Dynavax Technologies
2929 Seventh Street, Suite 100
Berkeley, CA 94710
Contacts: | ||
Jennifer Lew | Michael Ostrach | |
Vice President, Finance | Vice President and Chief Business Officer | |
510-665-7217 | 510-665-7257 | |
jlew@dynavax.com | mostrach@dynavax.com |
DYNAVAX REPORTS SECOND QUARTER 2012 FINANCIAL RESULTS
BERKELEY, CA - August 1, 2012 - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2012. The Company had $160.2 million in cash, cash equivalents and marketable securities as of June 30, 2012 as compared to $114.0 million at December 31, 2011. Total cash for the second quarter of 2012 included $69.6 million in net proceeds from the sale of 17,500,000 shares of common stock.
Total revenues were $2.7 million and $5.0 million for the three and six months ended June 30, 2012, respectively, compared to $7.3 million and $9.0 million, respectively, reported for the same periods of 2011. Revenues for the second quarter and first half of 2011 included a $6 million milestone earned under the Company's collaboration with GlaxoSmithKline.
Research and development expenses were $11.4 million and $23.8 million for the three and six months ended June 30, 2012, respectively. This compared to $13.3 million and $27.9 million, respectively, reported for the same periods of 2011. Research and development expenses decreased primarily due to the significant decline in clinical activities for HEPLISAVTM.
General and administrative expenses were $6.0 million and $11.8 million for the second quarter and first half of 2012, respectively, compared to $4.1 million and $8.8 million, respectively, in the same periods of the prior year. General and administrative expenses increased primarily due to growth in commercial development expenses.
About HEPLISAV
HEPLISAV is an investigational adult hepatitis B vaccine for which a U.S. BLA has been accepted for review by the FDA and a Marketing Authorization Application (MAA) has been submitted. In Phase 3 trials, HEPLISAV demonstrated higher and earlier protection with fewer doses than currently licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known to enhance the immune response.
About Dynavax
Dynavax Technologies Corporation, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine designed to provide rapid and earlier protection with fewer doses than currently licensed vaccines. For more information visit www.dynavax.com.
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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||
2012 | 2011 | 2012 | 2011 | |||
Revenues: | ||||||
Collaboration revenue | $ 1,623 | $ 6,363 | $ 2,552 | $ 6,729 | ||
Grant revenue | 882 | 890 | 1,969 | 1,779 | ||
Service and license revenue | 179 | 16 | 513 | 505 | ||
Total revenues | 2,684 | 7,269 | 5,034 | 9,013 | ||
Operating expenses: | ||||||
Research and development | 11,376 | 13,257 | 23,781 | 27,929 | ||
General and administrative | 5,957 | 4,054 | 11,750 | 8,808 | ||
Amortization of intangible assets | - | 54 | - | 299 | ||
Total operating expenses | 17,333 | 17,365 | 35,531 | 37,036 | ||
Loss from operations | (14,649) | (10,096) | (30,497) | (28,023) | ||
Interest income | 65 | 23 | 117 | 56 | ||
Interest expense | (589) | (487) | (1,176) | (977) | ||
Other income (expense) | 63 | (75) | (59) | (157) | ||
Net loss | $ (15,110) | $ (10,635) | $ (31,615) | $ (29,101) | ||
Basic and diluted net loss per share | $ (0.09) | $ (0.09) | $ (0.20) | $ (0.25) | ||
Shares used to compute basic and diluted net loss per share | 167,697 | 117,864 | 161,564 | 116,801 | ||
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
June 30, | December 31, | |
2012 | 2011 | |
Assets | ||
Cash and cash equivalents and marketable securities | $ 160,199 | $ 113,961 |
Property and equipment, net | 6,833 | 6,163 |
Goodwill | 2,356 | 2,312 |
Other assets | 6,507 | 11,666 |
Total assets | $ 175,895 | $ 134,102 |
Liabilities and stockholders'equity | ||
Accounts payable | $ 1,155 | $ 2,040 |
Accrued liabilities | 7,956 | 8,776 |
Current portion of deferred revenue | 2,859 | 4,210 |
Non-current portion of deferred revenue | 5,312 | 6,386 |
Short-term note payable to Holdings | 13,905 | 12,810 |
Stockholders' equity | 144,708 | 99,880 |
Total liabilities and stockholders' equity | $ 175,895 | $ 134,102 |
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