Press Release Details

BERKELEY, CA -- (Marketwired) -- 07/29/13 -- 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 HEPLISAV™ 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.

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

Contacts:
Jennifer Lew
Vice President, Finance
510-665-7217
Email Contact

Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact

Source: Dynavax Technologies

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