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 ----------- ----------- Revenues: Collaboration revenue $ 471 $ 2,373 Grant revenue 148 1,125 Service and license revenue 8 - ----------- ----------- 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 ----------- ----------- Total operating expenses 27,079 17,465 ----------- ----------- Loss from operations (26,452) (13,967) Interest income 27 65 Interest expense (247) - Other income, net 455 62 ----------- ----------- Net loss $ (26,217) $ (13,840) =========== =========== Basic and diluted net loss per share $ (0.97) $ (0.53) =========== =========== Shares used to compute basic and diluted net loss per share 27,065 26,283 =========== =========== DYNAVAX TECHNOLOGIES CORPORATION SELECTED BALANCE SHEET DATA (In thousands) (Unaudited) March 31, December 31, 2015 2014 ------------ ------------ 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 ------------ ------------ Total assets $ 112,169 $ 138,290 ============ ============ Liabilities and stockholders'equity Deferred revenues $ 12,293 $ 12,765 Other liabilities 15,890 15,484 Long-term debt 8,913 9,559 ------------ ------------ Total liabilities 37,096 37,808 Stockholders' equity 75,073 100,482 ------------ ------------ Total liabilities and stockholders' equity $ 112,169 $ 138,290 ============ ============
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