<SEC-DOCUMENT>0000930413-25-001695.txt : 20250512
<SEC-HEADER>0000930413-25-001695.hdr.sgml : 20250512
<ACCEPTANCE-DATETIME>20250509215426
ACCESSION NUMBER:		0000930413-25-001695
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250512
DATE AS OF CHANGE:		20250509

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:		25932343

	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>c112647_defa14a.htm
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

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

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

<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">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>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">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">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">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">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">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">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 SIZE="15" ALIGN="CENTER" STYLE="width: 100%">

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

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


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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 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 after 5:30pm ET on May 9, 2025.</P>

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">In the news release, Dynavax Issues Statement and Mails Letter to Stockholders Emphasizing Record Financial Results and Continued Momentum, issued 07-May-2025 by Dynavax Technologies over PR Newswire, we are advised by the company that the second paragraph, second sentence of the stockholder letter should read &quot;Dynavax has generated over $900 million of stockholder value, returning over 62% versus the S&amp;P Biotechnology Select Industry Index's return of only 14%[2].&quot; as originally issued inadvertently. The complete, corrected release follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Dynavax Issues Statement and Mails Letter to Stockholders
Emphasizing Record Financial Results and Continued Momentum&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Urges Stockholders to Vote <B>&quot;FOR&quot;</B>
All Four Dynavax Director Nominees on the <B>GOLD</B> Proxy Card Today</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">EMERYVILLE, Calif., May 7, 2025 &ndash; Dynavax Technologies Corporation
(Nasdaq: DVAX) (&quot;Dynavax&quot; or the &quot;Company&quot;), 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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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&reg;, 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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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&reg; 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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>


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<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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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 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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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&rsquo;s candidates in every critical area,
and we are confident that Dynavax is on the right path forward.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Dynavax also mailed a letter to its stockholders in connection with its
2025 Annual Meeting of Stockholders (&quot;Annual Meeting&quot;) urging stockholders to vote the <B>GOLD</B> proxy card <B>&quot;FOR&quot;
</B>all four of Dynavax'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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">The full text of the letter being mailed to stockholders follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Dear Fellow Stockholder,</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Since our 2019 pivot to prioritize Dynavax&rsquo;s vaccine business
and launch HEPLISAV-B&reg;, 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 over $900 million of stockholder value, returning over 62%
versus the S&amp;P Biotechnology Select Industry Index&rsquo;s return of -7%</B><SUP>2</SUP>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><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: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>HEPLISAV-B&reg; 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: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>HEPLISAV-B&reg; 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: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><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>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>



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<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>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><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: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.25in"><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="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VOTE TODAY TO HELP ENSURE DYNAVAX&rsquo;S CONTINUED
MOMENTUM</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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&nbsp;Dynavax's&nbsp;strategy and drive long-term stockholder value. <B>We urge
you to vote &quot;FOR&quot; Dynavax's four director nominees on the GOLD universal proxy card today.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Thank you for your continued support,</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">The Dynavax Board of Directors</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Advisors</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Goldman Sachs &amp; Co.&nbsp;LLC&nbsp;is serving as financial advisor
to&nbsp;Dynavax&nbsp;and&nbsp;Cooley LLP&nbsp;is serving as legal counsel.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>About&nbsp;Dynavax</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Dynavax&nbsp;is a commercial-stage biopharmaceutical company developing
and commercializing innovative vaccines to help protect the world against infectious diseases. The Company has two commercial </P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">products,
HEPLISAV-B<SUP>&reg;</SUP>&nbsp;vaccine (Hepatitis B Vaccine (Recombinant), Adjuvanted), which is approved in the&nbsp;U.S., the&nbsp;European
Union&nbsp;and the&nbsp;United Kingdom&nbsp;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>&nbsp;adjuvant, currently used in HEPLISAV-B and multiple adjuvanted COVID-19
vaccines. For more information about our marketed products and development pipeline, visit&nbsp;<U>www.dynavax.com</U>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">This communication contains &quot;forward-looking&quot; 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 &quot;believe,&quot; &quot;continue,&quot; &quot;estimate,&quot;
&quot;expect,&quot; &quot;will,&quot; &quot;plan,&quot; &quot;potential,&quot; &quot;would&quot; 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 &quot;Risk Factors&quot; 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's website at www.dynavax.com is not incorporated by reference in our current periodic reports with the
SEC.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">On&nbsp;April 17, 2025, the Company filed a definitive proxy statement
on Schedule 14A (the &quot;Proxy Statement&quot;) and form of accompanying GOLD proxy card with the&nbsp;U.S. Securities and Exchange
Commission&nbsp;(the &quot;SEC&quot;) in connection with its 2025 Annual Meeting and its solicitation of proxies for the Company's director
nominees and for other matters to be voted on. The Company may also file other relevant documents with the&nbsp;SEC&nbsp;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&nbsp;SEC&nbsp;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&nbsp;SEC&nbsp;at no charge at </P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">the&nbsp;SEC's&nbsp;website at&nbsp;<U>www.sec.gov</U>. Copies will also be available
at no charge at the Company's website at<U>&nbsp;https://investors.dynavax.com/sec-filings</U>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Certain Information Regarding Participants</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 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&nbsp;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&nbsp;SEC&nbsp;on&nbsp;April 17, 2025, including
in the sections captioned &quot;Compensation Discussion and Analysis,&quot; &quot;Summary Compensation Table,&quot; &quot;Grants of Plan
Based Awards,&quot; &quot;Outstanding Equity Awards at Fiscal Year End,&quot; &quot;Pay Ratio Disclosure,&quot; &quot;Director Compensation,&quot;
&quot;Certain Transactions,&quot; &quot;Security Ownership of Certain Beneficial Owners and Management,&quot; and &quot;Supplemental
Information Regarding Participants in the Solicitation.&quot; To the extent that the Company's directors and executive officers have
acquired or disposed of securities holdings since the applicable &quot;as of&quot; 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&nbsp;SEC. These documents are or will be available free of charge at the&nbsp;SEC's&nbsp;website
at&nbsp;<U>www.sec.gov</U>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>Non-GAAP Financial Measures</U></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><I>Adjusted EBITDA</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&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: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&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: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&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: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;</TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&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 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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&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="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>For Investors:</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><BR>
</B>Paul Cox<BR>
pcox@dynavax.com<BR>
510-665-0499</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Or</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">MacKenzie Partners, Inc.<BR>
Bob Marese&nbsp;/ John Bryan<BR>
Toll-Free: 1-800-322-2885<BR>
DVAX@mackenziepartners.com&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>For Media:</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><BR>
</B>Dan Moore&nbsp;/&nbsp;Tali Epstein<BR>
Dynavax-CS@collectedstrategies.com</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



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