Full Press Release Details
BERKELEY, CA--(Marketwire - Aug 1, 2012) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2012. The Company had $160.2 million in cash, cash equivalents and marketable securities as of June 30, 2012 as compared to $114.0 million at December 31, 2011. Total cash for the second quarter of 2012 included $69.6 million in net proceeds from the sale of 17,500,000 shares of common stock.
Total revenues were $2.7 million and $5.0 million for the three and six months ended June 30, 2012, respectively, compared to $7.3 million and $9.0 million, respectively, reported for the same periods of 2011. Revenues for the second quarter and first half of 2011 included a $6 million milestone earned under the Company's collaboration with GlaxoSmithKline.
Research and development expenses were $11.4 million and $23.8 million for the three and six months ended June 30, 2012, respectively. This compared to $13.3 million and $27.9 million, respectively, reported for the same periods of 2011. Research and development expenses decreased primarily due to the significant decline in clinical activities for HEPLISAV .
General and administrative expenses were $6.0 million and $11.8 million for the second quarter and first half of 2012, respectively, compared to $4.1 million and $8.8 million, respectively, in the same periods of the prior year. General and administrative expenses increased primarily due to growth in commercial development expenses.
HEPLISAV is an investigational adult hepatitis B vaccine for which a U.S. BLA has been accepted for review by the FDA and a Marketing Authorization Application (MAA) has been submitted. In Phase 3 trials, HEPLISAV demonstrated higher and earlier protection with fewer doses than currently licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known 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 June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Collaboration revenue | $ | 1,623 | $ | 6,363 | $ | 2,552 | $ | 6,729 | |||||||||
| Grant revenue | 882 | 890 | 1,969 | 1,779 | |||||||||||||
| Service and license revenue | 179 | 16 | 513 | 505 | |||||||||||||
| Total revenues | 2,684 | 7,269 | 5,034 | 9,013 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 11,376 | 13,257 | 23,781 | 27,929 | |||||||||||||
| General and administrative | 5,957 | 4,054 | 11,750 | 8,808 | |||||||||||||
| Amortization of intangible assets | - | 54 | - | 299 | |||||||||||||
| Total operating expenses | 17,333 | 17,365 | 35,531 | 37,036 | |||||||||||||
| Loss from operations | (14,649 | ) | (10,096 | ) | (30,497 | ) | (28,023 | ) | |||||||||
| Interest income | 65 | 23 | 117 | 56 | |||||||||||||
| Interest expense | (589 | ) | (487 | ) | (1,176 | ) | (977 | ) | |||||||||
| Other income (expense) | 63 | (75 | ) | (59 | ) | (157 | ) | ||||||||||
| Net loss | $ | (15,110 | ) | $ | (10,635 | ) | $ | (31,615 | ) | $ | (29,101 | ) | |||||
| Basic and diluted net loss per share | $ | (0.09 | ) | $ | (0.09 | ) | $ | (0.20 | ) | $ | (0.25 | ) | |||||
| Shares used to compute basic and diluted net loss per share | 167,697 | 117,864 | 161,564 | 116,801 |
| DYNAVAX TECHNOLOGIES CORPORATION | |||||||
| SELECTED BALANCE SHEET DATA | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| June 30, | December 31, | ||||||
| 2012 | 2011 | ||||||
| Assets | |||||||
| Cash and cash equivalents and marketable securities | $ | 160,199 | $ | 113,961 | |||
| Property and equipment, net | 6,833 | 6,163 | |||||
| Goodwill | 2,356 | 2,312 | |||||
| Other assets | 6,507 | 11,666 | |||||
| Total assets | $ | 175,895 | $ | 134,102 | |||
| Liabilities and stockholders' equity | |||||||
| Accounts payable | $ | 1,155 | $ | 2,040 | |||
| Accrued liabilities | 7,956 | 8,776 | |||||
| Current portion of deferred revenue | 2,859 | 4,210 | |||||
| Non-current portion of deferred revenue | 5,312 | 6,386 | |||||
| Short-term note payable to Holdings | 13,905 | 12,810 | |||||
| Stockholders' equity | 144,708 | 99,880 | |||||
| Total liabilities and stockholders' equity | $ | 175,895 | $ | 134,102 |
Contact Information: Contacts:
Vice President, Finance
Vice President and Chief Business Officer