SOURCE: Dynavax Technologies
BERKELEY, CA--(Marketwire - Aug 1, 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 |
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| CONSOLIDATED STATEMENTS OF OPERATIONS |
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| (In thousands, except per share amounts) |
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| (Unaudited) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2012 |
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2011 |
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2012 |
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2011 |
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| Revenues: |
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Collaboration revenue |
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$ |
1,623 |
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$ |
6,363 |
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$ |
2,552 |
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$ |
6,729 |
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Grant revenue |
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882 |
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890 |
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1,969 |
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1,779 |
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Service and license revenue |
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179 |
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16 |
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513 |
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|
505 |
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| Total revenues |
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2,684 |
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7,269 |
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5,034 |
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9,013 |
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| Operating expenses: |
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Research and development |
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11,376 |
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13,257 |
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23,781 |
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27,929 |
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General and administrative |
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5,957 |
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4,054 |
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11,750 |
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8,808 |
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Amortization of intangible assets |
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- |
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54 |
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- |
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299 |
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| Total operating expenses |
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17,333 |
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17,365 |
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35,531 |
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37,036 |
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| Loss from operations |
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(14,649 |
) |
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(10,096 |
) |
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(30,497 |
) |
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(28,023 |
) |
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| Interest income |
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65 |
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23 |
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117 |
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56 |
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| Interest expense |
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(589 |
) |
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(487 |
) |
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(1,176 |
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(977 |
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| Other income (expense) |
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63 |
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(75 |
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(59 |
) |
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(157 |
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| Net loss | |
$ |
(15,110 |
) |
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$ |
(10,635 |
) |
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$ |
(31,615 |
) |
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$ |
(29,101 |
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| Basic and diluted net loss per share |
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$ |
(0.09 |
) |
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$ |
(0.09 |
) |
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$ |
(0.20 |
) |
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$ |
(0.25 |
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| Shares used to compute basic and diluted net loss per share |
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167,697 |
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117,864 |
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161,564 |
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116,801 |
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| DYNAVAX TECHNOLOGIES CORPORATION |
| SELECTED BALANCE SHEET DATA |
| (In thousands) |
| (Unaudited) |
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June 30, |
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December 31, |
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2012 | |
2011 |
| Assets |
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Cash and cash equivalents and marketable securities |
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$ |
160,199 |
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$ |
113,961 |
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Property and equipment, net |
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6,833 |
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6,163 |
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Goodwill |
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2,356 |
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2,312 |
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Other assets |
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6,507 |
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11,666 |
| Total assets |
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$ |
175,895 |
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$ |
134,102 |
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| Liabilities and stockholders' equity |
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Accounts payable |
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$ |
1,155 |
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$ |
2,040 |
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Accrued liabilities |
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7,956 |
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8,776 |
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Current portion of deferred revenue |
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2,859 |
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|
4,210 |
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Non-current portion of deferred revenue |
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5,312 |
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6,386 |
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Short-term note payable to Holdings |
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13,905 |
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12,810 |
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Stockholders' equity |
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144,708 |
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|
99,880 |
| Total liabilities and stockholders' equity |
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$ |
175,895 |
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$ |
134,102 |
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