Full Press Release Details
BERKELEY, CA--(Marketwire - Apr 27, 2012) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2012, including $106.9 million in cash, cash equivalents and marketable securities at March 31, 2012. This compared to $114 million at December 31, 2011. Total cash for the first quarter of 2012 included $8.6 million in milestone payments from Dynavax's collaborative partners.
Total revenues were $2.4 million for the first quarter 2012, an increase over the $1.7 million reported for the first quarter of 2011 due primarily to the recognition of collaboration revenue under the Company's partnership with AstraZeneca.
Total operating expenses of $18.2 million for the first quarter 2012 decreased from the $19.7 million reported for the first quarter of 2011, resulting primarily from the completion of certain clinical activities for HEPLISAV.
Net loss for the first quarter 2012 of $16.5 million improved from the loss of $18.5 million reported for the same period in 2011.
HEPLISAV is an investigational adult hepatitis B vaccine. In earlier Phase 3 trials, HEPLISAV demonstrated increased, rapid protection with fewer doses than current licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known as 1018 ISS to enhance the immune response.
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 earlier protection with fewer doses than currently licensed vaccines. For more information visit www.dynavax.com.
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| DYNAVAX TECHNOLOGIES CORPORATION | |||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (In thousands, except per share amounts) | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended March 31, | |||||||||
| 2012 | 2011 | ||||||||
| Revenues: | |||||||||
| Collaboration revenue | $ | 929 | $ | 366 | |||||
| Grant revenue | 1,087 | 889 | |||||||
| Service and license revenue | 334 | 489 | |||||||
| Total revenues | 2,350 | 1,744 | |||||||
| Operating expenses: | |||||||||
| Research and development | 12,405 | 14,672 | |||||||
| General and administrative | 5,793 | 4,754 | |||||||
| Amortization of intangible assets | - | 245 | |||||||
| Total operating expenses | 18,198 | 19,671 | |||||||
| Loss from operations | (15,848 | ) | (17,927 | ) | |||||
| Interest income | 52 | 33 | |||||||
| Interest expense | (587 | ) | (490 | ) | |||||
| Other expense | (122 | ) | (82 | ) | |||||
| Net loss | $ | (16,505 | ) | $ | (18,466 | ) | |||
| Basic and diluted net loss per share | $ | (0.11 | ) | $ | (0.16 | ) | |||
| Shares used to compute basic and diluted net loss per share | 155,431 | 115,726 |
| DYNAVAX TECHNOLOGIES CORPORATION | |||||||
| SELECTED BALANCE SHEET DATA | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| March 31, | December 31, | ||||||
| 2012 | 2011 | ||||||
| Assets | |||||||
| Cash and cash equivalents and marketable securities | $ | 106,881 | $ | 113,961 | |||
| Property and equipment, net | 6,962 | 6,163 | |||||
| Goodwill | 2,498 | 2,312 | |||||
| Other assets | 4,335 | 11,666 | |||||
| Total assets | $ | 120,676 | $ | 134,102 | |||
| Liabilities and stockholders' equity | |||||||
| Accounts payable | $ | 2,358 | $ | 2,040 | |||
| Accrued liabilities | 6,932 | 8,776 | |||||
| Current portion of deferred revenue | 3,801 | 4,210 | |||||
| Non-current portion of deferred revenue | 5,849 | 6,386 | |||||
| Short-term note payable to Holdings | 13,357 | 12,810 | |||||
| Stockholders' equity | 88,379 | 99,880 | |||||
| Total liabilities and stockholders' equity | $ | 120,676 | $ | 134,102 |
Contact Information: Contacts:
Vice President, Finance
Vice President and Chief Business Officer