BERKELEY, CA--(Marketwire - March 06, 2012) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year ended December 31, 2011.
Dynavax reported $114 million in cash, cash equivalents and marketable securities, cumulatively referred to as total cash, at December 31, 2011. This compared to $72.2 million at December 31, 2010. Total cash at the end of 2011 included $64.5 million in net proceeds from a public offering completed in November 2011. Subsequent to the year end, the Company received $8.6 million in milestone payments from its collaboration partners, GlaxoSmithKline and AstraZeneca.
Total revenues were $11.4 million for the fourth quarter 2011, compared to $1.8 million for the fourth quarter 2010. Total revenues were $21.6 million for the year ended December 31, 2011, compared to $24.0 million for the same period of 2010. The increase in total revenues for the fourth quarter resulted from milestones achieved under the Company's partnered development programs. The decline in total revenues for the year was primarily due to the recognition during 2010 of deferred revenue.
Total operating expenses were $16.2 million for the fourth quarter 2011, compared to $17.4 million for the fourth quarter 2010. Total operating expenses were $69.2 million for the year ended December 31, 2011, compared to $71.5 million for the same period of 2010. The decrease in total operating expenses for the fourth quarter and full year was primarily related to lower clinical trial expenses for HEPLISAV™ following the completion of a pivotal phase 3 study.
About HEPLISAV
HEPLISAV is an investigational adult hepatitis B vaccine. In Phase 3 trials, HEPLISAV demonstrated higher and earlier protection with fewer doses than currently licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist to enhance the immune response.
About Dynavax
Dynavax Technologies Corporation, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine designed to provide higher and earlier protection with fewer doses than currently licensed vaccines. For more information visit www.dynavax.com.
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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Years Ended
December 31, December 31,
-------------------- --------------------
2011 2010 2011 2010
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Revenues:
Collaboration revenue $ 10,092 $ 371 $ 17,190 $ 19,535
Grant revenue 673 1,243 3,110 3,940
Service and license revenue 662 152 1,314 475
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Total revenues 11,427 1,766 21,614 23,950
Operating expenses:
Research and development 11,616 12,951 51,322 53,680
General and administrative 4,545 4,185 17,570 16,879
Amortization of intangible
assets - 245 299 980
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Total operating expenses 16,161 17,381 69,191 71,539
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Loss from operations (4,734) (15,615) (47,577) (47,589)
Interest income 29 32 103 85
Interest expense (495) (425) (1,957) (1,654)
Other income (expense) 933 886 834 (8,150)
--------- --------- --------- ---------
Net loss $ (4,267) $ (15,122) $ (48,597) $ (57,308)
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Basic and diluted net loss per
share $ (0.03) $ (0.14) $ (0.39) $ (0.69)
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Shares used to compute basic and
diluted net loss per share 142,482 106,035 125,101 82,463
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DYNAVAX TECHNOLOGIES CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(Unaudited)
December 31, December 31,
2011 2010
------------ ------------
Assets
Cash, cash equivalents and marketable securities $ 113,961 $ 72,154
Property and equipment, net 6,163 6,404
Goodwill 2,312 2,312
Other intangible assets, net - 299
Other assets 11,666 3,080
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Total assets $ 134,102 $ 84,249
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Liabilities and stockholders'equity
Accounts payable $ 2,040 $ 2,329
Accrued and other liabilities 8,776 10,943
Current portion of deferred revenue 4,210 1,429
Noncurrent portion of deferred revenue 6,386 5,655
Note payable to Holdings 12,810 10,939
Long-term contingent liability to Holdings - 843
Stockholders' equity 99,880 52,111
------------ ------------
Total liabilities and stockholders' equity $ 134,102 $ 84,249
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Contacts:
Jennifer Lew
Vice President, Finance
510-665-7217
Email Contact
Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact
