Dynavax is a commercial-stage biopharmaceutical company whose business is almost entirely built around a single product: HEPLISAV-B, a hepatitis B vaccine approved for adults in the U.S., EU, and UK. HEPLISAV-B's core selling point is its two-dose regimen completed in one month, versus the three-dose, six-month schedule required by competing vaccines from GSK and Merck. Dynavax sells HEPLISAV-B through a direct U.S. sales force targeting retail pharmacies, integrated delivery networks, hospitals, dialysis centers, and government programs. The business model is straightforward: Dynavax sells doses to healthcare providers and pharmacies at a per-dose price, with revenue driven by overall hepatitis B vaccine market growth and HEPLISAV-B's share of that market. Two 2025 developments are expected to expand HEPLISAV-B's reach: Medicare Part B reimbursement at retail pharmacies (previously unavailable) and inclusion of adult hepatitis B vaccination in HEDIS quality metrics, which incentivizes series completion and favors HEPLISAV-B's shorter regimen. Beyond HEPLISAV-B, Dynavax is advancing a pipeline leveraging its CpG 1018 adjuvant technology. The most notable program is Z-1018, a shingles vaccine in Phase 1/2 trials targeting a market currently dominated by GSK's Shingrix, where Dynavax is positioning on tolerability rather than efficacy differentiation. Dynavax also has a fully funded DoD plague vaccine program. The company holds a sizable cash position and is actively returning capital through a $200M share repurchase program.