EX-99 2 rrd386120_39781.htm PRESS RELEASE, DATED JULY 29, 2013 TITLED "DYNAVAX REPORTS SECOND QUARTER 2013 FINANCIAL RESULTS." Contacts:

Contacts:

    

Jennifer Lew

  

Michael Ostrach

Vice President, Finance

Vice President and Chief Business Officer

510-665-7217

510-665-7257

jlew@dynavax.com

mostrach@dynavax.com

 

DYNAVAX REPORTS SECOND QUARTER 2013 FINANCIAL RESULTS

BERKELEY, CA - July 29, 2013 - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the second quarter ended June 30, 2013. The Company had $89.2 million in cash, cash equivalents and marketable securities as of June 30, 2013. This compared to $125.1 million at December 31, 2012.

For the quarter ended June 30, 2013, Dynavax reported total revenues of $3.4 million compared to $2.7 million for the corresponding quarter ended June 30, 2012. Total revenues for the six months ended June 30, 2013 were $5.5 million compared to $5.0 million for the same period in 2012.

General and administrative expenses for the quarter ended June 30, 2013 were $7.6 million. This included significant one-time cash and stock-based severance costs of $3.0 million. Other than these organizational transition costs, general and administrative expenses decreased by 22% in the quarter.

For the six months ended June 30, 2013, general and administrative expenses were $16.4 million. This included significant one-time cash and stock-based severance costs of $5.5 million. Other than these organizational transition costs, general and administrative expenses decreased by 7% when compared to the same period in 2012.

Research and development expenses for the quarter ended June 30, 2013 were $12.8 million compared to $11.4 million for the second quarter of 2012. For the six months ended June 30, 2013, research and development expenses were $27.0 million compared to $23.8 million for the same period in 2012. This increase was due primarily to manufacturing activities and expenses related to the supply of a HEPLISAVTM component.

About Dynavax

Dynavax, 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. For more information visit www.dynavax.com.

 

- tables to follow -

DYNAVAX TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2013

2012

2013

2012

Revenues:

Collaboration revenue

$ 1,356

$ 1,623

$ 2,239

$ 2,552

Grant revenue

1,395

882

2,155

1,969

Service and license revenue

641

179

1,083

513

Total revenues

3,392

2,684

5,477

5,034

Operating expenses:

Research and development

12,805

11,376

26,969

23,781

General and administrative

7,636

5,957

16,436

11,750

Total operating expenses

20,441

17,333

43,405

35,531

Loss from operations

(17,049)

(14,649)

(37,928)

(30,497)

Interest income

54

65

126

117

Interest expense

(27)

(589)

(59)

(1,176)

Other income (expense)

(142)

63

(128)

(59)

Net loss

$ (17,164)

$ (15,110)

$ (37,989)

$ (31,615)

Basic and diluted net loss per share

$ (0.09)

$ (0.09)

$ (0.21)

$ (0.20)

Shares used to compute basic and diluted net loss per share

182,913

167,697

182,934

161,564

 

 

DYNAVAX TECHNOLOGIES CORPORATION

SELECTED CONSOLIDATED BALANCE SHEET DATA

(In thousands)

(Unaudited)

June 30,

December 31,

2013

2012

Assets

    

Cash, cash equivalents and marketable securities

$ 89,161

$ 125,130

Property and equipment, net

8,038

7,965

Goodwill

2,436

2,475

Other assets

4,377

4,182

Total assets

$ 104,012

$ 139,752
     

Liabilities and stockholders' equity

Deferred revenues

$ 10,166

$ 12,068

Other liabilities

9,187

12,858

Total liabilities

19,353

24,926

Stockholders' equity

84,659

114,826

Total liabilities and stockholders' equity

$ 104,012

$ 139,752

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