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Revenue Recognition | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Disaggregation of Revenues The following table disaggregates our product revenue, net by product and geographic region and disaggregates our other revenues by geographic region (in thousands):
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
| U.S. |  | Non U.S. |  | Total |  | U.S. |  | Non U.S. |  | Total
Product revenue, net |  |  |  |  |  |  |  |  |  |  |
HEPLISAV-B | $ | 89,954 |  |  | $ | - |  |  | $ | 89,954 |  |  | $ | 79,345 |  |  | $ | - |  |  | $ | 79,345 |
Total product revenue, net | 89,954 |  |  | - |  |  | 89,954 |  |  | 79,345 |  |  | - |  |  | 79,345 |
Other revenue | 4,739 |  |  | 183 |  |  | 4,922 |  |  | 1,263 |  |  | 22 |  |  | 1,285 |
Total revenues | $ | 94,693 |  |  | $ | 183 |  |  | $ | 94,876 |  |  | $ | 80,608 |  |  | $ | 22 |  |  | $ | 80,630 |
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
| U.S. |  | Non U.S. |  | Total |  | U.S. |  | Non U.S. |  | Total
Product revenue, net |  |  |  |  |  |  |  |  |  |  |
HEPLISAV-B | $ | 245,163 |  |  | $ | 1,622 |  |  | $ | 246,785 |  |  | $ | 195,030 |  |  | $ | 2,347 |  |  | $ | 197,377 |
Total product revenue, net | 245,163 |  |  | 1,622 |  |  | 246,785 |  |  | 195,030 |  |  | 2,347 |  |  | 197,377 |
Other revenue | 10,903 |  |  | 794 |  |  | 11,697 |  |  | 7,663 |  |  | 174 |  |  | 7,837 |
Total revenues | $ | 256,066 |  |  | $ | 2,416 |  |  | $ | 258,482 |  |  | $ | 202,693 |  |  | $ | 2,521 |  |  | $ | 205,214 |
Revenues from Major Customers and Collaboration Partners HEPLISAV-B product sales in the U.S. are to certain wholesalers and specialty distributors whose customers include integrated delivery networks, retail pharmacies, independent hospitals and clinics, public health clinics and prisons, the Department of Defense, and the Department of Veterans Affairs. 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 Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Largest customer | 33 | % |  | 31 | % |  | 30 | % |  | 29 | %
Second largest customer | 21 | % |  | 20 | % |  | 20 | % |  | 21 | %
Third largest customer | 21 | % |  | 19 | % |  | 20 | % |  | 18 | %
Contract Balances The 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 at Beginning of Period |  | Provisions related to current period sales |  | Credit or payments made during the period |  | Adjustments (3) |  | Balance at End of Period
Nine 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 at Beginning of Period |  | Additions |  | Subtractions |  | Balance at End of Period
Nine months ended September 30, 2025 |  |  |  |  |  |  |
Contract asset, included in other current assets (1) | $ | 351 |  |  | $ | 10,903 |  |  | $ | (8,178) |  |  | $ | 3,076 |
Contract asset, included in other assets (long term) (2) | $ | 71,307 |  |  | $ | — |  |  | $ | (10,970) |  |  | $ | 60,337 |
(1)The $3.1 million contract asset is derived from our agreement with the DoD. (2)The Clover contract asset was included in non-current assets to reflect the timing of expected long term demand for CpG 1018 adjuvant for Clover Product. During the nine months ended September 30, 2025, we recorded an allowance for doubtful accounts of approximately $11.0 million relating to the contract asset recognized for Clover. See Note 6 for further discussion.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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