Contacts: | | |
Michael Ostrach | | |
Vice President and Chief Business Officer | | |
510-665-7257 | | |
mostrach@dynavax.com | | |
DYNAVAX REPORTS THIRD QUARTER 2013 FINANCIAL RESULTS
BERKELEY, CA - November 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 HEPLISAVTM.
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.
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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)
| September30, | 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 |
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