Attached files
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| 8-K - FORM 8-K - DYNAVAX TECHNOLOGIES CORP | dvax-8k_20140311.htm |
Exhibit 99.1
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Michael Ostrach |
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Chief Business and Principal |
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510-665-7257 |
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mostrach@dynavax.com |
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DYNAVAX REPORTS FOURTH QUARTER AND YEAR END 2013
FINANCIAL RESULTS
BERKELEY, CA – March 10, 2014 – Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year ended December 31, 2013. The Company had $189.4 million in cash, cash equivalents and marketable securities as of December 31, 2013.
For the quarter ended December 31, 2013, Dynavax reported total revenues of $2.8 million compared to $1.8 million for the fourth quarter of 2012. For the year ended December 31, 2013, total revenues were $11.3 million compared to $9.7 million for 2012.
General and administrative expenses were $3.7 million for the quarter ended December 31, 2013 compared to $9.3 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, general and administrative expenses were $25.9 million compared to $28.2 million for the same period in 2012. The 2013 twelve month period includes non-recurring and non-cash stock-based severance costs of $7.7 million compared to $2.1 million for the same period in 2012. General and administrative expenses other than these organizational transition costs decreased by 38% during the fourth quarter and 28% for the twelve month period of 2013.
Research and development expenses were $12.1 million for the quarter ended December 31, 2013 compared to $12.5 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, research and development expenses were $50.9 million compared to $49.1 million for the same period in 2012.
The net loss allocable to common stockholders for the twelve months ended December 31, 2013 was $75.2 million, or $0.38 per basic and diluted share, which includes a one-time non-cash deemed dividend of $8.5 million related to the beneficial conversion feature of the Series B Convertible Preferred Stock. The net loss allocable to common stockholders for the twelve months ended December 31, 2012 was $69.9 million, or $0.41 per basic and diluted share.
About HEPLISAVTM
HEPLISAV is an investigational adult hepatitis B vaccine that combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist to enhance the immune response. Dynavax has worldwide commercial rights to HEPLISAV.
About Dynavax
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.
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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Years Ended |
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2013 |
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2012 |
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2013 |
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2012 |
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Revenues: |
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Collaboration revenue |
$ |
1,580 |
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$ |
1,008 |
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$ |
4,929 |
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$ |
4,610 |
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Grant revenue |
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1,283 |
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751 |
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5,138 |
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3,939 |
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Service and license revenue |
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(16 |
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47 |
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1,184 |
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1,165 |
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Total revenues |
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2,847 |
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1,806 |
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11,251 |
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9,714 |
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Operating expenses: |
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Research and development |
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12,131 |
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12,515 |
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50,870 |
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49,146 |
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General and administrative |
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3,700 |
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9,293 |
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25,943 |
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28,164 |
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Unoccupied facility expense |
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8 |
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-- |
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926 |
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-- |
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Total operating expenses |
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15,839 |
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21,808 |
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77,739 |
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77,310 |
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Loss from operations |
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(12,992 |
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(20,002 |
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(66,488 |
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(67,596 |
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Interest income |
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(47 |
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83 |
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116 |
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291 |
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Interest expense |
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83 |
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(586 |
) |
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-- |
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(2,351 |
) |
Other income (expense) |
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(100 |
) |
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(38 |
) |
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(348 |
) |
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(293 |
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Net loss |
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(13,056 |
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(20,543 |
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(66,720 |
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(69,949 |
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Preferred stock deemed dividend |
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(8,469 |
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-- |
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(8,469 |
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-- |
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Net loss allocable to common stockholders |
$ |
(21,525 |
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$ |
(20,543 |
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$ |
(75,189 |
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$ |
(69,949 |
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Basic and diluted net loss per share allocable to common stockholders |
$ |
(0.09 |
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$ |
(0.11 |
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$ |
(0.38 |
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$ |
(0.41 |
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Shares used to compute basic and diluted net loss per share allocable to common stockholders |
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235,879 |
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180,685 |
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196,275 |
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170,469 |
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DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
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December 31, |
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December 31, |
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Assets |
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Cash, cash equivalents and marketable securities |
$ |
189,376 |
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$ |
125,130 |
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Property and equipment, net |
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8,706 |
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7,965 |
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Goodwill |
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2,579 |
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2,475 |
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Other assets |
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3,961 |
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4,182 |
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Total assets |
$ |
204,622 |
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$ |
139,752 |
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Liabilities and stockholders’ equity |
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Deferred revenues |
$ |
7,298 |
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$ |
12,068 |
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Other liabilities |
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11,030 |
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12,858 |
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Total liabilities |
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18,328 |
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24,926 |
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Stockholders’ equity |
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186,294 |
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114,826 |
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Total liabilities and stockholders’ equity |
$ |
204,622 |
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$ |
139,752 |
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