<SEC-DOCUMENT>0000930413-25-001275.txt : 20250417
<SEC-HEADER>0000930413-25-001275.hdr.sgml : 20250417
<ACCEPTANCE-DATETIME>20250417072753
ACCESSION NUMBER:		0000930413-25-001275
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250417
DATE AS OF CHANGE:		20250417

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:		25844307

	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>c112527_defa14a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<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&ensp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant&ensp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Preliminary
Proxy Statement</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Definitive
Proxy Statement</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Definitive
Additional Materials</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Soliciting
Material Pursuant to &sect;240.14a-12</FONT></P>

<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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;No
fee required.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Fee
paid previously with preliminary materials.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Fee
computed on table in exhibit required by Item 25(b) per Exchange Act Rule 14a-6(i)(1) and 0-11. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 a letter distributed by Dynavax Technologies Corporation (the &ldquo;Company&rdquo;) to its stockholders in
connection with the Company&rsquo;s 2025 Annual Meeting of Stockholders. The press release was first used or made available on April 17,
2025.</P>

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



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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Urges Stockholders to Vote <B>&ldquo;FOR&rdquo;</B>
All Four Dynavax Director Nominees on the <B>GOLD</B> Proxy Card</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Highlights Record Financial and Operational
Results, Balanced Capital Allocation Strategy and Meaningful Board Refreshment</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Underscores Deep Track&rsquo;s Value
Destructive, Short-Term Focus and Unnecessary Proxy Contest</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>EMERYVILLE, Calif., April 17, 2025 </B>&ndash; Dynavax Technologies
Corporation (Nasdaq: DVAX) (&ldquo;Dynavax&rdquo; or the &ldquo;Company&rdquo;), a commercial-stage biopharmaceutical company
developing and commercializing innovative vaccines, today announced that it has filed definitive proxy materials with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) in connection with its upcoming Annual Meeting of Stockholders scheduled to be held
on June 11, 2025. Stockholders of record as of April 14, 2025, will be entitled to vote at the meeting. Dynavax&rsquo;s definitive
proxy materials are available on the investor relations section of the Company&rsquo;s website at <FONT STYLE="color: rgb(70,120,134)"><U>https://investors.dynavax.com/</U></FONT>.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In conjunction with the definitive proxy filing, Dynavax is
mailing a letter to the Company&rsquo;s stockholders. Highlights from the letter include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Dynavax is executing
                                         a clear strategy that is generating record results and delivering strong returns for
                                         stockholders. </B>Dynavax is a commercially successful vaccine company that has generated
                                         total stockholder returns of 267% over the past five years<SUP>1</SUP>. In addition to
                                         growing HEPLISAV-B<SUP>&#174;</SUP>, the Company is executing a disciplined capital allocation
                                         framework that balances strategic investment and return of capital to stockholders through
                                         the Company&rsquo;s $200 million share repurchase program.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Dynavax has a highly-qualified Board that has been programmatically and meaningfully refreshed. </B>Dynavax&rsquo;s director
nominees &#8211; Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun &#8211; are vastly superior to Deep Track&rsquo;s
candidates and are best positioned to advance Dynavax&rsquo;s strategy. The Board has also implemented corporate governance enhancements,
including seeking stockholder approval to declassify the Board.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Dynavax has sincerely attempted to reach a settlement, however, Deep Track is seeking Board seats to effectuate its self-serving,
value destructive plan.</B> Deep Track is fixated on taking control of the Board at the 2026 Annual Meeting and installing its
unqualified fund principal to impose its flawed plan that jeopardizes a strong platform in exchange for a near-term payoff at a
considerably lower value.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The full text of the letter being mailed to stockholders follows:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Dear Fellow Stockholder,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>1</SUP> Based on Dynavax stock price between March 31,
2020, and March 31, 2025.</P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> of 8</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Your vote at our Annual Meeting on June 11, 2025,
will be critically important this year. Deep Track Capital, a hedge fund, is attempting to replace four of our independent directors,
including our Chairman, in pursuit of a short-term strategy that puts the value of your investment in Dynavax at risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">We urge you to vote <B>&ldquo;FOR&rdquo;</B> Dynavax&rsquo;s
four highly qualified director nominees on the <B>GOLD</B> universal proxy card today for the following reasons:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">1.</TD><TD><B>Dynavax&rsquo;s strategy is working.</B> We have generated total stockholder returns of 267% over the past five years<SUP>2</SUP>
and are consistently delivering record financial and operational results. Our strategy is underpinned by a capital allocation framework
that carefully balances strategic investments for future growth with prudent capital return. Given the current macro environment,
our strategy and expertise in vaccine innovation and commercialization are especially critical to protecting and delivering stockholder
value.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">2.</TD><TD><B>Dynavax has the right Board to oversee its sustained value creation strategy.</B> Dynavax&rsquo;s four director nominees
&ndash; Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun &ndash; have impressive track records of growth and value
creation at biotechnology companies, including specifically within the vaccine industry, both as operators and as board members.
Our Board and management team are best positioned to continue building on the Company&rsquo;s momentum.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">3.</TD><TD><B>Deep Track is seeking board seats to advance an agenda that would shortchange other stockholders</B>. Deep Track is fixated
on taking control of the Board &ndash; and thus Dynavax itself &ndash; with unqualified and non-additive director candidates that
will impose Deep Track&rsquo;s strategy. We have sincerely attempted to reach a settlement in order to avoid a time-consuming and
costly proxy contest, but Deep Track has been unwilling to reach a reasonable compromise.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">It is imperative that the Company stay on the right
course by continuing to execute on our commercial and R&amp;D strategy with a balanced, thoughtful capital allocation plan. We
strongly urge you to vote <B>&ldquo;FOR&rdquo;</B> Dynavax&rsquo;s four recommended director nominees on the enclosed <B>GOLD</B>
universal proxy card.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>DYNAVAX IS EXECUTING A CLEAR STRATEGY
THAT IS GENERATING RECORD RESULTS AND<BR>
DELIVERING STRONG RETURNS FOR STOCKHOLDERS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Dynavax is a commercially successful vaccine company
known for our leading hepatitis B vaccine, HEPLISAV-B<SUP>&reg;</SUP>, and novel vaccine adjuvant technology, CpG 1018. Dynavax
is in the strongest position it has ever been in, marked by consistently delivering record financial and operational results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">In 2019, the Company shed its immuno-oncology business
and entirely refocused its portfolio to prioritize its vaccine business and successfully launch HEPLISAV-B<SUP>&reg;</SUP>. Under
new executive leadership and a refreshed Board chaired by Scott Myers since October 2021, the Company is thriving in one of the
most challenging biotechnology environments in a generation:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>2</SUP> Based on Dynavax stock price between March 31,
2020, and March 31, 2025.</P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 8</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Delivered total stockholder returns of 267% over the past five years, far exceeding the performance of the NASDAQ Biotechnology
Index and the S&amp;P Biotechnology Select Industry Index<SUP>3</SUP>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Achieved market share
                                         leadership in the highly competitive U.S. hepatitis B adult vaccine market through our
                                         strong commercial execution, driving a significant increase in HEPLISAV-B<SUP>&#174;
                                         </SUP>net product revenue and U.S. market share &#8211; from $36 million and approximately
                                         26% in 2020, to a record $268 million and approximately 44% in 2024, representing a 65%
                                         compound annual growth rate in net product revenue.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Expecting 2025 will
                                         be a banner year for HEPLISAV-B<SUP>&#174;</SUP> with anticipated net product revenue
                                         of $305-$325 million. Dynavax continues to expect the hepatitis B adult vaccine market
                                         in the U.S. to expand to a peak of over $900 million in annual sales by 2030, with HEPLISAV-B
                                         expected to achieve at least 60% total market share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Recognized approximately $950 million in revenue from our business development efforts during the COVID-19 pandemic, demonstrating
a strong track record of successful strategic deal-making.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Driving HEPLISAV-B<SUP>&reg;</SUP> is one pillar of
our overarching strategy. We expect the U.S. hepatitis B adult vaccine market to peak in 2030 and we are taking action now to
advance our differentiated vaccine pipeline in order to enable long-term top-line growth and sustained value creation for stockholders.
With our proven capability to bring products to market and a strong balance sheet, we are doing this in two ways:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Internal R&amp;D:</B> Leveraging our proprietary CpG 1018 adjuvant to drive differentiated efficacy in our shingles and
plague vaccine pipeline programs. We believe our shingles vaccine candidate is highly differentiated in a multi-billion-dollar
market and our program to develop a plague vaccine, for which there is currently no approved vaccine in the U.S., is de-risked
as a result of our multi-year partnership with the U.S. Department of Defense. Additionally, we are prudently advancing multiple
preclinical stage candidates in indications with attractive commercial markets, where we believe our novel adjuvant technology
can provide clear differentiation with a potential best-in-class profile.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Corporate Development:</B> Continuously evaluating external opportunities expected to leverage our unique capabilities and
expertise to develop and commercialize vaccine products. Our disciplined approach provides a high bar to execute transactions,
ensuring we maximize any potential investments in corporate development.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">This strategy is supported by a disciplined capital
allocation framework that protects the value of our core business while balancing strategic investments for future growth and return
of capital to our stockholders. Dynavax announced a $200 million share repurchase program in November 2024 to be completed in 2025,
$128.8 million of which has already been executed as of the end of the first quarter of 2025. We are one of few vaccine-focused
biotechnology companies that have returned meaningful capital to stockholders. We also recently refinanced a majority of our outstanding
Convertible Senior Notes, which extended the maturity date of most of our existing debt, lowered our overall cost of capital through
improved terms, and reduced basic and diluted shares outstanding. We believe we executed this refinancing on a timely basis,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>3</SUP> Based on Dynavax stock price between March 31,
2020, and March 31, 2025.</P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 8</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">which significantly strengthened our capital structure
and further positioned us for successful execution of our strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>THE DYNAVAX BOARD IS BEST POSITIONED
TO ADVANCE OUR STRATEGY</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">As Dynavax&rsquo;s strategy has evolved, so too has
our Board to ensure our collective skillsets are truly representative of the current and future needs of the business. The Dynavax
Board has been programmatically and meaningfully refreshed, resulting in a dynamic boardroom with new and varied perspectives.
Our refreshment process &ndash; which has been in place long before Deep Track began its campaign &ndash; has been executed through
rigorous selection criteria to identify industry leaders with highly specialized skills and experiences that are relevant to Dynavax&rsquo;s
business. Today, the Board has significant and relevant public company experience, including serving as directors and C-suite executives
of global healthcare organizations with a wide cross section of expertise across every function of the industry.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">We have also made important proactive corporate governance
enhancements, including seeking your approval to declassify the Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">As a result of the changes we have made, including
the appointment of two highly qualified new directors earlier this year, following the Annual Meeting, the Board will be comprised
of nine directors, with six of our eight independent directors having been appointed since 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">The Company&rsquo;s four director nominees play essential
roles in designing and overseeing the execution of Dynavax&rsquo;s strategy:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><B>Brent MacGregor</B> is a highly regarded vaccine executive with expertise across the space. Brent has touched every facet
of the industry across commercial operations, sales and marketing, public policy and business development, and has experience across
operations and capital markets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><B>Scott Myers,</B> our independent Chairman since October 2021, has over three decades of expertise in the global pharmaceutical
and medical technology industries as an executive, director and board chair, with deep experience in all areas of capital markets,
finance, M&amp;A and business and strategy development. Scott has demonstrated success in building multi-functional, global organizations
and has a proven track record &#8211; both as an executive and as a board chair &#8211; of maximizing stockholder value through
sale transactions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Lauren Silvernail</B>, one of our newest directors, has over three decades of experience as a healthcare finance executive
and director with venture capital and biopharmaceutical operating company experience. Lauren has raised over $1 billion in capital
sourcing, developed multi-year and multi-disciplinary business plans and built R&amp;D pipelines through M&amp;A activity and licensing
agreements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Elaine Sun</B> is one of our Board&rsquo;s financial experts through her more than 30-year career in the investment banking
and life sciences industries. As a healthcare executive, advisor and public company director, Elaine has led and played key roles
in a broad range of transactions, including M&amp;A transactions and financings, valued in excess of $50 billion.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>DEEP TRACK&rsquo;S PLAN IS VALUE DESTRUCTIVE</B></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 8</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">We have engaged with Deep Track consistently since
it first became a Dynavax investor in 2022, including quarterly discussions with management and several meetings with our Chairman.
Through August 2024, Deep Track was supportive of the Company&rsquo;s strategy and execution and repeatedly reiterated its support
for management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Since launching its campaign against the Company in
August 2024, Deep Track has demanded that Dynavax: increase the stock repurchase program to at least $400 million, enter into
an expensive royalty financing leveraging HEPLISAV-B<SUP>&reg;</SUP> to accelerate an outsized share repurchase program, abandon
internal development efforts and business development and focus solely on HEPLISAV-B<SUP>&reg;</SUP> commercialization, and ultimately
seek to sell Dynavax as a single asset company. <B>If executed, this plan would destroy stockholder value. </B>Deep Track&rsquo;s
plan would saddle the Company with high-cost debt, jeopardize our strong platform and inhibit our ability to invest in the growth
of HEPLISAV-B<SUP>&reg;</SUP>, internal development of our current pipeline, and future development of medicines and vaccines
for patients, in exchange for a near-term payoff at a considerably lower value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Notwithstanding Deep Track&rsquo;s short-sightedness,
we have not dismissed their requests. Since August 2024, the Company has had over 20 exchanges with Deep Track and we have offered
four reasonable settlement proposals. <B>We do not want this proxy contest and have made every effort to avoid it. </B>Notably,
we have offered to (1) appoint up to two of Deep Track&rsquo;s independent candidates and (2) have up to three incumbent directors
step down. <B>Deep Track refused all of our offers and has failed to negotiate in good faith &ndash; regularly introducing new
settlement demands or going silent without warning. </B>Most recently, after the filing of Dynavax&rsquo;s preliminary proxy, Deep
Track approached us with yet another proposal that was not a meaningful step toward resolution, again insisting that Deep Track
principal Brett Erkman and another Deep Track candidate replace two incumbent directors, but this time without a standstill restriction,
while also re-balancing the Board&rsquo;s classes such that Deep Track could achieve majority turnover on the Board at our 2026
Annual Meeting. Deep Track appears to be misinterpreting our sincere and generous settlement proposals to avert a contested election
as a baseline for additional demands that no reasonable Board could accept.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">We believe that Deep Track&rsquo;s campaign ultimately
comes down to one objective: gain majority control of the Dynavax Board at the 2026 Annual Meeting in order to effectuate its value
destructive plan, at the expense of <I><U>all</U></I> other stockholders, while not paying a control premium. Deep Track has made
it abundantly clear that any settlement &ndash; including its latest proposal &ndash; must afford Deep Track the ability to obtain
majority control of the Board at the 2026 Annual Meeting and must include the appointment of its own principal, Mr. Erkman, who
the Board interviewed and found unqualified to serve as a director based on a lack of relevant skills and experience. It is our
strong belief that Mr. Erkman, as a Deep Track employee, would not be open-minded or act with independence in the Boardroom &ndash;
he is beholden to Deep Track.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Replacing any of Dynavax&rsquo;s directors with Deep
Track&rsquo;s nominees would leave Dynavax deficient in vital expertise that is needed at this critical moment &ndash; Deep Track&rsquo;s
campaign would remove proven strategic leadership, essential vaccine expertise, senior public biotechnology and board experience
and deep industry financial expertise. Simply put, Deep Track&rsquo;s nominees do not stack up.</P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of 8</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">We remain unwavering in our commitment to act in the
best interests of the Company and all stockholders. Dynavax&rsquo;s proposed Board slate is uniquely equipped to guide the Company&rsquo;s
strategy and continue delivering enhanced value for you. Your vote is critical in protecting the future of our Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Thank you for your support,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">The Dynavax Board of Directors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This communication 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;expect,&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 submission of a declassification proposal at
its 2025 Annual Meeting, expected contributions from newly appointed directors, expectations regarding delivering value for our
stockholders, our future growth, our differentiated technology, market share, expected product revenue, our business strategy and
long-term performance. Actual results may differ materially from those set forth in this communication 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>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 8</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On April 17, 2025, the Company filed a definitive 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 Company may also file other relevant documents with the SEC regarding
its solicitation of 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This communication 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 SEC. 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
17, 2025, 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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Paul Cox<BR>
<FONT STYLE="color: rgb(70,120,134)"><U>pcox@dynavax.com</U></FONT><BR>
510-665-0499</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">MacKenzie Partners, Inc.<BR>
Bob Marese / John Bryan<BR>
Toll-Free: 1-800-322-2885<BR>
<FONT STYLE="color: rgb(70,120,134)"><U>DVAX@mackenziepartners.com</U></FONT></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> of 8</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>For Media:</B><BR>
Dan Moore / Tali Epstein<BR>
<FONT STYLE="color: rgb(70,120,134)"><U>Dynavax-CS@collectedstrategies.com</U></FONT></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> of 8</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
