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 2013 FINANCIAL RESULTS
BERKELEY, CA - July 29, 2013 - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2013. The Company had $89.2 million in cash, cash equivalents and marketable securities as of June 30, 2013. This compared to $125.1 million at December 31, 2012.
For the quarter ended June 30, 2013, Dynavax reported total revenues of $3.4 million compared to $2.7 million for the corresponding quarter ended June 30, 2012. Total revenues for the six months ended June 30, 2013 were $5.5 million compared to $5.0 million for the same period in 2012.
General and administrative expenses for the quarter ended June 30, 2013 were $7.6 million. This included significant one-time cash and stock-based severance costs of $3.0 million. Other than these organizational transition costs, general and administrative expenses decreased by 22% in the quarter.
For the six months ended June 30, 2013, general and administrative expenses were $16.4 million. This included significant one-time cash and stock-based severance costs of $5.5 million. Other than these organizational transition costs, general and administrative expenses decreased by 7% when compared to the same period in 2012.
Research and development expenses for the quarter ended June 30, 2013 were $12.8 million compared to $11.4 million for the second quarter of 2012. For the six months ended June 30, 2013, research and development expenses were $27.0 million compared to $23.8 million for the same period in 2012. This increase was due primarily to manufacturing activities and expenses related to the supply of a HEPLISAVTM component.
About Dynavax
Dynavax, 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. For more information visit www.dynavax.com.
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DYNAVAX TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||
2013 | 2012 | 2013 | 2012 | |||
Revenues: | ||||||
Collaboration revenue | $ 1,356 | $ 1,623 | $ 2,239 | $ 2,552 | ||
Grant revenue | 1,395 | 882 | 2,155 | 1,969 | ||
Service and license revenue | 641 | 179 | 1,083 | 513 | ||
Total revenues | 3,392 | 2,684 | 5,477 | 5,034 | ||
Operating expenses: | ||||||
Research and development | 12,805 | 11,376 | 26,969 | 23,781 | ||
General and administrative | 7,636 | 5,957 | 16,436 | 11,750 | ||
Total operating expenses | 20,441 | 17,333 | 43,405 | 35,531 | ||
Loss from operations | (17,049) | (14,649) | (37,928) | (30,497) | ||
Interest income | 54 | 65 | 126 | 117 | ||
Interest expense | (27) | (589) | (59) | (1,176) | ||
Other income (expense) | (142) | 63 | (128) | (59) | ||
Net loss | $ (17,164) | $ (15,110) | $ (37,989) | $ (31,615) | ||
Basic and diluted net loss per share | $ (0.09) | $ (0.09) | $ (0.21) | $ (0.20) | ||
Shares used to compute basic and diluted net loss per share | 182,913 | 167,697 | 182,934 | 161,564 | ||
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(Unaudited)
June 30, | December 31, | |
2013 | 2012 | |
Assets | ||
Cash, cash equivalents and marketable securities | $ 89,161 | $ 125,130 |
Property and equipment, net | 8,038 | 7,965 |
Goodwill | 2,436 | 2,475 |
Other assets | 4,377 | 4,182 |
Total assets | $ 104,012 | $ 139,752 |
Liabilities and stockholders'equity | ||
Deferred revenues | $ 10,166 | $ 12,068 |
Other liabilities | 9,187 | 12,858 |
Total liabilities | 19,353 | 24,926 |
Stockholders' equity | 84,659 | 114,826 |
Total liabilities and stockholders' equity | $ 104,012 | $ 139,752 |
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