Dynavax Reports Fourth Quarter and Year End 2013 Financial Results

BERKELEY, CA--(Marketwired - Mar 10, 2014) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the fourth quarter and year ended December 31, 2013. The Company had $189.4 million in cash, cash equivalents and marketable securities as of December 31, 2013.

For the quarter ended December 31, 2013, Dynavax reported total revenues of $2.8 million compared to $1.8 million for the fourth quarter of 2012. For the year ended December 31, 2013, total revenues were $11.3 million compared to $9.7 million for 2012.

General and administrative expenses were $3.7 million for the quarter ended December 31, 2013 compared to $9.3 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, general and administrative expenses were $25.9 million compared to $28.2 million for the same period in 2012. The 2013 twelve month period includes non-recurring and non-cash stock-based severance costs of $7.7 million compared to $2.1 million for the same period in 2012. General and administrative expenses other than these organizational transition costs decreased by 38% during the fourth quarter and 28% for the twelve month period of 2013.

Research and development expenses were $12.1 million for the quarter ended December 31, 2013 compared to $12.5 million for the fourth quarter of 2012. For the twelve months ended December 31, 2013, research and development expenses were $50.9 million compared to $49.1 million for the same period in 2012.

The net loss allocable to common stockholders for the twelve months ended December 31, 2013 was $75.2 million, or $0.38 per basic and diluted share, which includes a one-time non-cash deemed dividend of $8.5 million related to the beneficial conversion feature of the Series B Convertible Preferred Stock. The net loss allocable to common stockholders for the twelve months ended December 31, 2012 was $69.9 million, or $0.41 per basic and diluted share.

About HEPLISAV™

HEPLISAV is an investigational adult hepatitis B vaccine that combines hepatitis B surface antigen with a proprietary Toll-like Receptor 9 agonist to enhance the immune response. Dynavax has worldwide commercial rights to HEPLISAV.

About Dynavax

Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel vaccines and therapeutics in the areas of infectious and inflammatory diseases and oncology. Dynavax's lead product candidate is HEPLISAV, a Phase 3 investigational adult hepatitis B vaccine. For more information visit www.dynavax.com.


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

		Three Months Ended December 31,						Years Ended December 31,
		2013			2012			2013			2012
Revenues:
	Collaboration revenue	$	1,580		$	1,008		$	4,929		$	4,610
	Grant revenue		1,283			751			5,138			3,939
	Service and license revenue		(16	)		47			1,184			1,165
Total revenues			2,847			1,806			11,251			9,714

Operating expenses:
	Research and development		12,131			12,515			50,870			49,146
	General and administrative		3,700			9,293			25,943			28,164
	Unoccupied facility expense		8			--			926			--
Total operating expenses			15,839			21,808			77,739			77,310

Loss from operations			(12,992	)		(20,002	)		(66,488	)		(67,596	)

Interest income			(47	)		83			116			291
Interest expense			83			(586	)		--			(2,351	)
Other income (expense)			(100	)		(38	)		(348	)		(293	)

Net loss			(13,056	)		(20,543	)		(66,720	)		(69,949	)

Preferred stock deemed dividend			(8,469	)		--			(8,469	)		--

Net loss allocable to common stockholders		$	(21,525	)	$	(20,543	)	$	(75,189	)	$	(69,949	)

Basic and diluted net loss per share allocable to common stockholders		$	(0.09	)	$	(0.11	)	$	(0.38	)	$	(0.41	)

Shares used to compute basic and diluted net loss per share allocable to common stockholders			235,879			180,685			196,275			170,469


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

		December 31,		December 31,
		2013		2012
Assets
	Cash, cash equivalents and marketable securities	$	189,376	$	125,130
	Property and equipment, net		8,706		7,965
	Goodwill		2,579		2,475
	Other assets		3,961		4,182
Total assets		$	204,622	$	139,752

Liabilities and stockholders' equity
	Deferred revenues	$	7,298	$	12,068
	Other liabilities		11,030		12,858
	Total liabilities		18,328		24,926
	Stockholders' equity		186,294		114,826
Total liabilities and stockholders' equity		$	204,622	$	139,752