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Dynavax Technologies Corporation (DVAX) Reports First Quarter 2014 Financial Results


5/6/2014 9:32:55 AM

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BERKELEY, CA--(Marketwired - May 05, 2014) - 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



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