SOURCE: Dynavax Technologies

Dynavax Technologies

July 20, 2011 07:30 ET

Dynavax Reports Second Quarter 2011 Financial Results

BERKELEY, CA--(Marketwire - Jul 20, 2011) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2011. Cash, cash equivalents and marketable securities were $61.7 million at June 30, 2011, compared to $53.2 million at March 31, 2011 and $72.2 million at December 31, 2010. During the second quarter, the Company raised approximately $18.7 million through its At-the-Market common stock purchase agreement with Aspire Capital and received a $6 million milestone payment from GlaxoSmithKline from the initiation of a Phase 1 trial in the partnered lupus program.

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 superior protection with fewer doses than current 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
June 30,
Six Months Ended
June 30,
2011 2010 2011 2010
Revenues:
Collaboration revenue $ 6,363 $ 1,341 $ 6,729 $ 8,762
Grant revenue 890 617 1,779 1,479
Service and license revenue 16 233 505 294
Total revenues 7,269 2,191 9,013 10,535
Operating expenses:
Research and development 13,257 14,045 27,929 26,525
General and administrative 4,054 4,173 8,808 8,743
Amortization of intangible assets 54 245 299 490
Total operating expenses 17,365 18,463 37,036 35,758
Loss from operations (10,096 ) (16,272 ) (28,023 ) (25,223 )
Interest income 23 39 56 41
Interest expense (487 ) (431 ) (977 ) (830 )
Other expense (75 ) (11,340 ) (157 ) (11,176 )
Net loss $ (10,635 ) $ (28,004 ) $ (29,101 ) $ (37,188 )
Basic and diluted net loss per share $ (0.09 ) $ (0.34 ) $ (0.25 ) $ (0.54 )
Shares used to compute basic and diluted net loss per share 117,864 82,012 116,801 68,264
DYNAVAX TECHNOLOGIES CORPORATION
RECONCILIATION OF GAAP OPERATING EXPENSES TO PRO FORMA OPERATING EXPENSES
(In thousands)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2011 2010 2011 2010
GAAP operating expenses $ 17,365 $ 18,463 $ 37,036 $ 35,758
LESS:
Stock-based compensation expense 1,167 425 2,647 966
Amortization of intangible assets 54 245 299 490
Pro forma operating expenses(1) $ 16,144 $ 17,793 $ 34,090 $ 34,302
(1) These pro forma amounts are intended to illustrate the Company's operating expenses excluding certain non-cash charges in accordance with the financial statements that management uses to evaluate the Company's operations. These pro forma results are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from pro forma measures used by other companies.
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
June 30, December 31,
2011 2010
Assets
Cash and cash equivalents and marketable securities $ 61,724 $ 72,154
Property and equipment, net 6,570 6,404
Goodwill 2,312 2,312
Other intangible assets, net -- 299
Other assets 3,824 3,080
Total assets $ 74,430 $ 84,249
Liabilities and stockholders'equity
Accounts payable $ 1,742 $ 2,329
Accrued liabilities 7,755 10,943
Current portion of deferred revenue 1,429 1,429
Noncurrent portion of deferred revenue 4,940 5,655
Long-term note payable to Holdings 11,874 10,939
Long-term contingent liability to Holdings 860 843
Total stockholders' equity 45,830 52,111
Total liabilities and stockholders' equity $ 74,430 $ 84,249

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