BERKELEY, CA--(Marketwired - Mar 10, 2014) - Dynavax Technologies Corporation (
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 HEPLISAV™
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.
DYNAVAX TECHNOLOGIES CORPORATION | |||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended December 31, |
Years Ended December 31, |
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2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
Collaboration revenue | $ | 1,580 | $ | 1,008 | $ | 4,929 | $ | 4,610 | |||||||||
Grant revenue | 1,283 | 751 | 5,138 | 3,939 | |||||||||||||
Service and license revenue | (16 | ) | 47 | 1,184 | 1,165 | ||||||||||||
Total revenues | 2,847 | 1,806 | 11,251 | 9,714 | |||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 12,131 | 12,515 | 50,870 | 49,146 | |||||||||||||
General and administrative | 3,700 | 9,293 | 25,943 | 28,164 | |||||||||||||
Unoccupied facility expense | 8 | -- | 926 | -- | |||||||||||||
Total operating expenses | 15,839 | 21,808 | 77,739 | 77,310 | |||||||||||||
Loss from operations | (12,992 | ) | (20,002 | ) | (66,488 | ) | (67,596 | ) | |||||||||
Interest income | (47 | ) | 83 | 116 | 291 | ||||||||||||
Interest expense | 83 | (586 | ) | -- | (2,351 | ) | |||||||||||
Other income (expense) | (100 | ) | (38 | ) | (348 | ) | (293 | ) | |||||||||
Net loss | (13,056 | ) | (20,543 | ) | (66,720 | ) | (69,949 | ) | |||||||||
Preferred stock deemed dividend | (8,469 | ) | -- | (8,469 | ) | -- | |||||||||||
Net loss allocable to common stockholders | $ | (21,525 | ) | $ | (20,543 | ) | $ | (75,189 | ) | $ | (69,949 | ) | |||||
Basic and diluted net loss per share allocable to common stockholders | $ | (0.09 | ) | $ | (0.11 | ) | $ | (0.38 | ) | $ | (0.41 | ) | |||||
Shares used to compute basic and diluted net loss per share allocable to common stockholders | 235,879 | 180,685 | 196,275 | 170,469 |
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DYNAVAX TECHNOLOGIES CORPORATION | |||||||
SELECTED BALANCE SHEET DATA | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Assets | |||||||
Cash, cash equivalents and marketable securities | $ | 189,376 | $ | 125,130 | |||
Property and equipment, net | 8,706 | 7,965 | |||||
Goodwill | 2,579 | 2,475 | |||||
Other assets | 3,961 | 4,182 | |||||
Total assets | $ | 204,622 | $ | 139,752 | |||
Liabilities and stockholders' equity | |||||||
Deferred revenues | $ | 7,298 | $ | 12,068 | |||
Other liabilities | 11,030 | 12,858 | |||||
Total liabilities | 18,328 | 24,926 | |||||
Stockholders' equity | 186,294 | 114,826 | |||||
Total liabilities and stockholders' equity | $ | 204,622 | $ | 139,752 | |||
Contact Information:
Contact:
Michael Ostrach
Chief Business and Principal Financial Officer
510-665-7257