Press Release Details

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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