Exhibit 99.1
DYNΛVAX
INNOVATING IMMUNOLOGY
2929 Seventh Street, Suite 100
Berkeley, CA 94710
DYNAVAX REPORTS FIRST QUARTER 2015
FINANCIAL RESULTS
BERKELEY, CA – May 7, 2015 – Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2015.
The Company had $97.6 million in cash, cash equivalents and marketable securities as of March 31, 2015, compared to $122.7 million at December 31, 2014. Operating expenses of $27.1 million for the quarter ended March 31, 2015 increased by $2.4 million compared to the quarter ended December 31, 2014 primarily as a result of higher headcount and increased manufacturing expenses.
The net loss allocable to common stockholders for the quarter ended March 31, 2015 was $26.2 million, or $0.97 per basic and diluted share. The net loss allocable to common stockholders for the quarter ended December 31, 2014 was $22.3 million, or $0.85 per basic and diluted share.
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 candidates are HEPLISAV-B™, a Phase 3 investigational adult hepatitis B vaccine and SD-101, an investigational cancer immunotherapeutic in several Phase 1/2 studies. 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 |
| |||||
| March 31, |
| |||||
| 2015 |
|
| 2014 |
| ||
Revenues: |
|
|
|
|
|
|
|
Collaboration revenue | $ | 471 |
|
| $ | 2,373 |
|
Grant revenue |
| 148 |
|
|
| 1,125 |
|
Service and license revenue |
| 8 |
|
|
| - |
|
Total revenues |
| 627 |
|
|
| 3,498 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
| 22,220 |
|
|
| 13,231 |
|
General and administrative |
| 4,859 |
|
|
| 4,157 |
|
Unoccupied facility expense |
| - |
|
|
| 77 |
|
Total operating expenses |
| 27,079 |
|
|
| 17,465 |
|
|
|
|
|
|
|
|
|
Loss from operations |
| (26,452 | ) |
|
| (13,967 | ) |
|
|
|
|
|
|
|
|
Interest income |
| 27 |
|
|
| 65 |
|
Interest expense |
| (247 | ) |
|
| - |
|
Other income, net |
| 455 |
|
|
| 62 |
|
|
|
|
|
|
|
|
|
Net loss | $ | (26,217 | ) |
| $ | (13,840 | ) |
|
|
|
|
|
|
|
|
Basic and diluted net loss per share | $ | (0.97 | ) |
| $ | (0.53 | ) |
|
|
|
|
|
|
|
|
Shares used to compute basic and diluted net loss per share |
| 27,065 |
|
|
| 26,283 |
|
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
| March 31, |
|
| December 31, |
| ||
| 2015 |
|
| 2014 |
| ||
Assets |
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities | $ | 97,594 |
|
| $ | 122,652 |
|
Property and equipment, net |
| 7,528 |
|
|
| 7,924 |
|
Goodwill |
| 2,032 |
|
|
| 2,277 |
|
Other assets |
| 5,015 |
|
|
| 5,437 |
|
Total assets | $ | 112,169 |
|
| $ | 138,290 |
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
Deferred revenues | $ | 12,293 |
|
| $ | 12,765 |
|
Other liabilities |
| 15,890 |
|
|
| 15,484 |
|
Long-term debt |
| 8,913 |
|
|
| 9,559 |
|
Total liabilities |
| 37,096 |
|
|
| 37,808 |
|
Stockholders’ equity |
| 75,073 |
|
|
| 100,482 |
|
Total liabilities and stockholders’ equity | $ | 112,169 |
|
| $ | 138,290 |
|
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