Full Press Release Details
INNOVATING IMMUNOLOGY
2929 Seventh Street, Suite 100
| Contact: | ||
| Michael Ostrach | ||
| Chief Financial Officer | ||
| 510-665-7257 | ||
| mostrach@dynavax.com |
DYNAVAX REPORTS FIRST QUARTER 2015
BERKELEY, CA - May 7, 2015 - 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.
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.
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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
| 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
| 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 |