Exhibit 99.1
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Contact: | | |
Michael Ostrach | | |
Chief Business and Principal Financial Officer | | |
510-665-7257 | | |
mostrach@dynavax.com | | |
DYNAVAX REPORTS FIRST QUARTER 2014
FINANCIAL RESULTS
BERKELEY, CA – May 5, 2014 – Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2014. The Company had $177.7 million in cash, cash equivalents and marketable securities as of March 31, 2014.
For the quarter ended March 31, 2014, Dynavax reported total revenues of $3.5 million compared to $2.1 million for the first quarter of 2013. This increase primarily relates to the recognition of revenue under our collaboration agreement with AstraZeneca.
General and administrative expenses were $4.2 million for the quarter ended March 31, 2014 compared to $8.8 million for the first quarter of 2013. The 2013 three month period includes non-recurring cash and non-cash stock-based severance costs of $2.5 million. Excluding these non-recurring organizational transition costs, general and administrative expenses decreased by 34% in the first quarter of 2014 compared to the first quarter of 2013.
Research and development expenses were $13.2 million for the quarter ended March 31, 2014 compared to $14.2 million for the first quarter of 2013. This decrease was primarily due to higher severance expenses, including non-cash stock-based compensation charges, in the 2013 period.
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.
DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
| | Three Months Ended March 31, | |
| 2014 | | | 2013 | |
Revenues: | | | | | | | |
Collaboration revenue | $ | 2,373 | | | $ | 883 | |
Grant revenue | | 1,125 | | | | 760 | |
Service and license revenue | | - | | | | 442 | |
Total revenues | | 3,498 | | | | 2,085 | |
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Operating expenses: | | | | | | | |
Research and development | | 13,231 | | | | 14,164 | |
General and administrative | | 4,157 | | | | 8,800 | |
Unoccupied facility expense | | 77 | | | | - | |
Total operating expenses | | 17,465 | | | | 22,964 | |
| | | | | | | |
Loss from operations | | (13,967 | ) | | | (20,879 | ) |
| | | | | | | |
Interest income | | 65 | | | | 72 | |
Interest expense | | - | | | | (32 | ) |
Other income | | 62 | | | | 14 | |
| | | | | | | |
Net loss | $ | (13,840 | ) | | $ | (20,825 | ) |
| | | | | | | |
Basic and diluted net loss per share | $ | (0.05 | ) | | $ | (0.11 | ) |
| | | | | | | |
Shares used to compute basic and diluted net loss per share | | 262,826 | | | | 182,847 | |
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
| | March 31,
2014 | | | | December 31,
2013 | |
Assets | | | | | | | |
Cash, cash equivalents and marketable securities | $ | 177,679 | | | $ | 189,376 | |
Property and equipment, net | | 8,584 | | | | 8,706 | |
Goodwill | | 2,576 | | | | 2,579 | |
Other assets | | 4,746 | | | | 3,961 | |
Total assets | $ | 193,585 | | | $ | 204,622 | |
| | | | | | | |
Liabilities and stockholders’ equity | | | | | | | |
Deferred revenues | $ | 10,334 | | | $ | 7,298 | |
Other liabilities | | 9,398 | | | | 11,030 | |
Total liabilities | | 19,732 | | | | 18,328 | |
Stockholders’ equity | | 173,853 | | | | 186,294 | |
Total liabilities and stockholders’ equity | $ | 193,585 | | | $ | 204,622 | |
