News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

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



5/6/2014 9:32:55 AM

free biotech news Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!

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



Help employers find you! Check out all the jobs and post your resume.

Read at BioSpace.com


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES