SOURCE: Dynavax Technologies

Dynavax Technologies

April 27, 2012 16:00 ET

Dynavax Reports First Quarter 2012 Financial Results

BERKELEY, CA--(Marketwire - Apr 27, 2012) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2012, including $106.9 million in cash, cash equivalents and marketable securities at March 31, 2012. This compared to $114 million at December 31, 2011. Total cash for the first quarter of 2012 included $8.6 million in milestone payments from Dynavax's collaborative partners.

Total revenues were $2.4 million for the first quarter 2012, an increase over the $1.7 million reported for the first quarter of 2011 due primarily to the recognition of collaboration revenue under the Company's partnership with AstraZeneca.

Total operating expenses of $18.2 million for the first quarter 2012 decreased from the $19.7 million reported for the first quarter of 2011, resulting primarily from the completion of certain clinical activities for HEPLISAV.

Net loss for the first quarter 2012 of $16.5 million improved from the loss of $18.5 million reported for the same period in 2011.

About HEPLISAV

HEPLISAV™ is an investigational adult hepatitis B vaccine. In earlier Phase 3 trials, HEPLISAV demonstrated increased, rapid protection with fewer doses than current licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known as 1018 ISS to enhance the immune response.

About Dynavax

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
March 31,
2012 2011
Revenues:
Collaboration revenue $ 929 $ 366
Grant revenue 1,087 889
Service and license revenue 334 489
Total revenues 2,350 1,744
Operating expenses:
Research and development 12,405 14,672
General and administrative 5,793 4,754
Amortization of intangible assets - 245
Total operating expenses 18,198 19,671
Loss from operations (15,848 ) (17,927 )
Interest income 52 33
Interest expense (587 ) (490 )
Other expense (122 ) (82 )
Net loss $ (16,505 ) $ (18,466 )
Basic and diluted net loss per share $ (0.11 ) $ (0.16 )
Shares used to compute basic and diluted net loss per share 155,431 115,726
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
March 31, December 31,
2012 2011
Assets
Cash and cash equivalents and marketable securities $ 106,881 $ 113,961
Property and equipment, net 6,962 6,163
Goodwill 2,498 2,312
Other assets 4,335 11,666
Total assets $ 120,676 $ 134,102
Liabilities and stockholders'equity
Accounts payable $ 2,358 $ 2,040
Accrued liabilities 6,932 8,776
Current portion of deferred revenue 3,801 4,210
Non-current portion of deferred revenue 5,849 6,386
Short-term note payable to Holdings 13,357 12,810
Stockholders' equity 88,379 99,880
Total liabilities and stockholders' equity $ 120,676 $ 134,102

Contact Information

  • Contacts:
    Jennifer Lew
    Vice President, Finance
    510-665-7217
    Email Contact

    Michael Ostrach
    Vice President and Chief Business Officer
    510-665-7257
    Email Contact