Dynavax Technologies Corporation Reports Third Quarter 2013 Financial Results

Published: Nov 08, 2013

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BERKELEY, CA--(Marketwired - November 07, 2013) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the third quarter ended September 30, 2013. The Company had $76.5 million in cash, cash equivalents and marketable securities as of September 30, 2013, compared to $125.1 million at December 31, 2012.

For both quarters ended September 30, 2013 and 2012, Dynavax reported total revenues of $2.9 million. Total revenues for the nine months ended September 30, 2013 were $8.4 million compared to $7.9 million for the same period in 2012.

General and administrative expenses for the quarter ended September 30, 2013 were $5.8 million compared to $7.1 million for the third quarter of 2012. For the nine months ended September 30, 2013, general and administrative expenses were $22.2 million compared to $18.9 million for the same period in 2012. This increase was due to one-time cash and non-cash stock-based severance costs of $2.0 million and $7.5 million, respectively, for the third quarter and nine month period of 2013. General and administrative expenses other than these organizational transition costs decreased by 49% during the third quarter and 24% for the nine month period of 2013.

Research and development expenses for the quarter ended September 30, 2013 were $11.8 million compared to $12.9 million for the third quarter of 2012. For the nine months ended September 30, 2013, research and development expenses were $38.7 million compared to $36.6 million for the same period in 2012. This increase was due primarily to manufacturing activities and expenses related to the supply of HEPLISAV™.

On October 30, 2013, the Company sold 79,570,000 shares of our common stock at a price of $1.075 per share and 43,430 shares of the Company's Series B Convertible Preferred Stock (Series B) for a price of $1,075.00 per share, in separate, concurrent underwritten public offerings. The sale of the common stock and Series B resulted in aggregate net proceeds to us of approximately $125 million after deducting estimated commissions and offering expenses.

About Dynavax

Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases and cancer. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.

                                                                            
                      DYNAVAX TECHNOLOGIES CORPORATION                      
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                  (In thousands, except per share amounts)                  
                                (Unaudited)                                 
                                                                            
                                  Three Months Ended     Nine Months Ended  
                                     September 30,         September 30,    
                                 --------------------  -------------------- 
                                    2013       2012       2013       2012   
                                 ---------  ---------  ---------  --------- 
Revenues:                                                                   
  Collaboration revenue          $   1,110  $   1,050  $   3,349  $   3,602 
  Grant revenue                      1,700      1,219      3,855      3,188 
                                                                            
  Service and license revenue          117        605      1,200      1,118 
                                 ---------  ---------  ---------  --------- 
Total revenues                       2,927      2,874      8,404      7,908 
                                                                            
Operating expenses:                                                         
  Research and development          11,770     12,850     38,739     36,631 
                                                                            
  General and administrative         5,807      7,121     22,243     18,871 
  Unoccupied facility expense          918         --        918         -- 
                                 ---------  ---------  ---------  --------- 
Total operating expenses            18,495     19,971     61,900     55,502 
                                 ---------  ---------  ---------  --------- 
                                                                            
Loss from operations               (15,568)   (17,097)   (53,496)   (47,594)
                                                                            
Interest income                         37         91        163        208 
Interest expense                       (24)      (589)       (83)    (1,765)
Other income (expense)                (120)      (196)      (248)      (255)
                                 ---------  ---------  ---------  --------- 
                                                                            
Net loss                         $ (15,675) $ (17,791) $ (53,664) $ (49,406)
                                 =========  =========  =========  ========= 
                                                                            
Basic and diluted net loss per                                              
 share                           $   (0.09) $   (0.10) $   (0.29) $   (0.30)
                                 =========  =========  =========  ========= 
                                                                            
Shares used to compute basic and                                            
 diluted net loss per share        183,022    177,870    182,960    167,039 
                                 =========  =========  =========  ========= 
                                                                            
                                                                            
                                                                            
                      DYNAVAX TECHNOLOGIES CORPORATION                      
                  SELECTED CONSOLIDATED BALANCE SHEET DATA                  
                               (In thousands)                               
                                 (Unaudited)                                
                                                                            
                                                 September 30,  December 31,
                                                      2013          2012    
                                                 ------------- -------------
Assets                                                                      
  Cash, cash equivalents and marketable                                     
   securities                                    $      76,474 $     125,130
  Property and equipment, net                            8,454         7,965
  Goodwill                                               2,532         2,475
  Other assets                                           4,238         4,182
                                                 ------------- -------------
Total assets                                     $      91,698 $     139,752
                                                 ============= =============
                                                                            
Liabilities and stockholders'equity                                         
  Deferred revenues                              $       8,877 $      12,068
  Other liabilities                                     10,425        12,858
                                                 ------------- -------------
  Total liabilities                                     19,302        24,926
  Stockholders' equity                                  72,396       114,826
                                                 ------------- -------------
Total liabilities and stockholders' equity       $      91,698 $     139,752
                                                 ============= =============
                                                                            

Contacts:
Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact



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