SOURCE: Dynavax Technologies

Dynavax Technologies

August 01, 2012 16:31 ET

Dynavax Reports Second Quarter 2012 Financial Results

BERKELEY, CA--(Marketwire - Aug 1, 2012) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2012. The Company had $160.2 million in cash, cash equivalents and marketable securities as of June 30, 2012 as compared to $114.0 million at December 31, 2011. Total cash for the second quarter of 2012 included $69.6 million in net proceeds from the sale of 17,500,000 shares of common stock.

Total revenues were $2.7 million and $5.0 million for the three and six months ended June 30, 2012, respectively, compared to $7.3 million and $9.0 million, respectively, reported for the same periods of 2011. Revenues for the second quarter and first half of 2011 included a $6 million milestone earned under the Company's collaboration with GlaxoSmithKline.

Research and development expenses were $11.4 million and $23.8 million for the three and six months ended June 30, 2012, respectively. This compared to $13.3 million and $27.9 million, respectively, reported for the same periods of 2011. Research and development expenses decreased primarily due to the significant decline in clinical activities for HEPLISAV™.

General and administrative expenses were $6.0 million and $11.8 million for the second quarter and first half of 2012, respectively, compared to $4.1 million and $8.8 million, respectively, in the same periods of the prior year. General and administrative expenses increased primarily due to growth in commercial development expenses.

About HEPLISAV

HEPLISAV is an investigational adult hepatitis B vaccine for which a U.S. BLA has been accepted for review by the FDA and a Marketing Authorization Application (MAA) has been submitted. In Phase 3 trials, HEPLISAV demonstrated higher and earlier protection with fewer doses than currently licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known 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.

– tables to follow –

   
   
DYNAVAX TECHNOLOGIES CORPORATION  
CONSOLIDATED STATEMENTS OF OPERATIONS  
(In thousands, except per share amounts)  
(Unaudited)  
   
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2012     2011     2012     2011  
Revenues:                                
  Collaboration revenue   $ 1,623     $ 6,363     $ 2,552     $ 6,729  
  Grant revenue     882       890       1,969       1,779  
  Service and license revenue     179       16       513       505  
Total revenues     2,684       7,269       5,034       9,013  
                                 
Operating expenses:                                
  Research and development     11,376       13,257       23,781       27,929  
  General and administrative     5,957       4,054       11,750       8,808  
  Amortization of intangible assets     -       54       -       299  
Total operating expenses     17,333       17,365       35,531       37,036  
                                 
Loss from operations     (14,649 )     (10,096 )     (30,497 )     (28,023 )
                                 
Interest income     65       23       117       56  
Interest expense     (589 )     (487 )     (1,176 )     (977 )
Other income (expense)     63       (75 )     (59 )     (157 )
                                 
Net loss   $ (15,110 )   $ (10,635 )   $ (31,615 )   $ (29,101 )
                                 
Basic and diluted net loss per share   $ (0.09 )   $ (0.09 )   $ (0.20 )   $ (0.25 )
                                 
Shares used to compute basic and diluted net loss per share     167,697       117,864       161,564       116,801  
                                 
                                 
 
 
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
 
    June 30,   December 31,
    2012   2011
Assets            
  Cash and cash equivalents and marketable securities   $ 160,199   $ 113,961
  Property and equipment, net     6,833     6,163
  Goodwill     2,356     2,312
  Other assets     6,507     11,666
Total assets   $ 175,895   $ 134,102
             
Liabilities and stockholders' equity            
  Accounts payable   $ 1,155   $ 2,040
  Accrued liabilities     7,956     8,776
  Current portion of deferred revenue     2,859     4,210
  Non-current portion of deferred revenue     5,312     6,386
  Short-term note payable to Holdings     13,905     12,810
  Stockholders' equity     144,708     99,880
Total liabilities and stockholders' equity   $ 175,895   $ 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