SOURCE: Dynavax Technologies
BERKELEY, CA--(Marketwire - Apr 27, 2012) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2012, including $106.9 million in cash, cash equivalents and marketable securities at March 31, 2012. This compared to $114 million at December 31, 2011. Total cash for the first quarter of 2012 included $8.6 million in milestone payments from Dynavax's collaborative partners.
Total revenues were $2.4 million for the first quarter 2012, an increase over the $1.7 million reported for the first quarter of 2011 due primarily to the recognition of collaboration revenue under the Company's partnership with AstraZeneca.
Total operating expenses of $18.2 million for the first quarter 2012 decreased from the $19.7 million reported for the first quarter of 2011, resulting primarily from the completion of certain clinical activities for HEPLISAV.
Net loss for the first quarter 2012 of $16.5 million improved from the loss of $18.5 million reported for the same period in 2011.
About HEPLISAV
HEPLISAV™ is an investigational adult hepatitis B vaccine. In earlier Phase 3 trials, HEPLISAV demonstrated increased, rapid protection with fewer doses than current licensed vaccines. Dynavax has worldwide commercial rights to HEPLISAV. HEPLISAV combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist known as 1018 ISS 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
March 31, |
|
| |
|
2012 |
|
|
2011 |
|
| Revenues: |
|
|
|
|
|
|
|
|
| |
Collaboration revenue |
|
$ |
929 |
|
|
$ |
366 |
|
| |
Grant revenue |
|
|
1,087 |
|
|
|
889 |
|
| |
Service and license revenue |
|
|
334 |
|
|
|
489 |
|
| Total revenues |
|
|
2,350 |
|
|
|
1,744 |
|
| |
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
| |
Research and development |
|
|
12,405 |
|
|
|
14,672 |
|
| | General and administrative |
|
|
5,793 |
|
|
|
4,754 |
|
| |
Amortization of intangible assets |
|
|
- |
|
|
|
245 |
|
| Total operating expenses |
|
|
18,198 |
|
|
|
19,671 |
|
| |
|
|
|
|
|
|
|
|
| Loss from operations |
|
|
(15,848 |
) |
|
|
(17,927 |
) |
| |
|
|
|
|
|
|
|
|
| Interest income |
|
|
52 |
|
|
|
33 |
|
| Interest expense |
|
|
(587 |
) |
|
|
(490 |
) |
| Other expense |
|
|
(122 |
) |
|
|
(82 |
) |
| |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(16,505 |
) |
|
$ |
(18,466 |
) |
| |
|
|
|
|
|
|
|
|
| Basic and diluted net loss per share |
|
$ |
(0.11 |
) |
|
$ |
(0.16 |
) |
| |
| |
|
|
|
|
|
|
| Shares used to compute basic and diluted net loss per share |
|
|
155,431 |
|
|
|
115,726 |
|
| |
| |
| DYNAVAX TECHNOLOGIES CORPORATION |
| SELECTED BALANCE SHEET DATA |
| (In thousands) |
| (Unaudited) |
| |
| |
|
March 31, |
|
December 31, |
| |
|
2012 |
|
2011 |
| Assets |
|
|
|
|
|
|
| |
Cash and cash equivalents and marketable securities |
|
$ |
106,881 |
|
$ |
113,961 |
| |
Property and equipment, net |
|
|
6,962 |
|
|
6,163 |
| |
Goodwill |
|
|
2,498 |
|
|
2,312 |
| |
Other assets |
|
|
4,335 |
|
|
11,666 |
| Total assets |
|
$ |
120,676 |
|
$ |
134,102 |
| |
|
|
|
|
|
|
| Liabilities and stockholders'equity |
|
|
|
|
|
|
| |
Accounts payable |
|
$ |
2,358 |
|
$ |
2,040 |
| |
Accrued liabilities |
|
|
6,932 |
|
|
8,776 |
| |
Current portion of deferred revenue |
|
|
3,801 |
|
|
4,210 |
| |
Non-current portion of deferred revenue |
|
|
5,849 |
|
|
6,386 |
| |
Short-term note payable to Holdings |
|
|
13,357 |
|
|
12,810 |
| |
Stockholders' equity |
|
|
88,379 |
|
|
99,880 |
| Total liabilities and stockholders' equity |
|
$ |
120,676 |
|
$ |
134,102 |