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Dynavax Reports Third Quarter 2011 Financial Results

BERKELEY, CA -- (MARKET WIRE) -- 10/27/11 -- Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the third quarter ended September 30, 2011, including $53.2 million in cash, cash equivalents and marketable securities at September 30, 2011. This amount does not include a total of $8.6 million, consisting of $6 million in previously announced payments from Dynavax's collaborations with AstraZeneca and GlaxoSmithKline to be made after the close of the quarter and proceeds of $2.6 million from the sale of common stock to Aspire Capital received after the close of the third quarter.

Dynavax said that, based on developments to date and additional potential payments anticipated to be received or earned by year end under existing arrangements, it expects to end 2011 with approximately $50 million in cash, cash equivalents and marketable securities.

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 superior protection with fewer doses than current licensed vaccines. For more information visit www.dynavax.com.

Forward Looking Statements

This press release contains "forward-looking statements" that are subject to a number of risks and uncertainties, including statements regarding our projected net cash usage and cash position. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business, including whether successful clinical and regulatory development and approval of HEPLISAV can occur in a timely manner or without significant additional studies or difficulties or delays in development or clinical trial enrollment, whether the studies can support registration for commercialization of HEPLISAV; the results of clinical trials and the impact of those results on the initiation and completion of subsequent trials and issues arising in the regulatory process; the Company's ability to obtain additional financing to support the development and commercialization of HEPLISAV and its other operations, possible claims against the Company based on the patent rights of others; and other risks detailed in the "Risk Factors" section of our current periodic reports with the SEC. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. Information on Dynavax's website at www.dynavax.com is not incorporated by reference in the Company's current periodic reports with the SEC.




                           -- tables to follow --





                      DYNAVAX TECHNOLOGIES CORPORATION

                   CONSOLIDATED STATEMENTS OF OPERATIONS

                  (In thousands, except per share amounts)

                                (Unaudited)



                                  Three Months Ended     Nine Months Ended

                                     September 30,         September 30,

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

                                    2011       2010       2011       2010

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

Revenues:

  Collaboration revenue          $     369  $  10,402  $   7,098  $  19,164

  Grant revenue                        658      1,218      2,437      2,697

  Service and license revenue          147         29        652        323

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

Total revenues                       1,174     11,649     10,187     22,184



Operating expenses:

  Research and development          11,777     14,204     39,706     40,729

  General and administrative         4,217      3,951     13,025     12,694

  Amortization of intangible

   assets                               --        245        299        735

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

Total operating expenses            15,994     18,400     53,030     54,158

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



Loss from operations               (14,820)    (6,751)   (42,843)   (31,974)



Interest income                         18         12         74         53

Interest expense                      (485)      (399)    (1,462)    (1,229)

Other income (expense)                  58      2,140        (99)    (9,036)

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



Net loss                         $ (15,229) $  (4,998) $ (44,330) $ (42,186)

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



Basic and diluted net loss per

 share                           $   (0.12) $   (0.06) $   (0.37) $   (0.57)

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



Shares used to compute basic net

 loss per share                    124,069     86,826    119,244     74,519

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







                      DYNAVAX TECHNOLOGIES CORPORATION

           RECONCILIATION OF GAAP REVENUES TO PRO FORMA REVENUES

                               (In thousands)

                                (Unaudited)



                                  Three Months Ended     Nine Months Ended

                                     September 30,         September 30,

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

                                    2011       2010       2011       2010

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



GAAP revenues                    $   1,174  $  11,649  $  10,187  $  22,184



LESS:

Deferred revenue from

 collaborations                         --     10,000         --     10,000

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

Pro forma revenues(1)            $   1,174  $   1,649  $  10,187  $  12,184

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



   (1)  These pro forma amounts are intended to illustrate the Company's

        revenues excluding certain items for which cash was received in a

        prior period. Management of the Company believes the pro forma

        results are a more useful measure of the Company's revenues because

        it provides investors the ability to evaluate the Company's

        operations in the manner that management uses to assess the

        continued progress of operating programs. These pro forma results

        are not in accordance with, or an alternative for, generally

        accepted accounting principles and may be different from pro forma

        measures used by other companies.







                      DYNAVAX TECHNOLOGIES CORPORATION

 RECONCILIATION OF GAAP OPERATING EXPENSES TO PRO FORMA OPERATING EXPENSES

                               (In thousands)

                                (Unaudited)



                                     Three Months Ended  Nine Months Ended

                                       September 30,       September 30,

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

                                       2011      2010      2011      2010

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



GAAP operating expenses             $  15,994 $  18,400 $  53,030 $  54,158



LESS:

Stock-based compensation expense        1,287       586     3,934     1,552

Amortization of intangible assets          --       245       299       735

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

Pro forma operating expenses(2)     $  14,707 $  17,569 $  48,797 $  51,871

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



   (2)  These pro forma amounts are intended to illustrate the Company's

        operating expenses excluding certain non-cash charges in accordance

        with the financial statements that management uses to evaluate the

        Company's operations. These pro forma results are not in accordance

        with, or an alternative for, generally accepted accounting

        principles and may be different from pro forma measures used by

        other companies.







                      DYNAVAX TECHNOLOGIES CORPORATION

                         SELECTED BALANCE SHEET DATA

                               (In thousands)

                                 (Unaudited)



                                                September 30,   December 31,

                                                     2011           2010

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

Assets

  Cash and cash equivalents and marketable

   securities                                   $      53,221  $      72,154

  Property and equipment, net                           6,127          6,404

  Goodwill                                              2,312          2,312

  Other intangible assets, net                             --            299

  Other assets                                          3,059          3,080

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

Total assets                                    $      64,719  $      84,249

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



Liabilities and stockholders'equity

  Accounts payable                              $       1,313  $       2,329

  Accrued and other liabilities                         8,823         11,786

  Current portion of deferred revenue                   1,429          1,429

  Noncurrent portion of deferred revenue                4,583          5,655

  Long-term note payable to Holdings                   12,342         10,939

  Stockholders' equity                                 36,229         52,111

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

Total liabilities and stockholders' equity      $      64,719  $      84,249

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





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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