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Delaware
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33-0728374
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The information with respect to item 2.02 in this current report and its accompanying exhibit shall not be deemed to "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this current report and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange commission made by Dynavax, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
99.1 Press Release, dated July 29, 2013 titled "Dynavax Reports Second Quarter 2013 Financial Results."
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Dynavax Technologies Corporation
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Date: July 29, 2013
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By:
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/s/ Jennifer Lew
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Jennifer Lew
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Vice President, Finance
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Exhibit No.
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Description
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EX-99.1
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Press Release, dated July 29, 2013 titled "Dynavax Reports Second Quarter 2013 Financial Results."
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Jennifer Lew |
Michael Ostrach |
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Vice President, Finance |
Vice President and Chief Business Officer |
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510-665-7217 |
510-665-7257 |
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jlew@dynavax.com |
mostrach@dynavax.com |
DYNAVAX REPORTS SECOND QUARTER 2013 FINANCIAL RESULTS
BERKELEY, CA - July 29, 2013 - 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 HEPLISAVTM 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.
- tables to follow -
DYNAVAX TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended June 30, |
Six Months Ended June 30, |
|||||
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2013 |
2012 |
2013 |
2012 |
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Revenues: |
||||||
Collaboration revenue |
$ 1,356 |
$ 1,623 |
$ 2,239 |
$ 2,552 |
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Grant revenue |
1,395 |
882 |
2,155 |
1,969 |
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Service and license revenue |
641 |
179 |
1,083 |
513 |
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Total revenues |
3,392 |
2,684 |
5,477 |
5,034 |
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Operating expenses: |
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|
|
|
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Research and development |
12,805 |
11,376 |
26,969 |
23,781 |
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General and administrative |
7,636 |
5,957 |
16,436 |
11,750 |
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Total operating expenses |
20,441 |
17,333 |
43,405 |
35,531 |
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Loss from operations |
(17,049) |
(14,649) |
(37,928) |
(30,497) |
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Interest income |
54 |
65 |
126 |
117 |
||
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Interest expense |
(27) |
(589) |
(59) |
(1,176) |
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Other income (expense) |
(142) |
63 |
(128) |
(59) |
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Net loss |
$ (17,164) |
$ (15,110) |
$ (37,989) |
$ (31,615) |
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Basic and diluted net loss per share |
$ (0.09) |
$ (0.09) |
$ (0.21) |
$ (0.20) |
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Shares used to compute basic and diluted net loss per share |
182,913 |
167,697 |
182,934 |
161,564 |
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DYNAVAX TECHNOLOGIES CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(Unaudited)
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June 30, |
December 31, |
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2013 |
2012 |
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Assets |
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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 |
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Total assets |
$ 104,012 |
$ 139,752 |
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Liabilities and stockholders' equity |
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Deferred revenues |
$ 10,166 |
$ 12,068 |
Other liabilities |
9,187 |
12,858 |
Total liabilities |
19,353 |
24,926 |
Stockholders' equity |
84,659 |
114,826 |
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Total liabilities and stockholders' equity |
$ 104,012 |
$ 139,752 |
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