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Jun 30, 2020
Dynavax Q2 2020 Earnings Report
Reported financial results for the second quarter of 2020.
Key Takeaways
Dynavax reported a net product revenue of $2.4 million for HEPLISAV-B in Q2 2020, which declined compared to $8.3 million in the same period in 2019 due to the COVID-19 pandemic. The company experienced a net loss of $51.6 million, which includes expense of $25.7 million due to an increase in the estimated fair value of outstanding warrants. Cash, cash equivalents and marketable securities totaled $200.7 million at June 30, 2020.
HEPLISAV-B net product revenue was $2.4 million in the second quarter of 2020.
Multiple new CpG 1018 collaborations were established to develop novel adjuvanted vaccine candidates across several indications, including COVID-19.
Initial Phase 1 results from two COVID-19 adjuvanted vaccine collaborations are anticipated by September and October of 2020.
The adult hepatitis B vaccine market experienced a significant decline early in the second quarter due to the pandemic.
Revenue by Segment
Forward Guidance
Dynavax is focused on the development and commercialization of novel vaccines, including HEPLISAV-B and CpG 1018-adjuvanted vaccines. The company anticipates several milestones in the coming quarters, including final immunogenicity data from the HEPLISAV-B hemodialysis study, completion of safety follow-up for HEPLISAV-B post-marketing studies, and preliminary results from Phase 1 COVID-19 studies.
Positive Outlook
- Final immunogenicity data from the ongoing study of HEPLISAV-B in patients on hemodialysis anticipated in the fourth quarter with publication planned in the first quarter of 2021.
- Completion of safety follow-up for HEPLISAV-B post-marketing studies in the fourth quarter.
- Completion of Phase 1-enabling animal studies and toxicology for an improved pertussis vaccine with CpG 1018 is planned for the fourth quarter.
- Preliminary safety and immunogenicity results from Phase 1 COVID-19 studies with Clover Biopharmaceuticals and Medicago expected by September and October, respectively.
Challenges Ahead
- The vaccine market and/or the adult hepatitis B market may not grow as expected.
- COVID-19 will continue to have a significant negative impact on the use of vaccines, including HEPLISAV-B, until the U.S. returns to more normal conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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