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Dynavax Reports Second Quarter 2012 Financial Results

BERKELEY, CA -- (Marketwire) -- 08/01/12 -- Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2012. The Company had $160.2 million in cash, cash equivalents and marketable securities as of June 30, 2012 as compared to $114.0 million at December 31, 2011. Total cash for the second quarter of 2012 included $69.6 million in net proceeds from the sale of 17,500,000 shares of common stock.

Total revenues were $2.7 million and $5.0 million for the three and six months ended June 30, 2012, respectively, compared to $7.3 million and $9.0 million, respectively, reported for the same periods of 2011. Revenues for the second quarter and first half of 2011 included a $6 million milestone earned under the Company's collaboration with GlaxoSmithKline.

Research and development expenses were $11.4 million and $23.8 million for the three and six months ended June 30, 2012, respectively. This compared to $13.3 million and $27.9 million, respectively, reported for the same periods of 2011. Research and development expenses decreased primarily due to the significant decline in clinical activities for HEPLISAV™.

General and administrative expenses were $6.0 million and $11.8 million for the second quarter and first half of 2012, respectively, compared to $4.1 million and $8.8 million, respectively, in the same periods of the prior year. General and administrative expenses increased primarily due to growth in commercial development expenses.

About HEPLISAV

HEPLISAV is an investigational adult hepatitis B vaccine for which a U.S. BLA has been accepted for review by the FDA and a Marketing Authorization Application (MAA) has been submitted. In Phase 3 trials, HEPLISAV demonstrated higher and earlier protection with fewer doses than currently licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known to enhance the immune response.

About Dynavax

Dynavax Technologies Corporation, 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 designed to provide rapid and earlier protection with fewer doses than currently licensed vaccines. 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     Six Months Ended

                                       June 30,              June 30,

                                 --------------------  --------------------

                                    2012       2011       2012       2011

                                 ---------  ---------  ---------  ---------

Revenues:

  Collaboration revenue          $   1,623  $   6,363  $   2,552  $   6,729

  Grant revenue                        882        890      1,969      1,779

  Service and license revenue          179         16        513        505

                                 ---------  ---------  ---------  ---------

Total revenues                       2,684      7,269      5,034      9,013



Operating expenses:

  Research and development          11,376     13,257     23,781     27,929

  General and administrative         5,957      4,054     11,750      8,808

  Amortization of intangible

   assets                                -         54          -        299

                                 ---------  ---------  ---------  ---------

Total operating expenses            17,333     17,365     35,531     37,036

                                 ---------  ---------  ---------  ---------



Loss from operations               (14,649)   (10,096)   (30,497)   (28,023)



Interest income                         65         23        117         56

Interest expense                      (589)      (487)    (1,176)      (977)

Other income (expense)                  63        (75)       (59)      (157)

                                 ---------  ---------  ---------  ---------



Net loss                         $ (15,110) $ (10,635) $ (31,615) $ (29,101)

                                 =========  =========  =========  =========



Basic and diluted net loss per

 share                           $   (0.09) $   (0.09) $   (0.20) $   (0.25)

                                 =========  =========  =========  =========



Shares used to compute basic and

 diluted net loss per share        167,697    117,864    161,564    116,801

                                 =========  =========  =========  =========









                      DYNAVAX TECHNOLOGIES CORPORATION

                         SELECTED BALANCE SHEET DATA

                               (In thousands)

                                 (Unaudited)



                                                    June 30,    December 31,

                                                      2012          2011

                                                 ------------- -------------

Assets

  Cash and cash equivalents and marketable

   securities                                    $     160,199 $     113,961

  Property and equipment, net                            6,833         6,163

  Goodwill                                               2,356         2,312

  Other assets                                           6,507        11,666

                                                 ------------- -------------

Total assets                                     $     175,895 $     134,102

                                                 ============= =============



Liabilities and stockholders' equity

  Accounts payable                               $       1,155 $       2,040

  Accrued liabilities                                    7,956         8,776

  Current portion of deferred revenue                    2,859         4,210

  Non-current portion of deferred revenue                5,312         6,386

  Short-term note payable to Holdings                   13,905        12,810

  Stockholders' equity                                 144,708        99,880

                                                 ------------- -------------

Total liabilities and stockholders' equity       $     175,895 $     134,102

                                                 ============= =============

Source: Dynavax Technologies

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