Dynavax Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Full Year 2025 Financial Guidance

EMERYVILLE, Calif., Feb. 20, 2025 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX), a commercial-stage biopharmaceutical company developing and commercializing innovative vaccines, today reported financial results for the fourth quarter and full year ended December 31, 2024. "In 2024, we successfully executed on our strategic growth initiatives, achieving record HEPLISAV-B product revenue, advancing our pipeline programs, and maintaining a disciplined approach to capital allocation," said Ryan Spencer, Chief Executive Officer of Dynavax. "Looking ahead to 2025, we plan to drive significant top-line growth as we continue to establish HEPLISAV-B as the market share leader in the expanding hepatitis B vaccine market in the U.S. We also expect to advance our pipeline programs to key milestones this year, including providing top-line results from our shingles vaccine Phase 1/2 program in the third quarter, as well as completing our $200 million share capital return and pursuing external opportunities to generate sustainable long-term value for our shareholders and other stakeholders." BUSINESS UPDATESHEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted]HEPLISAV-B vaccine 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. Hepatitis B vaccination is universally recommended for adults aged 19-59 in the U.S. Clinical PipelineDynavax is advancing a pipeline of differentiated product candidates that leverage its CpG 1018® adjuvant, which has demonstrated its ability to enhance the immune response with a favorable tolerability profile in a wide range of clinical trials and real-world commercial use. Shingles Vaccine Program:Z-1018 is an investigational vaccine candidate being developed for the prevention of shingles in adults aged 50 years and older. Plague Vaccine Program:Dynavax is developing a plague (rF1V) vaccine candidate adjuvanted with CpG 1018® in collaboration with, and fully funded by, the U.S. Department of Defense (DoD). HEPLISAV-B for Adults on Hemodialysis:Dynavax is developing a four-dose HEPLISAV-B® vaccine regimen for adults on hemodialysis. FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS FULL YEAR 2024 FINANCIAL HIGHLIGHTS FULL YEAR 2025 FINANCIAL GUIDANCEDynavax is providing its full year 2025 financial guidance, based on the Company's current operating plan: * Non-GAAP financial measure. Please refer to the "Non-GAAP Financial Measures" section for details regarding this measure. Conference Call and Webcast InformationDynavax will host a conference call and live audio webcast on Thursday, February 20, 2025, at 4:30 p.m. ET/1:30 p.m. PT. The live audio webcast may be accessed through the "Events & Presentations" page on the "Investors" section of the Company's website at https://investors.dynavax.com/events-presentations. A replay of the webcast will be available for 30 days following the live event. To dial into the call, participants will need to register for the call using the participant call link. It is recommended that participants dial into the conference call or log into the webcast approximately 10 minutes prior to the call. WHAT IS HEPLISAV-B?HEPLISAV-B is a shot given to adults 18 years of age and older to help prevent infection caused by the hepatitis B virus. HEPLISAV-B is usually given in the arm muscle. HEPLISAV-B is given in 2 doses, 1 month apart, by a healthcare provider. IMPORTANT SAFETY INFORMATIONDo not administer HEPLISAV-B to individuals with a history of severe allergic reaction (e.g., anaphylaxis) after a previous dose of any hepatitis B vaccine or to any component of HEPLISAV-B, including yeast. Appropriate medical treatment and supervision must be available to manage possible anaphylactic reactions following administration of HEPLISAV-B. Immunocompromised persons, including individuals receiving immunosuppressant therapy, may have a diminished immune response to HEPLISAV-B. Hepatitis B has a long incubation period. HEPLISAV-B may not prevent hepatitis B infection in individuals who have an unrecognized hepatitis B infection at the time of vaccine administration. The most common patient-reported adverse reactions reported within 7 days of vaccination were injection site pain (23%-39%), fatigue (11%-17%), and headache (8%-17%). There are no adequate and well-controlled studies of HEPLISAV-B in pregnant individuals. Available data, primarily in individuals who received one dose of HEPLISAV-B in the 28 days prior to or during pregnancy, do not suggest an increased risk of major birth defects and miscarriage. It is not known whether HEPLISAV-B is excreted in human milk. Data are not available to assess the effects of HEPLISAV-B on the breastfed infant or on milk production/excretion. Vaccination with HEPLISAV-B may not result in protection of all vaccine recipients. Talk to your healthcare provider to determine if HEPLISAV-B is right for you.Please see full Prescribing Information About DynavaxDynavax is a commercial-stage biopharmaceutical company developing and commercializing innovative vaccines to help protect the world against infectious diseases. The Company has two commercial products, HEPLISAV-B® vaccine [Hepatitis B Vaccine (Recombinant), Adjuvanted], which is approved in the U.S., the European Union and the United Kingdom for the prevention of infection caused by all known subtypes of hepatitis B virus in adults 18 years of age and older, and CpG 1018® adjuvant, currently used in HEPLISAV-B and multiple adjuvanted COVID-19 vaccines. For more information about our marketed products and development pipeline, visit www.dynavax.com. Non-GAAP Financial Measures To supplement our financial results presented on a GAAP basis, we have included information about adjusted EBITDA, a non-GAAP financial measure. We believe the presentation of this non-GAAP financial measure, when viewed with our results under GAAP and the accompanying reconciliation, provide analysts, investors and other third parties with insights into how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting. In our quarterly and annual reports, earnings press releases and conference calls, we may discuss adjusted EBITDA to supplement our consolidated financial statements presented on a GAAP basis. Adjusted EBITDAAdjusted EBITDA is a non-GAAP financial measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. There are several limitations related to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as: Forward-Looking StatementsThis press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to a number of risks and uncertainties. All statements that are not historical facts are forward-looking statements. Forward-looking statements can generally be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "will," "may," "plan," "project," "potential," "seek," "should," "think," "toward," "will," "would" and similar expressions, or the negatives thereof, or they may use future dates. Forward-looking statements made in this document include statements regarding our expected financial results for the year ended December 31, 2024, expectations regarding our future growth and long-term performance, extent and timing of market growth and market share beyond 2030, the timing of IND filings, initiation and completion of clinical studies, expected timing for data readouts, and interaction with regulators. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business, including, the risk that market size or actual demand for our products may differ from our expectations, risks relating to our ability to commercialize and supply HEPLISAV-B, risks related to the timing of completion and results of current clinical studies, risks related to the development and pre-clinical and clinical testing of vaccines containing CpG 1018 adjuvant, as well as other risks detailed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024 and periodic filings made thereafter, as well as discussions of potential risks, uncertainties and other important factors in our other filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, are qualified in their entirety by this cautionary statement and we undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. Information on Dynavax's website at www.dynavax.com is not incorporated by reference in our current periodic reports with the SEC. Reference herein to any specific commercial products, process, or service by trade name, trademark, manufacturer, or otherwise, does not constitute or imply its endorsement, recommendation, or favoring by the U.S. Government and shall not be used for advertising or product endorsement purposes. For Investors/Media:Paul Cox[email protected]510-665-0499 Nicole Arndt[email protected]510-665-7264 DYNAVAX TECHNOLOGIES CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Revenues: Product revenue, net $ 71,053 $ 51,086 $ 268,430 $ 213,295 Other revenue 979 4,510 8,816 18,989 Total revenues 72,032 55,596 277,246 232,284 Operating expenses: Cost of sales - product 13,410 8,689 49,445 50,167 Research and development 18,669 14,119 61,550 54,886 Selling, general and administrative 41,585 41,279 170,373 152,946 Gain on sale of assets - - - (1,000) Bad debt expense - - - 12,313 Total operating expenses 73,664 64,087 281,368 269,312 Loss from operations (1,632) (8,491) (4,122) (37,028) Other income (expense): Interest income 8,414 9,556 36,464 31,993 Interest expense (1,704) (1,692) (6,794) (6,757) Sublease income 2,206 1,993 5,014 7,577 Other 345 (370) 293 (152) Net income (loss) before income taxes 7,629 996 30,855 (4,367) Provision for income taxes (579) (777) (3,546) (2,022) Net income (loss) 7,050 219 27,309 (6,389) Net income (loss) per share attributable to common stockholders Basic $ 0.06 $ 0.00 $ 0.21 $ (0.05) Diluted $ 0.05 $ 0.00 $ 0.20 $ (0.05) Weighted-average shares used incomputing net income (loss) per share attributable to common stockholders: Basic 127,952 129,381 130,047 128,733 Diluted 153,022 133,278 133,344 128,733 DYNAVAX TECHNOLOGIES CORPORATION SELECTED BALANCE SHEET DATA(In thousands)(Unaudited) December 31,2024 December 31,2023 Assets Cash, cash equivalents and marketable securities $ 713,834 $ 742,302 Inventories 70,054 53,290 Other current assets 65,053 63,528 Total current assets 848,941 859,120 Total non-current assets 137,315 137,976 Total assets $ 986,256 $ 997,096 Liabilities and stockholders' equity Total current liabilities $ 78,634 $ 62,195 Total long-term liabilities 310,823 312,829 Stockholders' equity 596,799 622,072 Total liabilities and stockholders' equity $ 986,256 $ 997,096 DYNAVAX TECHNOLOGIES CORPORATION RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA(In thousands)(Unaudited) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 GAAP Net income (loss) $ 7,050 $ 219 $ 27,309 $ (6,389) Adjustments: Depreciation & Amortization 374 375 1,499 1,500 Interest Income (8,414) (9,556) (36,464) (31,993) Interest Expense 1,704 1,692 6,794 6,757 Provision for Income Taxes 579 777 3,546 2,022 Total adjustments (5,757) (6,712) (24,625) (21,714) EBITDA 1,293 (6,493) 2,684 (28,103) Stock-Based Compensation 12,153 10,624 49,217 40,192 Adjusted EBITDA $ 13,446 $ 4,131 $ 51,901 $ 12,089 SOURCE Dynavax Technologies

Dynavax Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Full Year 2025 Financial Guidance

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