Dynavax Reports Fourth Quarter and Year End 2010 Financial Results
BERKELEY, CA, Mar 08, 2011 (MARKETWIRE via COMTEX) -- Dynavax Technologies
Corporation (DVAX) today reported financial results for the fourth quarter and
year ended December 31, 2010.
Dynavax reported $72.2 million in cash, cash equivalents and marketable
securities at December 31, 2010. This compared to $36.7 million at December 31,
2009. Total cash at the 2010 year end included approximately $83 million in net
proceeds from public offerings completed during the year.
Total revenues were $1.8 million for the fourth quarter 2010, compared to $2.2
million for the fourth quarter 2009. Total revenues were $24.0 million for the
year ended December 31, 2010, compared to $40.3 million for 2009. The decline in
total revenues for the year was primarily due to the recognition of collaboration
revenue in June 2009 from our terminated collaboration with Merck.
Total operating expenses were $17.4 million for the fourth quarter 2010, compared
to $13.8 million for the fourth quarter 2009. Total operating expenses were $71.5
million for the year ended December 31, 2010, compared to $55.4 million for 2009.
The increase in total operating expenses for the year was due to continued
clinical and manufacturing activities to support HEPLISAV(TM). The Company
expects total operating expenses in 2011 to be consistent with 2010.
The tables included as part of this press release provide a reconciliation of
GAAP revenues and operating expenses to pro forma revenues and operating
expenses.
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
superior protection with fewer doses than current licensed vaccines. For more
information visit dynavax.com.
Forward Looking Statements
This press release contains "forward-looking statements" that are subject to a
number of risks and uncertainties, including statements regarding our projected
2011 operating expenses. Actual results may differ materially from those set
forth in this press release due to the risks and uncertainties inherent in our
business, including whether successful clinical and regulatory development and
approval of HEPLISAV can occur in a timely manner or without significant
additional studies or difficulties or delays in development or clinical trial
enrollment, whether the studies can support registration for commercialization of
HEPLISAV; the results of clinical trials and the impact of those results on the
initiation and completion of subsequent trials and issues arising in the
regulatory process; the Company's ability to obtain additional financing to
support the development and commercialization of HEPLISAV and its other
operations, possible claims against the Company based on the patent rights of
others; and other risks detailed in the "Risk Factors" section of our current
periodic reports with the SEC. We undertake no obligation to revise or update
information herein to reflect events or circumstances in the future, even if new
information becomes available. Information on Dynavax's website at
dynavax.com is not incorporated by reference in the Company's current
periodic reports with the SEC.
- tables to follow -
DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months EndedTwelve Months Ended
December 31,December 31,
----------------------------------------
2010200920102009
------------------------------------
Revenues:
Collaboration revenue$371$1,455$19,535$35,534
Grant revenue1,2435563,9403,477
Service and license revenue1521784751,307
------------------------------------
Total revenues1,7662,18923,95040,318
Operating expenses:
Research and development12,9519,50653,68038,708
General and administrative4,1854,05216,87915,745
Amortization of intangible
assets245245980980
------------------------------------
Total operating expenses17,38113,80371,53955,433
------------------------------------
Loss from operations(15,615)(11,614)(47,589)(15,115)
Interest income32485178
Interest expense(425)(4)(1,654)(124)
Other income (expense)886(26)(8,150)(66)
------------------------------------
Net loss(15,122)(11,640)(57,308)(15,127)
Consideration paid in excess of
carrying value of the
noncontrolling interest in
SDI(1)--(19,671)--(19,671)
Add: Losses attributed to
noncontrolling interest in
SDI--1,041--4,233
------------------------------------
Net loss attributable to
Dynavax$ (15,122) $ (30,270) $ (57,308) $ (30,565)
====================================
Basic and diluted net loss per
share attributable to Dynavax
common stockholders$(0.14) $(0.73) $(0.69) $(0.76)
====================================
Shares used to compute basic
and diluted net loss per share
attributable to Dynavax common
stockholders106,03541,42082,46340,350
====================================
(1) Symphony Dynamo, Inc.
DYNAVAX TECHNOLOGIES CORPORATION
RECONCILIATION OF GAAP REVENUES TO PRO FORMA REVENUES
(In thousands)
(Unaudited)
Three MonthsTwelve Months
EndedEnded
December 31,December 31,
----------------- -----------------
2010200920102009
-------- -------- -------- --------
GAAP total revenues$1,766 $2,189 $ 23,950 $ 40,318
ADD:
Collaboration funding for SDI
programs--813--3,364
LESS:
Recognition of deferred revenue
from collaborations----10,00028,485
======== ======== ======== ========
Pro forma total revenues(1)$1,766 $3,002 $ 13,950 $ 15,197
======== ======== ======== ========
(1) These pro forma amounts are intended to illustrate the Company's
revenues including collaboration funding provided for the SDI programs
and excluding certain other items. The collaboration funding is the
amount attributed to the noncontrolling interest in SDI in the
Company's consolidated statement of operations that would have been
reported as revenue if SDI's results of operations were not
consolidated with those of the Company. Management of the Company
believes the pro forma results are a more useful measure of the
Company's revenues because it provides investors the ability to
evaluate the Company's operations in the manner that management uses
to assess the continued progress of operating programs. These pro
forma results are not in accordance with, or an alternative for,
generally accepted accounting principles and may be different from pro
forma measures used by other companies.
DYNAVAX TECHNOLOGIES CORPORATION
RECONCILIATION OF GAAP OPERATING EXPENSES TO PRO FORMA OPERATING EXPENSES
(In thousands)
(Unaudited)
Three MonthsTwelve Months
EndedEnded
December 31,December 31,
----------------- -----------------
2010200920102009
-------- -------- -------- --------
GAAP total operating expenses$ 17,381 $ 13,803 $ 71,539 $ 55,433
LESS:
Stock-based compensation expense8589332,4103,035
Amortization of intangible assets245245980980
-------- -------- -------- --------
Pro forma total operating expenses(2)$ 16,278 $ 12,625 $ 68,149 $ 51,418
======== ======== ======== ========
(2)These pro forma amounts are intended to illustrate the Company's
operating expenses excluding certain non-cash charges in accordance
with the financial statements that management uses to evaluate the
Company's operations. These pro forma results are not in accordance
with, or an alternative for, generally accepted accounting principles
and may be different from pro forma measures used by other companies.
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED BALANCE SHEET DATA
(In thousands)
(Unaudited)
December 31, December 31,
20102009
------------ ------------
Assets
Cash, cash equivalents and marketable
securities$72,154 $36,720
Property and equipment, net6,4047,997
Goodwill2,3122,312
Other intangible assets, net2991,279
Other assets3,0802,162
------------ ------------
Total assets$84,249 $50,470
============ ============
Liabilities and stockholders' equity
Accounts payable$2,329 $1,686
Accrued liabilities10,9437,507
Warrant liability to Holdings--2,567
Current portion of deferred revenue1,4292,718
Noncurrent portion of deferred revenue5,65517,083
Long-term note payable to Holdings10,9399,342
Long-term contingent liability to Holdings8433,040
Other long-term liabilities--151
Total stockholders' equity52,1116,376
------------ ------------
Total liabilities and stockholders' equity$84,249 $50,470
============ ============
Contacts:
Jennifer Lew
Vice President, Finance
510-665-7217
Email Contact
Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact |
