<SEC-DOCUMENT>0000930413-25-001671.txt : 20250507
<SEC-HEADER>0000930413-25-001671.hdr.sgml : 20250507
<ACCEPTANCE-DATETIME>20250507172010
ACCESSION NUMBER:		0000930413-25-001671
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250507
DATE AS OF CHANGE:		20250507

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:		25922792

	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>c112628_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;&nbsp;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">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>&nbsp;<FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt"><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;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>&nbsp;<FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">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>&nbsp;<FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">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;&nbsp;</FONT><FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">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>&nbsp;<FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">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>&nbsp;<FONT STYLE="font-size: 1pt">&#9;</FONT><FONT STYLE="font-size: 10pt">Fee
computed on table in exhibit required by Item 25(b) per Exchange Act Rule 14a-6(i)(1) and 0-11. </FONT></P>


<HR NOSHADE SIZE="2" ALIGN="LEFT" STYLE="width: 100%">

<!-- 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 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 May 7, 2025.</P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Dynavax Issues Statement and Mails Letter to Stockholders Emphasizing
Record Financial Results and Continued Momentum</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>Deep Track&rsquo;s Misleading Investor Presentation
Demonstrates its Single-Minded Approach to Abandon Long-Term Value Opportunities in Exchange for Short-Term Return</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>Urges Stockholders to Vote <B>&ldquo;FOR&rdquo;</B>
All Four Dynavax Director Nominees on the <B>GOLD</B> Proxy Card Today</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., May 7, 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 issued the following statement in response to the investor presentation issued by
Deep Track Capital (&ldquo;Deep Track&rdquo;):</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">Deep Track&rsquo;s investor presentation demonstrates
that Deep Track fundamentally does not understand how to run a successful commercial stage biotechnology company. Deep Track&rsquo;s
one-dimensional plan to strip-mine Dynavax ignores market realities and the clear need to have a diversified portfolio and will
destroy long-term stockholder value in pursuit of a quick return. Further, 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.
In contrast, Dynavax&rsquo;s strategic plan is working &ndash; we have delivered returns of 203% stockholders over the last five
years, far outperforming vaccine peers, which have returned 9%, and the S&amp;P Biotechnology Select Industry Index, which has
declined 17%.</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">Strategically investing in growth through intentional
pursuit of both internal and external assets and opportunistically returning capital to stockholders are not mutually exclusive
and the Board has proven that the Company&rsquo;s disciplined capital allocation is the right approach for Dynavax stockholders
who are invested for the long term. While attacking the Company&rsquo;s cash position &ndash; which was earned through exponential
HEPLISAV-B<SUP>&reg;</SUP> growth and prudent dealmaking execution during COVID-19 &ndash; Deep Track fails to acknowledge that Dynavax is one of
the few vaccine companies to return meaningful capital to stockholders. Share repurchases represent 47%<SUP>1</SUP> of Dynavax&rsquo;s
use of capital.</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 Deep Track&rsquo;s presentation highlights, it
favors a near-term payoff at considerably lower value and has no reservations about jeopardizing a strong growth platform with
tremendous long-term upside. By Deep Track&rsquo;s own admission, each of its settlement counterproposals were conditioned on either
the appointment of its underqualified fund principal, a dramatically increased share repurchase program and/or the immediate declassification
of the Board &ndash; all of which clearly point to Deep Track&rsquo;s desire to gain control of the Board and effectuate its plan. Indeed, the repeated
refrain from Deep Track and its representatives throughout our negotiations was that Deep Track required the opportunity to obtain
majority turnover on the Board by 2026. Throughout months of earnest negotiation from the Dynavax Board with four different settlement
proposals that offered significant Board change, Deep Track&rsquo;s single-minded thinking was the impediment</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>1</SUP> Use of capital from 2020 to present, excluding
CapEx and SG&amp;A expense; reflects full execution of the $200 million share repurchase program.</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 0pt; text-align: right"><b>Page 1 of 6</b></P>

<!-- Field: Page; Sequence: 2 -->
    <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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">to a resolution. It is clear that Deep Track&rsquo;s
recent investor presentation is replete with misleading and factually inaccurate statements.</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">Dynavax is delivering record financial and operational
results and superior value to stockholders. The successful execution of the Company&rsquo;s balanced strategic plan is being overseen
by a highly qualified and meaningfully refreshed Board with director nominees that outmatch Deep Track's candidates in every critical area, and we are confident that Dynavax is on the right path forward.</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">Dynavax also 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">As a result of the strategic decisions made by the
current Board and management team, Dynavax is in the strongest position it has ever been in, and the Company&rsquo;s recent financial
performance demonstrates that our strategy is delivering excellent 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">Since our 2019 pivot to prioritize Dynavax&rsquo;s
vaccine business and launch HEPLISAV-B<SUP>&reg;</SUP>, we have designed a clear and thoughtful strategic plan and methodically executed against
it, which has directly translated into value for you, Dynavax stockholders. <B>Dynavax has generated approximately $1 billion of
stockholder value, returning over 104% versus the S&amp;P Biotechnology Select Industry Index&rsquo;s return of only 14%</B><SUP>2</SUP>.</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">Our record first quarter 2025 earnings results announced
on May 6, once again, demonstrate we have the right plan and team in place:</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: 43.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Total revenue of $68.2 million, a 34% increase compared to $50.8 million in Q1 2024.</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: 43.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>HEPLISAV-B<SUP>&reg;</SUP> achieved net product revenue of $65 million, an increase of 36% compared to $47.8 million in Q1 2024. This
puts Dynavax on track to achieve the top half of our full year guidance range of $305 to $325 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: 43.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>HEPLISAV-B<SUP>&reg;</SUP> total estimated U.S. market share increased to approximately 43%, compared to approximately 41% in Q1 2024.</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: 43.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Improved Adjusted EBITDA to negative $4 million, compared to negative $7 million in Q1 2024. Dynavax continues to expect Adjusted
EBITDA to be at least $75 million in 2025, demonstrating our ability to grow adjusted EBITDA at more than 2 times the rate of 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: 43.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Executed over 85% of the $200 million share repurchase program that was implemented in November 2024, with $172 million complete
as of May 5, 2025.</TD></TR></TABLE>


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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>2</SUP> Total stockholder return from May 23, 2019, the
date Dynavax announced its strategic pivot, to April 17, 2025, the date Dynavax filed its definitive proxy.</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 0pt; text-align: right"><b>Page 2 of 6</b></P>

<!-- Field: Page; Sequence: 3 -->
    <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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">A critical element of Dynavax&rsquo;s overarching
strategy is leveraging our proprietary CpG 1018 adjuvant to advance our differentiated vaccine pipeline focused on well-established
antigens and biology with clear regulatory pathways in order to enable long-term top-line growth and sustained stockholder value
creation. Alongside our first quarter results, we announced new pipeline programs, in addition to our ongoing shingles and plague vaccine programs:</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: 43.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Pandemic Influenza: </B>Will support global pandemic preparedness and response efforts. Dynavax expects to initiate a Phase
1/2 study in Q2 2025.</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: 43.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Lyme Disease:</B> There are currently no approved human vaccines for Lyme disease and we believe that our investigational
Lyme disease vaccine, adjuvanted with CpG 1018, has the potential for a differentiated and best-in-class vaccine profile. Dynavax
expects to initiate clinical development in 2027.</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"><B>Our differentiated expertise and capabilities,
plus scaling and diversifying our pipeline and commercial product portfolio through internal R&amp;D and corporate development,
has led to a proven blueprint for long-term success in biopharma to drive continued value creation.</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; text-align: center"><B>VOTE TODAY TO HELP ENSURE DYNAVAX&rsquo;S
CONTINUED MOMENTUM</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">The current Dynavax Board, including, our nominees
up for re-election this year&mdash; Brent MacGregor, Scott Myers (our Chairman), Lauren Silvernail and Elaine Sun &mdash; are uniquely
equipped with the necessary expertise to continue successfully advancing Dynavax&rsquo;s strategy and drive long-term stockholder
value. <B>We urge you to vote &ldquo;FOR&rdquo; Dynavax&rsquo;s four director nominees on the GOLD universal proxy card today.</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">Deep Track&rsquo;s proposed changes to the Board would
install unqualified nominees who want to effectuate an outsized capital return and shutter efforts to accelerate growth with internal
and external opportunities. <B>This plan would destroy the future value of our business and jeopardize the long-term potential
of your investment.</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">Our Board and management team remain focused on what
matters most &ndash; working to deliver record results and sustained growth in 2025 and beyond.</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 continued 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,</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 0pt; text-align: right"><b>Page 3 of 6</b></P>

<!-- Field: Page; Sequence: 4 -->
    <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 Arial, Helvetica, Sans-Serif; margin: 0pt 0">currently used in HEPLISAV-B and multiple adjuvanted COVID-19
vaccines. For more information about our marketed products and development pipeline, visit <FONT STYLE="color: rgb(70,120,134)"><U>www.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"><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;believe,&rdquo; &ldquo;continue,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;will,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&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 our current directors, expectations regarding delivering value for our
stockholders, our future growth, potential of our differentiated technology, the timing of initiation and completion 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, the risks that market size or actual demand for our products
may differ from our expectations, risks related to the timing of completion and results of current clinical studies, risks related
to the development and pre-clinical and clinical testing of vaccines containing CpG 1018 adjuvant, 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 Quarterly
Report on Form 10-Q for the three months ended March 31, 2025 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 <FONT STYLE="color: rgb(70,120,134)"><U>www.sec.gov</U></FONT>.
Copies will also be available at no charge at the Company&rsquo;s website at <FONT STYLE="color: rgb(70,120,134)"><U>https://investors.dynavax.com/sec-filings</U></FONT>.</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 0pt; text-align: right"><b>Page 4 of 6</b></P>

<!-- Field: Page; Sequence: 5 -->
    <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 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 <FONT STYLE="color: rgb(70,120,134)"><U>www.sec.gov</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"><B><U>Non-GAAP Financial Measures</U></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">To supplement our financial results presented on a GAAP basis,
we have included information about adjusted EBITDA, a non-GAAP financial measure. We believe the presentation of this non-GAAP
financial measure, when viewed with our results under GAAP, provide analysts, investors and other third parties with insights into
how we evaluate normal operational activities, including our ability to generate cash from operations, on a comparable year-over-year
basis and manage our budgeting and forecasting.</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"><I>Adjusted EBITDA</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted EBITDA is a non-GAAP financial measure that represents
GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes,
depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do
not represent ongoing operations, including loss on debt extinguishment and proxy contest costs. Adjusted EBITDA, as used by us,
may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.</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">There are several limitations related to the use of adjusted
EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as:</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">&bull;</TD><TD>adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated
or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA;</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: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs;</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: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>adjusted EBITDA does not reflect the benefit from or provision for income taxes or the cash requirements to pay taxes;</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: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual
commitments;</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: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>we exclude stock-based compensation expense from adjusted EBITDA although: (i) it has been, and will continue to be for the
foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; and (ii)
if we did not pay out a</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 0pt; text-align: right"><b>Page 5 of 6</b></P>

<!-- Field: Page; Sequence: 6 -->
    <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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36pt">portion of our compensation in the form of stock-based
compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position;</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">&bull;</TD><TD>we may exclude other expenses, from time to time, that are episodic in nature and do not directly correlate to the cost of
operating our business on an ongoing basis.</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 Company has not provided a reconciliation of its full-year
2025 guidance for Adjusted EBITDA to the most directly comparable forward-looking GAAP measures because the Company is unable to
predict, without unreasonable efforts, the timing and amount of items that would be included in such a reconciliation, including,
but not limited to, stock-based compensation expense, income tax expense or provision for income taxes. These items are uncertain
and depend on various factors that are outside of the Company&rsquo;s control or cannot be reasonably predicted. While the Company
is unable to address the probable significance of these items, they could have a material impact on GAAP net income for the guidance
period. A reconciliation of Adjusted EBITDA would imply a degree of precision and certainty as to these future items that does
not exist and could be confusing to investors.</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">&nbsp;</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>

<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></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">Dan Moore / Tali Epstein<BR>
<FONT STYLE="color: rgb(70,120,134)"><U>Dynavax-CS@collectedstrategies.com</U></FONT></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 0pt; text-align: right"><b>Page 6 of 6</b></P>

<!-- Field: Page; Sequence: 7 -->
    <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>
    <!-- Field: /Page -->


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