Hi, everyone. Welcome. In terms of logistics, we're gonna run through the presentation and then open it up for Q&A. Without much further ado, pleasure to present Dynavax. Thank you, Luca, and thank you to J.P. Morgan for allowing us to present today. I'm Ryan Spencer, the CEO of Dynavax. Before I begin, I'll remind you all that we're gonna make some forward-looking statements today, that contain some risk and uncertainties that are detailed in our Forms 10-Q and 10-K filings, which I encourage you all to read. Just to start off, a little bit about Dynavax and who we are. We are a vaccine company focused on developing novel vaccines to help protect the world against infectious disease. We've had pretty good advancement in our core business over the last few years, which I will walk us through here. First, our pipeline or our portfolio of assets are basically built on the backbone of our core technology, which is TLR biology, utilizing TLR9. Over the course of our efforts, since we were public in 2004, we have found really good success with our CpG 1018 adjuvant as a vaccine adjuvant, and that basically underpins the value across all of our assets. Starting at the top, hepatitis B vaccine, HEPLISAV-B. Our adjuvant has created a profile that we believe is a best-in-class profile, which I'll walk through in a minute. And then moving into our development candidates, our shingles vaccine, we have an advancing program there, leveraging our adjuvant with the gE protein. We have a Tdap vaccine in development as well, with a focus on adjuvanting the pertussis, the acellular pertussis response, focused on improving durability. And then finally, a plague vaccine with the DoD funded by the DoD with the goal of reducing the time and number of doses to have an effective option for our troops in case of weaponized plague. I'll walk through each of these independently in a minute. Then on the very bottom there, an important point, that we've established some financial strength through our management of the COVID pandemic by utilizing our adjuvant as a through collaborations with global partners to establish multiple COVID vaccines during the pandemic resulting in you know really really good balance sheet as we exited the pandemic, which we'll talk through here in a minute. All right, so what are our areas of focus? We have three clear areas of focus for advancing our business. Number one is obvious, probably, which is to advance our lead asset, our commercial product, HEPLISAV-B. I'll walk you through the benefits of that product and the size of that market here in a minute. Second, advance our differentiated vaccine pipeline based on our TLR9 adjuvant. And then finally, we're very interested in identifying ways to accelerate growth through strategic options, leveraging our company's mature capabilities as well as our healthy balance sheet. A quick update on our most recent progress. We're very pleased to announce our Q4 revenue topped out over $50 million this year, with reporting total revenue for 2023 for the product of $213 million, which landed squarely in our range of expectations. Importantly, we were able to generate cash flow, a cash flow positive year, resulting in $742 million on the balance sheet, as well as continuing to advance market share with our lead asset. Which I think is a good place to start, is HEPLISAV-B, our commercial product. This is a big value driver for us now and has been a source of much of our success recently. A little bit about the product, just to give you a background on why we're so confident that this product will be the market-leading vaccine in the years to come. Our adjuvant, as I've mentioned before, is really the driver of the product benefit here. So if you see this chart over here on my left, the pur... It's kind of hard to see the colors, but the purple bars, the high bars there are the seroprotection rates that we achieved with the two doses of our product, and that's compared to three doses of the legacy vaccine. What you'll see is, even with three doses of the competitor vaccine, they top out just over 70% of seroprotection, where HEPLISAV-B, in all patients studied, was over 90% seroprotection. So very, very, very effective levels of seroprotection. And importantly, that's done with fewer doses over a shorter time period. And that's very important because, as you can tell, if you really need to complete the regimen for vaccines. It's a very important element of all our vaccines that we utilize, is you have to focus on completion. It's much harder to complete a six-month regimen with three doses, and we find that series completion is a real challenge with a six-month regimen, which means a lot of individuals who start the vaccine course don't end up protected, and that's obviously not good. So we thought that was a great opportunity to leverage our adjuvant, and it's proven to be very, very valuable. So if we move forward a little bit, just recognizing what is hepatitis B, why do we think this is an important area of focus? Hepatitis B is a deadly virus. It's highly infectious. It's more infectious than HIV. It lives on surfaces for a very long period of time. There's hundreds of millions of people infected globally, with millions of people infected each year. It's not curable, but it's completely preventable. And so this is a perfect example of where vaccines make a huge impact on global public health, and we think a product like ours has a real ability to make a difference in the fight against hepatitis B. A little bit about the market. Our product, I didn't mention this earlier, we are approved in the United States, and we're also approved in Europe. Now, our focus here today is gonna be on the market in the U.S. The market, historically, prior to the recent growth, which I'll talk about here, was about $375 million. Now, that was the risk-based market. Recently, in 2022, the ACIP updated the recommendation for who should be vaccinated against hepatitis B, and they went from a risk-based recommendation to basically a universal recommendation, which means all adults under 60 are recommended to have received a hepatitis B vaccine. That's a pretty big change in the addressable market. We believe there's approximately 130 million adults in the U.S. that are now part of the addressable market for this product, and they're much easier to identify. It's very, very hard to implement a risk-based recommendation for vaccines versus a universal recommendation or an age-based recommendation. What you see here on this chart is, when you look at where the market was and then where the market's going, we, we believe it's gonna grow to be over $800 million of an opportunity for us by 2027. And that growth is going to be disproportionate in a couple different segments of the market. The prioritized IDN and clinics, so this would be your largest health systems that have institutional level of control and organization, or very large independent clinics and retail pharmacy. And so we believe that being able to focus on those areas will be the best opportunity for us to help drive the growth, and help that take as much market share in those prioritized segments. Importantly, this is where we're focused with our field team. So our promotional efforts are heavily focused on these two segments. That's resulted in tremendous progress since our launch, where we have over 50% market share in both of those segments already. And we do believe that's going to give us an opportunity to help drive the market growth in those areas. Our progress year-over-year is shown here on this slide, and it's an important point. Over the last three years, we've made tremendous strides in our market share. And we believe that ultimately, of that $800 million market, we will be the market-leading vaccine, taking a majority share, and frankly, we're well on our way to accomplishing that already, with continuous share increases, substantial share increases year over year, as well as you can see on the chart, the revenue increase, 69% growth in revenue from last year to this year. So we're very excited about, one, having the opportunity to develop our own product and be in the unique position to not only launch it, but then find real commercial success with our first product. And so this is a real source of pride for the company, and is what's led us to the strong financial position that we hold currently. So moving on to our second priority, the continued vaccine development. Like I said, we're very proud of what we've done, both commercially, but also knowing how to navigate the vaccine development process to deliver a product to the market, and we want to continue to leverage our organization's capabilities broadly across other vaccines. That includes our adjuvant as well as our know-how. We're moving forward into a couple programs that I mentioned, but I'll start with shingles. So shingles is the result of a latent infection, a herpes zoster infection, which is from chickenpox. So the adult population, most of the adult population, has been infected with chickenpox at some point, and I believe without vaccine, one in three individuals would experience shingles at some point in their life. It's a painful rash. There's already a vaccine on the market that's doing very well. It's a very good vaccine with high efficacy. However, it does have a fairly challenging tolerability profile, and we believe that's a source of differentiation for us. One thing that's very unique about our adjuvant is the mechanism of action allows us to deliver this enhanced immune response without the corresponding, or the often corresponding, increase in reactogenicity. You see this with HEPLISAV. HEPLISAV wouldn't really be a product if it had increased reactogenicity for those patients. We believe there's a unique opportunity to leverage the profile of this adjuvant to create a very competitive product for this large and important market. So we will be advancing our clinical trial to a phase I/II study that will start middle of this year, and based on the results of that study, we would then advance forward into what will eventually be a phase III efficacy study against placebo, with the goal of launching a product to compete directly against SHINGRIX. The second program is our Tdap vaccine program. So as I mentioned previously, the focus of this is improving the acellular pertussis response. So acellular pertussis vaccines were introduced a number of years ago, replacing whole-cell pertussis, due to some safety concerns with whole-cell pertussis. So they're great vaccines. They've had made a major impact in the amount of pertussis disease in infants and in the elderly, which are the two highest risk groups. However, we know that there's waning immunity with acellular pertussis vaccines, and with waning immunity, plus the fact that they're not sterilizing. So you can be exposed to pertussis, you may not get clinical symptoms, but you can still carry and spread the disease. And what that does is it creates a reservoir disease, that is, a reservoir of existing disease in society with waning immunity, which means we have outbreaks. You can't plan it, but you've created an environment for pending outbreaks all the time. So we believe with the adjuvant, we have the opportunity to improve durability of that immune response to pertussis. One of the other very important things here is that the ACIP recently updated the recommendation for your tetanus booster, which is every 10 years, and a lot of you are probably familiar with that, to now include Tdap, which allows for a mechanism for a continuous boosting of pertussis, but it's every 10 years. And so there's a pretty big gap there between where immunity wanes and the next time that you're likely, as an adult or adolescent, to be vaccinated against pertussis. So we think with an improved durability, we could really kind of close that gap, and remove this risk of outbreaks, which would then could be pretty challenging for the most vulnerable populations when we have outbreaks. So we're pretty excited about this program as well. We also will be moving forward into the next study, the next phase II study, in 2024. We have another, a novel design here, where we'll be doing a challenge study that actually allows subjects to progress to disease, which gives us an opportunity to demonstrate the efficacy of the vaccine in a human challenge model. So we'll kick that study off once the challenge dose has been identified through the independent trial that's being run right now in Canada. So excited to move that forward, just need to make sure that challenge model is well understood to be able to advance to this next stage of this program. And then finally, our plague vaccine program. This is partnered with the DoD. It's partnered and funded completely by the DoD. The goal of this program is to take their existing antigens, which they've developed with a 0, 1, 6-month regimen, very similar to our experience with HEPLISAV, and reduce that to a 0, 1-month regimen. You could imagine if there was a situation with weaponized plague, having a 6-month vaccine regimen is not going to be a very effective tool. So they have an interest in creating a much more effective tool to protect our troops against the threat of weaponized plague. So we are conducting a Phase 2 study now, which we'll have some results on in 2024, and we've also, in parallel, agreed with the DoD to move forward into a non-human primate challenge study, which is a very important part of the ultimate path to getting this product authorized. It'll be done through efficacy studies using non-human primates. Obviously, there's not circulating plague, so it's not something that you could do with field efficacy. But again, another great program. Strategically, for us, it's a great opportunity for us to continue to build a relationship with the DoD, and provide opportunity to show the scientific benefit of our adjuvant. So, you know, I'm not sure how clearly it comes through, but we're pretty proud of what we've accomplished here, whether it's the development of HEPLISAV-B, the successful commercialization, and then the growth of the company into having multiple assets in the clinic, leveraging our adjuvant. I'm very proud of what the team's accomplished, proud of the HEPLISAV-B results. We have, like I said, a strong capital position, and we have highlighted in our most recent press release that we do expect with our ongoing progress with HEPLISAV-B, as well as continuing to fund our pipeline, we will still be in a position to generate positive cash flow in 2024. So really great time for the company. Really excited about all the things we have to look forward to and really appreciate all of the interest. So, we'll move on to Q&A. I'll ask the team to join me up here, and we can take any specific questions you might have. Thank you so much for the presentation. Super informative. I can kick things off. I'm curious about what you think the peak market opportunity for Hep B is in the U.S. and what you think the main driver or the main drivers of market expansion there is. Donn, you want to take that? Sure. Yeah, so peak market, you know, we, we've publicly stated, you know, $800 million by 2027. We look at basically analogs such as Tdap and seasonal flu to kind of calculate what that peak market could be. And so that's where we see the market going. And, and the good news is we see early signs of adoption and, you know, customers converting and utilizing the recommendation, which is a very positive sign. You know, some of the factors of growth there are... A lot of it is our efforts as well. As we see the recommendation get implemented into large health systems, we're right there driving a lot of the work with these health systems on how to effectively implement this recommendation, including communication through their immunization channels and making sure it's consistently done across their network. So one of the things, you know, that happens a lot in our industry is there's progress with recommendations or policy, but oftentimes it takes somebody with hyperfocus, like our field team, to really help providers and help the sites of care really pull it through in a consistent manner. That is one thing on the IDN side, but also on the retail pharmacy side. That space has really blown up with the advancements in retail vaccination over the last decade, but really with COVID, a lot of the hurdles were cleared out. So now we have a very efficient way to get to patients, and so our team is actually doing a great job using that channel and helping that channel grow as an opportunity to create another spot for patient capture. Thank you so much. Then in terms of shingles, I'm curious what you think the unmet need there is and what the company is doing to be competitive, and any more details there? Yeah, I think the unmet need is clear, and it's around improving tolerability. The current shingles vaccine is very effective. It's a highly effective vaccine, but we do believe that having another option for patients with an improved tolerability profile would be a very competitive product. And like I said during the presentation, some of the unique aspects of our adjuvant plays right into that profile. So assuming we're able to generate the same level of efficacy, we think with improved tolerability, it's a really good option for patients. Thank you. And then finally, from my end, I'm wondering about your capital allocation strategy. What are your priorities there? Kelly. Sure, take that. So first and foremost, continuing to drive growth and maximize our commercial brand, HEPLISAV-B, will continue to be an extremely high priority for us. Of course, continuing to advance our clinical pipeline also remains a priority. And then, you know, thirdly, one of the things that Ryan highlighted in the presentation and prepared remarks is really around the way we think about accelerating and deploying that capital through M&A, corporate development, and business development strategies to drive and balance near-term growth with long-term growth. I think we're really proud of the financial profile that we've been able to build over the last couple of years. We're also really proud of the way that we've been able to manage our business to be able to generate positive cash flow for 2024. But certainly looking forward to deploying that capital to drive future growth as well. Thank you. Open up to the floor if there's any additional questions. If not, we can conclude this session. Thank you again so much. Thank you so much for having us.