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
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