Dynavax Technologies (DVAX) 2 May 232023 Q1 Earnings call transcript

Good day ladies and gentlemen. And welcome to Dynavax Technologies' First Quarter 2023 Financial Results Conference Call.

As a reminder, this conference is being recorded. At the end of the company's prepared remarks, we will open the call for questions and provide specific participation instructions at that time.

I would now like to turn the call over to Paul Cox, Vice President of Investor Relations and Corporate Communications.

begin. may You

Good quarter Norma. call. welcome the to Thanks financial afternoon results first XXXX conference and Dynavax's you, and corporate update

In call release presentation addition website. Events press a our to slide supplementary section issued of that available is today, today's in the accompanies our

related of statements beliefs, sizes, begin, we guidance trial capitalization, and our and including on and ACIP market involve trends limited and of including potential revenue, market forward-looking but segmentation, may related data CpG you on future our results and share actual will be for that not may profitability, rates for Before clinical statements based materially. insufficiency XXXX we of demand and future current market recommendation These uses current expected or financial advise each risks making I and today results uncertainties readouts growth expectations differ and potential and to, starts our impacts adjuvant.

in and including today's on today's XX-Q. These filings, risks Form press quarterly SEC the are detailed risk section our release summarized report of factors in

speak of looking statements no statements. as update forward today, undertake and obligation Our to we such

me Ryan Executive Donn Janssen, Spencer, Chief today call Officer; Chief Rob on and Chief Commercial Chief Officer; Kelly Officer, the Casale, Medical MacDonald, Joining Officer. are Financial

Ryan. turn I'll call to now over the

execute on And core Thank our you in We're continued our today. as across update you, thank to progress we Paul. first you all us for strategic excited joining the priorities. quarter

Revenue market HEPLISAV-B the market achieve both record long-term total drive vaccine and and we're to first hepatitis net market the for to are key gains, commercial segments product B. quarter, the First our product HEPLISAV-B on focused expected for share once our and adult foremost, in growth. we're in growth for that driving pleased share continued again quarterly In

The tremendous expectations. even this exceeded quarter own our results

to market expanded Hepatitis demonstrating ACIP vaccination, and HEPLISAV-B part recommendation adoption forward by We to year. look B market growth and continued of share in adult for are this encouraged continued the revenue by the

we anticipate HEPLISAV-B the Last year, XX%. revenue for growth revenue range doubled in in to annual HEPLISAV-B continued XX nearly of XXXX. And to compared XXXX

revenue of a QX for review in XXX% revenue on year, HEPLISAV-B. last achieve year or a fourth track already compared more increasing Our to record commercial few QX Donn of in we detail minutes. to progress are

both and further We identify Rob leverage continue this internally for on as candidates new continue progress executional opportunities to in to in adjuvants on build our collaborations. strong expected three made for advancement plague and pipeline, to progress through will detail XXXX walk our CpG through to year foundation call. shingles in preclinical our of clinical the efforts, and vaccine we our the stage programs our XXXX later in clinical Tdap,

us position enables to advance clinical on a Based our we opportunity the in the to stage are strong financial that maximize execution, support investments HEPLISAV-B to our portfolio. making efforts while our appropriate

we accelerate the In backed addition, opportunities our HEPLISAV-B position, and by identify growth. strategic and review our actively cash are working strong to growth to continued

assets significant late-stage strategy opportunities we forward modalities on therapeutic allocation infectious focus providing outside the And efforts space look growth. assets and broaden prioritization capital field disciplined our following space expertise We front this the the the commercial in in future. our two value to to would disease high integrated and include updates in focused that fully or initial within our categories, of external our to on the generate commercial vaccines. leverage capability remain Our synergy includes vaccine a accelerate in of and to

first HEPLISAV-B quarter. details more performance the turn Donn I'll to over on in call now tremendous the provide to the

for the continued to performance HEPLISAV-B our progress first for market strong quarter, Thank very in the share the brand. you, share details and Ryan. excited more I'm in about capturing

is B HEPLISAV-B more a recommendation, with completion Hepatitis easier one three of high FDA era of can two only Series first dose the doses In patients two dose and only a universal completion HEPLISAV-B completion make of an is adult regimen. in for As B faster series month. that hepatitis reminder, series allows essential approved and than levels vaccine protection. protect

the XXX% Ryan by growth exceeded HEPLISAV-B first savvy product was the driven the significant As HEPLISAV-B stated, performance our revenue several In for in expectations. in quarter This net U.S. revenue group quarter factors. year-over-year.

Universal Hepatitis the U.S. all First, recommended B that Hepatitis for ACIP's to U.S. continues vaccinated. of be to vaccination. XX the market aged expands adults significantly the ACIP receive the vaccination Recommendation B in number Hepatitis following B in are recommendation to adults grow the The XX who

the Hepatitis vaccination has in B now vaccination to pneumococcal is shingles flu. addressable represents and than opportunity. a U.S., for adult and highest growing large population and This second more market the only second

grow significant to a for hepatitis the could be continue We this will believe to B XXXX. million $XXX estimate in over catalyst recommendation by U.S. growth market opportunity and the

quarter of hepatitis first vaccine market Recommendation. approximately observed During expansion routine operations, the a due XX% the healthcare market growth plus a Universal return ACIP as growth market significant This of to we year-over-year. to B was result

market. factor market second is a the continued securing performance underlying positive towards majority share within HEPLISAV-B's expanding Hepatitis the The trend B

share. last market the to market estimate QX growth last first XX% of end XX% and XX% continue total increased qX demonstrated at and that The and HEPLISAV-B the XX% sequential of to demonstrate share approximately share share approximately had XX% compared in market HEPLISAV-B's market from where of XXXX. also in year, year QX quarter gains only We to quarter-over-quarter a share

towards by share XXXX. market encouraged continue by trend this of positive We very majority to capturing a be

strong factor growth and pharmacy, segments; delivery is or in networks driving IDNs. two retail performance integrated for third critical HEPLISAV-B The market

QX the HEPLISAV-B's first At retail segment, increased to the For of XX%. approximately year. market of approximately XX% in share the quarter end last compared to

B With We several chains chains volumes. in the their hepatitis higher large in pharmacy making XX vaccine. and the have made reordering by top U.S., increases progress national HEPLISAV-B with at tremendous retail preferred adult purchases initial characterized

initiated ACIP marketing of the chains, HEPLISAV-B with the collaborative four initiatives continued retail the opportunity. we and around demonstrating universal three excitement national Additionally, quarter, during top the

market strong end the exceed from in first the Similar share we to are adopted that to of B Recommendation, large customers the to HEPLISAV-B's in increases XX%, purchases quarter, segment, compared of XX% the continued at hepatitis to approximately year. conversion last see to their meaningful have IDN end retail IDN, ACIP For levels. quarter that Universal continue the the XXXX at first approximately pre-pandemic increased driving

will of patient drive volumes the universal required uptake. the can Both retail capabilities most the believe and the segments Universal control infrastructure IDN that and ACIP have them We Recommendation. see segments from market growth do anticipated institutional

will XXXX two of We compared segments XX% proxy XXXX. B expect XX% Hepatitis these approximately the represent market to by in

up now HEPLISAV-B across We positioned in are these market segments. share both approximately the segments of XX% well two with making

have understanding We ACIP deep of us that long-term has levers approach segments. with operational IDN Recommendation for established strategy our relationships only market shift expansion focus Universal progress drive market buying a our share to a retail and key in supported process in can exciting the and uptake. with decision makers, the vaccine along on help This increasing

HEPLISAV-B, our of our key segments which are continued we the of exceeding in progress retail both momentum expectations first the in performance summary, IDN, the of significantly and by very contributed quarter. to and In encouraged

rebound disruptions utilization, XX% forecast XX% the most to XXXX, driven further pandemic-related in showing and exceed we a XXXX across market, complete only its growth market In will retail from share And total we will Recommendation. market addition Hepatitis XXXX continue notably the opportunity being continued from but not increase by the grow segments, all B expect Universal levels, of in to IDN. ACIP HEPLISAV-B and growth, market to

team's we a continue be HEPLISAV-B. market I strive our to capture this and commercial majority share proud to very for as strong in we of confident execution continue momentum to ability our remain

I will call the our now pipeline. Rob you over to to clinical turn take through

diversified an vaccine proven We're adjuvant Thank CpG leveraging focused pipeline XXXX advancing antigens. you, with on our Donn. and innovative

goal novel to vaccine Our portfolio best-in-class of products. is build

Next, currently efforts and in adjuvant leading We're programs three multiple clinical innovative also plague. exploring we're and advancing preclinical Tdap, vaccines, collaborators. discovery with for shingles,

CpG enhancing a adjuvant vaccine. and program. the Starting pertussis antibody protection tetanus, to T-cells in or believe of protective the Tdap has booster potential improve our against by redirecting XXXX with diphtheria and durability responses our We pertussis

Phase data and mid-XXXX. We're the well impact of plan vaccine designed are as pertussis anticipated on This year, colonization, the without progress observed that a make nasal tolerated an T-cell that and advancement adult XXXX. program. completing prevention Tdap Tdap Last primate non-human Challenge Adjuvant adolescent Adult improved utilizes CpG our was vaccine a concerns. support from X evaluating this expectations safety study were year, results well important in clinical of was candidate with trials assess candidate. completed disease safety as Data demonstrated to and we our study we immunogenicity vaccine the with consistent continued responses. to the

the and FDA plan regulatory the to discuss also this with year. We clinical pathways

our provide study We the including expect an on interaction. planned to program, update human this steps Challenge following next that for

also generate Zoster controlling mechanism key both to We of T-cells, XXXX the shingles. levels to improved its demonstrated good action program. advance antibodies is of CpG in CDX adjuvant and the vaccine high Shingles are tolerability ability and continue for shingles We virus our due ideal reactivation an believe which in its vaccine positive to of preventing

the accepted The results vaccine, have our XXXX Conference Annual reported our oral or Phase regimens of on clinical utilizing Research top-line shingles presentation Phase designed trial In different an January, for June results from ACVR at adjuvant. investigational XXXX X. evaluate been to we X Vaccinology CpG on X

forward in With the this on year. we path hand, with discussing plan regulatory FDA these data the

of X/X study study manufacturing levels various the adjuvant. So of plus over we of GMP to dose course the to of XXXX. Phase initiation expect in a CpG XXXX complete antigen will GE evaluate early support GE year, This

of The CpG the adjuvant the development of and action protection Moving is by Phase to trial two has vaccine a vaccine tolerability collaboration CpG dose to adjuvant XXXX U.S. under on We're funded conducting the three fewer to the and or with immunogenicity X plague time mechanism compared with potential the up with dose rFXV safety plague doses Department candidates a candidate program. by evaluating vaccine DoD. a of speed XXXX. Defense the to DoD. This

increase successfully pleased completed of LM the the two to program. we In in part doses. today we're adjuvant X two arms The Both than and XXXX. the in announce met adjuvanted anticipated that continuing over of data primary control Top-line recently twofold January, one are clinical Phase part CpG after Part enrollment And DoD part one antibodies X. in trial. by the we a completed to arm endpoint greater approved demonstrating XXXX,

candidates to needs. of important XXXX and a our improved to significant new strategy the core profile leverage address develop provide advancement medical confident We're vaccine unmet The proven our in clinical opportunities priority. candidates that of is CpG to

the turn to now over Kelly call I'll to results. financial our review

review I'll execution. the to few Please financial guidance I'm to key noted. all otherwise unless from period Thank pleased our closing and the review provide also quarter another XXXX information. Rob. of note release financial for press thoughts. then a on our quarter and year full you, first are that Form prior financial detailed comparisons report results strong versus the XX-Q Please and year refer financial

Starting last year revenue HEPLISAV-B XXXX with first $XX net Compared revenue, total of driven revenues by for increase first million million. or net $XX revenue product of an of of to HEPLISAV-B the represented the XXX%. products quarter quarter

also projects revenue We onetime the exceed in which charges margin certain the year, is quarter. year. are expected of trend the continued the margins related about gross We're Germany at full to the our with manufacturing brand, for of with profile facility continued first higher the HEPLISAV-B expectations the XX% tracking the growth excited in despite end improvement at for pleased to for

related by was funded revenue with representing for Other first the of $X the collaboration and the to vaccine quarter, Defense. revenue in fully program U.S. plague Department million

and with be We pleased continue this program progress to the of the DoD. with the collaboration

to adjuvant COVID XXXX Turning XX for CpG vaccine. supply

related quarter. As expected, any not COVID-XX did we record revenue this

we indicated, to Dynavax little stockpile fulfill have believe near as adjuvant adjuvant for XXXX. term sufficient previously customers in to their have minimal translating zero demand, our we related as sales As to COVID-XX

any we for will beyond. and endemic agreements of year, XXXX vaccines clarity gain updates for around around future our As and we commercial supply potential provide as the customers, COVID-XX the throughout progress we demand

We outstanding continue our COVID-XX amounts adjuvant to customers. supply CpG collect from XXXX

E, the vaccine form COVID-XX As the in the Government to XXXX CEPI including India. adjuvant fully its Biological early supplied loan who developed to a partners, has a provided Dynavax to reminder, pandemic and in CEPI supply support COBREVAX of of forgivable to funding CpG

And the was remaining corresponding resolution expense reduced Biological we COBREVAX E as agreements the During the collections million to $X its bad resolve in entered with the uncollectible to fully for the India year. as Government quarter, first credit into later cash of amounts. Biological in advance amounts which in of and $XX quarter, collect Biological CEPI only to This profile approximately for and and have Accordingly, April COBREVAX negatively CEPI been due impacted delayed. reflecting we forgive first from XXXX, today during debt from E significantly E, the outstanding payments. resulted this million we've expect from

Overall, a CpG five response of environment very we the partnerships. we've in for proud supply to continue the XXXX adjuvant to role and way pandemic, our such across X COVID-XX billion the global be dynamic doses commercial and delivering complex navigated nearly all vaccine of our meaningful

as expenses mentioned. our administrative the $XX in driven period. prior development fees quarter, expenses Rob million continued the turning in and Now million, for compared programs general This to increased research quarter was by in increased $XX million, clinical increase $XX million the first and to compared Selling to $XX prior for advancement pipeline to our the period. to

was an that marketing increase related share HEPLISAV-B personnel costs, believe increase will HEPLISAV-B. The and we benefit and in driven overall market to disproportionately expansion efforts by higher drive primarily key drive segments and market targeted

per recorded loss, per basic income prior or Now net or $X.XX of million diluted This QX. is and $X.XX $X.XX diluted we compared to share in per loss basic GAAP net million, the share share turning to GAAP net $XX for year period. and of $XX

Based an first year. current of sheet. positive to on finish free ended Turning equivalents compared securities million. cash operating We expect to with year-end $XXX approximately of our with the the cash plans, to balance marketable cash and balance flow $XXX our we for the quarter XXXX million increase

candidates us We in growth share sufficient our markets. bring capital to of drive the enabling vaccine continue portfolio return R&D to capital to core level to believe needing that a sustainable this without majority is HEPLISAV-B of to business, support capture and our forward to market

revenue reaffirm also million $XXX be between of million; following expenses $XXX expectations: are HEPLISAV-B our million to general development $XXX between We product pleased and includes expenses $XX million year to the $XXX XXXX $XX administrative million. million financial to net selling and full to guidance, which be to between to research and

priorities on core across continue we organization. execute closing, In entire to our the

financial We are as focused performance, capital how in on and extremely as allocate well we strong accelerate operational our being to thoughtful growth.

our our to identify has pursue shareholders. to strive Our provided us long-term strategic with to and organic we strong deliver external position execution capital opportunities commercial to and flexibility complement growth as value

goals We to to about progress are XXXX. to excited date. we And our look forward continuing deliver for on our

would the you today. call. Thank we like of to portion attention everyone for open Q&A Operator, your today's now

Thank you. William of with the Matthew question [Operator from Phipps Instructions] Our line comes first Blair.

is now line open. Your

to hepatitis for launch I might GSK Good due noted if you HEPLISAV. that continued in any and their questions in afternoon. all. sales vaccine on Thanks of an apply great of And my growth congrats CDC. increase in taking quarter to purchasing the patterns and wondered

and seeing on focus grow brand. Donn, the IDN the to that retail a way on to then grow I the And like as

to and the into brands those the market a share spill over rest will some get that you markets? marketer picked of up grow of continue If as in

Sure.

Okay.

go away. No ahead, take Don't Donn.

your CDC sector. So, first That in wasn't revenue HEPLISAV-B We purchasing. Matt, saw impacted on typical really a something regarding our public that CDC perspective. from the purchasing question

that for of really QX was note So for HEPLISAV-B. wasn't that nothing

are it an across we segments quite where we other resource. market will to seeing as in as promotional seeing impact segments much well. certainly believe we in do Regarding put We're and of take other it segments. momentum market don't various have frankly as the some continue other retail that And share, these impact to kind IDN, spillover of as relates that impact, we

don't one commercial be other of maybe last just or any something synergy guess there's and markets around as can I that assets kind vaccines. things. are give Donn. the could that on size question I I not still thanks, thoughts the if well? therapeutic be Would Great, prophylactic it know of the other And

platform I the to going capabilities And disease. prophylactic. that the infectious have little feel to aperture a necessarily we we corporate valuable can is that be Not that we within a leverage transactions our mean, our recognizing access can business prophylactic still to interventions, Matt. perspective. beyond Thanks, from bit point leverage broaden capability want

is the products. commercial So higher accretive are focus on that synergies deals

for thanks questions. the Great,

Matt. Thanks,

One our you. moment for Thank question. next

Schimmer from question next ISI. comes line Our the Evercore of with Joshua

is open. line now Your

Great. that from you for have Thanks taking the guidance given questions for congrats the the on I uncertainties how your of raising and was are the strong strongly guess it quarter. what ahead year? expectations, kept and

to growth up Thanks, Josh. did midpoint recognize to of see higher to We in Well, we're the be the good quarter, market. first really tracking the and QX just the expect we really range. around year. the sort just to it's another We'd like trends so of really the able the we find But guidance. quarter market in change too before to have growth any or end early be to in

it? expecting you including year of some the of impact the in of are the overall forces seasonality considering terms Got the ACIP of And what kind various course over the market of the recommendations?

But traditional into know growth comment we could seasonality the typical Yeah, seasonality. there's on ACIP you the how want that play we Donn, to see.

for RC hepatitis tremendous year holiday when vaccine Yeah, HEPLISAV-B a [ph] To see the the And retail vaccination, we're certainly thing But point, XX segment. XX we that continue seen plus. and is and there's that patients. is seasonality old we'll particular and years the RC going the think is certainly going radar on in and Josh. given being we've on The be retail in launch focus to XX Ryan's of our to past said, season. about one monitor B QX, the to to

that certainly QX seen [ph]. see we we'll particularly in typical But that. monitor to continue past, the to XX in seasonality have would the we'll that So

to impact I relates se. don't As to going per that's seasonality it know ACIP, if

a as continue be going to I before, IDN. in both think for is continued ACIP we've catalyst to and said retail growth, in

line question, that? that? drove by quarter. last Then drove asset about the What [Indiscernible] in million What increased $XX

take I that. can

So that's reclassification and the CEPI arrangement non-current. a Clover simply of current from associated amounts to with

Thanks very much.

moment And with Madhu Kumar question One next Goldman question. from of the comes you. for next Thank line the our Sachs.

Your now line is open.

taking Rob do about to market could growth. share for of growing I just you entire Hey, versus the question thanks the expect on ask Madhu. what is be for our market cadence questions. This your a Maybe

growth how market was future much good years. a now that saw guys in recommendation the versus And entire You be share over the place? few growth ACIP the going growth with the past wondering, of to market I is

Thanks, Rob.

I growth reported market that our important. think ultimately, I market we already at is share. critically mean, in XX% we're

We of will XXXX. kind by to from by take advance $XXX being of But that majority noted disclosure, as size some to continue a share. $XXX market the prior million our you gone million

the gives good magnitude clear to not would And we're the not I It you harder point the at a is. share, does make how of you slowing market as of on is now point important project growth next you more order and where point more we're get growth. get think capture. share pretty that sort of we -- But

over to But 'XX going long pretty term, can So now be the be is right balanced. critical. growth market

Thanks.

moment you. for Thank One question. next our

of Securities. question line the Our JMP Roy from next comes of Buchanan

line now is Your open.

quarter. the taking questions. for thanks Hey, Great

the the doesn't size the market maybe percent up like mean, expand can half. views Any opportunity Thanks. total at the First you Why grow, goes for the really on future. expect it about X, review then And and Slide one by opportunity? I by would share looking that dialysis about the amount HEPLISAV-B in in looks down dollar on not market reason segment? not dialysis majority is half the just your goes

Sure.

are the our clear, we within dialysis favorable of adjuvant Just vaccine. to on be really profile

the to SPLA. we're able So be do excited to

look so pretty we there. to can segment. begin do that would And to And to well actually we expect

grow right And reality vaccine. now basically it market population expected eight solid the The doesn't life is patient other in of with isn't grow that because segments. their doses it's is traditional the to

used, think moves of doses the the of HEPLISAV-B. with grow it it'll do amount that And doses space well. very so of But the doesn't amount compared space, used as that we market HEPLISAV because size in into with

Thanks. design, you Okay, dose can, you And CpG that can tell with to XXXX few of us that going great. going what that you're if details the sure go GE of on shingles. just on to but size levels any A maybe the if the the other trial explore? you're Phase plan Not of and X/X.

Rob, to take you want that? do

Sure.

the either escalation anticipate We been final haven't do XXXX the dose dose or on haven't yet? of of study at made design levels least we decisions on CpG doing four final GE. of So made three again, dose. aspects decisions a But

you. Thank great. Okay,

to we'll and also the work the you. Thank path potential regulatory year forward this clarify finalized we with And trial sites. FDA will

Okay, perfect.

One you. question. our Thank next moment for

White from comes Ed the question line with H.C. Next Wainwright. of

line now open. is Your

taking for afternoon. Good Thanks my questions.

With And And also new the this growth initiatives thoughts retail retail the plan to have drive saw you want rest of on DTC first the market any advertising in were I year? we any of this quarter retail share do your on quarter, XXXX? for potential sales. get there to

Donn, you this? want to handle

Sure. Yeah.

initiatives are So initiatives, know, the this you regarding said as in segment. this past critical retail very in we've

was And QX it up lot initiatives. as of relates QX, so a to setting

are the strategically initiative season. second in ahead the flu of our placing to out quarter get We

comments, going lot chains into the of QX that during three give I a us country, confidence, rest top As the of four my have retail obviously, year. and throughout various initiatives, the of we with the mentioned,

retail more tie DTC those their we're are and capabilities consumers. which when initiatives HEPLISAV-B. Universal is so your believe channels much direct-to-consumer. talking ACIP credibility reach strategy part critical. We advertising of Recommendation But second in leveraging is Part their to And customers partnering of the about those capabilities, those with initiatives their in with their question, bring also to our and

to their in throughout So patients the our their get to and infrastructure strategy consumers retail is year. their to that's leverage

Thanks finer large. DTC is to And it, just very put question. a for on the point

very a very that we to focused DTC are have We think approach effective.

just on Europe. Okay, question And thanks. a

get in beyond your perhaps or wanted authorization marketing thoughts that. received you in just Europe Britain and for just on opportunity So in to XXXX I Great April. the And

receive we appropriate It working to partners authorization right 'XX there. I private identify markets and XXXX after launch establish product Yeah, the date later the just the out beyond, be commercialize we wouldn't until that that'll to to partnership. for did we're expect in mean,

Okay, Ryan. great. Thanks,

Thank you. next moment for question. our One

Next Cowen. question Phil of line comes from TD Nadeau the with

now is line open. Your

It's Phil. us. quarter. from great team. couple for Ernie on I Rodriguez got questions Hi, Congratulations a of

protein already from vaccine, If single disclosed what be what additional the what data? And the investors has you focus been on data should in On that. will you presented? elaborate do on think can

data our a think Hey in Ernie. question. the Thanks the bit top-line with poster little for initial we've pretty well categorized numbers We more the the results. be actual Obviously, there'll into presentation. insight

key thing said profile. think overall on call and I the to response top-end which the before, focus we we the as our rates, vaccine to which we results provided

gives And for to this forum. the to data present also great us opportunity a

So about into this a meeting. just initial out poster of I important what's release our and getting so at think a that's press

And for $X from any bond it more there that you E, it. much to on receivables the at Got the uncollected expected may is have you with collect. bad sounds circumstances million risk risk from think market these be you days? risk debt other dynamics similar that there's expense at the customers Biological no of But other like

limited question. Bio today remaining we we've that as a much exposure so the Thanks for for million only I sit is And E I'll your characterization yes, about mentioned here think dollars on the one. Sure, the around to call. take as

have see about additional way and and is where XX-Q Clover. of you'll by just be CEPI customer collected under remaining $XX summary have but we detail, in the million other to a which -- Clover be quite other bit the amounts from can collected we the of The arrangement only

million by though, been of has $XX is backstopped CEPI. and received All already about that

in years other amounts, we collects Clover their and collect with commercial So expect as through those China on agreements few arrangements. next to the bilateral

That helpful. Thank is very you, guys.

to we questions. over I And At to have closing for Spencer, Ryan remarks. would call Officer further Executive like no this Mr. turn the time, you. Thank Chief

You may begin.

we've about you, with for thank for our We're your our joining Thank position. strong successful all foundation positive commercialization, momentum Dynavax. pipeline the We and interest our built excited And HEPLISAV-B, continued operator. us execution in you advancing appreciate financial today. and

Dynavax investigators may partnership and support. for I'd like on you their and We who thank participate our forward the to dedication our progress. their Operator, team and continued call. to in our families, customers collaborators at patients look our study, you with caregivers continued end along for to and updating their

joining Ladies us conference today. call. you today's concludes and for This gentlemen, thank

Everyone, now may disconnect. day. a wonderful have You