2023-05-02 17:11:45 ET
- Although its Q1 2023 bottom line results came in below expectations, Dynavax Technologies ( NASDAQ: DVAX ) is trading flat in after-hours trading.
- The boost could be the result of a sigh of relief from investors as the company maintained its 2023 financial guidance. This included projected HEPLISAV-B product revenue of between $165M and $185M.
- In the quarter, Dynavax ( DVAX ) swung to a net loss ~$24.3M from net income of ~$32.9M in the year-ago period (-$0.19 per share diluted vs. $0.32).
- The company was hurt in the quarter by a 59% decline in revenue to ~$46.9M.
- Dynavax ( DVAX ) recorded no CpG 1018 adjuvant product revenue in Q1, compared to $91.5M in Q1 2022 as the company finished its obligations and product delivery under adjuvant COVID-19 collaboration agreements.
- The company ended the quarter with cash, cash equivalents, and marketable securities of ~$652M, a ~4% increase from Dec. 31, 2022.
For further details see:
Dynavax misses on bottom line, but reaffirms 2023 guidance