Dynavax Technologies Corporation (NASDAQ:DVAX) reported financial results for the fourth quarter and year ended December 31, 2014.
The Company had $122.7 million in cash, cash equivalents and marketable securities as of December 31, 2014. Loss from operations of $91.3 million for the year ended December 31, 2014 increased by $24.8 million compared to the year ended December 31, 2013 primarily as a result of expenses relating to conduct of clinical trials. A Phase 3 clinical trial of hepatitis B vaccine HEPLISAV-B™ (known as HBV-23) was initiated in the second quarter of 2014 and an independent Data and Safety Monitoring Board (DSMB) reviewed available data in early November 2014 and late February 2015 and recommended continuation of the trial without change. A Phase 1/2 study of SD-101 in combination with local radiation for the treatment of indolent lymphoma was initiated in the fourth quarter.
The net loss allocable to common stockholders for the twelve months ended December 31, 2014 was $90.7 million, or $3.45 per basic and diluted share. The net loss allocable to common stockholders for the twelve months ended December 31, 2013 was $75.2 million, or $3.83 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.
HEPLISAV-B 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-B.
SD-101 is a proprietary, second-generation, TLR 9 agonist CpG oligodeoxynucleotide (CPG ODN). In preclinical studies, TLR 9 agonists have shown activity as monotherapy or in combination with various interventions, including immunotherapeutic and tumor-specific antibodies. SD-101 has been evaluated in two Phase 1 studies to assess its preliminary safety and tolerability.
Shares of Dynavax Technologies closed yesterday at $21.305 . DVAX has a 1-year high of $21.93 and a 1-year low of $12.50. The stock’s 50-day moving average is $17.50 and it’s 200-day moving average is $15.69.
On the ratings front, Dynavax Technologies has been the subject of a number of recent research reports. In a report issued on March 2, MLV & Co. analyst Vernon Bernardino reiterated a Buy rating on DVAX, with a price target of $25, which implies an upside of 17.3% from current levels. Separately, on December 12, Jefferies Co.’s Thomas Wei reiterated a Buy rating on the stock and has a price target of $30.
Dynavax Technologies Corp is a clinical-stage biopharmaceutical company, discovers and develops novel products to prevent and treat infectious and inflammatory diseases.