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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