<SEC-DOCUMENT>0001193125-25-125960.txt : 20250527
<SEC-HEADER>0001193125-25-125960.hdr.sgml : 20250527
<ACCEPTANCE-DATETIME>20250523205416
ACCESSION NUMBER:		0001193125-25-125960
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250527
DATE AS OF CHANGE:		20250523

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNAVAX TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0001029142
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				330728374
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34207
		FILM NUMBER:		25983957

	BUSINESS ADDRESS:	
		STREET 1:		2100 POWELL STREET
		STREET 2:		SUITE 720
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608
		BUSINESS PHONE:		5108485100

	MAIL ADDRESS:	
		STREET 1:		2100 POWELL STREET
		STREET 2:		SUITE 720
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Deep Track Capital, LP
		CENTRAL INDEX KEY:			0001856083
		ORGANIZATION NAME:           	
		EIN:				853360885
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		200 GREENWICH AVENUE
		STREET 2:		3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		2034090812

	MAIL ADDRESS:	
		STREET 1:		200 GREENWICH AVENUE
		STREET 2:		3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>d933034ddfan14a.htm
<DESCRIPTION>DFAN14A
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<HTML><HEAD>
<TITLE>DFAN14A</TITLE>
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<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule <FONT
STYLE="white-space:nowrap">14A-101)</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other
than the Registrant&#8194;&#9746; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material Pursuant to <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Dynavax Technologies Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEEP TRACK BIOTECHNOLOGY MASTER FUND, LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEEP TRACK CAPITAL, LP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DAVID KROIN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BRETT A.
ERKMAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JEFFREY S. FARROW </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MICHAEL MULLETTE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DONALD
J. SANTEL </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table below per Exchange Act Rules <FONT STYLE="white-space:nowrap">14a-6(i)(4)</FONT> and <FONT
STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Track Capital, LP, a Delaware limited partnership (&#147;Deep Track&#148;), together with the other
participants named herein (collectively the &#147;Participants&#148;), issued the following press release (the &#147;Press Release&#148;) related to Dynavax Technologies Corporation, a Delaware corporation (the &#147;Company&#148;). Deep Track or
its fellow Participants may disseminate the Press Release or portions thereof from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Deep Track Capital Comments on ISS
Recommendation </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Strongly Disagrees with Recommendation and Believes ISS Ignored Key Issues in Its Incomplete Analysis </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>ISS Has Chosen Not to Hold the Board Accountable for Its Underperformance in Recent Years, Heplisav&#146;s Waning Market Share Growth and
Poor Corporate Governance </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Urges Shareholders to Vote </I><B><I><U>FOR</U></I></B><I> Deep Track&#146;s Four Highly Qualified
Director Nominees </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Greenwich, CT, May</B><B></B><B>&nbsp;23, 2025</B> &#150; Deep Track Capital, LP, (together with its affiliates, &#147;Deep
Track&#148; or &#147;we&#148;), one of the largest shareholders of Dynavax Technologies Corporation (NASDAQ: DVAX) (&#147;Dynavax&#148;, &#147;DVAX&#148; or the &#147;Company&#148;), with ownership of approximately 14.82% of the Company&#146;s
outstanding shares, today issued the following statement in response to a report issued by Institutional Shareholder Services Inc. (&#147;ISS&#148;) regarding the election of directors to the Company&#146;s Board of Directors (the &#147;Board&#148;)
at the 2025 Annual Meeting of Stockholders (the &#147;Annual Meeting&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We firmly believe ISS reached the wrong conclusion by failing to
recommend any amount of change in the Dynavax boardroom. The report reads as a rushed and incomplete assessment: not only does it mistakenly use the name of a completely different company at one point, but it also contains numerous factual errors
and does not accurately capture key events. Critical issues are completely ignored, including Heplisav&#146;s flattening market share growth, management missing performance targets set by the Board, and a shareholder-unfriendly approach to capital
allocation. ISS fails to hold the Board to account even for issues it acknowledges in its report, such as the need for improved corporate governance. Above all else, we are disappointed that ISS readily adopted the Company&#146;s view that a
significant long-term shareholder would add no value to the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We call shareholders&#146; attention to the following points: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Recent failures demand a strategic pivot. </B>Heplisav&#146;s market share of 44% exiting 2024 failed to
achieve the target of 47% set by the Board; similarly, annual sales also failed to achieve the $275&nbsp;million goal.<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> This year is hardly off to a better start, with market share of only 43% for
the first quarter of 2025. Yet Dynavax refuses to acknowledge this is a problem, with management stating just earlier this month that they were &#147;very comfortable&#148; with and &#147;very proud&#148; of this result and noted the strategy is
going &#147;exactly how we had planned.&#148;<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> It is entirely unclear why ISS would completely ignore key performance metrics <B>set by the Board </B>as part of their evaluation, choosing instead
to simply rubber stamp the Company&#146;s arguments. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>ISS acknowledges that the Company has &#147;a number of suboptimal corporate governance provisions&#148;</B><SUP
STYLE="font-size:75%; vertical-align:top">3</SUP><B> yet fails to take Dynavax to task for its half-hearted attempts to address these issues</B>. ISS ignores the most glaring governance defect, which is the imbalanced classes of directors (with the
classes split three, two and four) and with the classified Board structure not ending until 2028. Further, the addition of two new directors with no vaccine commercialization expertise while Heplisav&#146;s market share has been stuck in the low
40&nbsp;percent range for now seven consecutive </P></TD></TR></TABLE><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dynavax 2025 definitive proxy statement, page 53. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dynavax 1Q25 earnings call recorded May&nbsp;6, 2025. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Permission to quote ISS was neither sought nor obtained.
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quarters is, in our view, inexplicable. We proposed a candidate with over two decades of vaccine commercialization experience (who, contrary to what ISS wrote, was never offered a seat by the
Board). Instead, ISS applied their rubber stamp to the director handpicked by the Chairman from his previous board role, who has served for all of three months and brings zero prior vaccine expertise to the table. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Market reaction to first quarter 2025 results indicates widespread concerns, in our view. </B>The
Company&#146;s share price fell 11% in reaction to the first quarter earnings report. In terms of broader strategy, ISS states that &#147;the company has been sitting on a cash pile for several years, and shareholder patience may be waning&#148; but
then fails to consider our argument<B> </B>that excess cash could be best deployed by returning capital to shareholders. ISS appears to assert that the Board is unlikely to pursue a potentially destructive acquisition because it has not done so yet;
while they may find comfort in this logic, we don&#146;t think shareholders will take the same generous view. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>The Company&#146;s total shareholder return (&#147;TSR&#148;) demonstrates clear underperformance. </B>We
question the relevance of DVAX performance dating back to 2019, given how few of the current Board members had anything to do with the Company at that time (and in fact, none of the nominees up for election this year). The Company extracted
significant value from the pandemic, but as the CEO himself describes, that was a &#147;once in a lifetime&#148;<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> experience, and attention should now shift to the present. Dynavax shares are down
23% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date.</FONT></FONT> The Company&#146;s TSR declined by 43% between two milestone events: from the appointment of Scott Myers as Board Chair to our amended Schedule 13D
filing that led the Board to adopt a poison pill.<SUP STYLE="font-size:75%; vertical-align:top">5</SUP> With respect to the benchmark that the Board uses to assess relative TSR for determining management&#146;s compensation, the Nasdaq Biotech
Index, DVAX shares underperformed by 40 percentage points. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>ISS&#146;s report paints an inaccurate and incomplete picture of settlement discussions. </B>Contrary to what
ISS wrote, the Company <I>never </I>made an offer that included <FONT STYLE="white-space:nowrap">re-balancing</FONT> its classes. Also, our final proposal included a <FONT STYLE="white-space:nowrap">two-year</FONT> standstill, another item that ISS
omits. Specifically, our final proposal was that Dynavax appoint Mr.&nbsp;Erkman and Mr.&nbsp;Santel to the Board, two incumbent directors step down, the share repurchase program be increased, and Deep Track would agree to a standstill until the
nomination period for the 2027 annual meeting. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders should see through ISS&#146;s surface-level analysis and consider the
substantive issues at stake. Dynavax continues to underperform while the Board ignores its failed strategy. Our nominees possess exceptional relevant experience that could immediately improve the Board&#146;s ability to assess the best path forward
to maximize value. We urge shareholders to vote FOR our four highly qualified nominees.&#148; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EVERY VOTE MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Your vote is important, no matter how many shares of Common Stock you own.
</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">CEO Ryan Spencer, Cowen Conference, March&nbsp;4, 2024. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">TSR measured from Oct. 21, 2021 to Oct. 24, 2024 </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">If you have any questions, require assistance in voting your <U>WHITE</U> proxy card, or need
additional copies of Deep Track&#146;s proxy materials, please visit <U>www.RefocusDVAX.com</U> or contact our proxy solicitor, Innisfree M&amp;A Incorporated (&#147;Innisfree&#148;), using the contact information provided here: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Innisfree M&amp;A Incorporated </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">501 Madison Avenue, 20<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, New York 10022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Stockholders call toll-free (877) <FONT STYLE="white-space:nowrap">687-1865</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Deep Track Capital </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Track Capital is a
Greenwich, Connecticut-based investment firm focused exclusively on the life sciences industry. We develop long term partnerships with management teams of leading innovative public and <FONT STYLE="white-space:nowrap">pre-IPO</FONT> biotechnology
companies. In addition to capital, we seek to invest our time and expertise, while leveraging our network for the benefit of our partners. We aim to lead transactions while building large syndicates, and also to invest in rounds led by other
qualified investors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Contact </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Innisfree
M&amp;A Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scott Winter / Gabrielle Wolf </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-750-5833</FONT></FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Contact </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Longacre Square Partners </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>deeptrack@longacresquare.com
</U></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information herein contains &#147;forward-looking statements.&#148; Specific forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts and include, without limitation, words such as &#147;may,&#148; &#147;will,&#148; &#147;expects,&#148; &#147;believes,&#148; &#147;anticipates,&#148; &#147;plans,&#148; &#147;estimates,&#148;
&#147;projects,&#148; &#147;potential,&#148; &#147;targets,&#148; &#147;forecasts,&#148; &#147;seeks,&#148; &#147;could,&#148; &#147;should&#148; or the negative of such terms or other variations on such terms or comparable terminology. Similarly,
statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be
proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of Deep Track Capital, LP (&#147;Deep Track&#148;) or any of the other participants in the proxy solicitation described herein prove
to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward looking statements should not be regarded as a representation by Deep Track that the future plans, estimates or expectations
contemplated will ever be achieved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements and information included herein may have been sourced from third parties. Deep Track does not make
any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained
from such third parties. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Track disclaims any obligation to update the information herein or to disclose the results of any
revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or
unanticipated events. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Track and the other Participants (as defined below) have filed a definitive proxy statement and accompanying WHITE universal proxy card with the
Securities and Exchange Commission (the &#147;SEC&#148;) to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual stockholders meeting (the &#147;2025 Annual Meeting&#148;) of Dynavax
Technologies Corporation, a Delaware corporation (&#147;DVAX&#148;). Shortly after filing its definitive proxy statement with the SEC, Deep Track furnished the definitive proxy statement and accompanying WHITE universal proxy card to some or all of
the stockholders entitled to vote at the 2025 Annual Meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The participants in the proxy solicitation are Deep Track, Deep Track Biotechnology Master
Fund, Ltd. (the &#147;Record Stockholder&#148;), David Kroin (all of the foregoing persons, collectively, the &#147;Deep Track Parties&#148;), Brett A. Erkman, Jeffrey S. Farrow, Michael Mullette and Donald J. Santel (such individuals, collectively
with the Deep Track Parties, the &#147;Participants&#148;). As of the date hereof, the Deep Track Parties beneficially own an aggregate of 17,791,486 shares (the &#147;Deep Track Shares&#148;) of the common stock, par value $0.001 per share, of DVAX
(the &#147;Common Stock&#148;). The Deep Track Shares collectively represent approximately 14.53% of the outstanding shares of Common Stock based on 122,411,685 shares of Common Stock outstanding as of the record date for the 2025 Annual Meeting as
reported in DVAX&#146;s Definitive Proxy Statement filed with the SEC on April&nbsp;17, 2025. Each of the Deep Track Parties may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the
disposition of) all of the Deep Track Shares. As of the date hereof, none of the other Participants beneficially own any shares of Common Stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IMPORTANT INFORMATION AND WHERE TO FIND IT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DEEP TRACK
STRONGLY ADVISES ALL STOCKHOLDERS OF DVAX TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT, AND OTHER PROXY MATERIALS FILED BY DEEP TRACK WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&#146;S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT, WHEN FILED, AND OTHER RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE BY DIRECTING A REQUEST TO THE PARTICIPANTS&#146; PROXY
SOLICITOR, INNISFREE M&amp;A INCORPORATED, 501 MADISON AVENUE, 20th FLOOR, NEW YORK, NY 10022 (STOCKHOLDERS CAN CALL TOLL-FREE: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(877)-687-1865).</FONT></FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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