Dynavax Reports Third Quarter 2013 Financial Results

Marketwired

BERKELEY, CA--(Marketwired - Nov 7, 2013) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the third quarter ended September 30, 2013. The Company had $76.5 million in cash, cash equivalents and marketable securities as of September 30, 2013, compared to $125.1 million at December 31, 2012.

For both quarters ended September 30, 2013 and 2012, Dynavax reported total revenues of $2.9 million. Total revenues for the nine months ended September 30, 2013 were $8.4 million compared to $7.9 million for the same period in 2012.

General and administrative expenses for the quarter ended September 30, 2013 were $5.8 million compared to $7.1 million for the third quarter of 2012. For the nine months ended September 30, 2013, general and administrative expenses were $22.2 million compared to $18.9 million for the same period in 2012. This increase was due to one-time cash and non-cash stock-based severance costs of $2.0 million and $7.5 million, respectively, for the third quarter and nine month period of 2013. General and administrative expenses other than these organizational transition costs decreased by 49% during the third quarter and 24% for the nine month period of 2013.

Research and development expenses for the quarter ended September 30, 2013 were $11.8 million compared to $12.9 million for the third quarter of 2012. For the nine months ended September 30, 2013, research and development expenses were $38.7 million compared to $36.6 million for the same period in 2012. This increase was due primarily to manufacturing activities and expenses related to the supply of HEPLISAV™.

On October 30, 2013, the Company sold 79,570,000 shares of our common stock at a price of $1.075 per share and 43,430 shares of the Company's Series B Convertible Preferred Stock (Series B) for a price of $1,075.00 per share, in separate, concurrent underwritten public offerings. The sale of the common stock and Series B resulted in aggregate net proceeds to us of approximately $125 million after deducting estimated commissions and offering expenses.

About Dynavax

Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases and cancer. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.

   
DYNAVAX TECHNOLOGIES CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(In thousands, except per share amounts)  
(Unaudited)  
   
    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2013     2012     2013     2012  
Revenues:                                
  Collaboration revenue   $ 1,110     $ 1,050     $ 3,349     $ 3,602  
  Grant revenue     1,700       1,219       3,855       3,188  
                                   
  Service and license revenue     117       605       1,200       1,118  
Total revenues     2,927       2,874       8,404       7,908  
                                 
Operating expenses:                                
  Research and development     11,770       12,850       38,739       36,631  
                                   
  General and administrative     5,807       7,121       22,243       18,871  
  Unoccupied facility expense     918       --       918       --  
Total operating expenses     18,495       19,971       61,900       55,502  
                                 
Loss from operations     (15,568 )     (17,097 )     (53,496 )     (47,594 )
                                 
Interest income     37       91       163       208  
Interest expense     (24 )     (589 )     (83 )     (1,765 )
Other income (expense)     (120 )     (196 )     (248 )     (255 )
                                 
Net loss   $ (15,675 )   $ (17,791 )   $ (53,664 )   $ (49,406 )
                                 
Basic and diluted net loss per share   $ (0.09 )   $ (0.10 )   $ (0.29 )   $ (0.30 )
                                 
Shares used to compute basic and diluted net loss per share     183,022       177,870       182,960       167,039  
                                 
                                 
                                 
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(Unaudited)
 
    September 30,   December 31,
    2013   2012
Assets            
  Cash, cash equivalents and marketable securities   $ 76,474   $ 125,130
  Property and equipment, net     8,454     7,965
  Goodwill     2,532     2,475
  Other assets     4,238     4,182
Total assets   $ 91,698   $ 139,752
             
Liabilities and stockholders'equity            
  Deferred revenues   $ 8,877   $ 12,068
  Other liabilities     10,425     12,858
  Total liabilities     19,302     24,926
  Stockholders' equity     72,396     114,826
Total liabilities and stockholders' equity   $ 91,698   $ 139,752
             
Contact:

Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact
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