<SEC-DOCUMENT>0000930413-25-001154.txt : 20250404
<SEC-HEADER>0000930413-25-001154.hdr.sgml : 20250404
<ACCEPTANCE-DATETIME>20250403175208
ACCESSION NUMBER:		0000930413-25-001154
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250404
DATE AS OF CHANGE:		20250403

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34207
		FILM NUMBER:		25811240

	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>c112339_defa14a.htm
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Preliminary Proxy Statement</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Definitive Proxy Statement</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Definitive Additional Materials</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD>Soliciting Material Pursuant to &sect;240.14a-12</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dynavax Technologies Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement
if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD>No fee required.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Fee paid previously with preliminary materials.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rule 14a-6(i)(1) and 0-11.</TD></TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">This Schedule 14A filing consists of the
following press release relating to the potential contested director election at the 2025 Annual Meeting of Stockholders of Dynavax
Technologies Corporation (the &ldquo;Company&rdquo;) and the Company&rsquo;s filing of its preliminary proxy statement in connection therewith.
The press release was first used or made available on April 3, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Dynavax Files Preliminary Proxy Statement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Dynavax&rsquo;s Board is Overseeing Record
Operational and Financial Performance</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Outlines Extensive Engagement with Deep Track
and Multiple Attempts to Reach a Resolution</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EMERYVILLE, Calif., April 3, 2025 -- Dynavax Technologies Corporation
(Nasdaq: DVAX) (&ldquo;Dynavax&rdquo; or the &ldquo;Company&rdquo;), a commercial-stage biopharmaceutical company developing and
commercializing innovative vaccines, today filed its preliminary proxy materials with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
in connection with its upcoming Annual Meeting of Stockholders (&ldquo;the 2025 Annual Meeting&rdquo;). The preliminary proxy
statement is available on the investor relations section of the Company&rsquo;s website at <FONT STYLE="color: #467886"><U>https://investors.dynavax.com/</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As described in the preliminary proxy filing, Dynavax&rsquo;s strategy
is working, and the Board and management team are best positioned to build on the Company&rsquo;s momentum. In addition to detailing
the Board&rsquo;s extensive engagement with Deep Track to date, the Company announced that its Board has nominated a slate consisting
of four independent directors &ndash; Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun &ndash; for reelection at
the 2025 Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD><B>Overseen by a Board with the right skills and relevant
                                         industry experience, the Company is consistently delivering record financial and operational
                                         results. </B></TD></TR></TABLE>

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<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>Dynavax has a proven track record of growth and value creation,
                                         driven by strategic investment and operational excellence that has delivered total stockholder
                                         returns of approximately 300% over the past five years, far exceeding the performance
                                         of the NASDAQ Biotechnology Index and the S&amp;P Biotechnology Select Industry Index.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>The Company has established HEPLISAV-B<SUP>&reg;</SUP>
                                         as the market share leader in the U.S. adult Hepatitis B market and delivered record
                                         2024 revenues for HEPLISAV-B<SUP>&reg;</SUP> of $268 million with an estimated 44% total
                                         market share in the U.S. and expects 2025 to be a banner year with expected net product
                                         revenue of $305 million to $325 million.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>The Company has also recognized approximately $950 million in
                                         revenue from its business development efforts during the COVID-19 pandemic.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>Dynavax&rsquo;s rapid market gains and growth of HEPLISAV-B is
                                         complemented by a disciplined and balanced capital allocation framework that weighs investments
                                         in internal assets leveraging its novel vaccine adjuvant technology, CpG 1018, to build
                                         sustainable growth and continued category leadership while also returning capital to
                                         stockholders, including through the Company&rsquo;s current $200 million share repurchase
                                         program.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD><B>The Dynavax Board
                                         has been programmatically and meaningfully refreshed and is committed to a phased approach
                                         to declassification. </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>Since 2020, with the assistance of a leading independent search
                                         firm, the Board has been actively and meaningfully refreshed with the necessary expertise
                                         to support the execution of Dynavax&rsquo;s evolving strategy. The Board has been thoughtful
                                         in identifying industry leaders with highly specialized skillsets that are directly relevant
                                         to the Company.</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&#9675;</TD><TD>More recently, beginning in August 2024 &ndash; prior to Deep
                                         Track&rsquo;s current campaign &ndash; and throughout the remainder of the year, the
                                         Board focused its search for individuals with </TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Page 1 of 4</b></p>


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<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>specific vaccine research and development
                                         and capital markets/finance expertise, two critical focus areas for Dynavax.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>In January 2025, Dynavax appointed two highly experienced industry
                                         veterans &ndash; Emilio Emini, Ph.D. and Lauren Silvernail &ndash; and announced that
                                         two current directors would transition off the Board at the 2025 Annual Meeting. As a
                                         result of these changes, following the 2025 Annual Meeting, the Board will comprise nine
                                         directors, with six of its eight independent directors having been appointed since 2020.</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&#9675;</TD><TD>Following regular Board discussions regarding the Company&rsquo;s
                                         governance provisions over the past several years, in January 2025, Dynavax announced
                                         the Board&rsquo;s intention to seek stockholder approval at the 2025 Annual Meeting for
                                         a phased declassification, such that beginning with the Company&rsquo;s 2028 Annual Meeting,
                                         all directors will be annually elected.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD><B>In stark contrast
                                         to the Dynavax Board&rsquo;s steadfast focus on long-term value creation, Deep Track
                                         is fixated on taking control of the Board to execute a short-term plan that would risk
                                         current execution and long-term value creation potential, as demonstrated by its unwillingness
                                         to compromise on a resolution.</B></TD></TR></TABLE>

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<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>Throughout
                                         the Company&rsquo;s consistent engagement with Deep Track since it first became an investor
                                         in 2022 and until recently, Deep Track has been supportive of the Company&rsquo;s strategy
                                         and execution and repeatedly reiterated its support for Dynavax management. </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>Since
                                         beginning its campaign in August 2024, Deep Track has demanded that Dynavax focus solely
                                         on HEPLISAV-B commercialization and abandon its efforts to build long-term stockholder
                                         value. Deep Track&rsquo;s plan is to position Dynavax as a single-asset company with
                                         high-cost debt, over-lever the Company and collateralize the Company&rsquo;s foundational
                                         commercial asset in order to return capital immediately to stockholders. Deep Track is
                                         employing a short-term plan for Dynavax, jeopardizing a successful platform with significant
                                         long-term growth opportunities in exchange for a near-term payoff of a considerably lower
                                         value.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>Notwithstanding
                                         this short-term focus, the Dynavax Board has made a concerted effort to reach an amicable
                                         resolution, which included nearly 20 exchanges with Deep Track, interviewing all three
                                         candidates Deep Track made available and offering four settlement proposals. Each of
                                         the Board&rsquo;s settlement proposals included Board change &ndash; including adding
                                         multiple independent Deep Track candidates in the Company&rsquo;s last offer &ndash;
                                         and having incumbent directors step down in a methodical way. In response, Deep Track
                                         either changed its demands, summarily rejected the proposals or did not respond. </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 43.2pt"></TD><TD STYLE="width: 18pt">&#9675;</TD><TD>On
                                         multiple occasions, Deep Track reiterated that any settlement must afford Deep Track
                                         the opportunity to gain majority control of the Board at the 2026 Annual Meeting and
                                         must include Brett Erkman, Deep Track&rsquo;s fund representative, whom the Board interviewed
                                         and found unqualified to serve as a director based on a lack of relevant skills and experience.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 61.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As the Board&rsquo;s actions have demonstrated, Dynavax is open to
the addition of qualified directors who have independent perspective and would help guide the Company&rsquo;s value creation strategy.<I>
</I>The Board believes Deep Track&rsquo;s nearsighted plan runs counter to the long-term interests of the Company&rsquo;s investors.
The Dynavax Board remains unwavering in its commitment to act in the best interests of the Company and all stockholders, not only
those of&nbsp;Deep Track.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Company looks forward to continued engagement with stockholders
and in the coming weeks will provide stockholders with additional information as the 2025 Annual Meeting approaches.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Page 2 of 4</b></p>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Goldman Sachs&nbsp;&amp; Co. LLC is serving as financial advisor to Dynavax
and Cooley LLP is serving as legal counsel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Dynavax</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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, HEPLISAV-B<SUP>&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>&reg;</SUP> adjuvant, currently used in HEPLISAV-B and multiple adjuvanted COVID-19
vaccines. For more information about our marketed products and development pipeline, visit www.dynavax.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This press release contains &ldquo;forward-looking&rdquo; statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 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 &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
&ldquo;continue,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;will,&rdquo; &ldquo;may,&rdquo;
&ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;seek,&rdquo; &ldquo;would&rdquo; 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&rsquo;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, our future growth,
market share, expected product revenue 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 HEPLISAV-B, and
risks related to the implementation of our long-term growth objectives, as well as other risks detailed in the &ldquo;Risk Factors&rdquo;
section of our Annual Report on Form 10-K for the financial year ended December 31, 2024 and any periodic filings made thereafter,
as well as discussions of potential risks, uncertainties and other important factors in our other filings with the 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 Dynavax&rsquo;s website at www.dynavax.com is not incorporated
by reference in our current periodic reports with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On April 3, 2025, the Company filed a preliminary proxy statement
on Schedule 14A (the &ldquo;Proxy Statement&rdquo;) and form of accompanying GOLD proxy card with the U.S. Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) in connection with its 2025 Annual Meeting and its solicitation of proxies for the Company&rsquo;s
director nominees and for other matters to be voted on. The Proxy Statement is in preliminary form and the Company intends to file
and mail to stockholders of record entitled to vote at the 2025 Annual Meeting a definitive proxy statement and other documents,
including a GOLD proxy card. The Company may also file other relevant documents with the SEC regarding its solicitation of </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Page 3 of 4</b></p>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">proxies
for the 2025 Annual Meeting. This communication is not a substitute for any proxy statement or other document that the Company
has filed or may file with the SEC in connection with any solicitation by the Company. STOCKHOLDERS OF THE COMPANY ARE STRONGLY
ENCOURAGED TO READ THE PROXY STATEMENT, ACCOMPANYING GOLD PROXY CARD AND OTHER RELEVANT DOCUMENTS FILED WITH, OR FURNISHED TO,
THE SEC CAREFULLY AND IN THEIR ENTIRETY AS THEY CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a copy of the Proxy Statement,
accompanying GOLD 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&rsquo;s website at www.sec.gov. Copies will also be available at no charge at the
Company&rsquo;s website at https://investors.dynavax.com/sec-filings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Certain Information Regarding Participants</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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.&nbsp; The Company, its directors,
its director nominees and certain of its executive officers and employees may be deemed to be participants in the solicitation
of proxies for the 2025 Annual Meeting. Information regarding the names of such persons and their respective direct or indirect
interests in the Company, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC
on April 3, 2025, and will be included in the Company&rsquo;s definitive proxy statement, once available, including in the sections
captioned &ldquo;Compensation Discussion and Analysis,&rdquo; &ldquo;Summary Compensation Table,&rdquo; &ldquo;Grants of Plan Based
Awards,&rdquo; &ldquo;Outstanding Equity Awards at Fiscal Year End,&rdquo; &ldquo;Pay Ratio Disclosure,&rdquo; &ldquo;Director
Compensation,&rdquo; &ldquo;Certain Transactions,&rdquo; &ldquo;Security Ownership of Certain Beneficial Owners and Management,&rdquo;
and &ldquo;Supplemental Information Regarding Participants in the Solicitation.&rdquo; To the extent that the Company&rsquo;s directors
and executive officers have acquired or disposed of securities holdings since the applicable &ldquo;as of&rdquo; date disclosed
in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on
Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be
available free of charge at the SEC&rsquo;s website at <U>www.sec.gov</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For Investors:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Paul Cox</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">pcox@dynavax.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">510-665-0499</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">MacKenzie Partners, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Bob Marese/John Bryan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Toll-Free: 1-800-322-2885</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Email: DVAX@mackenziepartners.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For Media:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Collected Strategies</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Dan Moore / Tali Epstein</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Dynavax-CS@collectedstrategies.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Page 4 of 4</b></p>


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