Attached files
| file | filename |
|---|---|
| 8-K - 8-K - DYNAVAX TECHNOLOGIES CORP | dvax-8k_20150507.htm |
Exhibit 99.1
DYNΛVAX
INNOVATING IMMUNOLOGY
2929 Seventh Street, Suite 100
Berkeley, CA 94710
DYNAVAX REPORTS FIRST QUARTER 2015
FINANCIAL RESULTS
BERKELEY, CA – May 7, 2015 – Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2015.
The Company had $97.6 million in cash, cash equivalents and marketable securities as of March 31, 2015, compared to $122.7 million at December 31, 2014. Operating expenses of $27.1 million for the quarter ended March 31, 2015 increased by $2.4 million compared to the quarter ended December 31, 2014 primarily as a result of higher headcount and increased manufacturing expenses.
The net loss allocable to common stockholders for the quarter ended March 31, 2015 was $26.2 million, or $0.97 per basic and diluted share. The net loss allocable to common stockholders for the quarter ended December 31, 2014 was $22.3 million, or $0.85 per basic and diluted share.
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 candidates are HEPLISAV-B™, a Phase 3 investigational adult hepatitis B vaccine and SD-101, an investigational cancer immunotherapeutic in several Phase 1/2 studies. 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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|||||
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March 31, |
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|
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2015 |
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|
2014 |
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||
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Revenues: |
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|
|
|
|
|
|
|
Collaboration revenue |
$ |
471 |
|
|
$ |
2,373 |
|
|
Grant revenue |
|
148 |
|
|
|
1,125 |
|
|
Service and license revenue |
|
8 |
|
|
|
- |
|
|
Total revenues |
|
627 |
|
|
|
3,498 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
22,220 |
|
|
|
13,231 |
|
|
General and administrative |
|
4,859 |
|
|
|
4,157 |
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|
Unoccupied facility expense |
|
- |
|
|
|
77 |
|
|
Total operating expenses |
|
27,079 |
|
|
|
17,465 |
|
|
|
|
|
|
|
|
|
|
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Loss from operations |
|
(26,452 |
) |
|
|
(13,967 |
) |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
27 |
|
|
|
65 |
|
|
Interest expense |
|
(247 |
) |
|
|
- |
|
|
Other income, net |
|
455 |
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
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Net loss |
$ |
(26,217 |
) |
|
$ |
(13,840 |
) |
|
|
|
|
|
|
|
|
|
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Basic and diluted net loss per share |
$ |
(0.97 |
) |
|
$ |
(0.53 |
) |
|
|
|
|
|
|
|
|
|
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Shares used to compute basic and diluted net loss per share |
|
27,065 |
|
|
|
26,283 |
|
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
|
|
March 31, |
|
|
December 31, |
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||
|
|
2015 |
|
|
2014 |
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Assets |
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Cash, cash equivalents and marketable securities |
$ |
97,594 |
|
|
$ |
122,652 |
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|
Property and equipment, net |
|
7,528 |
|
|
|
7,924 |
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Goodwill |
|
2,032 |
|
|
|
2,277 |
|
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Other assets |
|
5,015 |
|
|
|
5,437 |
|
|
Total assets |
$ |
112,169 |
|
|
$ |
138,290 |
|
|
|
|
|
|
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|
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Liabilities and stockholders’ equity |
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|
|
|
|
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Deferred revenues |
$ |
12,293 |
|
|
$ |
12,765 |
|
|
Other liabilities |
|
15,890 |
|
|
|
15,484 |
|
|
Long-term debt |
|
8,913 |
|
|
|
9,559 |
|
|
Total liabilities |
|
37,096 |
|
|
|
37,808 |
|
|
Stockholders’ equity |
|
75,073 |
|
|
|
100,482 |
|
|
Total liabilities and stockholders’ equity |
$ |
112,169 |
|
|
$ |
138,290 |
|
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