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Side-by-side financial comparison of DYNAVAX TECHNOLOGIES CORP (DVAX) and Xeris Biopharma Holdings, Inc. (XERS). Click either name above to swap in a different company.
DYNAVAX TECHNOLOGIES CORP is the larger business by last-quarter revenue ($94.9M vs $85.8M, roughly 1.1× Xeris Biopharma Holdings, Inc.). DYNAVAX TECHNOLOGIES CORP runs the higher net margin — 28.4% vs 12.9%, a 15.5% gap on every dollar of revenue. On growth, Xeris Biopharma Holdings, Inc. posted the faster year-over-year revenue change (42.8% vs 17.7%). Over the past eight quarters, Xeris Biopharma Holdings, Inc.'s revenue compounded faster (45.3% CAGR vs 30.6%).
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.
Xeris Biopharma Holdings, Inc. is a specialty biopharmaceutical company that develops and commercializes targeted therapies for rare endocrine, metabolic, and dermatological conditions. It operates across global markets, focusing on delivering accessible, easy-to-administer treatment options for underserved patient segments.
DVAX vs XERS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $94.9M | $85.8M |
| Net Profit | $26.9M | $11.1M |
| Gross Margin | — | — |
| Operating Margin | 22.4% | 19.5% |
| Net Margin | 28.4% | 12.9% |
| Revenue YoY | 17.7% | 42.8% |
| Net Profit YoY | 53.0% | 316.7% |
| EPS (diluted) | $0.21 | $0.07 |
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 | — | $85.8M | ||
| Q3 25 | $94.9M | $74.4M | ||
| Q2 25 | $95.4M | $71.5M | ||
| Q1 25 | $68.2M | $60.1M | ||
| Q4 24 | $72.0M | $60.1M | ||
| Q3 24 | $80.6M | $54.3M | ||
| Q2 24 | $73.8M | $48.1M | ||
| Q1 24 | $50.8M | $40.6M |
| Q4 25 | — | $11.1M | ||
| Q3 25 | $26.9M | $621.0K | ||
| Q2 25 | $18.7M | $-1.9M | ||
| Q1 25 | $-96.1M | $-9.2M | ||
| Q4 24 | $7.0M | $-5.1M | ||
| Q3 24 | $17.6M | $-15.7M | ||
| Q2 24 | $11.4M | $-15.0M | ||
| Q1 24 | $-8.7M | $-19.0M |
| Q4 25 | — | 19.5% | ||
| Q3 25 | 22.4% | 9.0% | ||
| Q2 25 | 15.1% | 6.3% | ||
| Q1 25 | -34.7% | -5.1% | ||
| Q4 24 | -2.3% | 2.8% | ||
| Q3 24 | 12.5% | -23.8% | ||
| Q2 24 | 7.0% | -17.0% | ||
| Q1 24 | -35.0% | -35.1% |
| Q4 25 | — | 12.9% | ||
| Q3 25 | 28.4% | 0.8% | ||
| Q2 25 | 19.6% | -2.7% | ||
| Q1 25 | -141.0% | -15.3% | ||
| Q4 24 | 9.8% | -8.5% | ||
| Q3 24 | 21.8% | -29.0% | ||
| Q2 24 | 15.4% | -31.2% | ||
| Q1 24 | -17.2% | -46.7% |
| Q4 25 | — | $0.07 | ||
| Q3 25 | $0.21 | $0.00 | ||
| Q2 25 | $0.14 | $-0.01 | ||
| Q1 25 | $-0.77 | $-0.06 | ||
| Q4 24 | $0.07 | $-0.02 | ||
| Q3 24 | $0.12 | $-0.11 | ||
| Q2 24 | $0.08 | $-0.10 | ||
| Q1 24 | $-0.07 | $-0.14 |
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 | $111.0M |
| Total DebtLower is stronger | — | $220.3M |
| Stockholders' EquityBook value | $534.1M | $13.7M |
| Total Assets | $946.5M | $383.5M |
| Debt / EquityLower = less leverage | — | 16.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $111.0M | ||
| Q3 25 | $160.2M | $91.6M | ||
| Q2 25 | $99.1M | $59.3M | ||
| Q1 25 | $51.7M | $58.4M | ||
| Q4 24 | $95.9M | $71.6M | ||
| Q3 24 | $119.3M | $69.4M | ||
| Q2 24 | $112.5M | $77.6M | ||
| Q1 24 | $132.0M | $87.4M |
| Q4 25 | — | $220.3M | ||
| Q3 25 | — | $219.5M | ||
| Q2 25 | — | $218.6M | ||
| Q1 25 | — | $229.8M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $216.2M | ||
| Q2 24 | — | $230.5M | ||
| Q1 24 | — | $229.7M |
| Q4 25 | — | $13.7M | ||
| Q3 25 | $534.1M | $-861.0K | ||
| Q2 25 | $494.2M | $-19.3M | ||
| Q1 25 | $530.9M | $-35.1M | ||
| Q4 24 | $596.8M | $-29.6M | ||
| Q3 24 | $681.4M | $-28.3M | ||
| Q2 24 | $642.8M | $-19.3M | ||
| Q1 24 | $618.5M | $-9.2M |
| Q4 25 | — | $383.5M | ||
| Q3 25 | $946.5M | $370.2M | ||
| Q2 25 | $918.4M | $334.7M | ||
| Q1 25 | $945.9M | $315.5M | ||
| Q4 24 | $986.3M | $323.1M | ||
| Q3 24 | $1.1B | $321.1M | ||
| Q2 24 | $1.0B | $331.7M | ||
| Q1 24 | $986.6M | $336.6M |
| Q4 25 | — | 16.10× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $32.6M | — |
| FCF MarginFCF / Revenue | 34.4% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 1.26× | 1.81× |
| TTM Free Cash FlowTrailing 4 quarters | $80.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.0M | ||
| Q3 25 | $33.8M | $18.4M | ||
| Q2 25 | $23.4M | $182.0K | ||
| Q1 25 | $-19.6M | $-10.0M | ||
| Q4 24 | $53.0M | $2.0M | ||
| Q3 24 | $19.5M | $-8.3M | ||
| Q2 24 | $10.7M | $-10.3M | ||
| Q1 24 | $-16.7M | $-20.3M |
| Q4 25 | — | — | ||
| Q3 25 | $32.6M | — | ||
| Q2 25 | $22.0M | — | ||
| Q1 25 | $-23.6M | — | ||
| Q4 24 | $49.5M | — | ||
| Q3 24 | $18.1M | — | ||
| Q2 24 | $9.9M | — | ||
| Q1 24 | $-17.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | 34.4% | — | ||
| Q2 25 | 23.0% | — | ||
| Q1 25 | -34.6% | — | ||
| Q4 24 | 68.8% | — | ||
| Q3 24 | 22.5% | — | ||
| Q2 24 | 13.5% | — | ||
| Q1 24 | -34.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 5.8% | — | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 1.5% | — |
| Q4 25 | — | 1.81× | ||
| Q3 25 | 1.26× | 29.68× | ||
| 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% |
XERS
| Products | $83.4M | 97% |
| Other | $2.4M | 3% |
