UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 03/10/2014
Dynavax Technologies Corporation
(Exact name of registrant as specified in its charter)
Commission File Number: 001-34207
Delaware |
|
33-0728374 |
(State or other jurisdiction of |
|
(IRS Employer |
2929 Seventh Street, Suite 100
Berkeley, CA 94710-2753
(Address of principal executive offices, including zip code)
(510) 848-5100
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | 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)) |
Item 2.02. Results of Operations and Financial Condition
On March 10, 2014, Dynavax Technologies Corporation (“Dynavax”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2013. A copy of the press release is attached as Exhibit 99.1 to this current report and is incorporated herein by reference.
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.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibit is furnished herewith:
99.1 Press Release, dated March 10, 2014 titled “Dynavax Reports Fourth Quarter and Year End 2013 Financial Results.”
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
Dynavax Technologies Corporation |
Date: March 10, 2014 |
|
By: |
|
/s/ David Johnson |
|
|
|
|
David Johnson |
|
|
|
|
Vice President |
EXHIBIT INDEX
Exhibit No. |
|
Description |
|
EX-99.1 |
|
DYNAVAX REPORTS FOURTH QUARTER AND YEAR END 2013 FINANCIAL RESULTS. |
|
Exhibit 99.1
|
|
|
Michael Ostrach |
|
|
Chief Business and Principal |
|
|
510-665-7257 |
|
|
mostrach@dynavax.com |
|
|
DYNAVAX REPORTS FOURTH QUARTER AND YEAR END 2013
FINANCIAL RESULTS
BERKELEY, CA – March 10, 2014 – Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year ended December 31, 2013. The Company had $189.4 million in cash, cash equivalents and marketable securities as of December 31, 2013.
For the quarter ended December 31, 2013, Dynavax reported total revenues of $2.8 million compared to $1.8 million for the fourth quarter of 2012. For the year ended December 31, 2013, total revenues were $11.3 million compared to $9.7 million for 2012.
General and administrative expenses were $3.7 million for the quarter ended December 31, 2013 compared to $9.3 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, general and administrative expenses were $25.9 million compared to $28.2 million for the same period in 2012. The 2013 twelve month period includes non-recurring and non-cash stock-based severance costs of $7.7 million compared to $2.1 million for the same period in 2012. General and administrative expenses other than these organizational transition costs decreased by 38% during the fourth quarter and 28% for the twelve month period of 2013.
Research and development expenses were $12.1 million for the quarter ended December 31, 2013 compared to $12.5 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, research and development expenses were $50.9 million compared to $49.1 million for the same period in 2012.
The net loss allocable to common stockholders for the twelve months ended December 31, 2013 was $75.2 million, or $0.38 per basic and diluted share, which includes a one-time non-cash deemed dividend of $8.5 million related to the beneficial conversion feature of the Series B Convertible Preferred Stock. The net loss allocable to common stockholders for the twelve months ended December 31, 2012 was $69.9 million, or $0.41 per basic and diluted share.
About HEPLISAVTM
HEPLISAV is an investigational adult hepatitis B vaccine that combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist to enhance the immune response. Dynavax has worldwide commercial rights to HEPLISAV.
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 candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.
– tables to follow –
DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
|
Three Months Ended |
|
|
Years Ended |
|
||||||||||
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration revenue |
$ |
1,580 |
|
|
$ |
1,008 |
|
|
$ |
4,929 |
|
|
$ |
4,610 |
|
Grant revenue |
|
1,283 |
|
|
|
751 |
|
|
|
5,138 |
|
|
|
3,939 |
|
Service and license revenue |
|
(16 |
) |
|
|
47 |
|
|
|
1,184 |
|
|
|
1,165 |
|
Total revenues |
|
2,847 |
|
|
|
1,806 |
|
|
|
11,251 |
|
|
|
9,714 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
12,131 |
|
|
|
12,515 |
|
|
|
50,870 |
|
|
|
49,146 |
|
General and administrative |
|
3,700 |
|
|
|
9,293 |
|
|
|
25,943 |
|
|
|
28,164 |
|
Unoccupied facility expense |
|
8 |
|
|
|
-- |
|
|
|
926 |
|
|
|
-- |
|
Total operating expenses |
|
15,839 |
|
|
|
21,808 |
|
|
|
77,739 |
|
|
|
77,310 |
|
Loss from operations |
|
(12,992 |
) |
|
|
(20,002 |
) |
|
|
(66,488 |
) |
|
|
(67,596 |
) |
Interest income |
|
(47 |
) |
|
|
83 |
|
|
|
116 |
|
|
|
291 |
|
Interest expense |
|
83 |
|
|
|
(586 |
) |
|
|
-- |
|
|
|
(2,351 |
) |
Other income (expense) |
|
(100 |
) |
|
|
(38 |
) |
|
|
(348 |
) |
|
|
(293 |
) |
Net loss |
|
(13,056 |
) |
|
|
(20,543 |
) |
|
|
(66,720 |
) |
|
|
(69,949 |
) |
Preferred stock deemed dividend |
|
(8,469 |
) |
|
|
-- |
|
|
|
(8,469 |
) |
|
|
-- |
|
Net loss allocable to common stockholders |
$ |
(21,525 |
) |
|
$ |
(20,543 |
) |
|
$ |
(75,189 |
) |
|
$ |
(69,949 |
) |
Basic and diluted net loss per share allocable to common stockholders |
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.41 |
) |
Shares used to compute basic and diluted net loss per share allocable to common stockholders |
|
235,879 |
|
|
|
180,685 |
|
|
|
196,275 |
|
|
|
170,469 |
|
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
|
December 31, |
|
|
December 31, |
|
||
Assets |
|
|
|
|
|
|
|
Cash, cash equivalents and marketable securities |
$ |
189,376 |
|
|
$ |
125,130 |
|
Property and equipment, net |
|
8,706 |
|
|
|
7,965 |
|
Goodwill |
|
2,579 |
|
|
|
2,475 |
|
Other assets |
|
3,961 |
|
|
|
4,182 |
|
Total assets |
$ |
204,622 |
|
|
$ |
139,752 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
Deferred revenues |
$ |
7,298 |
|
|
$ |
12,068 |
|
Other liabilities |
|
11,030 |
|
|
|
12,858 |
|
Total liabilities |
|
18,328 |
|
|
|
24,926 |
|
Stockholders’ equity |
|
186,294 |
|
|
|
114,826 |
|
Total liabilities and stockholders’ equity |
$ |
204,622 |
|
|
$ |
139,752 |
|
# # #