Dynavax Reports First Quarter 2014 Financial Results

BERKELEY, CA--(Marketwired - May 5, 2014) - Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the first quarter ended March 31, 2014. The Company had $177.7 million in cash, cash equivalents and marketable securities as of March 31, 2014.

For the quarter ended March 31, 2014, Dynavax reported total revenues of $3.5 million compared to $2.1 million for the first quarter of 2013. This increase primarily relates to the recognition of revenue under our collaboration agreement with AstraZeneca.

General and administrative expenses were $4.2 million for the quarter ended March 31, 2014 compared to $8.8 million for the first quarter of 2013. The 2013 three month period includes non-recurring cash and non-cash stock-based severance costs of $2.5 million. Excluding these non-recurring organizational transition costs, general and administrative expenses decreased by 34% in the first quarter of 2014 compared to the first quarter of 2013.

Research and development expenses were $13.2 million for the quarter ended March 31, 2014 compared to $14.2 million for the first quarter of 2013. This decrease was primarily due to higher severance expenses, including non-cash stock-based compensation charges, in the 2013 period.

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 March 31,
		2014			2013
Revenues:
	Collaboration revenue	$	2,373		$	883
	Grant revenue		1,125			760
	Service and license revenue		-			442
Total revenues			3,498			2,085

Operating expenses:
	Research and development		13,231			14,164
	General and administrative		4,157			8,800
	Unoccupied facility expense		77			-
Total operating expenses			17,465			22,964

Loss from operations			(13,967	)		(20,879	)

Interest income			65			72
Interest expense			-			(32	)
Other income			62			14

Net loss		$	(13,840	)	$	(20,825	)

Basic and diluted net loss per share		$	(0.05	)	$	(0.11	)

Shares used to compute basic and diluted net loss per share			262,826			182,847


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


		March 31,		December 31,
		2014		2013
Assets
	Cash, cash equivalents and marketable securities	$	177,679	$	189,376
	Property and equipment, net		8,584		8,706
	Goodwill		2,576		2,579
	Other assets		4,746		3,961
Total assets		$	193,585	$	204,622

Liabilities and stockholders'equity
	Deferred revenues	$	10,334	$	7,298
	Other liabilities		9,398		11,030
	Total liabilities		19,732		18,328
	Stockholders' equity		173,853		186,294
Total liabilities and stockholders' equity		$	193,585	$	204,622