BERKELEY, CA--(Marketwired - November 07, 2013) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the third quarter ended September 30, 2013. The Company had $76.5 million in cash, cash equivalents and marketable securities as of September 30, 2013, compared to $125.1 million at December 31, 2012.
For both quarters ended September 30, 2013 and 2012, Dynavax reported total revenues of $2.9 million. Total revenues for the nine months ended September 30, 2013 were $8.4 million compared to $7.9 million for the same period in 2012.
General and administrative expenses for the quarter ended September 30, 2013 were $5.8 million compared to $7.1 million for the third quarter of 2012. For the nine months ended September 30, 2013, general and administrative expenses were $22.2 million compared to $18.9 million for the same period in 2012. This increase was due to one-time cash and non-cash stock-based severance costs of $2.0 million and $7.5 million, respectively, for the third quarter and nine month period of 2013. General and administrative expenses other than these organizational transition costs decreased by 49% during the third quarter and 24% for the nine month period of 2013.
Research and development expenses for the quarter ended September 30, 2013 were $11.8 million compared to $12.9 million for the third quarter of 2012. For the nine months ended September 30, 2013, research and development expenses were $38.7 million compared to $36.6 million for the same period in 2012. This increase was due primarily to manufacturing activities and expenses related to the supply of HEPLISAV™.
On October 30, 2013, the Company sold 79,570,000 shares of our common stock at a price of $1.075 per share and 43,430 shares of the Company's Series B Convertible Preferred Stock (Series B) for a price of $1,075.00 per share, in separate, concurrent underwritten public offerings. The sale of the common stock and Series B resulted in aggregate net proceeds to us of approximately $125 million after deducting estimated commissions and offering expenses.
About Dynavax
Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases and cancer. The Company's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.
DYNAVAX TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2013 2012 2013 2012
--------- --------- --------- ---------
Revenues:
Collaboration revenue $ 1,110 $ 1,050 $ 3,349 $ 3,602
Grant revenue 1,700 1,219 3,855 3,188
Service and license revenue 117 605 1,200 1,118
--------- --------- --------- ---------
Total revenues 2,927 2,874 8,404 7,908
Operating expenses:
Research and development 11,770 12,850 38,739 36,631
General and administrative 5,807 7,121 22,243 18,871
Unoccupied facility expense 918 -- 918 --
--------- --------- --------- ---------
Total operating expenses 18,495 19,971 61,900 55,502
--------- --------- --------- ---------
Loss from operations (15,568) (17,097) (53,496) (47,594)
Interest income 37 91 163 208
Interest expense (24) (589) (83) (1,765)
Other income (expense) (120) (196) (248) (255)
--------- --------- --------- ---------
Net loss $ (15,675) $ (17,791) $ (53,664) $ (49,406)
========= ========= ========= =========
Basic and diluted net loss per
share $ (0.09) $ (0.10) $ (0.29) $ (0.30)
========= ========= ========= =========
Shares used to compute basic and
diluted net loss per share 183,022 177,870 182,960 167,039
========= ========= ========= =========
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(Unaudited)
September 30, December 31,
2013 2012
------------- -------------
Assets
Cash, cash equivalents and marketable
securities $ 76,474 $ 125,130
Property and equipment, net 8,454 7,965
Goodwill 2,532 2,475
Other assets 4,238 4,182
------------- -------------
Total assets $ 91,698 $ 139,752
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Liabilities and stockholders'equity
Deferred revenues $ 8,877 $ 12,068
Other liabilities 10,425 12,858
------------- -------------
Total liabilities 19,302 24,926
Stockholders' equity 72,396 114,826
------------- -------------
Total liabilities and stockholders' equity $ 91,698 $ 139,752
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