Exhibit 99.1
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Michael Ostrach |
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Chief Business and Principal |
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510-665-7257 |
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mostrach@dynavax.com |
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DYNAVAX REPORTS FOURTH QUARTER AND YEAR END 2013
FINANCIAL RESULTS
BERKELEY, CA – March 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 HEPLISAVTM
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.
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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
| Three Months Ended |
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| Years Ended |
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| 2013 |
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| 2012 |
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| 2013 |
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| 2012 |
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Revenues: |
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Collaboration revenue | $ | 1,580 |
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| $ | 1,008 |
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| $ | 4,929 |
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| $ | 4,610 |
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Grant revenue |
| 1,283 |
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| 751 |
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| 5,138 |
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| 3,939 |
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Service and license revenue |
| (16 | ) |
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| 47 |
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| 1,184 |
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| 1,165 |
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Total revenues |
| 2,847 |
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| 1,806 |
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| 11,251 |
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| 9,714 |
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Operating expenses: |
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Research and development |
| 12,131 |
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| 12,515 |
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| 50,870 |
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| 49,146 |
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General and administrative |
| 3,700 |
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| 9,293 |
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| 25,943 |
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| 28,164 |
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Unoccupied facility expense |
| 8 |
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| -- |
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| 926 |
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| -- |
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Total operating expenses |
| 15,839 |
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| 21,808 |
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| 77,739 |
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| 77,310 |
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Loss from operations |
| (12,992 | ) |
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| (20,002 | ) |
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| (66,488 | ) |
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| (67,596 | ) |
Interest income |
| (47 | ) |
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| 83 |
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| 116 |
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| 291 |
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Interest expense |
| 83 |
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| (586 | ) |
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| -- |
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| (2,351 | ) |
Other income (expense) |
| (100 | ) |
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| (38 | ) |
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| (348 | ) |
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| (293 | ) |
Net loss |
| (13,056 | ) |
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| (20,543 | ) |
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| (66,720 | ) |
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| (69,949 | ) |
Preferred stock deemed dividend |
| (8,469 | ) |
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| -- |
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| (8,469 | ) |
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| -- |
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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 |
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| 180,685 |
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| 196,275 |
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| 170,469 |
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DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
| December 31, |
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| December 31, |
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Assets |
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Cash, cash equivalents and marketable securities | $ | 189,376 |
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| $ | 125,130 |
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Property and equipment, net |
| 8,706 |
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| 7,965 |
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Goodwill |
| 2,579 |
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| 2,475 |
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Other assets |
| 3,961 |
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| 4,182 |
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Total assets | $ | 204,622 |
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| $ | 139,752 |
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Liabilities and stockholders’ equity |
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Deferred revenues | $ | 7,298 |
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| $ | 12,068 |
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Other liabilities |
| 11,030 |
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| 12,858 |
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Total liabilities |
| 18,328 |
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| 24,926 |
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Stockholders’ equity |
| 186,294 |
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| 114,826 |
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Total liabilities and stockholders’ equity | $ | 204,622 |
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| $ | 139,752 |
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