Dynavax Reports Fourth Quarter and Year End 2011 Financial Results
BERKELEY, CA, Mar 06, 2012 (MARKETWIRE via COMTEX) -- Dynavax Technologies
Corporation (DVAX) today reported financial results for the fourth quarter and
year ended December 31, 2011.
Dynavax reported $114 million in cash, cash equivalents and marketable
securities, cumulatively referred to as total cash, at December 31, 2011. This
compared to $72.2 million at December 31, 2010. Total cash at the end of 2011
included $64.5 million in net proceeds from a public offering completed in
November 2011. Subsequent to the year end, the Company received $8.6 million in
milestone payments from its collaboration partners, GlaxoSmithKline and
AstraZeneca.
Total revenues were $11.4 million for the fourth quarter 2011, compared to $1.8
million for the fourth quarter 2010. Total revenues were $21.6 million for the
year ended December 31, 2011, compared to $24.0 million for the same period of
2010. The increase in total revenues for the fourth quarter resulted from
milestones achieved under the Company's partnered development programs. The
decline in total revenues for the year was primarily due to the recognition
during 2010 of deferred revenue.
Total operating expenses were $16.2 million for the fourth quarter 2011, compared
to $17.4 million for the fourth quarter 2010. Total operating expenses were $69.2
million for the year ended December 31, 2011, compared to $71.5 million for the
same period of 2010. The decrease in total operating expenses for the fourth
quarter and full year was primarily related to lower clinical trial expenses for
HEPLISAV(TM) following the completion of a pivotal phase 3 study.
About HEPLISAV
HEPLISAV is an investigational adult hepatitis B vaccine. 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 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 higher and
earlier protection with fewer doses than currently licensed vaccines. For more
information visit dynavax.com.
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DYNAVAX TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months EndedYears Ended
December 31,December 31,
----------------------------------------
2011201020112010
------------------------------------
Revenues:
Collaboration revenue$10,092$371$17,190$19,535
Grant revenue6731,2433,1103,940
Service and license revenue6621521,314475
------------------------------------
Total revenues11,4271,76621,61423,950
Operating expenses:
Research and development11,61612,95151,32253,680
General and administrative4,5454,18517,57016,879
Amortization of intangible
assets-245299980
------------------------------------
Total operating expenses16,16117,38169,19171,539
------------------------------------
Loss from operations(4,734)(15,615)(47,577)(47,589)
Interest income293210385
Interest expense(495)(425)(1,957)(1,654)
Other income (expense)933886834(8,150)
------------------------------------
Net loss$(4,267) $ (15,122) $ (48,597) $ (57,308)
====================================
Basic and diluted net loss per
share$(0.03) $(0.14) $(0.39) $(0.69)
====================================
Shares used to compute basic and
diluted net loss per share142,482106,035125,10182,463
====================================
DYNAVAX TECHNOLOGIES CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(Unaudited)
December 31, December 31,
20112010
------------ ------------
Assets
Cash, cash equivalents and marketable securities $113,961 $72,154
Property and equipment, net6,1636,404
Goodwill2,3122,312
Other intangible assets, net-299
Other assets11,6663,080
------------ ------------
Total assets$134,102 $84,249
============ ============
Liabilities and stockholders'equity
Accounts payable$2,040 $2,329
Accrued and other liabilities8,77610,943
Current portion of deferred revenue4,2101,429
Noncurrent portion of deferred revenue6,3865,655
Note payable to Holdings12,81010,939
Long-term contingent liability to Holdings-843
Stockholders' equity99,88052,111
------------ ------------
Total liabilities and stockholders' equity$134,102 $84,249
============ ============
Contacts:
Jennifer Lew
Vice President, Finance
510-665-7217
Email Contact
Michael Ostrach
Vice President and Chief Business Officer
510-665-7257
Email Contact |
