Company: DVAX
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001029142-25-000117
Chunk: 297

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 297
---
 to $200.0 million worth of our common stock. Through June 30, 2025, we repurchased a total of 16,625,735 shares, including $100.0 million under an accelerated share repurchase agreement ("ASR") and approximately $100.0 million through open market and privately negotiated transactions. As of June 30, 2025, we have completed all repurchases of our common stock under our Repurchase Program.

Seasonality

HEPLISAV-B is currently our only revenue-producing product. We believe that HEPLISAV-B product revenue is, and will likely continue to be, subject to seasonal variations. Specifically, HEPLISAV-B product revenue has generally been, and will likely continue to be, lower in the fourth quarter of our fiscal year compared to the third quarter due to holiday schedules and increased focus by healthcare providers on respiratory disease vaccines, including vaccines for influenza, COVID-19 and respiratory syncytial virus, during the fall and winter months.

Critical Accounting Estimates

We prepare our unaudited condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles. In doing so, we are required to make estimates and assumptions. Our critical accounting estimates are those estimates that involve a significant level of uncertainty at the time the estimate was made, and changes in them have had or are reasonably likely to have a material effect on our financial condition or results of operations. Actual results could differ materially from our estimates. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. 

We believe that there have been no significant changes in our critical accounting policies during the six months ended June 30, 2025, as compared with those disclosed in Part II, Item 7 "Management’s Discussion and Analysis 

30

of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024.

Results of Operations

Revenues 

Revenues consist of amounts earned from product sales and other revenues. Product revenue, net, consists of sales of HEPLISAV-B.

Revenue from HEPLISAV-B product sales is recorded at the net sales price, which includes estimates of product returns, chargebacks, discounts, rebates and other fees. Overall, product revenue, net, reflects our best estimates of the amount of consideration to which we are entitled based on the terms of the applicable contracts.

Actual amounts of consideration ultimately received may differ