Dynavax Reports Fourth Quarter and Year End 2013 Financial Results

Marketwired

BERKELEY, CA--(Marketwired - Mar 10, 2014) -  Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year ended December 31, 2013. The Company had $189.4 million in cash, cash equivalents and marketable securities as of December 31, 2013.

For the quarter ended December 31, 2013, Dynavax reported total revenues of $2.8 million compared to $1.8 million for the fourth quarter of 2012. For the year ended December 31, 2013, total revenues were $11.3 million compared to $9.7 million for 2012. 

General and administrative expenses were $3.7 million for the quarter ended December 31, 2013 compared to $9.3 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, general and administrative expenses were $25.9 million compared to $28.2 million for the same period in 2012. The 2013 twelve month period includes non-recurring and non-cash stock-based severance costs of $7.7 million compared to $2.1 million for the same period in 2012. General and administrative expenses other than these organizational transition costs decreased by 38% during the fourth quarter and 28% for the twelve month period of 2013. 

Research and development expenses were $12.1 million for the quarter ended December 31, 2013 compared to $12.5 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, research and development expenses were $50.9 million compared to $49.1 million for the same period in 2012.

The net loss allocable to common stockholders for the twelve months ended December 31, 2013 was $75.2 million, or $0.38 per basic and diluted share, which includes a one-time non-cash deemed dividend of $8.5 million related to the beneficial conversion feature of the Series B Convertible Preferred Stock. The net loss allocable to common stockholders for the twelve months ended December 31, 2012 was $69.9 million, or $0.41 per basic and diluted share.

About HEPLISAV

HEPLISAV is an investigational adult hepatitis B vaccine that combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist to enhance the immune response. Dynavax has worldwide commercial rights to HEPLISAV.

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
December 31,
    Years Ended
December 31,
 
    2013     2012     2013     2012  
Revenues:                        
  Collaboration revenue   $ 1,580     $ 1,008     $ 4,929     $ 4,610  
  Grant revenue     1,283       751       5,138       3,939  
  Service and license revenue     (16 )     47       1,184       1,165  
Total revenues     2,847       1,806       11,251       9,714  
                                 
Operating expenses:                                
  Research and development     12,131       12,515       50,870       49,146  
  General and administrative     3,700       9,293       25,943       28,164  
  Unoccupied facility expense     8       --       926       --  
Total operating expenses     15,839       21,808       77,739       77,310  
                                 
Loss from operations     (12,992 )     (20,002 )     (66,488 )     (67,596 )
                                 
Interest income     (47 )     83       116       291  
Interest expense     83       (586 )     --       (2,351 )
Other income (expense)     (100 )     (38 )     (348 )     (293 )
                                 
Net loss     (13,056 )     (20,543 )     (66,720 )     (69,949 )
                                 
Preferred stock deemed dividend     (8,469 )     --       (8,469 )     --  
                                 
Net loss allocable to common stockholders   $ (21,525 )   $ (20,543 )   $ (75,189 )   $ (69,949 )
                                 
Basic and diluted net loss per share allocable to common stockholders   $ (0.09 )   $ (0.11 )   $ (0.38 )   $ (0.41 )
                                 
Shares used to compute basic and diluted net loss per share allocable to common stockholders     235,879       180,685       196,275      

 170,469
 
                                 
                                 
 
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
 
    December 31,   December 31,
    2013   2012
Assets            
  Cash, cash equivalents and marketable securities   $ 189,376   $ 125,130
  Property and equipment, net     8,706     7,965
  Goodwill     2,579     2,475
  Other assets     3,961     4,182
Total assets   $ 204,622   $ 139,752
             
Liabilities and stockholders' equity            
  Deferred revenues   $ 7,298   $ 12,068
  Other liabilities     11,030     12,858
  Total liabilities     18,328     24,926
  Stockholders' equity     186,294     114,826
Total liabilities and stockholders' equity   $ 204,622   $ 139,752
             
Contact:

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

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