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

Published: Mar 11, 2014

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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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