Dynavax Technologies Corporation
May 7, 2015

Dynavax Reports First Quarter 2015 Financial Results

BERKELEY, CA -- (Marketwired) -- 05/07/15 -- 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.

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

Contact:
Michael Ostrach
Chief Financial Officer
510-665-7257
Email Contact

Source: Dynavax Technologies

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