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Dynavax Reports Second Quarter 2012 Financial Results

Date : 08/01/2012 @ 4:31PM
Source : Marketwired
Stock : Dynavax Technologies Corp. (MM) (DVAX)
Quote : 15.24  -0.28 (-1.80%) @ 8:10PM
Dynavax Technologies Corp. (MM) share price Chart

Dynavax Reports Second Quarter 2012 Financial Results

Dynavax Technologies Corp. (MM) (NASDAQ:DVAX)
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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.

- tables to follow -



                      DYNAVAX TECHNOLOGIES CORPORATION
                   CONSOLIDATED STATEMENTS OF OPERATIONS
                  (In thousands, except per share amounts)
                                (Unaudited)

                                  Three Months Ended     Six Months Ended
                                       June 30,              June 30,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
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
                                 ---------  ---------  ---------  ---------
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
                                 ---------  ---------  ---------  ---------
Total operating expenses            17,333     17,365     35,531     37,036
                                 ---------  ---------  ---------  ---------

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)
                                 ---------  ---------  ---------  ---------

Net loss                         $ (15,110) $ (10,635) $ (31,615) $ (29,101)
                                 =========  =========  =========  =========

Basic and diluted net loss per
 share                           $   (0.09) $   (0.09) $   (0.20) $   (0.25)
                                 =========  =========  =========  =========

Shares used to compute basic and
 diluted net loss per share        167,697    117,864    161,564    116,801
                                 =========  =========  =========  =========




                      DYNAVAX TECHNOLOGIES CORPORATION
                         SELECTED BALANCE SHEET DATA
                               (In thousands)
                                 (Unaudited)

                                                    June 30,    December 31,
                                                      2012          2011
                                                 ------------- -------------
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
                                                 ------------- -------------
Total assets                                     $     175,895 $     134,102
                                                 ============= =============

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
                                                 ------------- -------------
Total liabilities and stockholders' equity       $     175,895 $     134,102
                                                 ============= =============




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