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
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Revenues:
Collaboration revenue $ 2,373 $ 883
Grant revenue 1,125 760
Service and license revenue - 442
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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 -
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Total operating expenses 17,465 22,964
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Loss from operations (13,967) (20,879)
Interest income 65 72
Interest expense - (32)
Other income 62 14
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Net loss $ (13,840) $ (20,825)
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Basic and diluted net loss per share $ (0.05) $ (0.11)
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Shares used to compute basic and diluted net loss
per share 262,826 182,847
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DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
March 31, December 31,
2014 2013
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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
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Total assets $ 193,585 $ 204,622
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Liabilities and stockholders'equity
Deferred revenues $ 10,334 $ 7,298
Other liabilities 9,398 11,030
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Total liabilities 19,732 18,328
Stockholders' equity 173,853 186,294
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Total liabilities and stockholders' equity $ 193,585 $ 204,622
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