DVAX - Dynavax: HEPLISAV-B Growth Up Pipeline Uncertain

2024-05-10 09:02:13 ET

Summary

• HEPLISAV-B Q1 revenue was $48 million, showing 10% YoY growth.
• Dynavax's shingles and Tdap vaccines advanced in clinical stages, with data anticipated in the coming quarters.
• Dynavax's balance sheet remains robust with a significant cash runway.
• Dynavax remains a "hold," given the challenging prospects beyond the hepatitis B market.

Dynavax Approaches Profitability with HEPLISAV-B Growth

Dynavax ( DVAX ) markets HEPLISAV-B, a vaccine for the prevention of hepatitis B. This vaccine was originally approved in 2017. Moreover, the company's pipeline includes Phase 1/2 vaccines for pertussis-Tdap, shingles, and plague. My last analysis of Dynavax in October focused on their Q2 2023 earnings report. Within it, HEPLISAV-B saw a sales surge of 73% year over year, prompting Dynavax to boost their full-year guidance. However, despite a strong liquidity position, Dynavax remained some ways away from profitability and its prospects beyond hepatitis B were uninspiring. My recommendation was "hold." Dynavax's stock is down 20% since then....

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