Full Press Release Details
BERKELEY, CA--(Marketwire - March 8, 2011) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year
ended December 31, 2010.
Dynavax reported $72.2 million in cash, cash equivalents and marketable
securities at December 31, 2010. This compared to $36.7 million at December
31, 2009. Total cash at the 2010 year end included approximately $83
million in net proceeds from public offerings completed during the year.
Total revenues were $1.8 million for the fourth quarter 2010, compared to
$2.2 million for the fourth quarter 2009. Total revenues were $24.0 million
for the year ended December 31, 2010, compared to $40.3 million for 2009.
The decline in total revenues for the year was primarily due to the
recognition of collaboration revenue in June 2009 from our terminated
collaboration with Merck.
Total operating expenses were $17.4 million for the fourth quarter 2010,
compared to $13.8 million for the fourth quarter 2009. Total operating
expenses were $71.5 million for the year ended December 31, 2010, compared
to $55.4 million for 2009. The increase in total operating expenses for the
year was due to continued clinical and manufacturing activities to support
HEPLISAV . The Company expects total operating expenses in 2011 to be
consistent with 2010.
The tables included as part of this press release provide a reconciliation
of GAAP revenues and operating expenses to pro forma revenues and operating
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 superior protection with fewer doses than current
licensed vaccines. For more information visit www.dynavax.com.
Forward Looking Statements
This press release contains "forward-looking statements" that are subject
to a number of risks and uncertainties, including statements regarding our
projected 2011 operating expenses. Actual results may differ materially
from those set forth in this press release due to the risks and
uncertainties inherent in our business, including whether successful
clinical and regulatory development and approval of HEPLISAV can occur in a
timely manner or without significant additional studies or difficulties or
delays in development or clinical trial enrollment, whether the studies can
support registration for commercialization of HEPLISAV; the results of
clinical trials and the impact of those results on the initiation and
completion of subsequent trials and issues arising in the regulatory
process; the Company's ability to obtain additional financing to support
the development and commercialization of HEPLISAV and its other operations,
possible claims against the Company based on the patent rights of others;
and other risks detailed in the "Risk Factors" section of our current
periodic reports with the SEC. We undertake no obligation to revise or
update information herein to reflect events or circumstances in the future,
even if new information becomes available. Information on Dynavax's website
at www.dynavax.com is not incorporated by reference in the Company's
current periodic reports with the SEC.
- tables to follow -
DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- --------------------
--------- --------- --------- ---------
Collaboration revenue $ 371 $ 1,455 $ 19,535 $ 35,534
Grant revenue 1,243 556 3,940 3,477
Service and license revenue 152 178 475 1,307
--------- --------- --------- ---------
Total revenues 1,766 2,189 23,950 40,318
Research and development 12,951 9,506 53,680 38,708
General and administrative 4,185 4,052 16,879 15,745
Amortization of intangible
assets 245 245 980 980
--------- --------- --------- ---------
Total operating expenses 17,381 13,803 71,539 55,433
--------- --------- --------- ---------
Loss from operations (15,615) (11,614) (47,589) (15,115)
Interest income 32 4 85 178
Interest expense (425) (4) (1,654) (124)
Other income (expense) 886 (26) (8,150) (66)
--------- --------- --------- ---------
Net loss (15,122) (11,640) (57,308) (15,127)
Consideration paid in excess of
carrying value of the
noncontrolling interest in
SDI(1) -- (19,671) -- (19,671)
Add: Losses attributed to
noncontrolling interest in
SDI -- 1,041 -- 4,233
--------- --------- --------- ---------
Net loss attributable to
Dynavax $ (15,122) $ (30,270) $ (57,308) $ (30,565)
========= ========= ========= =========
Basic and diluted net loss per
share attributable to Dynavax
common stockholders $ (0.14) $ (0.73) $ (0.69) $ (0.76)
========= ========= ========= =========
Shares used to compute basic
and diluted net loss per share
attributable to Dynavax common
stockholders 106,035 41,420 82,463 40,350
========= ========= ========= =========
(1) Symphony Dynamo, Inc.
DYNAVAX TECHNOLOGIES CORPORATION
RECONCILIATION OF GAAP REVENUES TO PRO FORMA REVENUES
Three Months Twelve Months
December 31, December 31,
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