<SEC-DOCUMENT>0001193125-25-134728.txt : 20250604
<SEC-HEADER>0001193125-25-134728.hdr.sgml : 20250604
<ACCEPTANCE-DATETIME>20250604134020
ACCESSION NUMBER:		0001193125-25-134728
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250604
DATE AS OF CHANGE:		20250604

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:		251022635

	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>d36663ddfan14a.htm
<DESCRIPTION>DFAN14A
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<HTML><HEAD>
<TITLE>DFAN14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
<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:12pt; 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:18pt; 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 WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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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>
<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 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:12pt;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:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Glass Lewis Recommends Shareholders
Support Deep Track&#146;s Case for Board Change at Dynavax Technologies</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Glass Lewis Recommends Shareholders Vote <U>FOR</U> Deep
Track Nominees Brett Erkman and Donald Santel and <U>AGAINST</U> Chairman Scott Myers and Director Brent MacGregor </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Notes that
&#147;Deep Track has Highlighted Valid and Critical Questions Regarding Dynavax&#146;s Strategic Direction, Capital Allocation, and Board Responsiveness&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Agrees that &#147;Dynavax&#146;s Current Capital Allocation Approach Appears Excessively Conservative&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Deep Track Urges Shareholders to Vote the WHITE Proxy Card to Elect ALL FOUR of Its Highly Qualified Nominees </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GREENWICH, Conn.&#151;(<U>BUSINESS WIRE</U>)&#151;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 announced that leading
independent proxy advisory firm Glass, Lewis&nbsp;&amp; Co. (&#147;Glass Lewis&#148;) has recommended shareholders support boardroom change by voting for the election of Deep Track director nominees Brett Erkman and Donald Santel to the
Company&#146;s Board of Directors (the &#147;Board&#148;) at the 2025 Annual Meeting of Shareholders (the &#147;Annual Meeting&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Track stated:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are pleased that Glass Lewis has recognized the need for urgent change in the Dynavax boardroom by recommending shareholders support the election
of Brett and Don. In its thoughtful and well-reasoned report, Glass Lewis aptly recognizes that the concerns we have raised around the Company&#146;s strategic direction and capital allocation practices are valid issues that have likely contributed
to reduced market confidence in Dynavax and share price underperformance. Notably, Glass Lewis recommends shareholders withhold their vote on Chairman Scott Myers, who is the architect of Dynavax&#146;s current strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While we agree with Glass Lewis&#146;s analysis, we believe that electing all four of our nominees &#150; three of whom are independent of Deep Track &#150;
remains the best path forward to ensure that shareholders&#146; best interests are prioritized. If elected, each of our nominees stands ready to work collaboratively with the legacy directors and would bring an objective, open-minded and
solutions-oriented perspective to the boardroom. We look forward to continuing to engage with our fellow investors around how our nominees can help unlock Dynavax&#146;s full potential for all shareholders.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In its report, Glass Lewis supported Deep Track&#146;s case for change, writing:<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </P>
<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>
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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">&#147;After evaluating the arguments presented by each side in this proxy contest, we believe that <B>Deep Track
has highlighted valid and critical questions regarding </B><B>Dynavax</B><B>&#146;</B><B>s</B><B> strategic direction, capital allocation, and board responsiveness</B>.&#148;
</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">Permission to quote Glass Lewis was neither sought nor received. Emphasis added. </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">&#147;The Company&#146;s TSR performance over the shorter and medium term has been far more muted, possibly
<B>suggesting growing investor apathy regarding the Company&#146;s strategy and outlook</B>.&#148; </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">&#147;Perhaps most critically, <B>we concur with Deep Track</B><B>&#146;</B><B>s assertion that
</B><B>Dynavax</B><B>&#146;</B><B>s</B><B> current capital allocation approach appears excessively conservative</B>.&#148; </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">&#147;In light of our findings, we believe that shareholders should support the change of two incumbent board
seats given the Company&#146;s prolonged capital conservatism and the board&#146;s limited responsiveness to shareholder feedback. Here, <B>we believe shareholders here should support the removal of Management Nominees Brent MacGregor and Scott
Myers. [T]he board already has several directors who bring similar incremental skills and operational profiles</B>. We also note that both of these directors have served on the board for multiple years, with Mr.&nbsp;Myers having chaired the board
since joining in October 2021.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Glass Lewis cites deficiencies in the Board&#146;s current composition and expresses its belief
that Mr.&nbsp;Erkman and Mr.&nbsp;Santel would be valuable additions to the Board, noting: </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">&#147;...we find that the <B>board is notably lacking in directors with direct capital markets or institutional
investor backgrounds</B>.&#148; </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">&#147;Viewed in this light, we believe <B>the board&#146;s composition may fall short of reflecting the views of
institutional shareholders or ensuring that capital allocation and governance matters are consistently evaluated through the lens of an active investor</B>.&#148; </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">&#147;In the place of Management Nominees MacGregor and Myers, we believe <B>shareholders would be best served
electing Dissident Nominees Brett Erkman and Donald Santel</B>, each of whom would add relevant and differentiated perspectives to the board.&#148; </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">&#147;<B>Mr.</B><B></B><B>&nbsp;Erkman&#146;s extensive background as a public equity investor in the life
sciences sector addresses what we believe is a notable deficiency in the current board&#146;s composition</B> and could help sharpen the board&#146;s approach to capital allocation, shareholder engagement, and long-term value creation.&#148;
</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">&#147;&#133;while we acknowledge the qualifications of each Dissident Nominee, <B>we view
Mr.</B><B></B><B>&nbsp;Erkman&#146;s investor background as offering the most distinct and potentially complementary perspective to the current board</B>.&#148; </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">&#147;<B>Mr.</B><B></B><B>&nbsp;Erkman&#146;s two decades of experience as an investor and managing director in
the life sciences sector suggest that he would bring a valuable lens to board-level deliberations on matters such as capital allocation, investor communication, and strategic positioning</B>. His long history as an investor in Dynavax, dating back
to the <FONT STYLE="white-space:nowrap">HBV-16</FONT> trial, further adds a layer of familiarity with the Company&#146;s development trajectory and market expectations.&#148; </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">&#147;<B>Mr.</B><B></B><B>&nbsp;Santel, for his part, brings meaningful experience as a life sciences executive
with a strong transactional background</B>, which could enhance the board&#146;s ability to critically evaluate strategic options.&#148; </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">&#147;Mr.&nbsp;Santel appears to have been viewed more favorably by the Company during settlement negotiations,
and <B>we recognize his prior CEO experience and M&amp;A track record as potentially additive in the context of Dynavax&#146;s evolving capital deployment strategy</B>.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Glass Lewis detailed concerns around the Board&#146;s capital allocation strategy, writing: </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">&#147;Notably, the Company has maintained a current ratio above 9.0x for the past two years, beginning with the
quarter ended March&nbsp;31, 2023. This sustained elevation <B>suggests a prolonged period of potentially captive capital, raising questions about whether the board has missed opportunities to deploy excess liquidity more productively</B>.&#148;
</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">&#147;While the Company has stated that its cash provides strategic flexibility for pipeline development and
business development opportunities, <B>we believe the magnitude of its liquidity position supports the Dissident&#146;s contention that the Company&#146;s capital deployment may be overly conservative</B> given its size, portfolio, and
outlook.&#148; </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">&#147;Moreover, despite its share repurchase activity, the Company continues to maintain a substantial cash
balance &#150; representing over half of its market capitalization as of March&nbsp;31, 2025 &#150; which may temper the board&#146;s assertion that it has meaningfully returned excess capital. Viewed in this context, <B>while the Company&#146;s use
of repurchases distinguishes it from certain peers, questions remain as to whether the scale and timing of those repurchases have been sufficiently aligned with shareholder expectations and the Company&#146;s liquidity position</B>.&#148;
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With respect to the Company&#146;s recent capital raise, Glass Lewis states: </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">&#147;&#133;we believe the Dissident raises a fair question as to why the Company needed to raise additional
capital at all, particularly given its already substantial cash position. While the Company has suggested that the added flexibility could support future investments or business development activity, <B>no specific use of proceeds has been disclosed
to date, leaving open the question of whether such capital was truly necessary at this time</B>.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more information, including
details on how to vote Deep Track&#146;s&nbsp;WHITE&nbsp;proxy card, please visit&nbsp;<U>www.RefocusDVAX.com</U>. </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:6pt; 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>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">If you have any questions, require assistance in voting your WHITE proxy card, or need additional copies of Deep Track&#146;s proxy materials,
please visit www.RefocusDVAX.com or contact our proxy solicitor, Innisfree M&amp;A Incorporated (&#147;Innisfree&#148;), using the contact information provided here: </P>
<P STYLE="margin-top:6pt; 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, 20th 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>
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 <P STYLE="margin-top:0pt; 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>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:12pt; 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 </P>
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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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Contact </B> </P> <P STYLE="margin-top:6pt; 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:6pt; 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>
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