<SEC-DOCUMENT>0000930413-25-001558.txt : 20250429
<SEC-HEADER>0000930413-25-001558.hdr.sgml : 20250429
<ACCEPTANCE-DATETIME>20250429074401
ACCESSION NUMBER:		0000930413-25-001558
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250429
DATE AS OF CHANGE:		20250429

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:		25882704

	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>c112602_def14a.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>

<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;&nbsp;&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>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;&nbsp;&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;&nbsp;&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;&nbsp;&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;&nbsp;&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;&nbsp;&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;&nbsp;&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>

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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 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 29,
2025.</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></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 Highlights Superior Board Leadership
Overseeing Long-Term Value Creation 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; text-align: center"><I>Mails Letter to Stockholders Urging
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">EMERYVILLE, Calif., April 29, 2025 &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 mailed a letter to its stockholders in connection with its 2025 Annual Meeting of
Stockholders (&ldquo;Annual Meeting&rdquo;) urging stockholders to vote the <B>GOLD</B> proxy card <B>&ldquo;FOR&rdquo;</B> all
four of Dynavax&rsquo;s highly qualified directors standing for election &ndash; Brent MacGregor, Scott Myers, Lauren Silvernail
and Elaine Sun. The Annual Meeting will be held on June 11, 2025, and Dynavax stockholders of record as of April 14, 2025, will
be entitled to vote at the Annual Meeting.</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">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 0pt 36pt">Dear Fellow Stockholder,</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">At this year&rsquo;s Annual Meeting, Deep Track Capital
is seeking to replace four of our independent directors, including our Chairman, with inferior nominees that would implement Deep
Track&rsquo;s value destructive plan &mdash; change that is not only unnecessary but would also impede the Company&rsquo;s sustained
momentum and risk the long-term value of your investment. The Dynavax Board of Directors has been meaningfully refreshed in recent
years with qualified directors who have enhanced the Company&rsquo;s corporate governance while overseeing consistent and record
financial and operational performance. Dynavax is in the strongest position it has ever been in, and our Board&rsquo;s nominees
&ndash; Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun &ndash; are essential to advancing Dynavax&rsquo;s strategy
and driving long-term stockholder value at this pivotal juncture for the Company. <B>We urge you to vote &ldquo;FOR&rdquo; Dynavax&rsquo;s
four director nominees on the GOLD universal proxy card today. </B>Only four directors can be elected at the Annual Meeting.</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; text-align: center"><B>DYNAVAX&rsquo;S
BOARD HAS ALREADY THOUGHTFULLY REFRESHED WITH EXPERTS WHO KNOW<BR>
 HOW TO DRIVE LONG-TERM STOCKHOLDER VALUE IN OUR INDUSTRY</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Our Board refreshment process has always been driven
by a clear set of criteria based on Dynavax&rsquo;s current and future needs. Since Dynavax underwent a wholesale transformation
starting in 2019 to prioritize its vaccine business and launch HEPLISAV-B<SUP>&reg;</SUP>, we have thoughtfully reshaped our Board
with new, independent directors who bring highly specialized skillsets that are directly aligned to our long-term strategic plan.</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 our refreshment efforts, following
the Annual Meeting, the Board will be comprised of nine directors, with six of our eight independent directors having been appointed
since 2020. This refreshed Board has been the architect of the successful plan we currently have in place and remains crucial to
our continued execution. Our Board checks every box:</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 36pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; border: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Extensive Industry Knowledge</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9/9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Vaccine Experience (R&amp;D, Sales, Marketing)</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7/9</FONT></TD></TR>
</TABLE>

<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; text-align: right"><B>Page 1 of 6</B></P>

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    <TD STYLE="border: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 72%"><FONT STYLE="font-size: 10pt"><B>Operational / Commercial Experience</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 28%; border-top: Black 1px solid"><FONT STYLE="font-size: 10pt">9/9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Clinical Development Experience</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5/9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Business Development/M&amp;A Experience</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8/9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Finance / Capital Allocation Experience</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8/9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Public Company C-Suite Experience</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">6/9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Public Health / Government Experience</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2/9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Other Public Company Board Experience</B></FONT></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">6/9</FONT></TD></TR>
</TABLE>
<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 Dynavax&rsquo;s pivot, our Board has overseen
a disciplined strategy that is generating superior value:</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>Total stockholder
                                         returns of 267% over the past five years</B>: Far exceeding the performance of the NASDAQ
                                         Biotechnology Index and the S&amp;P Biotechnology Select Industry Index<SUP>1</SUP>.</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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Highly successful
                                         commercialization of HEPLISAV-B<SUP>&#174;</SUP></B>: Generated a record $268 million
                                         in net product revenue and approximately 44% U.S. total market share in 2024, representing
                                         a 65% compound annual growth rate in net product revenue since 2020. 2025 is expected
                                         to be a banner year for HEPLISAV-B<SUP>&#174;</SUP> with anticipated net product revenue
                                         of $305-$325 million and longer-term market share leadership in the U.S. hepatitis B
                                         adult vaccine market expected to grow to over $900 million in annual sales by 2030.</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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Development of an innovative, differentiated pipeline:</B> Advanced shingles vaccine with potential to disrupt a $4.4 billion
global market, with topline results for investigational Phase 1/2 shingles trial expected Q3 2025, and plague vaccine, for which
there is currently no approved vaccine in the U.S., with Phase 2 trial expected to initiate in Q3 2025. Plague vaccine is de-risked
as a result of a multi-year partnership with the U.S. Department of Defense.</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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Drove successful business development strategy during pandemic response:</B> Established a global portfolio of CpG 1018
adjuvant commercial supply agreements supporting the development of COVID-19 vaccines, which generated over $950 million in net
product revenue from 2020 to 2022.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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>Disciplined capital strategy:</B> Operate within a framework focused on protecting the value of our core business while
balancing strategic investments for future growth. As part of this balanced approach, we are executing a $200 million share repurchase
program which initiated 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. Dynavax is one of the few vaccine-focused biotechnology companies that has returned meaningful capital
to stockholders. We also recently refinanced a majority of our outstanding Convertible Senior Notes, which significantly strengthened
our capital structure and further positioned the Company for successful execution of its strategy, by extending </TD></TR></TABLE>





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<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>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: right"><B>Page 2 of 6</B></P>

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<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">&nbsp;</TD><TD STYLE="width: 18pt">&nbsp;</TD><TD>the maturity date
of most of our existing debt, lowering our overall cost of capital through improved terms, and reducing basic and diluted shares
outstanding.</TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt; text-align: center"><B>DYNAVAX&rsquo;S NOMINEES ARE
CLEARLY AND SUBSTANTIALLY MORE QUALIFIED THAN DEEP TRACK&rsquo;S CANDIDATES TO OVERSEE THE EXECUTION OF A STRATEGY THAT IS WORKING</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Each of our four nominees is essential to our Board
and replacing any of them would leave Dynavax deficient in vital expertise that is needed to guide the Company through a pivotal
year. Our nominees have expertise across every facet of the biotechnology and vaccine space and have led multiple company transactions
generating billions of dollars and maximizing stockholder value. <B>The contrast between the qualifications of the Dynavax slate
versus Deep Track&rsquo;s slate is striking:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Brent MacGregor</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Director since 2020</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Scott Myers</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Independent Chairman since 2021</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Lauren Silvernail</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Director since 2025</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1px solid; border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Elaine Sun</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Director since 2021</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; border-left: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO
        of Medical Developments International</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20+
        year career in the vaccine industry with expertise across commercial operations, sales and marketing, public policy and business
        development</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experience
        across company operations and capital markets</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strong
        commercialization and development experience, including leading global commercial operations team at Seqirus and R&amp;D, manufacturing
        and commercialization of Novartis&#8217; influenza vaccines</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10+
        years of experience managing multiple aspects of Sanofi Pasteur&#8217;s vaccine business</P>

</TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30+
        years of expertise in global pharmaceutical and medical technology industries as an executive and director</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deep
        expertise in all areas of capital markets/finance, mergers and acquisitions and business and strategy development</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experienced
        in private and public company governance and business development</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Led
        multiple public company strategic exits and sales</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
        experience as public company Board member, including Orexo AB, Cascadian Therapeutics, AMAG Pharmaceuticals, Trillium Therapeutics,
        Sensorion SA, Harpoon Therapeutics, Viridian Therapeutics and Zentalis Pharmaceuticals</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30+
        years of experience leading finance and business development functions across the pharmaceutical industry as an executive and director;
        raised $1+ billion as a CFO</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deep
        expertise across capital markets, M&amp;A and business and strategy development</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extensive
        experience as an executive in the life sciences industry, including as CFO of Evolus, Revance Therapeutics and ISTA Pharmaceuticals</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
        experience as public company Board member, including at Harrow, Harpoon Therapeutics and Nicox SA</P>

</TD>
    <TD STYLE="border-right: Black 1px solid; border-bottom: Black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COO
       &nbsp;&amp; CFO of Mammoth Biosciences</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30+
        years of experience in investment banking and life sciences industries</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experience
        leading broad range of transactions, including multiple M&amp;A processes and financings, valued in excess of $50 billion</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
        operational experience as CFO and Chief Strategy Officer at Vaxcyte, a developer of novel vaccines, and at Halozyme, a profitable,
        commercial-stage biotechnology company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 18pt; text-indent: -18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
        Board experience at multiple biotechnology companies</P>

</TD></TR>
</TABLE>
<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 sharp contrast, Deep Track&rsquo;s candidates lack
the decades of public company biotechnology and vaccine operational and financial acumen that Dynavax&rsquo;s directors bring and
have <B>little to </B></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; text-align: right"><B>Page 3 of 6</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt"><B>no public company board experience &ndash; in
fact, only one of Deep Track&rsquo;s four candidates has ever served on a U.S. public company board of directors. In
aggregate, Deep Track&rsquo;s candidates bring no additive or differentiated skills to our current Board.</B></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; text-align: center"><B>DEEP TRACK IS DEMANDING UNREASONABLE
AND UNNECESSARY CHANGE THAT WOULD DESTROY THE VALUE OF YOUR INVESTMENT </B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">Deep Track&rsquo;s flawed plan, which favors a near-term
payoff at a considerably lower value, puts its own short-term interests above those of all other stockholders and would be detrimental
to the long-term value our Board is generating. Deep Track is demanding that Dynavax:</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>Force an accelerated and outsized share repurchase program of at least $400 million;</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>Enter into an expensive
                                         royalty financing leveraging HEPLISAV-B<SUP>&#174;</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>Abandon internal development efforts and business development efforts; and</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>Focus solely on HEPLISAV-B<SUP>&#174;
                                         </SUP>commercialization.</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">Moreover, aside from demanding these short-sighted
initiatives, Deep Track has yet to provide any actionable ideas on how to grow HEPLISAV-B<SUP>&reg;</SUP>, a core pillar of its
own plan, which our Board and management team are already doing with great success.</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; text-align: center"><B>YOUR VOTE IS IMPORTANT &ndash;
HELP ENSURE DYNAVAX&rsquo;S CONTINUED MOMENTUM</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">We do not believe the changes to the Board proposed
by Deep Track are warranted or in the best interests of all stockholders. <B>The current Dynavax Board is best equipped to guide
the Company&rsquo;s strategy, with the expertise necessary to successfully drive enhanced stockholder value.</B></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&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: 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</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; text-align: right"><B>Page 4 of 6</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 8pt Arial, Helvetica, Sans-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">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 expected contributions from newly appointed directors, expectations
regarding delivering value for our stockholders, our future growth, potential of our differentiated technology, timing of clinical
trials and expected results, market share and size of the market, 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>

<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>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</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; text-align: right"><B>Page 5 of 6</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 www.sec.gov.</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><BR>
Paul Cox<BR>
pcox@dynavax.com<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>
DVAX@mackenziepartners.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>For Media:</B><BR>
Dan Moore / Tali Epstein<BR>
Dynavax-CS@collectedstrategies.com<B> </B></P>


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