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Dynavax Technologies Corporation (DVAX) Reports Fourth Quarter And Year End 2013 Financial Results



3/11/2014 10:27:34 AM

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BERKELEY, CA--(Marketwired - March 10, 2014) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year ended December 31, 2013. The Company had $189.4 million in cash, cash equivalents and marketable securities as of December 31, 2013.

For the quarter ended December 31, 2013, Dynavax reported total revenues of $2.8 million compared to $1.8 million for the fourth quarter of 2012. For the year ended December 31, 2013, total revenues were $11.3 million compared to $9.7 million for 2012.

General and administrative expenses were $3.7 million for the quarter ended December 31, 2013 compared to $9.3 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, general and administrative expenses were $25.9 million compared to $28.2 million for the same period in 2012. The 2013 twelve month period includes non-recurring and non-cash stock-based severance costs of $7.7 million compared to $2.1 million for the same period in 2012. General and administrative expenses other than these organizational transition costs decreased by 38% during the fourth quarter and 28% for the twelve month period of 2013.

Research and development expenses were $12.1 million for the quarter ended December 31, 2013 compared to $12.5 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, research and development expenses were $50.9 million compared to $49.1 million for the same period in 2012.

The net loss allocable to common stockholders for the twelve months ended December 31, 2013 was $75.2 million, or $0.38 per basic and diluted share, which includes a one-time non-cash deemed dividend of $8.5 million related to the beneficial conversion feature of the Series B Convertible Preferred Stock. The net loss allocable to common stockholders for the twelve months ended December 31, 2012 was $69.9 million, or $0.41 per basic and diluted share.

About HEPLISAV

HEPLISAV is an investigational adult hepatitis B vaccine that combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist to enhance the immune response. Dynavax has worldwide commercial rights to HEPLISAV.

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 Years Ended December 31, December 31, -------------------- -------------------- 2013 2012 2013 2012 --------- --------- --------- --------- Revenues: Collaboration revenue $ 1,580 $ 1,008 $ 4,929 $ 4,610 Grant revenue 1,283 751 5,138 3,939 Service and license revenue (16) 47 1,184 1,165 --------- --------- --------- --------- Total revenues 2,847 1,806 11,251 9,714 Operating expenses: Research and development 12,131 12,515 50,870 49,146 General and administrative 3,700 9,293 25,943 28,164 Unoccupied facility expense 8 -- 926 -- --------- --------- --------- --------- Total operating expenses 15,839 21,808 77,739 77,310 --------- --------- --------- --------- Loss from operations (12,992) (20,002) (66,488) (67,596) Interest income (47) 83 116 291 Interest expense 83 (586) -- (2,351) Other income (expense) (100) (38) (348) (293) --------- --------- --------- --------- Net loss (13,056) (20,543) (66,720) (69,949) ========= ========= ========= ========= Preferred stock deemed dividend (8,469) -- (8,469) -- Net loss allocable to common stockholders $ (21,525) $ (20,543) $ (75,189) $ (69,949) ========= ========= ========= ========= Basic and diluted net loss per share allocable to common stockholders $ (0.09) $ (0.11) $ (0.38) $ (0.41) ========= ========= ========= ========= Shares used to compute basic and diluted net loss per share allocable to common stockholders 235,879 180,685 196,275 170,469 ========= ========= ========= ========= DYNAVAX TECHNOLOGIES CORPORATION SELECTED BALANCE SHEET DATA (In thousands) (Unaudited) December 31, December 31, 2013 2012 ------------- ------------- Assets Cash, cash equivalents and marketable securities $ 189,376 $ 125,130 Property and equipment, net 8,706 7,965 Goodwill 2,579 2,475 Other assets 3,961 4,182 ------------- ------------- Total assets $ 204,622 $ 139,752 ============= ============= Liabilities and stockholders' equity Deferred revenues $ 7,298 $ 12,068 Other liabilities 11,030 12,858 ------------- ------------- Total liabilities 18,328 24,926 Stockholders' equity 186,294 114,826 ------------- ------------- Total liabilities and stockholders' equity $ 204,622 $ 139,752 ============= =============


Contact:
Michael Ostrach
Chief Business and Principal Financial Officer
510-665-7257
Email Contact



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