Dynavax Technologies Corporation Reports First Quarter 2015 Financial Results
BERKELEY, CA--(Marketwired - May 07, 2015) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2015.
The Company had $97.6 million in cash, cash equivalents and marketable securities as of March 31, 2015, compared to $122.7 million at December 31, 2014. Operating expenses of $27.1 million for the quarter ended March 31, 2015 increased by $2.4 million compared to the quarter ended December 31, 2014 primarily as a result of higher headcount and increased manufacturing expenses.
The net loss allocable to common stockholders for the quarter ended March 31, 2015 was $26.2 million, or $0.97 per basic and diluted share. The net loss allocable to common stockholders for the quarter ended December 31, 2014 was $22.3 million, or $0.85 per basic and diluted share.
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 candidates are HEPLISAV-B™, a Phase 3 investigational adult hepatitis B vaccine and SD-101, an investigational cancer immunotherapeutic in several Phase 1/2 studies. 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,
2015 2014
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Revenues:
Collaboration revenue $ 471 $ 2,373
Grant revenue 148 1,125
Service and license revenue 8 -
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Total revenues 627 3,498
Operating expenses:
Research and development 22,220 13,231
General and administrative 4,859 4,157
Unoccupied facility expense - 77
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Total operating expenses 27,079 17,465
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Loss from operations (26,452) (13,967)
Interest income 27 65
Interest expense (247) -
Other income, net 455 62
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Net loss $ (26,217) $ (13,840)
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Basic and diluted net loss per share $ (0.97) $ (0.53)
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Shares used to compute basic and diluted net loss
per share 27,065 26,283
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DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
March 31, December 31,
2015 2014
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Assets
Cash, cash equivalents and marketable
securities $ 97,594 $ 122,652
Property and equipment, net 7,528 7,924
Goodwill 2,032 2,277
Other assets 5,015 5,437
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Total assets $ 112,169 $ 138,290
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Liabilities and stockholders'equity
Deferred revenues $ 12,293 $ 12,765
Other liabilities 15,890 15,484
Long-term debt 8,913 9,559
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Total liabilities 37,096 37,808
Stockholders' equity 75,073 100,482
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Total liabilities and stockholders' equity $ 112,169 $ 138,290
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