The net income for the first quarter of 2009 is due to the recognition of non-cash deferred revenue and a decrease in total operating expenses, said Dynavax.
The company reported total revenues of $19.34 million for the first quarter of 2009, compared to $6.31 million for the first quarter of 2008.
The significant increase in revenues for the first quarter of 2009 was primarily attributable to the recognition of $15.5 million of non-cash deferred revenue following the announcement of the termination of the Merck & Co collaboration for Heplisav. The company expects to recognize the remaining $12.9 million of non-cash deferred revenue from this collaboration agreement in the second quarter of 2009.