Dynavax Reports Second Quarter 2012 Financial Results
August 01 2012 - 4:31PM
Marketwired
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
============= =============
Dynavax Technologies (NASDAQ:DVAX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Dynavax Technologies (NASDAQ:DVAX)
Historical Stock Chart
From Apr 2023 to Apr 2024