Company: DVAX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049536
Chunk: 239

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 239
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, independent hospitals and clinics, public health clinics and prisons, the Department of Defense, and the Department of Veterans Affairs. 

20

In May 2021, we entered into a commercialization agreement with Bavarian Nordic for the marketing and distribution of HEPLISAV-B in Germany, and in May 2022, we commenced commercial shipments of HEPLISAV-B in Germany. In the second quarter of 2025, the commercialization agreement was not renewed. Bavarian Nordic will retain the distribution rights for HEPLISAV-B in Germany through April 2026, after which Dynavax will regain the commercialization rights. We do not currently market HEPLISAV-B outside the U.S.The following table summarizes HEPLISAV-B product revenue from each of our three largest customers (as a percentage of total HEPLISAV-B product revenue): Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Largest customer33%31%30%29%Second largest customer21%20%20%21%Third largest customer21%19%20%18%Contract BalancesThe following table summarizes balances and activities in HEPLISAV-B product revenue allowance and reserve categories for the nine months ended September 30, 2025 (in thousands): Balance atBeginningof PeriodProvisionsrelated tocurrentperiod salesCredit orpaymentsmade duringthe periodAdjustments (3)Balanceat End ofPeriodNine months ended September 30, 2025:Accounts receivable reserves (1)$9,317 $69,176 $(66,495)$(2)$11,996 Revenue reserve accruals (2)$31,479 $46,346 $(42,590)$(11,187)$24,048 (1)Reserves are for chargebacks, discounts and other fees.(2)Accruals are for returns, rebates and other fees.(3)Adjustments for $11.2 million primarily from a change in estimate for product returns.When we perform services under our agreement with the DoD, we recognize product revenue and a corresponding contract asset as our right to consideration is conditioned on something other than the passage of time. See Note 6 for further discussion. The following table summarizes balances and activities in our contract asset account (in thousands): Balance atBeginningof PeriodAdditionsSubtractions Balanceat End ofPeriodNine months ended September 30, 2025Contract asset, included in other current assets