Dynavax Reports First Quarter 2014 Financial Results

Marketwired

BERKELEY, CA--(Marketwired - May 5, 2014) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2014. The Company had $177.7 million in cash, cash equivalents and marketable securities as of March 31, 2014.

For the quarter ended March 31, 2014, Dynavax reported total revenues of $3.5 million compared to $2.1 million for the first quarter of 2013. This increase primarily relates to the recognition of revenue under our collaboration agreement with AstraZeneca.

General and administrative expenses were $4.2 million for the quarter ended March 31, 2014 compared to $8.8 million for the first quarter of 2013. The 2013 three month period includes non-recurring cash and non-cash stock-based severance costs of $2.5 million. Excluding these non-recurring organizational transition costs, general and administrative expenses decreased by 34% in the first quarter of 2014 compared to the first quarter of 2013.

Research and development expenses were $13.2 million for the quarter ended March 31, 2014 compared to $14.2 million for the first quarter of 2013. This decrease was primarily due to higher severance expenses, including non-cash stock-based compensation charges, in the 2013 period.

About Dynavax

Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel vaccines and therapeutics in the areas of infectious and inflammatory diseases and oncology. Dynavax's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.

 
DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
    Three Months Ended
March 31,
 
    2014     2013  
Revenues:                
  Collaboration revenue   $ 2,373     $ 883  
  Grant revenue     1,125       760  
  Service and license revenue     -       442  
Total revenues     3,498       2,085  
                 
Operating expenses:                
  Research and development     13,231       14,164  
  General and administrative     4,157       8,800  
  Unoccupied facility expense     77       -  
Total operating expenses     17,465       22,964  
                 
Loss from operations     (13,967 )     (20,879 )
                 
Interest income     65       72  
Interest expense     -       (32 )
Other income     62       14  
                 
Net loss   $ (13,840 )   $ (20,825 )
                 
Basic and diluted net loss per share   $ (0.05 )   $ (0.11 )
                 
Shares used to compute basic and diluted net loss per share     262,826       182,847  
                 
                 
 
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
 
         
    March 31,   December 31,
    2014   2013
Assets            
  Cash, cash equivalents and marketable securities   $ 177,679   $ 189,376
  Property and equipment, net     8,584     8,706
  Goodwill     2,576     2,579
  Other assets     4,746     3,961
Total assets   $ 193,585   $ 204,622
             
Liabilities and stockholders'equity            
  Deferred revenues   $ 10,334   $ 7,298
  Other liabilities     9,398     11,030
  Total liabilities     19,732     18,328
  Stockholders' equity     173,853     186,294
Total liabilities and stockholders' equity   $ 193,585   $ 204,622
             
             
Contact:

Michael Ostrach
Chief Business and Principal Financial Officer
510-665-7257
Email Contact

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