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Side-by-side financial comparison of DYNAVAX TECHNOLOGIES CORP (DVAX) and IonQ, Inc. (IONQ). Click either name above to swap in a different company.
DYNAVAX TECHNOLOGIES CORP is the larger business by last-quarter revenue ($94.9M vs $61.9M, roughly 1.5× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 28.4%, a 1189.4% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 17.7%). DYNAVAX TECHNOLOGIES CORP produced more free cash flow last quarter ($32.6M vs $-83.3M).
Dynavax Technologies Corp is a commercial-stage biopharmaceutical company specializing in the research, development, and production of innovative vaccines and immunotherapies for infectious diseases. Its lead approved product is Heplisav-B, an adult hepatitis B vaccine, with core markets in North America and Europe, alongside a pipeline of candidates addressing unmet public health needs.
IonQ, Inc. is an American quantum computing hardware and software company headquartered in College Park, Maryland. The company develops general-purpose trapped ion quantum computers and accompanying software to generate, optimize, and execute quantum circuits.
DVAX vs IONQ — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $94.9M | $61.9M |
| Net Profit | $26.9M | $753.7M |
| Gross Margin | — | — |
| Operating Margin | 22.4% | -369.4% |
| Net Margin | 28.4% | 1217.8% |
| Revenue YoY | 17.7% | 428.5% |
| Net Profit YoY | 53.0% | 473.1% |
| EPS (diluted) | $0.21 | $2.60 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $61.9M | ||
| Q3 25 | $94.9M | $39.9M | ||
| Q2 25 | $95.4M | $20.7M | ||
| Q1 25 | $68.2M | — | ||
| Q4 24 | $72.0M | $11.7M | ||
| Q3 24 | $80.6M | $12.4M | ||
| Q2 24 | $73.8M | $11.4M | ||
| Q1 24 | $50.8M | — |
| Q4 25 | — | $753.7M | ||
| Q3 25 | $26.9M | $-1.1B | ||
| Q2 25 | $18.7M | $-176.8M | ||
| Q1 25 | $-96.1M | — | ||
| Q4 24 | $7.0M | $-202.0M | ||
| Q3 24 | $17.6M | $-52.5M | ||
| Q2 24 | $11.4M | $-37.6M | ||
| Q1 24 | $-8.7M | — |
| Q4 25 | — | -369.4% | ||
| Q3 25 | 22.4% | -423.5% | ||
| Q2 25 | 15.1% | -776.0% | ||
| Q1 25 | -34.7% | — | ||
| Q4 24 | -2.3% | -661.9% | ||
| Q3 24 | 12.5% | -428.5% | ||
| Q2 24 | 7.0% | -430.0% | ||
| Q1 24 | -35.0% | — |
| Q4 25 | — | 1217.8% | ||
| Q3 25 | 28.4% | -2646.3% | ||
| Q2 25 | 19.6% | -854.5% | ||
| Q1 25 | -141.0% | — | ||
| Q4 24 | 9.8% | -1725.0% | ||
| Q3 24 | 21.8% | -423.4% | ||
| Q2 24 | 15.4% | -330.0% | ||
| Q1 24 | -17.2% | — |
| Q4 25 | — | $2.60 | ||
| Q3 25 | $0.21 | $-3.58 | ||
| Q2 25 | $0.14 | $-0.70 | ||
| Q1 25 | $-0.77 | — | ||
| Q4 24 | $0.07 | $-0.95 | ||
| Q3 24 | $0.12 | $-0.24 | ||
| Q2 24 | $0.08 | $-0.18 | ||
| Q1 24 | $-0.07 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $160.2M | $2.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $534.1M | $3.8B |
| Total Assets | $946.5M | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.4B | ||
| Q3 25 | $160.2M | $1.1B | ||
| Q2 25 | $99.1M | $546.9M | ||
| Q1 25 | $51.7M | — | ||
| Q4 24 | $95.9M | $340.3M | ||
| Q3 24 | $119.3M | $365.7M | ||
| Q2 24 | $112.5M | $369.8M | ||
| Q1 24 | $132.0M | — |
| Q4 25 | — | $3.8B | ||
| Q3 25 | $534.1M | $2.3B | ||
| Q2 25 | $494.2M | $1.2B | ||
| Q1 25 | $530.9M | — | ||
| Q4 24 | $596.8M | $383.9M | ||
| Q3 24 | $681.4M | $435.7M | ||
| Q2 24 | $642.8M | $463.3M | ||
| Q1 24 | $618.5M | — |
| Q4 25 | — | $6.6B | ||
| Q3 25 | $946.5M | $4.3B | ||
| Q2 25 | $918.4M | $1.3B | ||
| Q1 25 | $945.9M | — | ||
| Q4 24 | $986.3M | $508.4M | ||
| Q3 24 | $1.1B | $497.9M | ||
| Q2 24 | $1.0B | $517.4M | ||
| Q1 24 | $986.6M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $33.8M | $-74.5M |
| Free Cash FlowOCF − Capex | $32.6M | $-83.3M |
| FCF MarginFCF / Revenue | 34.4% | -134.6% |
| Capex IntensityCapex / Revenue | 1.3% | 14.2% |
| Cash ConversionOCF / Net Profit | 1.26× | -0.10× |
| TTM Free Cash FlowTrailing 4 quarters | $80.5M | $-307.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-74.5M | ||
| Q3 25 | $33.8M | $-123.1M | ||
| Q2 25 | $23.4M | $-52.6M | ||
| Q1 25 | $-19.6M | — | ||
| Q4 24 | $53.0M | $-39.4M | ||
| Q3 24 | $19.5M | $-19.2M | ||
| Q2 24 | $10.7M | $-26.6M | ||
| Q1 24 | $-16.7M | — |
| Q4 25 | — | $-83.3M | ||
| Q3 25 | $32.6M | $-127.2M | ||
| Q2 25 | $22.0M | $-53.8M | ||
| Q1 25 | $-23.6M | — | ||
| Q4 24 | $49.5M | $-43.0M | ||
| Q3 24 | $18.1M | $-23.0M | ||
| Q2 24 | $9.9M | $-34.1M | ||
| Q1 24 | $-17.4M | — |
| Q4 25 | — | -134.6% | ||
| Q3 25 | 34.4% | -319.1% | ||
| Q2 25 | 23.0% | -259.8% | ||
| Q1 25 | -34.6% | — | ||
| Q4 24 | 68.8% | -367.4% | ||
| Q3 24 | 22.5% | -185.3% | ||
| Q2 24 | 13.5% | -299.3% | ||
| Q1 24 | -34.3% | — |
| Q4 25 | — | 14.2% | ||
| Q3 25 | 1.3% | 10.4% | ||
| Q2 25 | 1.5% | 5.8% | ||
| Q1 25 | 5.8% | — | ||
| Q4 24 | 4.8% | 30.7% | ||
| Q3 24 | 1.7% | 30.4% | ||
| Q2 24 | 1.1% | 65.8% | ||
| Q1 24 | 1.5% | — |
| Q4 25 | — | -0.10× | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 1.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 7.52× | — | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DVAX
| HEPLISAVB | $90.0M | 95% |
| US Department Of Defense | $4.7M | 5% |
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
