Full Press Release Details
BERKELEY, CA--(Marketwired - Jul 29, 2013) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2013. The Company had $89.2 million in cash, cash equivalents and marketable securities as of June 30, 2013. This compared to $125.1 million at December 31, 2012.
For the quarter ended June 30, 2013, Dynavax reported total revenues of $3.4 million compared to $2.7 million for the corresponding quarter ended June 30, 2012. Total revenues for the six months ended June 30, 2013 were $5.5 million compared to $5.0 million for the same period in 2012.
General and administrative expenses for the quarter ended June 30, 2013 were $7.6 million. This included significant one-time cash and stock-based severance costs of $3.0 million. Other than these organizational transition costs, general and administrative expenses decreased by 22% in the quarter.
For the six months ended June 30, 2013, general and administrative expenses were $16.4 million. This included significant one-time cash and stock-based severance costs of $5.5 million. Other than these organizational transition costs, general and administrative expenses decreased by 7% when compared to the same period in 2012.
Research and development expenses for the quarter ended June 30, 2013 were $12.8 million compared to $11.4 million for the second quarter of 2012. For the six months ended June 30, 2013, research and development expenses were $27.0 million compared to $23.8 million for the same period in 2012. This increase was due primarily to manufacturing activities and expenses related to the supply of a HEPLISAV component.
Dynavax, 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. For more information visit www.dynavax.com.
| DYNAVAX TECHNOLOGIES CORPORATION | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Collaboration revenue | $ | 1,356 | $ | 1,623 | $ | 2,239 | $ | 2,552 | |||||||||
| Grant revenue | 1,395 | 882 | 2,155 | 1,969 | |||||||||||||
| Service and license revenue | 641 | 179 | 1,083 | 513 | |||||||||||||
| Total revenues | 3,392 | 2,684 | 5,477 | 5,034 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 12,805 | 11,376 | 26,969 | 23,781 | |||||||||||||
| General and administrative | 7,636 | 5,957 | 16,436 | 11,750 | |||||||||||||
| Total operating expenses | 20,441 | 17,333 | 43,405 | 35,531 | |||||||||||||
| Loss from operations | (17,049 | ) | (14,649 | ) | (37,928 | ) | (30,497 | ) | |||||||||
| Interest income | 54 | 65 | 126 | 117 | |||||||||||||
| Interest expense | (27 | ) | (589 | ) | (59 | ) | (1,176 | ) | |||||||||
| Other income (expense) | (142 | ) | 63 | (128 | ) | (59 | ) | ||||||||||
| Net loss | $ | (17,164 | ) | $ | (15,110 | ) | $ | (37,989 | ) | $ | (31,615 | ) | |||||
| Basic and diluted net loss per share | $ | (0.09 | ) | $ | (0.09 | ) | $ | (0.21 | ) | $ | (0.20 | ) | |||||
| Shares used to compute basic and diluted net loss per share | 182,913 | 167,697 | 182,934 | 161,564 |
| DYNAVAX TECHNOLOGIES CORPORATION | |||||||
| SELECTED CONSOLIDATED BALANCE SHEET DATA | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| June 30, | December 31, | ||||||
| 2013 | 2012 | ||||||
| Assets | |||||||
| Cash, cash equivalents and marketable securities | $ | 89,161 | $ | 125,130 | |||
| Property and equipment, net | 8,038 | 7,965 | |||||
| Goodwill | 2,436 | 2,475 | |||||
| Other assets | 4,377 | 4,182 | |||||
| Total assets | $ | 104,012 | $ | 139,752 | |||
| Liabilities and stockholders' equity | |||||||
| Deferred revenues | $ | 10,166 | $ | 12,068 | |||
| Other liabilities | 9,187 | 12,858 | |||||
| Total liabilities | 19,353 | 24,926 | |||||
| Stockholders' equity | 84,659 | 114,826 | |||||
| Total liabilities and stockholders' equity | $ | 104,012 | $ | 139,752 |
Contact Information: Contacts:
Vice President, Finance
Vice President and Chief Business Officer