Dynavax Applied sciences (DVAX) Q2 2023 Earnings Name Transcript

Dynavax Applied sciences (DVAX -1.11%)
Q2 2023 Earnings Name
Aug 03, 2023, 4:30 p.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Members

Ready Remarks:

Operator

Good day, women and gents, and welcome to Dynavax Applied sciences’ second quarter 2023 monetary outcomes. As a reminder, this convention is being recorded. On the finish of the corporate’s ready remarks, we are going to open the decision for questions and supply particular directions at that time. I’d now like to show the decision over to Paul Cox, vice chairman, investor relations and company communications.

Chances are you’ll start.

Paul Cox — Vice President, Investor Relations and Company Communications

Thanks all for collaborating in immediately’s name. Becoming a member of me immediately from Dynavax are Ryan Spencer, chief govt officer; Donn Casale, chief industrial officer; Rob Janssen, chief medical officer; and Kelly MacDonald, chief monetary officer. Earlier immediately, Dynavax launched monetary outcomes for the second quarter ended June 30, 2023. Copies of the press launch and a supplementary slide presentation can be found on Dynavax’s web site.

Earlier than we start, I counsel you that we’ll be making forward-looking statements immediately primarily based on our present expectations and beliefs, together with however not restricted to potential market sizes, market segmentation, efficient advertising and marketing efforts, future anticipated market share, and associated development charges and associated ACIP advice impacts on every monetary steerage and developments, together with income, profitability, money stream and sufficiency of present capitalization, timing and outcomes of FDA submissions, vital trial begins, and knowledge readouts and potential future makes use of of or demand for our CpG 1018 adjuvant. These statements contain dangers and uncertainties, and our precise outcomes could differ materially. These dangers are summarized in immediately’s press launch and detailed within the Danger Elements part of our SEC filings, together with immediately’s quarterly report on Kind 10-Q. Our forward-looking statements communicate as of immediately, and we undertake no obligation to replace such statements.

And with that, I will now flip the decision over to Ryan.

Ryan Spencer — Chief Govt Officer

Thanks, Paul. Good afternoon, everybody, and thanks for taking the time to affix us to learn Dynavax’s outcomes for the second quarter of 2023. We’re happy to share the outcomes of one more spectacular quarter for Dynavax, together with excellent progress for HEPLISAV-B, our grownup hepatitis B vaccine, which delivered $56 million in quarterly web product income. These outcomes mirror our crew’s success in driving the enlargement of the grownup hepatitis B vaccine market and capturing market share.

Because of the sturdy HEPLISAV-B efficiency within the first half of 2023, together with the rising enthusiasm that we see out there, we’re considerably elevating our income expectations for the complete yr. We now anticipate HEPLISAV-B web product income to be within the vary of $200 million to $250 million, in comparison with the prior vary of $165 million to $185 million. Final yr, HEPLISAV-B income doubled in comparison with 2021. And with our elevated steerage vary, we now anticipate development of 58% to 70% this yr.

Based mostly on our distinctive industrial execution, we’ve strengthened our monetary place, with money and investments growing to $682 million at quarter-end. And we anticipate optimistic free money stream for 2023 in whole. This addition permits us to help our efforts to maximise the HEPLISAV-B alternative whereas making the suitable investments to advance our medical portfolio. We proceed to make progress in advancing our medical pipeline of three vaccine candidates for Tdap, shingles, and plague.

Rob will take — stroll via our achievements and expectations for our medical program in a couple of minutes. Moreover, we proceed to establish and assessment strategic alternatives to assist speed up our development and additional diversify our product portfolio and future industrial alternatives. We’re specializing in prioritizing exterior alternatives within the following two classes: first, industrial or late-stage property within the vaccine area to leverage our experience within the subject and our totally built-in capabilities; and second, excessive synergy industrial property throughout the infectious illness area that might broaden our focus to incorporate therapeutic modalities exterior of vaccines. We stay targeted on disciplined capital allocation technique and our efforts to generate vital worth and speed up development.

And we sit up for offering updates on this entrance sooner or later. I will now flip the decision over to Donn, so he can present extra particulars on the super HEPLISAV-B efficiency within the second quarter.

Donn Casale — Chief Business Officer

Thanks, Ryan. I am excited to share extra particulars about one other very sturdy quarterly efficiency for HEPLISAV-B and our continued progress in driving general market development, in addition to capturing market share inside what we imagine is the best-in-class hepatitis B vaccine. The hepatitis B market continues to develop within the U.S. following the ACIPs common advice for hepatitis B vaccination, which now represents a big and rising market alternative.

We imagine this advice will probably be a big catalyst for development and estimate the hepatitis B market alternative within the U.S. may develop to over $800 million by 2027. We proceed to see indicators of market enlargement with hepatitis B vaccine market development of roughly 40% yr over yr in Q2. HEPLISAV-B continues its optimistic development towards securing a majority market share throughout the increasing hepatitis B market.

We’re demonstrating beneficial properties in market share and estimate that HEPLISAV-B’s whole market share elevated to roughly 39% in comparison with roughly 32% on the finish of the second quarter final yr. As Ryan said, HEPLISAV-B’s efficiency within the second quarter exceeded expectations. Within the quarter, web product income for HEPLISAV-B grew 73% yr over yr. These quarterly outcomes have been as soon as once more pushed by HEPLISAV-B’s sturdy efficiency in two vital market segments, retail pharmacy, and built-in supply networks or IDN.

For IDN, on the finish of the second quarter, HEPLISAV-B’s market share elevated to roughly 53% in comparison with roughly 39% on the finish of the second quarter final yr. Within the IDN section, we’re seeing sturdy conversion from giant clients which have began to undertake the Common Suggestion, driving significant will increase of their hepatitis B vaccine purchases and vaccination in acceptable sufferers that exceeded 2019 pre-pandemic ranges. We’re working with these giant well being techniques and others to drive ongoing adoption of the Common Suggestion throughout the second half of the yr. Within the retail pharmacy section, we proceed to make super progress.

Through the quarter, HEPLISAV-B dose quantity elevated 78% yr over yr. We’re enthusiastic about this consequence as market development is the primary indicator that retail pharmacy clients are adopting the Common Suggestion. Driving market development and retail will probably be our main gross sales and advertising and marketing focus transferring ahead. Though our market share for the quarter remained constant at 45% yr over yr, on account of shopping for patterns of a number of high retail chains, we’re extraordinarily assured in our capacity to be the market chief inside this vital section.

We have now well-established sturdy collaborative relationships throughout the highest retail chain and have launched key headquarters-sponsored advertising and marketing initiatives and techniques throughout the section. Given this, we will probably be optimizing our gross sales drive to increase our promotional attain within the section to drive market enlargement. This expanded gross sales drive attain will name on headquarters, divisional, regional, and district leaders throughout the highest retail chain. Along with growing our gross sales drive attain, we’re additionally excited to see the complete influence of the collaborative advertising and marketing initiatives launched on the finish of the second quarter.

We anticipate these headquarters-sponsored initiatives, plus our expanded gross sales drive attain will allow continued sturdy market development and market management inside this necessary section. We’re focusing our efforts on the retail pharmacy and IDN section as we anticipate to see many of the anticipated market development from the ACIP Common Suggestion in these segments. Each segments have required institutional management, infrastructure, capabilities, and affected person quantity that may assist drive common uptake. We have mentioned these two segments will signify roughly 60% of the hepatitis B market by 2027 in comparison with roughly 44% in 2022.

We’re well-positioned to each segments with HEPLISAV-B now capturing roughly 50% of the market share in these segments mixed. In abstract, we had an impressive quarter, reaffirming our confidence that HEPLISAV-B turning into the market chief within the increasing hepatitis B vaccine market. We’re inspired by our progress and momentum in the important thing segments of retail pharmacy and IDN, each of which considerably contributed to the efficiency of HEPLISAV-B exceeding expectations for the second quarter. This quarter’s document HEPLISAV-B income outcomes displays the continued enlargement of the hepatitis B vaccine market and rising demand from physicians, pharmacists, and sufferers for our best-in-class hepatitis B vaccine, each made potential by our crew’s sturdy industrial execution.

I’ll now flip the decision over to Rob to take you thru our medical pipeline.

Rob Janssen — Chief Medical Officer

Thanks, Donn. Over the second quarter, we made necessary progress on our pipeline, and I am happy to supply our current developments and our plans for continued execution all through 2023. I will begin with our shingles vaccine program in Z-1018. In June, we offered outcomes from the Section 1 randomized, active-controlled, adjuvant dose escalation trial to judge the protection, tolerability, and immunogenicity of 1018, on the 2023 Annual Convention on Vaccinology Analysis.

On this research, we demonstrated that Z-1018 crew confirmed favorable tolerability with out noticed security considerations in wholesome adults aged 50 to 69 years. All Z-1018 teams demonstrated excessive antibody and CD4+ T cell responses. These outcomes reveal the chance to develop a shingles vaccine with improved tolerability and comparable efficacy, and so they help the continued growth of Z-1018. Within the second half of 2023, we plan to evaluate the regulatory pathway with the FDA to help the initiation of a Section 1/2 trial in early 2024.

Now, let’s flip to our Tdap-1018 program. It is an investigational vaccine candidate supposed for lively booster immunization towards tetanus diphtheria, and pertussis, or Tdap. We’re targeted on enhancing the sturdiness and safety towards pertussis by leveraging our CpG-1018 adjuvant within the novel Tdap booster vaccine. We not too long ago accomplished a pertussis problem research within the nonhuman primate mannequin, which demonstrated safety from illness and sturdy Th1 responses.

We additionally not too long ago obtained Kind B Pre-IND assembly suggestions from the FDA on the Tdap-1018 medical growth and regulatory pathways. Collectively, outcomes from our Section 1 research and our human primate research, non-human primate research, in addition to suggestions from FDA help continuing to a human problem then. We anticipate to submit an investigational new drug software to FDA within the fourth quarter of 2023. To help the initiation of the human problem research.

Shifting on to the plan program. We’re conducting a Section 2 trial evaluating the immunogenicity security and tolerability of a two-dose vaccine candidate that’s activated with CpG-1018. It is a collaboration with and funded by the U.S. Division of Protection.

This CpG 1018 adjuvant efficient entities mechanism of motion has the potential to hurry up time for defense with fewer doses in comparison with the three-dose alum adjuvanted vaccine below growth by the Division of Protection. Earlier this yr, we accomplished enrollment in Half 2 of the Section 2 program with top-line knowledge anticipated in 2024. In July, Dynavax, from the Division of Protection executed a contract modification to help development right into a nonhuman primate problem research, with the settlement now totaling $33.7 million via 2025. We sit up for persevering with to make progress throughout these packages throughout the remainder of this yr.

As well as, we’re excited to announce institution of our Scientific Advisory Board comprised of famend leaders in vaccine analysis and growth and infectious ailments. We sit up for working with this advisory board in advancing our pipeline, in addition to supporting the analysis, inside and exterior alternatives. I will now flip the decision over to Kelly to assessment our monetary outcomes.

Kelly MacDonald — Chief Monetary Officer

Thanks, Rob. I am thrilled to report on one other sturdy quarter. I will assessment the important thing monetary outcomes for the second quarter after which assessment our up to date steerage for the complete yr. Please notice that every one monetary comparisons are versus the prior-year interval except in any other case famous.

Please additionally seek advice from our press launch and Kind 10-Q for the detailed monetary data. Beginning with income. Complete revenues for the second quarter of 2023 have been $60 million, pushed by HEPLISAV-B web product income of $56 million, in comparison with the second quarter of final yr, HEPLISAV-B web product income grew by 73%. We’re excited in regards to the uptake trajectory for HEPLISAV-B together with our continued development in key market segments and are due to this fact elevating our HEPLISAV-B web product income steerage for the complete yr to $200 million to $216 million, in comparison with the prior steerage at $165 million to $185 million.

This represents an nearly 20% enhance on the midpoint, reflecting our confidence within the continued product development this yr. We’re additionally happy with the continued development within the margin profile for HEPLISAV-B for gross margins of roughly 76% in Q2 in comparison with about 69% final yr. And we proceed to anticipate gross margins to common within the mid-70s for the complete yr. Different income was $4 million for the second quarter representing income associated to the plague vaccine program in collaboration with and totally funded by the U.S.

Division of Protection. Now, turning to our analysis and growth bills for the quarter. These elevated to $30 million, in comparison with $10 million for the prior durations. The rise was pushed by continued development in our medical pipeline packages.

Promoting, basic and administrative bills for the quarter have been $37 million in comparison with $36 million for the prior interval. The rise was primarily pushed by larger personnel-related prices and an general enhance in focused advertising and marketing efforts to drive HEPLISAV-B market share and drive market enlargement in key segments that we imagine will disproportionately profit helplessly upbeat. Now, turning to web earnings. We document — we recorded GAAP web earnings of $3 million or $0.03 per share fundamental and diluted in Q2, in comparison with GAAP web earnings of $129 million or $1.02 per share foundation at $0.87 per share diluted for the prior-year interval.

Shifting to the stability sheet, we ended the second quarter with money, money equivalents, and marketable securities of roughly $682 million, a rise in comparison with our year-end stability with $624 million. Based mostly on our present working plan, we proceed to anticipate to complete 2023 with a optimistic free money stream for the yr. Moreover, we proceed to imagine this stage of capital is ample to help our core enterprise, enabling us to drive sustainable development in HEPLISAV-B to seize a majority market share and convey our R&D portfolio of vaccine candidates for while not having to return to the capital markets. We’re additionally happy to replace our full yr 2023 monetary steerage expectations.

As talked about, we’re elevating our HEPLISAV-B web merchandise income expectations to be between $200 million and $215 million. We’re sustaining our working expense steerage of R&D bills between $55 million and $70 million, in addition to SG&A bills between $135 million and $155 million. We do anticipate to come back in on the decrease finish of our R&D expense vary because of the timing of Tdap program, medical trials, start-up actions happening later this yr and into early 2024. In closing, we’re happy with one other profitable quarter marked by continued HEPLISAV-B outperformance, additional strengthening of our monetary place and pipeline progress.

We additionally proceed to be extraordinarily considerate in how we allocate our capital to speed up development and construct past our present base enterprise. Our sturdy capital place and industrial execution has offered us with strategic flexibility to establish and pursue exterior alternatives to enrich our natural development as we try to ship long-term worth to our shareholders. We’re enthusiastic about our progress to this point, and we sit up for persevering with to ship on our targets for 2023.

Donn Casale — Chief Business Officer

Thanks, everybody, in your consideration immediately. Operator, we might now prefer to open the Q&A portion of immediately’s name.

Questions & Solutions:

Operator

Thanks. [Operator instructions] Please stand by as we compile the Q&A roster. One second for our first query. Our first query comes from the road of Matthew Phipps with William Blair.

Your line is now open.

Matthew Phipps — William Blair and Firm — Analyst

Good afternoon. Simply actually, congrats on an amazing quarter for you guys. Nice to see. I assume first for Donn, given what you — among the commentary you had round type of retail development.

And simply the place your market share is? Is the general market increasing, as you anticipated? Or is it perhaps even a bit of bit quicker than you anticipated to get to that $800 million? I assume I’d have began be a bit of bit slower on this first yr selecting up a bit of bit later. This is the place you suppose you’re in that type of trajectory to get to $800 million.

Ryan Spencer — Chief Govt Officer

Hey, Matt. Thanks for the query. Relating to market development, as I discussed on the feedback, the market development is so vital, clearly in retail and IDN. However particularly, to reply your query, market development is definitely accelerating extra so than we forecasted.

We’re actually happy to see the uptake with the advice in each segments, each retail and IDN. And so, that is one thing that we’re actually enthusiastic about in these segments.

Matthew Phipps — William Blair and Firm — Analyst

Nice. Thanks. And curious on the Tdap nonhuman problem research. Did that research embrace a management arm similar to Boostrix?

Ryan Spencer — Chief Govt Officer

It did.

Matthew Phipps — William Blair and Firm — Analyst

Did you touch upon any of that? Or will you do plan to current that at some assembly arising?

Kelly MacDonald — Chief Monetary Officer

We haven’t any plans to current that nonhuman primate knowledge and assembly by itself. However basically, we noticed sturdy T cell responses which might be adjuvant comparatively strict — in comparison with management arm 7. So, we have been happy with the outcomes in comparison with the comparator. Sure.

After which simply to place a finer level on Donn’s query earlier than Matt, simply so that you’re clear. As you talked about, it accelerated quicker than we projected. We have not, at this level, modified the general time on our long-term steerage across the peak. So, we will have to look at that and see how that type of continues to evolve over time to see if it is accelerated.

The form of the curve simply received a bit of steep on the entrance finish.

Matthew Phipps — William Blair and Firm — Analyst

Yep, understood. Thanks all, and congrats once more.

Ryan Spencer — Chief Govt Officer

Thanks a lot.

Operator

Thanks. One second for our subsequent query, please. Our subsequent query comes from the road of Ernesto Rodriguez-Dumont with Cowen. Your line is now open.

Ernesto Rodriguez-Dumont — Cowen and Firm — Analyst

Hello, and congratulations on an amazing quarter. Thanks for taking my query. So, one query on HEPLISAV. You may have guided beforehand for gross margins within the low 70s.

Now, you reported margins on the excessive 70s. Is that one thing that we should always take into account wanting ahead? Possibly enchancment within the — in estimates and gross margins? Or is that one thing extra short-term?

Ryan Spencer — Chief Govt Officer

Kelly, take that one.

Kelly MacDonald — Chief Monetary Officer

For positive. Hello, Ernie. Thanks for the query. As you realize, and as you have seen kind of within the lumpiness over the past couple of years in COGs, we have made fairly significant investments in our manufacturing facility over in Germany.

So, we’re actually excited to see among the yield enchancment translating to enhance margins, particularly on this quarter. To reply your query straight, we might anticipate margins on this stage that continued right here on with mid 78% margin for the yr on common.

Ernesto Rodriguez-Dumont — Cowen and Firm — Analyst

Received it. Thanks. That is useful. And if I could on the shingles vaccine on the presentation, any suggestions that you just received from by way of deposition computations? And specifically, you — have you ever disclosed additionally the Grade 3 or Grade 4 AES that have been offered, specifically, the one which led to discontinuation of remedy?

Ryan Spencer — Chief Govt Officer

Rob, do you wish to reply that one?

Rob Janssen — Chief Medical Officer

Sure, we did. The Grade 3 and 4 have been related between the 2 teams. And those that lead there was one which led to discontinuation within the lowest detainee teen group, but it surely wasn’t associated to vaccine. It was — sorry, it was regarded as associated to vaccine from a 3rd celebration by the investigator, by the sponsor we might not take into account to be associated.

Ernesto Rodriguez-Dumont — Cowen and Firm — Analyst

Received it. OK. Thanks. Admire it.

Congrats once more.

Ryan Spencer — Chief Govt Officer

Thanks.

Operator

Thanks. One second for our subsequent query, please. Our subsequent query comes from the road of Roy Buchanan with JMP Securities. Your line is now open.

Roy Buchanan — JMP Securities — Analyst

Hello. Thanks for taking the query. Nice quarter. First one, I assume on the plague, the brand new grant, simply how a lot was left within the unique a part of the grant.

Do you’ve got entry to that whole quantity? After which how far does the brand new whole get you? I feel the TR says, beginning the nonhuman primate problem trial. However looks as if it most likely provides you fairly a bit past that. After which I assume, are you able to simply assist us perceive what is the loss within the nonhuman primate problem trial are — so far as getting you to an approval?

Ryan Spencer — Chief Govt Officer

Roy, thanks. If you happen to recall, the unique contract is about $22 million, that we’ll have full entry to that contract. That was to deal with the completion of the Section 2 trial. So, there’s quite a lot of amendments that expanded the contract by about $11 million in whole, with the most important piece being non-human primate research, which is, I feel, to get to an actual the crux, the actual query is how far does that get us that is one part of a longer-term pathway to help eventual approval that might leverage non-human primate problem research.

And so, that is step one in that course of, which is roofed by this explicit contract enlargement.

Roy Buchanan — JMP Securities — Analyst

OK, nice. Then it is a fast one on shingles. I do know you guys nonetheless want to speak to the FDA and doubtless may have extra to say after that, however I assume I am simply curious, your ideas round if it’s important to go ex-U.S. for the following trial.

Is that leverageable for a U.S. approval? Or is it base case assumption that you just may need to forego U.S. market? And if the latter is the case? Does it take advantage of sense to license that candidate out?

Ryan Spencer — Chief Govt Officer

Now, our present technique is certainly to incorporate the U.S. market. So, as you indicated, we’ll need to nonetheless speak to the company about our alternatives for a pathway within the U.S. However something any kind of technique that took us to the ex-U.S.

markets for efficacy could be a part of a plan to make the most of that knowledge to help U.S. licensure.

Roy Buchanan — JMP Securities — Analyst

OK. Thanks.

Operator

Thanks. One second for our subsequent query, please. Our subsequent query comes from the road of Jon Miller with Evercore ISI. Your line is now open.

Jonathan Miller — Evercore ISI — Analyst

Hey, guys, thanks a lot for taking my query. I assume I will be a part of everyone else in congratulating you on an amazing quarter. As the brand new analyst overlaying the story, I can solely assume each quarter will probably be as thrilling as this one. 

Ryan Spencer — Chief Govt Officer

Thanks, Jon. Admire that.

Jonathan Miller — Evercore ISI — Analyst

That is my query. No, perhaps only one or two from me. If you say you are optimizing your industrial efforts for retail IDN segments because the quickest rising segments can perhaps give me a bit of extra coloration on what levers can be found to their entrance versus different segments and perhaps what the most important drivers of shared development there will probably be and given the speedy development you have seen because the ASAP rack. Are you seeing any indicators which have pushed again from pairs, worth sensitivity, or something like that within the retail section that could be influencing additional development there?

Ryan Spencer — Chief Govt Officer

Why do not we break this up? I will take the second query rapidly after which let Donn present some extra perception across the optimization inside retail. However basically, that is actually necessary because it pertains to the vaccine enterprise. There’s little or no payer involvement or engagement, the vaccine enterprise, it is usually good drugs and seen as being, it is welcomed by pairs sometimes. So, we’ve not seen any pushback as pertains to the advice from a payer or pricing perspective.

And I do not — we do not anticipate that might have any influence on the power for the market to develop, that actually comes right down to doctor suggestions and affected person acceptance. However because it pertains to the operational modifications throughout the subject crew and the advertising and marketing — sorry, the retail section, I will flip it over to Donn.

Donn Casale — Chief Business Officer

Yeah. Hey, Jon. So, yeah, concerning the optimizing of gross sales drive, optimization to gross sales drive, primarily because it relates particularly to retail, as I discussed, on the decision, the targets will probably be round not solely headquarters, which is the place we have been fairly a bit for, for fairly a while, establishing relationships that enables us to deploy advertising and marketing initiatives, but in addition participating on the regional the divisional and the district ranges of those retail chains, which is so vital to tug via initiatives and training, no matter it could be to extend identification and advice of hepatitis B vaccine. So, the entire level there may be to essentially interact the retailer at these completely different ranges.

And that is a part of this course of, making certain we’ve the proper gross sales drive assault to permit us to drive ahead suggestions all through the highest change. On the identical time, throughout the hospital section, IDN section, we have gone to a extra vertical construction permits account executives to personal the choice makers on the high in addition to pull via on the clinic stage to drive the advice. So, we really feel actually good about the place we’re at. And a number of it is primarily based upon a number of the learnings we have been in a position to collect over the past a number of years in launching FSFE.

Jonathan Miller — Evercore ISI — Analyst

Nice. That is sensible. Possibly on the Tdap program, do you’ve got any extra coloration on that problem research that you just’re planning on beginning by the tip of the yr? How large it may be and the way that may help additional growth of that program.

Ryan Spencer — Chief Govt Officer

We have not commented on precise dimension simply but. However so far as the — the way it matches into the entire image, clearly, demonstrating that the product will be protecting in people is vital. And it will enable us to then have immunogenicity endpoint that we are able to use to bridge again to in bigger research. So, that is an preliminary problem research.

It is probably and anticipated that we must do bigger problem research. Along with this, this one as a part of a longer-term growth plan, it is necessary to additionally acknowledge this can be a new research design that hasn’t actually been completed earlier than with a vaccine pertussis. So, we’re working with an investigator now to assist help his growth of a problem mannequin the place we are able to use a vaccine and permits illness to progress to establish and take a look at efficacy in people. And so, this pilot research is necessary on quite a lot of fronts, one for our product, and likewise to determine the mannequin.

Jonathan Miller — Evercore ISI — Analyst

Is smart. Thanks a lot.

Ryan Spencer — Chief Govt Officer

Positively. Thanks for the query.

Operator

Thanks. And we’ve no additional questions right now. I wish to hand the convention again over to Mr. Ryan Spencer, chief govt officer, for closing remarks.

Chances are you’ll start.

Ryan Spencer — Chief Govt Officer

Thanks, operator, and thanks all for becoming a member of us immediately. We recognize your curiosity in Dynavax. We’re very enthusiastic about our continued progress and the energy of our place, which we imagine permits us to deal with executing our long-term aims to drive worth via development of significant merchandise to assist shield the world from infectious ailments. We sit up for updating you on our progress.

Operator, chances are you’ll finish the decision.

Operator

[Operator signoff]

Period: 0 minutes

Name members:

Paul Cox — Vice President, Investor Relations and Company Communications

Ryan Spencer — Chief Govt Officer

Donn Casale — Chief Business Officer

Rob Janssen — Chief Medical Officer

Kelly MacDonald — Chief Monetary Officer

Matthew Phipps — William Blair and Firm — Analyst

Ernesto Rodriguez-Dumont — Cowen and Firm — Analyst

Roy Buchanan — JMP Securities — Analyst

Jonathan Miller — Evercore ISI — Analyst

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