Attached files
| Exhibit 99.1 | ||
| DYNAVAX | ||
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| DYNAVAX TECHNOLOGIES | ||
| 2929 Seventh Street, Suite 100 | ||
| Berkeley, CA 94710 | ||
| Contacts: | ||
| Jennifer Lew | Michael Ostrach | |
| Vice President, Finance | Vice President and Chief Business Officer | |
| 510-665-7217 | 510-665-7257 | |
| jlew@dynavax.com | mostrach@dynavax.com | |
DYNAVAX REPORTS THIRD QUARTER 2011 FINANCIAL RESULTS
BERKELEY, CA – October 27, 2011 – Dynavax Technologies Corporation (NASDAQ: DVAX) today reported financial results for the third quarter ended September 30, 2011, including $53.2 million in cash, cash equivalents and marketable securities at September 30, 2011. This amount does not include a total of $8.6 million, consisting of $6 million in previously announced payments from Dynavax’s collaborations with AstraZeneca and GlaxoSmithKline to be made after the close of the quarter and proceeds of $2.6 million from the sale of common stock to Aspire Capital received after the close of the third quarter.
Dynavax said that, based on developments to date and additional potential payments anticipated to be received or earned by year end under existing arrangements, it expects to end 2011 with approximately $50 million in cash, cash equivalents and marketable securities.
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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 HEPLISAVTM, 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 www.dynavax.com.
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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 net cash usage and cash position. 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
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if new information becomes available. Information on Dynavax's website at www.dynavax.com is not incorporated by reference in the Company's current periodic reports with the SEC.
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– tables to follow – |
| DYNAVAX TECHNOLOGIES CORPORATION | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Revenues: | ||||||||||||||||
| Collaboration revenue | $ | 369 | $ | 10,402 | $ 7,098 | $ | 19,164 | |||||||||
| Grant revenue | 658 | 1,218 | 2,437 | 2,697 | ||||||||||||
| Service and license revenue | 147 | 29 | 652 | 323 | ||||||||||||
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| Total revenues | 1,174 | 11,649 | 10,187 | 22,184 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 11,777 | 14,204 | 39,706 | 40,729 | ||||||||||||
| General and administrative | 4,217 | 3,951 | 13,025 | 12,694 | ||||||||||||
| Amortization of intangible assets | — | 245 | 299 | 735 | ||||||||||||
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| Total operating expenses | 15,994 | 18,400 | 53,030 | 54,158 | ||||||||||||
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| Loss from operations | (14,820) | (6,751) | (42,843) | (31,974) | ||||||||||||
| Interest income | 18 | 12 | 74 | 53 | ||||||||||||
| Interest expense | (485) | (399) | (1,462) | (1,229) | ||||||||||||
| Other income (expense) | 58 | 2,140 | (99) | (9,036) | ||||||||||||
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| Net loss | $ | (15,229) | $ | (4,998) | $ (44,330) | $ (42,186) | ||||||||||
| Basic and diluted net loss per share | $ | (0.12) | $ | (0.06) | $ (0.37) | $ (0.57) | ||||||||||
| Shares used to compute basic net loss per share | 124,069 | 86,826 | 119,244 | 74,519 | ||||||||||||
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| DYNAVAX TECHNOLOGIES CORPORATION | ||||||||||||||||
| RECONCILIATION OF GAAP REVENUES TO PRO FORMA REVENUES | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| GAAP revenues | $ | 1,174 | $ | 11,649 | $ | 10,187 | $ | 22,184 | ||||||||
| LESS: | ||||||||||||||||
| Deferred revenue from collaborations | — | 10,000 | — | 10,000 | ||||||||||||
| Pro forma revenues (1) | $ | 1,174 | $ | 1,649 | $ | 10,187 | $ | 12,184 | ||||||||
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| (1) | These pro forma amounts are intended to illustrate the Company’s revenues excluding certain items for which cash was received in a prior period. 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 Months Ended | Nine Months Ended | |||||||
| September 30, | September 30, | |||||||
| 2011 | 2010 | 2011 | 2010 | |||||
| GAAP operating expenses | $ 15,994 | $ 18,400 | $ 53,030 | $ 54,158 | ||||
| LESS: | ||||||||
| Stock-based compensation expense | 1,287 | 586 | 3,934 | 1,552 | ||||
| Amortization of intangible assets | — | 245 | 299 | 735 | ||||
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| Pro forma operating expenses (2) | $ 14,707 | $ 17,569 | $ 48,797 | $ 51,871 | ||||
| (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. |
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| DYNAVAX TECHNOLOGIES CORPORATION | ||||||||
| SELECTED BALANCE SHEET DATA | ||||||||
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| (Unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
| Assets | ||||||||
| Cash and cash equivalents and marketable securities | $ | 53,221 | $ | 72,154 | ||||
| Property and equipment, net | 6,127 | 6,404 | ||||||
| Goodwill | 2,312 | 2,312 | ||||||
| Other intangible assets, net | — | 299 | ||||||
| Other assets | 3,059 | 3,080 | ||||||
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| Total assets | $ | 64,719 | $ | 84,249 | ||||
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| Liabilities and stockholders’ equity | ||||||||
| Accounts payable | $ | 1,313 | $ | 2,329 | ||||
| Accrued and other liabilities | 8,823 | 11,786 | ||||||
| Current portion of deferred revenue | 1,429 | 1,429 | ||||||
| Noncurrent portion of deferred revenue | 4,583 | 5,655 | ||||||
| Long-term note payable to Holdings | 12,342 | 10,939 | ||||||
| Stockholders’ equity | 36,229 | 52,111 | ||||||
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| Total liabilities and stockholders’ equity | $ | 64,719 | $ | 84,249 | ||||
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