Dynavax Technologies Corporation (DVAX): Business Model Canvas [Dec-2025 Updated]

You're looking to see how Dynavax Technologies Corporation is translating its successful hepatitis B vaccine, HEPLISAV-B, into a sustainable business, and honestly, the numbers from late 2025 tell a clear story. We're talking about a company guiding for $315 million to $325 million in net product revenue for 2025, all while sitting on a strong cash position of approximately $648 million as of Q3 2025, which funds both their commercial engine and their pipeline development, like the shingles candidate. This Business Model Canvas breaks down exactly how they manage the high costs of vaccine production against the revenue from their two-dose vaccine and their valuable CpG 1018 adjuvant platform, so you can see the levers driving their value right now.

Dynavax Technologies Corporation (DVAX) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships that fuel Dynavax Technologies Corporation's engine, especially as they balance the success of HEPLISAV-B with pipeline expansion. These partnerships are where the real leverage comes from, so let's break down the numbers tied to these key alliances.

Exclusive License Agreement with Vaxart for Oral COVID-19 Vaccine Program

Dynavax Technologies Corporation entered a significant deal with Vaxart, Inc. back in November 2025 for the exclusive, worldwide license to develop and commercialize Vaxart's investigational oral COVID-19 vaccine candidate. This structure lets Dynavax Technologies Corporation test the waters before a full commitment. The initial outlay is clear:

• Upfront License Fee: $25 million
• Equity Investment in Vaxart: $5 million

Vaxart keeps the financial reins through the completion of the ongoing Phase 2b clinical trial, which involves approximately 5,400 participants, and the subsequent End of Phase 2 meeting with the FDA. Topline data from that trial is anticipated in late 2026. If Dynavax Technologies Corporation decides to take over late-stage development after that readout, an additional $50 million payment is due. Should the program advance under Dynavax Technologies Corporation's lead, Vaxart stands to gain substantial upside:

Plus, Vaxart would receive tiered royalties on potential future net sales, structured in the low-to-mid teens percentage range. It's a smart way to manage near-term capital allocation while securing a differentiated, needle-free program. Honestly, that phased commitment structure is what makes this deal attractive right now.

Global Research Collaborations for CpG 1018 Adjuvant Use

The CpG 1018 adjuvant is a core asset, used in HEPLISAV-B and leveraged across external programs. As of late 2025, the adjuvant has been utilized in 5 approved COVID vaccines globally. Dynavax Technologies Corporation is actively pushing this platform through collaborations, including an H5N1 influenza vaccine study. They expect to initiate a randomized, active-controlled Phase 1/2 study for this pandemic influenza candidate in the second quarter of 2025, with top-line data anticipated in 2026. Furthermore, the DoD plague vaccine program, which uses CpG 1018, is a major collaboration. Dynavax Technologies Corporation executed a new agreement in Q4 2024 for approximately $30 million to support this effort through the first half of 2027. This follows an earlier agreement that provided approximately $22 million in funding.

U.S. Department of Defense for a $30 Million Plague Vaccine Contract

The work with the U.S. Department of Defense (DoD) on the rF1V plague vaccine candidate, adjuvanted with CpG 1018, is fully funded by the DoD. The latest agreement, executed in Q4 2024, is for approximately $30 million and extends through the first half of 2027. This funding supports ongoing clinical and manufacturing activities, including a Phase 2 clinical trial that was expected to start in the third quarter of 2025. This is built upon prior support, as an earlier agreement provided approximately $22 million for development. This contract clearly demonstrates the broad utility of the CpG 1018 adjuvant outside of commercial products.

Manufacturing and Supply Chain Partners for HEPLISAV-B Production

While specific partner names aren't detailed here, the financial results from HEPLISAV-B production and distribution partnerships are concrete. For the third quarter of 2025, HEPLISAV-B generated net product revenue of $90 million, marking a 13% year-over-year increase from Q3 2024's $79.3 million. Dynavax Technologies Corporation reiterated its full-year 2025 guidance for HEPLISAV-B net product revenue to be between $315 million and $325 million. The market penetration achieved through these supply chains is strong:

• Total U.S. Market Share (as of Q3 2025): 46%
• Retail Pharmacy Segment Share (as of Q3 2025): 63%
• Dialysis Center Segment Share (as of Q3 2025): 64%
• Integrated Delivery Network Segment Share (as of Q3 2025): 50%

The company projects the U.S. adult hepatitis B vaccine market will grow to a peak exceeding $900 million in annual sales by 2030, with a target for HEPLISAV-B to capture at least 60% of that total. That's the scale we're talking about here.

Dynavax Technologies Corporation (DVAX) - Canvas Business Model: Key Activities

Commercialization and sales of HEPLISAV-B in the U.S. and Europe

Dynavax Technologies Corporation is focused on driving HEPLISAV-B net product revenue, which was guided for a full year 2025 range of $315 to $325 million. This guidance represented an increase from the prior range, with the low end being raised. For the third quarter of 2025, HEPLISAV-B net product revenue reached $90.0 million, marking a 13% year-over-year increase from $79.3 million in the third quarter of 2024. The second quarter of 2025 saw a record quarterly net product revenue of $91.9 million, a 31% increase compared to the second quarter of 2024. The cost of sales for HEPLISAV-B product in Q3 2025 was $14.4 million. The gross margin for HEPLISAV-B in Q2 2025 was reported at 85%.

Market penetration in the U.S. adult hepatitis B vaccine market is a key metric. Total estimated U.S. market share for HEPLISAV-B increased to approximately 46% as of the third quarter of 2025, up from approximately 44% in the third quarter of 2024. Within specific segments, the retail market share grew to approximately 63% in Q3 2025, up from 55% the prior year, and the dialysis center segment held 64% share. Dynavax Technologies Corporation expects the U.S. adult hepatitis B vaccine market to peak above $900 million in annual sales by 2030, with a target of at least 60% total market share for HEPLISAV-B.

The following table summarizes key commercial and financial performance indicators for HEPLISAV-B through the third quarter of 2025:

Research and development (R&D) of novel vaccine candidates

Research and development expenses are a necessary investment for pipeline advancement. For the second quarter of 2025, R&D expenses were $16.6 million, compared to $15.0 million for the second quarter of 2024. In the third quarter of 2025, R&D expenses increased to $19.1 million, up from $14.4 million in the third quarter of 2024.

Clinical trial execution for shingles (Z-1018) and influenza programs

The shingles vaccine program, Z-1018, reached a key milestone with the presentation of positive topline results from Part 1 of its Phase 1/2 trial in August 2025. Part 1 enrolled 441 healthy adults aged 50 to 69 years. At the dose selected for advancement, Z-1018 achieved a 100.0% humoral vaccine response rate and an 89.7% cellular immune vaccine response rate. Part 2 of the Phase 1/2 trial, evaluating Z-1018 in adults 70 years and older, was initiated in the second half of 2025.

The pandemic influenza adjuvant program is evaluating CpG 1018 in an adjuvanted H5N1 influenza vaccine. Dosing was completed in Part 1 of the Phase 1/2 trial as of the second quarter of 2025. Topline Phase 1/2 clinical trial results for this program are anticipated in 2026.

The plague vaccine program, in collaboration with the U.S. Department of Defense (DoD), is moving toward a Phase 2 clinical trial expected to initiate in the second half of 2025. An amendment in the third quarter of 2025 added approximately $14 million from the DoD to support additional non-human primate studies. The initial agreement with the DoD was for approximately $30 million through the first half of 2027.

Key pipeline activities and milestones as of late 2025 include:

• Z-1018 Part 2 initiation in adults 70 years and older.
• Initiation of Plague Vaccine Phase 2 clinical trial in 2H 2025.
• Completion of dosing in the Pandemic Influenza (H5N1) Phase 1/2 trial.
• Lyme Disease Vaccine candidate progressing through IND-enabling studies, with clinical development planned for 2027.

Manufacturing and quality control of CpG 1018 adjuvant

Manufacturing and supply capacity for HEPLISAV-B and the CpG 1018 adjuvant require significant financial commitments to contract manufacturing organizations (CMOs). These commitments include minimum purchase commitments and prepayments of purchase orders to secure raw materials and manufacturing costs. The company has previously supported efforts to scale up CpG 1018 production capacity to support up to 750 million adjuvant doses annually.

Dynavax Technologies Corporation (DVAX) - Canvas Business Model: Key Resources

When you look at the core assets powering Dynavax Technologies Corporation, you see a mix of a proven commercial product, a versatile technology platform, and a healthy balance sheet that allows for pipeline investment. These are the tangible things that make the business run right now, as of late 2025.

HEPLISAV-B, the market-leading adult hepatitis B vaccine

The primary engine is HEPLISAV-B, the adjuvanted hepatitis B vaccine for adults. This product is the source of the company's current financial strength. For the third quarter ending September 30, 2025, net product revenue for HEPLISAV-B hit $90.0 million, marking a 13% year-over-year increase. This performance has led Dynavax Technologies Corporation to reiterate its full-year 2025 guidance for HEPLISAV-B net product revenue in the range of $315 to $325 million.

Adoption continues to grow steadily. As of Q3 2025, the vaccine holds an estimated total U.S. market share of approximately 46%. Within the crucial retail pharmacy segment, that share is even higher, reaching approximately 63%. Management projects the total U.S. adult hepatitis B vaccine market will peak at over $900 million in annual sales by 2030, with a target for HEPLISAV-B to capture at least 60% of that total market share.

Proprietary CpG 1018 adjuvant technology platform

The second major resource is the proprietary CpG 1018 adjuvant technology platform. This is the core science that differentiates HEPLISAV-B and powers the pipeline. Beyond its use in the hepatitis B vaccine, this adjuvant is a key asset for future growth, having been used in 5 approved COVID vaccines globally.

The platform is actively being leveraged in several other programs:

• Shingles Vaccine (Z-1018): Positive topline data from Part 1 of the Phase 1/2 trial were presented at IDWeek 2025. Part 2 of this trial, a head-to-head study versus Shingrix, was initiated in adults aged 70 years and older in October 2025.
• Pandemic Influenza Adjuvant Program (H5N1): Part 1 of the Phase 1/2 study evaluating CpG 1018 as an adjuvant for H5N1 was completed in the second quarter of 2025.
• Lyme Disease Vaccine Program: This candidate is planned to enter clinical development in 2027.

Strong cash position of approximately $648 million as of Q3 2025

Financial stability is a critical resource, providing the runway for development and strategic flexibility. As of September 30, 2025, Dynavax Technologies Corporation reported a strong balance sheet with approximately $648 million in cash, cash equivalents, and marketable securities. This position is supported by the company raising its full-year 2025 adjusted EBITDA guidance to at least $80 million. The cash balance reflects the completion of a previous $200 million share repurchase program earlier in 2025. Following the Q3 results, the Board authorized a new share repurchase program of up to $100 million.

Intellectual property and regulatory approvals (FDA, EMA)

The regulatory clearances and patent estate are non-negotiable assets. Dynavax Technologies Corporation owns proprietary rights related to its CpG 1018 adjuvant. For its flagship product, HEPLISAV-B is approved in the U.S., the European Union, and the United Kingdom, where it offers a two-dose series completion in one month. Furthermore, the company is actively engaging with the U.S. Food and Drug Administration (FDA) following feedback received in the first quarter of 2025 that its proposed patient database may be acceptable for a supplemental Biologics License Application (sBLA) for HEPLISAV-B in adults on hemodialysis.

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:

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:

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.

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:

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:

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:

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.