<SEC-DOCUMENT>0001193125-25-029819.txt : 20250220
<SEC-HEADER>0001193125-25-029819.hdr.sgml : 20250220
<ACCEPTANCE-DATETIME>20250219215240
ACCESSION NUMBER:		0001193125-25-029819
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250220
DATE AS OF CHANGE:		20250219

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34207
		FILM NUMBER:		25643059

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d869543ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:8pt; 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:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): February&nbsp;19, 2025 </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; 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>(Exact name of Registrant as Specified in Its Charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-34207</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">33-0728374</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State or Other Jurisdiction<BR>of Incorporation)</B></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>2100 Powell Street, Suite 720</B></TD>
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<TD VALIGN="top"></TD></TR>
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<TD VALIGN="bottom" ALIGN="center"><B>Emeryville, California</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>94608</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s Telephone Number, Including Area Code: 510
<FONT STYLE="white-space:nowrap">848-5100</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name
or Former Address, if Changed Since Last Report) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;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">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;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">&#9746;</TD>
<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 Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;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"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;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"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities registered pursuant to Section&nbsp;12(b) of the Act: </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading<BR>Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on which registered</B></P></TD></TR>


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<TD VALIGN="top" ALIGN="center">Common Stock, $0.001 par value</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">DVAX</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Nasdaq Global Select Market</TD></TR>
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<TD VALIGN="top" ALIGN="center">Preferred Share Purchase Rights</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">N/A</TD>
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<TD VALIGN="top" ALIGN="center">Nasdaq Global Select Market</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&#167; 230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (&#167; <FONT STYLE="white-space:nowrap">240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&#8194;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&#8194;&#9744;
</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item&#8201;8.01</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>Other Events. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;19, 2025, Dynavax Technologies Corporation (the &#147;Company&#148;) issued a press release in response to a stockholder&#146;s purported
nomination of candidates to stand for election to the Company&#146;s Board of Directors at the Company&#146;s 2025 Annual Meeting of Stockholders. A copy of the press release is attached as Exhibit 99.1 to this Current Report on <FONT
STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item&#8201;9.01</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>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d) Exhibits </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Exhibit Description</B></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release Dated February&nbsp;19, 2025.</TD></TR>
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<TD VALIGN="top" NOWRAP>104</TD>
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<TD VALIGN="top">Cover Page Interactive Data File (embedded within the Inline XBRL document).</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP>Dynavax Technologies Corporation</TD></TR>
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<TD VALIGN="bottom">Date: February&nbsp;19, 2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ RYAN SPENCER</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RYAN SPENCER</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Executive
Officer</P></TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dynavax Responds to Deep Track and Highlights Long-Term Value Creation Strategy </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Reiterates Meaningful Board Change Already Underway </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EMERYVILLE, Calif., Feb</B><B></B><B>. 19, 2025 &#150; </B>Dynavax Technologies Corporation (Nasdaq: DVAX) (&#147;Dynavax&#148; or the
&#147;Company&#148;), a commercial-stage biopharmaceutical company developing and commercializing innovative vaccines, today issued a statement underscoring continued execution momentum and commitment to driving long-term stockholder value. The
Company also confirmed that Deep Track Capital (&#147;Deep Track&#148;) has submitted a letter purporting to nominate four candidates to stand for election to the Dynavax Board of Directors at the Company&#146;s 2025 Annual Meeting of Stockholders.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Track Record of Strong Financial Performance Underpinned by Disciplined and Balanced Capital Allocation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dynavax has been successfully executing a clear strategic plan focused on three core priorities which is consistently delivering strong
financial results and sustainable long-term value: </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>Driving strong <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT></B><SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP><B> growth:</B> Dynavax achieved record <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT> annual revenue in 2024, reflecting 26% growth year-over-year, positioning the Company at the upper tier
of its updated guidance range. The Company expects to achieve at least 60% total market share by 2030. </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>Advancing a differentiated vaccine pipeline: </B>Dynavax is advancing a pipeline of differentiated product
candidates that leverage its proprietary CpG 1018<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> adjuvant, including its novel shingles vaccine program with potential to disrupt the multi-billion dollar global shingles vaccine market. The
Company also recently announced a new $30&nbsp;million contract with the U.S. Department of Defense to advance its plague vaccine program. </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>Maintaining a disciplined and balanced approach to capital allocation: </B>With the strength of the
Company&#146;s financial profile, including its balance sheet with $714&nbsp;million as of <FONT STYLE="white-space:nowrap">year-end</FONT> 2024, Dynavax is well positioned to continue developing pipeline assets towards <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">proof-of-concept,</FONT></FONT> and able to actively pursue external opportunities to expand its portfolio with strategically aligned assets that can be rapidly developed into commercial
products. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As part of the Company&#146;s disciplined capital plan, in November 2024, Dynavax announced its first share
repurchase plan of $200&nbsp;million which is expected to be executed within a period of up to one year, $100&nbsp;million of which was executed through an accelerated share repurchase program. This program allows the Company to return excess cash
to stockholders while preserving financial flexibility to make the required investments to deliver future growth. Additionally, in the third quarter of 2024, the Company discontinued its Tdap program given study results did not meet required
thresholds, which demonstrates in action Dynavax&#146;s disciplined approach to deploying capital to the greatest growth opportunities. </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"><B>Page </B><B>1</B><B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Meaningful Board Change Already Underway </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Beginning in August 2024, the Board initiated a process to identify new directors as part of its ongoing refreshment program. As disclosed on
January&nbsp;27, 2025, the Board announced meaningful changes to the composition of the Board and the Company&#146;s governance profile, including the appointment of two highly qualified independent directors, two current directors stepping down at
the 2025 Annual Meeting and the Board&#146;s intention to seek stockholder approval at the 2025 Annual Meeting for the declassification of the Board. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Board has thoughtfully evolved as the Company has grown to ensure the directors have a balanced mix of skillsets and experiences that are
closely tied to the Company&#146;s key priorities, including vaccine development &#150; R&amp;D, marketing, commercial operations, executive leadership and financial expertise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Following the 2025 Annual Meeting, the Board will be comprised of nine directors, with six of its eight independent directors having been
appointed since 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Engagement with Deep Track </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Board and management team have engaged extensively with Deep Track over many years and incorporated Deep Track&#146;s feedback into the
Company&#146;s decision making. Since the fall of 2024, Deep Track, and in particular, its founder, David Kroin, have become fixated on a strategy for Dynavax based on significantly flawed financial and strategic assumptions. Despite multiple
attempts by the Board and management to find common ground, Deep Track has only become more insistent on a value destructive plan for Dynavax: abandoning portfolio diversification, returning any cash needed to sustain and grow the business by
implementing an outsized share repurchase program and selling Dynavax as a single-asset company. Deep Track&#146;s strip-mining plan for Dynavax jeopardizes a strong platform with significant long-term growth opportunities for a near-term payoff of
a considerably lower value. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">To prosecute its strip-mining strategy, Deep Track initially proposed three new directors &#150; Jeffrey
Farrow, Donald Santel and Brett Erkman, a Deep Track representative. The Board&#146;s Nominating and Corporate Governance Committee interviewed each of the three candidates and determined, after consultation with the full Board, that only one,
Mr.&nbsp;Santel, would be additive to the Board relative to the existing directors and the other independent candidates the Board was already separately considering as part of its ongoing refreshment process. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In order to avoid the distraction and cost of a potential proxy contest, the Board offered multiple highly reasonable settlement proposals that
provided meaningful Board refreshment without compromising the Company&#146;s long-term prospects. Unfortunately, Deep Track has been insistent on obtaining the ability to &#147;control&#148; the Board without paying a control premium and expanded
its list of demands throughout the negotiation process: </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">The Board initially proposed a settlement that included the appointments of two independent directors, one of
whom was Mr.&nbsp;Santel, and one of the Board&#146;s current directors stepping down. Mr.&nbsp;Kroin rejected this and demanded that any settlement must include, Mr.&nbsp;Erkman, and that Deep Track must have the opportunity to gain majority
&#147;control&#148; of the Board by 2026. Dynavax&#146;s Board was told that independent candidates proposed by the Board &#147;don&#146;t count&#148; toward Deep Track&#146;s demand for control. </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"><B>Page </B><B>2</B><B>
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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">Notwithstanding Mr.&nbsp;Kroin&#146;s alarming focus on gaining control of the Board by 2026 without paying other
stockholders a control premium, the Board revised its settlement proposal to include the appointment of a third mutually agreed independent candidate and three<I> </I>current directors retiring by the 2026 Annual Meeting. Deep Track summarily
rejected this proposal, steadfast in its insistence that it have the opportunity to take control of the Board by 2026. </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">Given Deep Track&#146;s rejection of the revised settlement proposal, the Company moved forward with its planned
Board and governance changes as announced on January&nbsp;27, 2025. Subsequent to this announcement, the Board was still willing to reach a resolution and again offered for Mr.&nbsp;Santel to join the Board in the context of settlement. Deep Track
was completely unresponsive for three weeks, and instead of engaging with the Company, decided to add a fourth candidate to its slate and submit a nomination notice in furtherance of its distracting and value-destructive campaign.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">While the Board believes this proxy contest is unreasonable and disregards multiple constructive settlement offers by
the Board, Dynavax remains committed to constructive and reasonable engagement with Deep Track, while ensuring that the best interests of all stockholders &#150; not only those of Mr.&nbsp;Kroin and his fund &#150; are protected and represented.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board will review Deep Track&#146;s materials and, if appropriate, present its formal recommendation regarding director nominations in its proxy
statement, which will be filed with the U.S. Securities and Exchange Commission and mailed to all stockholders eligible to vote at the 2025 Annual Meeting, which has not yet been scheduled. Dynavax stockholders are not required to take any action at
this time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC is serving as financial advisor to Dynavax and Cooley LLP is serving as legal counsel. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>WHAT IS <FONT STYLE="white-space:nowrap">HEPLISAV-B?</FONT> </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT> is a shot given to adults 18 years of age and older to help prevent infection caused by the hepatitis B
virus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT> is usually given in the arm muscle. <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT> is given
in 2 doses, 1 month apart, by a healthcare provider. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>IMPORTANT SAFETY INFORMATION </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have a history of severe allergic reaction after a previous dose of any hepatitis B vaccine, or to any ingredient of
<FONT STYLE="white-space:nowrap">HEPLISAV-B,</FONT> including yeast, do not take <FONT STYLE="white-space:nowrap">HEPLISAV-B.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">HEPLISAV-B</FONT> must be given by a medical professional, who will monitor you afterwards, to check for allergic reaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If
you are immunocompromised, or receiving immunosuppressant therapy, you may have less of an immune response to <FONT STYLE="white-space:nowrap">HEPLISAV-B.</FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some people have hepatitis B infection without being aware of it or showing any symptoms. If you already have hepatitis B present in your body, <FONT
STYLE="white-space:nowrap">HEPLISAV-B</FONT> may not prevent hepatitis B infection. </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"><B>Page </B><B>3</B><B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The most common side effects include pain at the injection site, tiredness, and headache. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT> was not studied in pregnant or nursing women. Tell your provider if you are pregnant or plan to become
pregnant or are breast feeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vaccination with <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT> may not protect all individuals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Talk to your healthcare provider to determine if <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT> is right for you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Please see full Prescribing Information </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About
Dynavax </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dynavax is a commercial-stage biopharmaceutical company developing and commercializing innovative vaccines to help protect the world against
infectious diseases. The Company has two commercial products, <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT><SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> vaccine [Hepatitis B Vaccine (Recombinant), Adjuvanted], which is approved in
the U.S., the European Union and the United Kingdom for the prevention of infection caused by all known subtypes of hepatitis B virus in adults 18 years of age and older, and CpG 1018<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>
adjuvant, currently used in <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT> and multiple adjuvanted <FONT STYLE="white-space:nowrap">COVID-19</FONT> vaccines. For more information about our marketed products and development pipeline, visit
www.dynavax.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
press release contains &#147;forward-looking&#148; statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, which are subject to a number of
risks and uncertainties. All statements that are not historical facts are forward-looking statements. Forward-looking statements can generally be identified by the use of words such as &#147;anticipate,&#148; &#147;believe,&#148;
&#147;continue,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;forecast,&#148; &#147;intend,&#148; &#147;will,&#148; &#147;may,&#148; &#147;plan,&#148; &#147;project,&#148; &#147;potential,&#148; &#147;seek,&#148;
&#147;should,&#148; &#147;think,&#148; &#147;toward,&#148; &#147;will,&#148; &#147;would&#148; and similar expressions, or the negatives thereof, or they may use future dates. Forward-looking statements made in this document include statements
regarding the Company&#146;s plans to submit a declassification proposal at its 2025 Annual Meeting, expected contributions from newly appointed directors, the planned resignation of certain directors, expectations regarding delivering value for our
stockholders, and our future growth and long-term performance. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business, including, the risk that circumstances
surrounding or leading up to our 2025 Annual Meeting may change, risks relating to our ability to commercialize and supply <FONT STYLE="white-space:nowrap">HEPLISAV-B,</FONT> and risks related to the implementation of our long-term growth
objectives, as well as other risks detailed in the &#147;Risk Factors&#148; section of our Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the three months ended&nbsp;September 30, 2024&nbsp;and periodic filings made
thereafter, as well as discussions of potential risks, uncertainties and other important factors in our other filings with the&nbsp;U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, are
qualified in their entirety by this cautionary statement and we undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. Information
on&nbsp;Dynavax&#146;s&nbsp;website at&nbsp;<U>www.dynavax.com</U>&nbsp;is not incorporated by reference in our current periodic reports with the&nbsp;SEC. </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"><B>Page </B><B>4</B><B>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Additional Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company intends to file a proxy statement, an accompanying&nbsp;proxy card (which in the case of a contested meeting would be the GOLD universal proxy
card) and other relevant documents with the SEC in connection with the solicitation of proxies for the Company&#146;s 2025 annual meeting of stockholders (the &#147;2025 Annual Meeting&#148;).<B> STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED
TO READ SUCH PROXY STATEMENT, ACCOMPANYING PROXY CARD AND OTHER RELEVANT DOCUMENTS FILED WITH, OR FURNISHED TO, THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.</B> Stockholders will be
able to obtain a copy of the Company&#146;s proxy statement, accompanying proxy card, any amendments or supplements to the proxy statement and any other relevant documents filed by the Company with the SEC at no charge at the SEC&#146;s website
at<B>&nbsp;<U>www.sec.gov</U>. </B>Copies will also be available at no charge at the Company&#146;s website at<B>&nbsp;<U><FONT STYLE="white-space:nowrap">https://investors.dynavax.com/sec-filings</FONT></U></B>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release is
neither a solicitation of a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the&nbsp;SEC. Dynavax, its directors and certain of its executive officers may be deemed to be participants in the
solicitation of proxies for the 2025 Annual Meeting. Information about Dynavax&#146;s directors and executive officers , including their respective direct or indirect interests, by security holdings or otherwise, is available in the Company&#146;s
proxy statement on Schedule 14A for its 2024 annual meeting of stockholders, filed with the&nbsp;SEC&nbsp;on&nbsp;April 11, 2024
(available<A HREF="http://www.sec.gov/Archives/edgar/data/1029142/000114036124019367/ny20016134x1_def14a.htm">&nbsp;here</A>). To the extent holdings of Dynavax securities reported in the proxy statement have changed, such changes have been or will
be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the&nbsp;SEC. Updated information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set
forth in the Company&#146;s proxy statement for the 2025 Annual Meeting and other relevant documents filed with the SEC in connection with the 2025 Annual Meeting when they become available. These documents are or, when they become available, will
be available free of charge at the SEC&#146;s website at&nbsp;<U>www.sec.gov</U>&nbsp;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Investors: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paul Cox </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>pcox@dynavax.com</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">510-665-0499</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MacKenzie Partners, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bob Marese/John Bryan </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toll-Free:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-322-2885</FONT></FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email:
<U>DVAX@mackenziepartners.com</U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Media: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Collected Strategies </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dan Moore / Tali Epstein </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">Dynavax-CS@collectedstrategies.com</FONT> </U></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"><B>Page </B><B>5</B><B>
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