Dynavax Reports First Quarter 2014 Financial Results

By Market Wire,  May 05, 2014, 09:00:00 AM EDT


BERKELEY, CA -- (Marketwired) -- 05/05/14 -- Dynavax Technologies Corporation (NASDAQ:DVAX) today reported financial results for the first quarter ended March 31, 2014. The Company had $177.7 million in cash, cash equivalents and marketable securities as of March 31, 2014.

For the quarter ended March 31, 2014, Dynavax reported total revenues of $3.5 million compared to $2.1 million for the first quarter of 2013. This increase primarily relates to the recognition of revenue under our collaboration agreement with AstraZeneca.

General and administrative expenses were $4.2 million for the quarter ended March 31, 2014 compared to $8.8 million for the first quarter of 2013. The 2013 three month period includes non-recurring cash and non-cash stock-based severance costs of $2.5 million. Excluding these non-recurring organizational transition costs, general and administrative expenses decreased by 34% in the first quarter of 2014 compared to the first quarter of 2013.

Research and development expenses were $13.2 million for the quarter ended March 31, 2014 compared to $14.2 million for the first quarter of 2013. This decrease was primarily due to higher severance expenses, including non-cash stock-based compensation charges, in the 2013 period.

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

March 31,
2014 2013
Revenues:
Collaboration revenue $ 2,373 $ 883
Grant revenue 1,125 760
Service and license revenue - 442
Total revenues 3,498 2,085
Operating expenses:
Research and development 13,231 14,164
General and administrative 4,157 8,800
Unoccupied facility expense 77 -
Total operating expenses 17,465 22,964
Loss from operations (13,967 ) (20,879 )
Interest income 65 72
Interest expense - (32 )
Other income 62 14
Net loss $ (13,840 ) $ (20,825 )
Basic and diluted net loss per share $ (0.05 ) $ (0.11 )
Shares used to compute basic and diluted net loss per share 262,826 182,847
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
March 31, December 31,
2014 2013
Assets
Cash, cash equivalents and marketable securities $ 177,679 $ 189,376
Property and equipment, net 8,584 8,706
Goodwill 2,576 2,579
Other assets 4,746 3,961
Total assets $ 193,585 $ 204,622
Liabilities and stockholders' equity
Deferred revenues $ 10,334 $ 7,298
Other liabilities 9,398 11,030
Total liabilities 19,732 18,328
Stockholders' equity 173,853 186,294
Total liabilities and stockholders' equity $ 193,585 $ 204,622

Contact:

Michael Ostrach

Chief Business and Principal Financial Officer

510-665-7257

Email Contact

Source: Dynavax Technologies



This article appears in: News Headlines

Referenced Stocks: DVAX


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