Full Press Release Details
BERKELEY, CA--(Marketwired - May 5, 2014) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2014. The Company had $177.7 million in cash, cash equivalents and marketable securities as of March 31, 2014.
For the quarter ended March 31, 2014, Dynavax reported total revenues of $3.5 million compared to $2.1 million for the first quarter of 2013. This increase primarily relates to the recognition of revenue under our collaboration agreement with AstraZeneca.
General and administrative expenses were $4.2 million for the quarter ended March 31, 2014 compared to $8.8 million for the first quarter of 2013. The 2013 three month period includes non-recurring cash and non-cash stock-based severance costs of $2.5 million. Excluding these non-recurring organizational transition costs, general and administrative expenses decreased by 34% in the first quarter of 2014 compared to the first quarter of 2013.
Research and development expenses were $13.2 million for the quarter ended March 31, 2014 compared to $14.2 million for the first quarter of 2013. This decrease was primarily due to higher severance expenses, including non-cash stock-based compensation charges, in the 2013 period.
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.
| DYNAVAX TECHNOLOGIES CORPORATION | |||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (In thousands, except per share amounts) | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended March 31, | |||||||||
| 2014 | 2013 | ||||||||
| Revenues: | |||||||||
| Collaboration revenue | $ | 2,373 | $ | 883 | |||||
| Grant revenue | 1,125 | 760 | |||||||
| Service and license revenue | - | 442 | |||||||
| Total revenues | 3,498 | 2,085 | |||||||
| Operating expenses: | |||||||||
| Research and development | 13,231 | 14,164 | |||||||
| General and administrative | 4,157 | 8,800 | |||||||
| Unoccupied facility expense | 77 | - | |||||||
| Total operating expenses | 17,465 | 22,964 | |||||||
| Loss from operations | (13,967 | ) | (20,879 | ) | |||||
| Interest income | 65 | 72 | |||||||
| Interest expense | - | (32 | ) | ||||||
| Other income | 62 | 14 | |||||||
| Net loss | $ | (13,840 | ) | $ | (20,825 | ) | |||
| Basic and diluted net loss per share | $ | (0.05 | ) | $ | (0.11 | ) | |||
| Shares used to compute basic and diluted net loss per share | 262,826 | 182,847 |
| DYNAVAX TECHNOLOGIES CORPORATION | |||||||
| SELECTED BALANCE SHEET DATA | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| March 31, | December 31, | ||||||
| 2014 | 2013 | ||||||
| Assets | |||||||
| Cash, cash equivalents and marketable securities | $ | 177,679 | $ | 189,376 | |||
| Property and equipment, net | 8,584 | 8,706 | |||||
| Goodwill | 2,576 | 2,579 | |||||
| Other assets | 4,746 | 3,961 | |||||
| Total assets | $ | 193,585 | $ | 204,622 | |||
| Liabilities and stockholders' equity | |||||||
| Deferred revenues | $ | 10,334 | $ | 7,298 | |||
| Other liabilities | 9,398 | 11,030 | |||||
| Total liabilities | 19,732 | 18,328 | |||||
| Stockholders' equity | 173,853 | 186,294 | |||||
| Total liabilities and stockholders' equity | $ | 193,585 | $ | 204,622 |
Contact Information: Contact:
Chief Business and Principal Financial Officer