BERKELEY, CA--(Marketwire - August 01, 2012) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2012. The Company had $160.2 million in cash, cash equivalents and marketable securities as of June 30, 2012 as compared to $114.0 million at December 31, 2011. Total cash for the second quarter of 2012 included $69.6 million in net proceeds from the sale of 17,500,000 shares of common stock.
Total revenues were $2.7 million and $5.0 million for the three and six months ended June 30, 2012, respectively, compared to $7.3 million and $9.0 million, respectively, reported for the same periods of 2011. Revenues for the second quarter and first half of 2011 included a $6 million milestone earned under the Company's collaboration with GlaxoSmithKline.
Research and development expenses were $11.4 million and $23.8 million for the three and six months ended June 30, 2012, respectively. This compared to $13.3 million and $27.9 million, respectively, reported for the same periods of 2011. Research and development expenses decreased primarily due to the significant decline in clinical activities for HEPLISAV™.
General and administrative expenses were $6.0 million and $11.8 million for the second quarter and first half of 2012, respectively, compared to $4.1 million and $8.8 million, respectively, in the same periods of the prior year. General and administrative expenses increased primarily due to growth in commercial development expenses.
About HEPLISAV
HEPLISAV is an investigational adult hepatitis B vaccine for which a U.S. BLA has been accepted for review by the FDA and a Marketing Authorization Application (MAA) has been submitted. 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 known 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 rapid 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 Six Months Ended
June 30, June 30,
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2012 2011 2012 2011
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Revenues:
Collaboration revenue $ 1,623 $ 6,363 $ 2,552 $ 6,729
Grant revenue 882 890 1,969 1,779
Service and license revenue 179 16 513 505
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Total revenues 2,684 7,269 5,034 9,013
Operating expenses:
Research and development 11,376 13,257 23,781 27,929
General and administrative 5,957 4,054 11,750 8,808
Amortization of intangible
assets - 54 - 299
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Total operating expenses 17,333 17,365 35,531 37,036
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Loss from operations (14,649) (10,096) (30,497) (28,023)
Interest income 65 23 117 56
Interest expense (589) (487) (1,176) (977)
Other income (expense) 63 (75) (59) (157)
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Net loss $ (15,110) $ (10,635) $ (31,615) $ (29,101)
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Basic and diluted net loss per
share $ (0.09) $ (0.09) $ (0.20) $ (0.25)
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Shares used to compute basic and
diluted net loss per share 167,697 117,864 161,564 116,801
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DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
June 30, December 31,
2012 2011
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Assets
Cash and cash equivalents and marketable
securities $ 160,199 $ 113,961
Property and equipment, net 6,833 6,163
Goodwill 2,356 2,312
Other assets 6,507 11,666
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Total assets $ 175,895 $ 134,102
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Liabilities and stockholders' equity
Accounts payable $ 1,155 $ 2,040
Accrued liabilities 7,956 8,776
Current portion of deferred revenue 2,859 4,210
Non-current portion of deferred revenue 5,312 6,386
Short-term note payable to Holdings 13,905 12,810
Stockholders' equity 144,708 99,880
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Total liabilities and stockholders' equity $ 175,895 $ 134,102
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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
