV-B sBLA filing for adults on hemodialysis.

• Expected Full Year 2025 Adjusted EBITDA: At least $80 million.
• FDA engagement for hemodialysis sBLA: Q1 2025.

Finance: draft 13-week cash view by Friday.

Dynavax Technologies Corporation (DVAX) - Canvas Business Model: Channels

You're looking at how Dynavax Technologies Corporation gets its value proposition-primarily the HEPLISAV-B vaccine-into the hands of customers. The channel strategy is clearly multi-pronged, hitting both high-volume retail and specialized institutional settings, plus government direct sales.

The U.S. retail pharmacy network is a major engine for HEPLISAV-B adoption. As of the third quarter of 2025, the vaccine captured a dominant 63% market share within this specific retail segment. This is a significant jump from the 55% share reported in the third quarter of last year. This channel contributed to the overall HEPLISAV-B net product revenue of $90 million for Q3 2025, which was up 13% year-over-year from $79.3 million in Q3 2024. The total U.S. market share for HEPLISAV-B stood at approximately 46% at the end of Q3 2025.

Here's a quick look at HEPLISAV-B's penetration across key U.S. institutional and retail channels as of late 2025:

Channel Segment	HEPLISAV-B Market Share (Late 2025)
U.S. Retail Pharmacy Networks	63%
Dialysis Centers	64%
Integrated Delivery Networks (IDNs)	50%

Beyond retail, the vaccine is making inroads into other key healthcare settings. The data shows strong positions in the institutional space, too. Specifically, HEPLISAV-B holds a 64% position in dialysis centers and a 50% position within integrated delivery networks (IDNs). The company maintains a long-term goal of achieving at least 60% total U.S. market share by 2030.

Direct sales and development activities with government agencies are centered on the CpG 1018 adjuvant technology, not the commercial HEPLISAV-B product. Dynavax Technologies Corporation is developing a plague (rF1V) vaccine candidate fully funded by the U.S. Department of Defense (DoD). The funding structure includes several tranches:

• An earlier agreement provided approximately $22 million in funding.
• In the fourth quarter of 2024, a new agreement for approximately $30 million was executed, supporting activities through the first half of 2027.
• An amendment in the third quarter of 2025 added approximately $14 million from the DoD to support non-human primate studies.

For international distribution, Dynavax Technologies Corporation wholly owns, manufactures, and holds worldwide commercial rights to HEPLISAV-B, which is also approved by the European Commission (EC). The company has a specific distribution agreement for one European market. Bavarian Nordic markets and distributes HEPLISAV-B in Germany, with an expected launch date originally set for the fourth quarter of 2021. Furthermore, the CpG 1018 adjuvant technology has seen global application, having been used in 5 approved COVID vaccines around the world.

Dynavax Technologies Corporation (DVAX) - Canvas Business Model: Customer Segments

You're looking at the specific groups Dynavax Technologies Corporation targets with its commercial products and its proprietary adjuvant technology, as of late 2025. This is where the revenue actually comes from, so the details matter.

U.S. adults aged 18+ requiring hepatitis B vaccination

This is the core patient population for the flagship product, HEPLISAV-B. The recommendations from the Advisory Committee on Immunization Practices (ACIP) define this segment, which includes all adults aged 19-59 years, and adults aged 60 and older who have risk factors for hepatitis B, though the latter group may still face cost-sharing depending on insurance. Dynavax Technologies Corporation projects the total U.S. adult hepatitis B vaccine market will expand to a peak of over $900 million in annual sales by 2030. To put that in perspective, the entire U.S. hepatitis B vaccine market was valued at $2.60 billion in 2023.

Dynavax Technologies Corporation is aggressively capturing this market, with its HEPLISAV-B vaccine achieving an estimated total U.S. market share of approximately 46% as of the third quarter of 2025. The company is focused on maintaining a disciplined approach to capture a long-term goal of at least 60% total market share by 2030.

Healthcare providers (HCPs) and institutional purchasers (hospitals, clinics)

This segment consists of the entities that actually purchase and administer the vaccine, such as hospitals, clinics, and pharmacies. Their purchasing decisions directly drive Dynavax Technologies Corporation's top-line performance. For the third quarter of 2025, HEPLISAV-B generated net product revenue of $90 million, contributing to a full-year 2025 revenue guidance range of $315 to $325 million for the product.

Dynavax Technologies Corporation has successfully segmented its sales efforts across different healthcare settings, showing strong penetration:

• Retail pharmacy segment market share: approximately 63% as of Q3 2025.
• Dialysis centers market share: approximately 64%.
• Integrated Delivery Networks (IDNs) market share: approximately 50%.

The gross margin for HEPLISAV-B was reported at 84% for the quarter ending September 30, 2025.

Global pharmaceutical and biotech companies needing vaccine adjuvants

This segment represents partners interested in leveraging Dynavax Technologies Corporation's proprietary CpG 1018 adjuvant technology for their own vaccine candidates. The CpG 1018 adjuvant is already used in HEPLISAV-B and was noted as being used in multiple adjuvanted COVID-19 vaccines globally.

A key recent example of this customer segment engagement is the exclusive license agreement executed in Q3 2025 with Vaxart, Inc. for an oral COVID-19 vaccine candidate. The financial commitment for this partnership included:

• Upfront license fee: $25 million.
• Equity investment in Vaxart: $5 million.
• Potential future payment upon Phase 2b results: an additional $50 million.

Previously, Dynavax Technologies Corporation had a commercial supply agreement with Valneva, where Valneva had an option to purchase up to an additional 90 million doses of CpG 1018 through 2025. Dynavax Technologies Corporation is actively making the adjuvant available to select research institutions and partners globally.

Government and public health organizations (e.g., pandemic preparedness)

This segment involves direct contracts with government bodies, often focused on national security or public health threats, leveraging the company's vaccine and adjuvant platforms. The U.S. Department of Defense (DoD) is a significant customer here for the plague vaccine candidate, which is adjuvanted with CpG 1018.

Financial commitments from this segment include:

• An agreement executed in Q4 2024 for approximately $30 million through the first half of 2027 to support clinical and manufacturing activities for the plague vaccine.
• An amendment executed in Q3 2025 for approximately $14 million from the DoD to support additional non-human primate studies.

Furthermore, Dynavax Technologies Corporation is engaging with public health needs by evaluating CpG 1018 in an adjuvanted H5N1 influenza vaccine to support potential commercial supply for global pandemic preparedness efforts.

Dynavax Technologies Corporation (DVAX) - Canvas Business Model: Cost Structure

You're looking at the major outlays keeping the lights on and the pipeline moving at Dynavax Technologies Corporation. For a commercial-stage vaccine company, the costs are heavily weighted toward manufacturing the successful product and funding the next generation of assets. Honestly, these numbers tell a clear story about where the capital is flowing right now.

The Cost of Goods Sold (COGS) for HEPLISAV-B production is a primary driver. For the third quarter of 2025, the cost of sales-product for HEPLISAV-B-came in at $14.4 million. That's the direct cost associated with getting that two-dose hepatitis B vaccine ready for market, and it scales with sales volume, so you'd expect it to rise as market share grows.

Next up, you have the Research and Development (R&D) spend, which is significant because that's the engine for future revenue. For the third quarter of 2025, R&D expenses totaled $19.1 million. This covers everything from preclinical work to running those expensive human trials, like the Phase 1/2 trial for the shingles vaccine candidate, Z-1018, which is key to disrupting that multi-billion-dollar market.

Then there are the Selling, General, and Administrative (SG&A) costs tied to keeping the commercial engine running. For Q3 2025, SG&A was $40.1 million. This covers the sales force, marketing efforts to drive HEPLISAV-B adoption (which hit about 46% total U.S. market share by the end of the quarter), and the general overhead of running the corporate structure. It's prudent management of this line that helps boost profitability, like the $35.5 million in Adjusted EBITDA reported for the same quarter.

Here's a quick look at those major Q3 2025 operating expenses:

Cost Category	Q3 2025 Amount (in millions USD)
Selling, General, and Administrative (SG&A)	$40.1
Research and Development (R&D)	$19.1
Cost of Sales - Product (COGS for HEPLISAV-B)	$14.4

The overall cost profile is shaped by these key areas, which you need to monitor closely as the company matures. The clinical trial and regulatory compliance expenses are embedded within the R&D line, but they represent a critical, non-negotiable outlay for any vaccine developer.

• High COGS driven by HEPLISAV-B manufacturing, reported at $14.4 million in Q3 2025.
• Substantial R&D spend of $19.1 million in Q3 2025 funding pipeline advancement.
• Commercial infrastructure costs reflected in SG&A, which was $40.1 million for Q3 2025.
• Clinical trial costs are a major component of R&D, supporting programs like the shingles vaccine.

If onboarding takes 14+ days for new commercial partners, compliance risk rises, though the data doesn't specify the exact regulatory spend outside of the total R&D figure. Finance: draft 13-week cash view by Friday.

Dynavax Technologies Corporation (DVAX) - Canvas Business Model: Revenue Streams

You're looking at how Dynavax Technologies Corporation brings in the money, which is heavily weighted toward its lead product and strategic collaborations as of late 2025. The revenue streams are quite focused right now, but pipeline progress is opening up new avenues.

The primary driver remains the commercial success of its hepatitis B vaccine. Management reiterated the full-year 2025 guidance for this stream, showing confidence in continued market penetration. For context, the third quarter of 2025 saw net product revenue from this vaccine hit $90.0 million.

Here's a breakdown of the key expected and realized revenue components for the fiscal year 2025:

Revenue Stream Component	Latest Financial Data/Guidance (2025)	Notes
Net Product Revenue (HEPLISAV-B)	Guidance: $315 million to $325 million	Q3 2025 actual was $90.0 million
Government Contract Revenue (Plague Vaccine)	New DoD Agreement: approx. $30 million (through H1 2027)	Received approx. $14 million additional DoD funding in Q3 2025
Licensing Fees (Vaxart Deal)	Upfront Payment: $25 million plus $5 million in equity	Exclusive license for oral COVID-19 vaccine program
Adjuvant Product Revenue (CpG 1018)	Not explicitly itemized separately from product sales	CpG 1018 is the adjuvant in HEPLISAV-B and the plague vaccine candidate

Adjuvant product revenue from CpG 1018 supply agreements isn't broken out separately in the latest reports, as its primary current revenue contribution is embedded within the net product revenue of HEPLISAV-B. However, the technology is key to other development efforts.

Strategic partnerships are generating upfront, non-recurring revenue. The exclusive license agreement for Vaxart's novel oral COVID-19 vaccine program is a clear example of this stream. This deal included an upfront payment of $25 million, supplemented by an additional $5 million in equity.

Government contract revenue is tied directly to non-commercial development programs. The plague vaccine candidate, which uses the CpG 1018 adjuvant, is being developed in collaboration with and is fully funded by the U.S. Department of Defense (DoD). Dynavax and the DoD executed a new agreement in late 2024 for approximately $30 million, covering activities through the first half of 2027. You also saw about $14 million in additional DoD funding for this program in the third quarter of 2025 alone.

The overall revenue picture for 2025 is anchored by the HEPLISAV-B guidance, supplemented by significant non-dilutive funding and upfront payments from business development activities. These streams help support pipeline advancement.

• HEPLISAV-B 2025 net product revenue guidance: $315 million to $325 million.
• U.S. adult hepatitis B market share for HEPLISAV-B reached approx. 46% as of Q3 2025.
• Vaxart upfront payment: $25 million cash plus $5 million equity.
• Plague vaccine DoD funding: New agreement worth approx. $30 million through H1 2027.

Finance: draft 13-week cash view by Friday.