Dynavax Technologies Corporation Logo

Print Print page   Email Email page   PDF Download PDF    Add to Briefcase
« Previous Release | Next Release »



Dynavax Reports Second Quarter 2013 Financial Results

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

News Provided by Acquire Media

Close window | Back to top