Attached files
| file | filename |
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| 8-K - 8-K - DYNAVAX TECHNOLOGIES CORP | dvax-8k_20140505.htm |
Contact: |
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Michael Ostrach |
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Chief Business and Principal Financial Officer |
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510-665-7257 |
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mostrach@dynavax.com |
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DYNAVAX REPORTS FIRST QUARTER 2014
FINANCIAL RESULTS
BERKELEY, CA – 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.
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.
DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended March 31, |
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2014 |
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2013 |
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Revenues: |
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Collaboration revenue |
$ |
2,373 |
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$ |
883 |
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Grant revenue |
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1,125 |
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760 |
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Service and license revenue |
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- |
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442 |
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Total revenues |
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3,498 |
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2,085 |
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Operating expenses: |
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Research and development |
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13,231 |
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14,164 |
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General and administrative |
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4,157 |
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8,800 |
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Unoccupied facility expense |
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77 |
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- |
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Total operating expenses |
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17,465 |
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22,964 |
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Loss from operations |
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(13,967 |
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(20,879 |
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Interest income |
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65 |
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72 |
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Interest expense |
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- |
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(32 |
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Other income |
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62 |
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14 |
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Net loss |
$ |
(13,840 |
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$ |
(20,825 |
) |
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Basic and diluted net loss per share |
$ |
(0.05 |
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$ |
(0.11 |
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Shares used to compute basic and diluted net loss per share |
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262,826 |
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182,847 |
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DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
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March 31, |
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December 31, |
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Assets |
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Cash, cash equivalents and marketable securities |
$ |
177,679 |
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$ |
189,376 |
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Property and equipment, net |
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8,584 |
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8,706 |
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Goodwill |
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2,576 |
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2,579 |
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Other assets |
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4,746 |
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3,961 |
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Total assets |
$ |
193,585 |
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$ |
204,622 |
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Liabilities and stockholders’ equity |
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Deferred revenues |
$ |
10,334 |
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$ |
7,298 |
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Other liabilities |
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9,398 |
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11,030 |
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Total liabilities |
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19,732 |
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18,328 |
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Stockholders’ equity |
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173,853 |
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186,294 |
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Total liabilities and stockholders’ equity |
$ |
193,585 |
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$ |
204,622 |
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