$DVAX
DYNAVAX TECHNOLOGIES CORP

2021 Q1 Form 10-Q Financial Statement

#000156459021024973 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $83.34M $10.92M
YoY Change 663.14% 89.16%
Cost Of Revenue $24.63M $4.650M
YoY Change 429.68% 14.25%
Gross Profit $58.71M $6.270M
YoY Change 836.36% 268.82%
Gross Profit Margin 70.45% 57.42%
Selling, General & Admin $22.42M $20.93M
YoY Change 7.15% 14.05%
% of Gross Profit 38.19% 333.75%
Research & Development $7.758M $4.653M
YoY Change 66.73% -78.06%
% of Gross Profit 13.21% 74.21%
Depreciation & Amortization $1.110M $3.310M
YoY Change -66.47% -16.62%
% of Gross Profit 1.89% 52.79%
Operating Expenses $30.18M $25.58M
YoY Change 17.99% 39.41%
Operating Profit $28.53M -$19.31M
YoY Change -247.73% -48.98%
Interest Expense $4.712M $4.731M
YoY Change -0.4% 73.04%
% of Operating Profit 16.52%
Other Income/Expense, Net $557.0K $322.0K
YoY Change 72.98% 77.9%
Pretax Income $890.0K -$12.60M
YoY Change -107.06% -68.24%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $891.0K -$12.60M
YoY Change -107.07% -68.25%
Net Earnings / Revenue 1.07% -115.34%
Basic Earnings Per Share $0.01 -$0.15
Diluted Earnings Per Share $0.01 -$0.25
COMMON SHARES
Basic Shares Outstanding 112.0M 85.48M
Diluted Shares Outstanding 113.5M 85.65M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.7M $129.5M
YoY Change 79.69% -29.31%
Cash & Equivalents $79.06M $37.90M
Short-Term Investments $153.6M $91.60M
Other Short-Term Assets $42.00M $8.400M
YoY Change 400.0% 42.37%
Inventory $68.85M $48.10M
Prepaid Expenses
Receivables $84.00M $8.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $427.5M $194.1M
YoY Change 120.26% -12.76%
LONG-TERM ASSETS
Property, Plant & Equipment $30.70M $59.30M
YoY Change -48.24% 0.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.900M $3.500M
YoY Change 11.43% -5.41%
Total Long-Term Assets $62.57M $65.20M
YoY Change -4.04% -12.01%
TOTAL ASSETS
Total Short-Term Assets $427.5M $194.1M
Total Long-Term Assets $62.57M $65.20M
Total Assets $490.1M $259.3M
YoY Change 89.01% -12.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.200M $4.600M
YoY Change -30.43% -61.34%
Accrued Expenses $22.30M $18.50M
YoY Change 20.54% -22.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.4M $29.28M
YoY Change 273.65% -30.7%
LONG-TERM LIABILITIES
Long-Term Debt $179.9M $179.6M
YoY Change 0.18% 2.23%
Other Long-Term Liabilities $2.901M $38.60M
YoY Change -92.48% 8652.83%
Total Long-Term Liabilities $2.901M $179.6M
YoY Change -98.38% 1.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.4M $29.28M
Total Long-Term Liabilities $2.901M $179.6M
Total Liabilities $390.4M $208.9M
YoY Change 86.9% -17.59%
SHAREHOLDERS EQUITY
Retained Earnings -$1.293B
YoY Change
Common Stock $1.394B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.76M $11.82M
YoY Change
Total Liabilities & Shareholders Equity $490.1M $259.3M
YoY Change 89.02% -12.58%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $891.0K -$12.60M
YoY Change -107.07% -68.25%
Depreciation, Depletion And Amortization $1.110M $3.310M
YoY Change -66.47% -16.62%
Cash From Operating Activities $38.03M -$26.87M
YoY Change -241.56% -32.67%
INVESTING ACTIVITIES
Capital Expenditures $1.747M $2.352M
YoY Change -25.72% -39.41%
Acquisitions
YoY Change
Other Investing Activities -$20.89M $19.92M
YoY Change -204.87% -21.88%
Cash From Investing Activities -$22.63M $10.56M
YoY Change -314.27% -27.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $28.16M $14.23M
YoY Change 97.88% 4.45%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.30M 14.54M
YoY Change 122.18% -83.53%
NET CHANGE
Cash From Operating Activities 38.03M -26.87M
Cash From Investing Activities -22.63M 10.56M
Cash From Financing Activities 32.30M 14.54M
Net Change In Cash 46.97M -1.989M
YoY Change -2461.54% -103.17%
FREE CASH FLOW
Cash From Operating Activities $38.03M -$26.87M
Capital Expenditures $1.747M $2.352M
Free Cash Flow $36.29M -$29.22M
YoY Change -224.19% -33.27%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Management’s estimates are based on historical information available as of the date of the condensed consolidated financial statements and various other assumptions we believe are reasonable under the circumstances. However, the worldwide spread of COVID-19 has resulted in a global slowdown of economic activity which is likely to decrease demand for a broad variety of goods and services, while also disrupting sales channels and marketing activities for an unknown period of time until the disease is contained. We are unable to predict the future effect resulting from the COVID-19 pandemic. Actual results could differ materially from management’s estimates.</p>
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79281000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32310000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38111000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40100000
CY2021Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
232652000
CY2021Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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42000
CY2020Q4 us-gaap Available For Sale Securities Amortized Cost
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48000
CY2020Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
17000
CY2020Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
165036000
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137849000
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137877000
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15748000
CY2021Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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15742000
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153597000
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153619000
CY2021Q1 us-gaap Available For Sale Securities Gross Realized Gains
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0
CY2020Q1 us-gaap Available For Sale Securities Gross Realized Gains
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0
CY2021Q1 us-gaap Available For Sale Securities Gross Realized Losses
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0
CY2020Q1 us-gaap Available For Sale Securities Gross Realized Losses
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0
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25121000
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
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30293000
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
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23184000
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
8275000
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InventoryNet
68846000
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63689000
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OperatingLeaseExpense
1560000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1592000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1700000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1700000
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3356000
CY2020Q4 us-gaap Operating Lease Liability Current
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3247000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
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33795000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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34789000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
37151000
CY2020Q4 us-gaap Operating Lease Liability
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38036000
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3915000
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5215000
CY2021Q1 dvax Lessor Sublease Rentals Payments To Be Received Due Year Two
LessorSubleaseRentalsPaymentsToBeReceivedDueYearTwo
5357000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6240000
CY2021Q1 dvax Lessor Sublease Rentals Payments To Be Received Due Year Three
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5518000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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5377000
CY2021Q1 dvax Lessor Sublease Rentals Payments To Be Received Due Year Four
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5684000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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5521000
CY2021Q1 dvax Lessor Sublease Rentals Payments To Be Received Due Year Five
LessorSubleaseRentalsPaymentsToBeReceivedDueYearFive
5854000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5670000
CY2021Q1 dvax Lessor Sublease Rentals Payments To Be Received Due Thereafter
LessorSubleaseRentalsPaymentsToBeReceivedDueThereafter
33742000
CY2021Q1 dvax Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
30704000
CY2021Q1 dvax Lessor Sublease Rentals Payments To Be Received Due
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60070000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
58727000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
21576000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
37151000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y1M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.101
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.101
CY2021Q1 us-gaap Purchase Obligation
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90900000
CY2004Q4 us-gaap Pledged Assets Separately Reported Securities Pledged Under Letter Of Credit Facilities At Fair Value
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200000
CY2021Q1 us-gaap Security Owned And Pledged As Collateral Fair Value
SecurityOwnedAndPledgedAsCollateralFairValue
200000
CY2021Q1 us-gaap Net Income Loss
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891000
CY2020Q1 us-gaap Net Income Loss
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-12595000
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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-70000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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821000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-12595000
CY2020Q1 us-gaap Fair Value Adjustment Of Warrants
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-8610000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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821000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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-21205000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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112035000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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85477000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1434000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
171000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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113469000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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85648000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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17146000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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16283000
CY2021Q1 us-gaap Common Stock Shares Outstanding
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114563212
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18525000
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0.001
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8505000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.57
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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1996000
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.36
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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119000
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.16
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10047000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.15
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
17816000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
9693000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
11.26
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
17184000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5967000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
13.44
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8975000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
4723000
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1778000

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