BERKELEY, CA--(Marketwired - Nov 7, 2013) - Dynavax Technologies Corporation (
For both quarters ended September 30, 2013 and 2012, Dynavax reported total revenues of $2.9 million. Total revenues for the nine months ended September 30, 2013 were $8.4 million compared to $7.9 million for the same period in 2012.
General and administrative expenses for the quarter ended September 30, 2013 were $5.8 million compared to $7.1 million for the third quarter of 2012. For the nine months ended September 30, 2013, general and administrative expenses were $22.2 million compared to $18.9 million for the same period in 2012. This increase was due to one-time cash and non-cash stock-based severance costs of $2.0 million and $7.5 million, respectively, for the third quarter and nine month period of 2013. General and administrative expenses other than these organizational transition costs decreased by 49% during the third quarter and 24% for the nine month period of 2013.
Research and development expenses for the quarter ended September 30, 2013 were $11.8 million compared to $12.9 million for the third quarter of 2012. For the nine months ended September 30, 2013, research and development expenses were $38.7 million compared to $36.6 million for the same period in 2012. This increase was due primarily to manufacturing activities and expenses related to the supply of HEPLISAV™.
On October 30, 2013, the Company sold 79,570,000 shares of our common stock at a price of $1.075 per share and 43,430 shares of the Company's Series B Convertible Preferred Stock (Series B) for a price of $1,075.00 per share, in separate, concurrent underwritten public offerings. The sale of the common stock and Series B resulted in aggregate net proceeds to us of approximately $125 million after deducting estimated commissions and offering expenses.
About Dynavax
Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases and cancer. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.
| DYNAVAX TECHNOLOGIES CORPORATION | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2013 | 2012 | 2013 | 2012 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Collaboration revenue | $ | 1,110 | $ | 1,050 | $ | 3,349 | $ | 3,602 | |||||||||
| Grant revenue | 1,700 | 1,219 | 3,855 | 3,188 | |||||||||||||
| Service and license revenue | 117 | 605 | 1,200 | 1,118 | |||||||||||||
| Total revenues | 2,927 | 2,874 | 8,404 | 7,908 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 11,770 | 12,850 | 38,739 | 36,631 | |||||||||||||
| General and administrative | 5,807 | 7,121 | 22,243 | 18,871 | |||||||||||||
| Unoccupied facility expense | 918 | -- | 918 | -- | |||||||||||||
| Total operating expenses | 18,495 | 19,971 | 61,900 | 55,502 | |||||||||||||
| Loss from operations | (15,568 | ) | (17,097 | ) | (53,496 | ) | (47,594 | ) | |||||||||
| Interest income | 37 | 91 | 163 | 208 | |||||||||||||
| Interest expense | (24 | ) | (589 | ) | (83 | ) | (1,765 | ) | |||||||||
| Other income (expense) | (120 | ) | (196 | ) | (248 | ) | (255 | ) | |||||||||
| Net loss | $ | (15,675 | ) | $ | (17,791 | ) | $ | (53,664 | ) | $ | (49,406 | ) | |||||
| Basic and diluted net loss per share | $ | (0.09 | ) | $ | (0.10 | ) | $ | (0.29 | ) | $ | (0.30 | ) | |||||
| Shares used to compute basic and diluted net loss per share | 183,022 | 177,870 | 182,960 | 167,039 | |||||||||||||
| DYNAVAX TECHNOLOGIES CORPORATION | |||||||
| SELECTED CONSOLIDATED BALANCE SHEET DATA | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| September 30, | December 31, | ||||||
| 2013 | 2012 | ||||||
| Assets | |||||||
| Cash, cash equivalents and marketable securities | $ | 76,474 | $ | 125,130 | |||
| Property and equipment, net | 8,454 | 7,965 | |||||
| Goodwill | 2,532 | 2,475 | |||||
| Other assets | 4,238 | 4,182 | |||||
| Total assets | $ | 91,698 | $ | 139,752 | |||
| Liabilities and stockholders'equity | |||||||
| Deferred revenues | $ | 8,877 | $ | 12,068 | |||
| Other liabilities | 10,425 | 12,858 | |||||
| Total liabilities | 19,302 | 24,926 | |||||
| Stockholders' equity | 72,396 | 114,826 | |||||
| Total liabilities and stockholders' equity | $ | 91,698 | $ | 139,752 | |||
Contact Information:
Contacts:
Michael Ostrach
Vice President and Chief Business Officer
510-665-7257