<SEC-DOCUMENT>0000930413-25-001703.txt : 20250512
<SEC-HEADER>0000930413-25-001703.hdr.sgml : 20250512
<ACCEPTANCE-DATETIME>20250512073520
ACCESSION NUMBER:		0000930413-25-001703
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250512
DATE AS OF CHANGE:		20250512

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:		25932594

	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>c112650_defa14a.htm
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

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

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

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



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

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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    <TD>Preliminary Proxy Statement</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Definitive Proxy Statement</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD>Definitive Additional Materials</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Soliciting Material Pursuant to &sect;240.14a-12</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD>No fee required.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Fee paid previously with preliminary materials.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rule 14a-6(i)(1) and 0-11. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: rgb(160,160,160) 1px solid; border-bottom: rgb(160,160,160) 1px solid; border-left: rgb(160,160,160) 1px solid">&nbsp;</TD>
    <TD STYLE="border-top: rgb(160,160,160) 1px solid; border-right: rgb(160,160,160) 1px solid; border-bottom: rgb(160,160,160) 1px solid">&nbsp;</TD></TR>
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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 on May 12, 2025.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Dynavax Files Investor Presentation Highlighting
Superior Strategy and Board That is Delivering Strong Financial Results and Significant Long-Term Value </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>Presentation Underscores Deep Track&rsquo;s
Value Destructive Plan and Inferior Slate of Director Nominees </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</I> <I>Stockholders to Vote&nbsp;<B>&ldquo;FOR&rdquo;</B>&nbsp;All
Four Dynavax Director Nominees on the&nbsp;<B>GOLD</B>&nbsp;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 12, 2025 -- Dynavax Technologies Corporation
(Nasdaq: DVAX) (&ldquo;Dynavax&rdquo; or the &ldquo;Company&rdquo;), a commercial-stage biopharmaceutical company developing and commercializing
innovative vaccines, today announced that it has filed an investor presentation with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
in connection with its 2025 Annual Meeting of Stockholders to be held on June 11, 2025. Stockholders of record as of April 14,
2025, will be entitled to vote at the 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">Highlights of the presentation include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Following its successful pivot in 2019 to prioritize its vaccine
business and launch HEPLISAV-B<SUP>&reg;</SUP>, Dynavax is delivering long-term returns for stockholders.</B></FONT></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: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dynavax has delivered 203% total return to stockholders over the last
five years (as of April 17, 2025, the date Dynavax filed its definitive proxy) while vaccine peers returned 9% and the S&amp;P
Biotechnology Select Industry Index declined 17% over the same period.</FONT></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: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dynavax successfully commercialized and positioned
                                                                                                                               HEPLISAV-B<SUP>&reg;</SUP> to be the market-leading hepatitis B vaccine with $268 million in net product revenue in 2024 and
                                                                                                                               approximately 44% U.S. market share at year end 2024. Dynavax reported record first quarter 2025 earnings results with HEPLISAV-B<SUP>&reg;</SUP>
                                                                                                                               net product revenue of $65 million, which represents 36% increase year-over-year, and total revenue of $68.2 million, which
                                                                                                                               represents 34% increase year-over-year.</FONT></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: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Company&rsquo;s successful business development strategy during
the pandemic generated over $950 million in net product revenue from 2020 to 2022.</FONT></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: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Board and management team are executing a thoughtful and deliberate
                                                                                                                               capital allocation strategy that balances strategic investment in growth through pursuit of internal and external assets and
                                                                                                                               opportunistically returning capital to stockholders. Dynavax is one of the few vaccine companies that has returned meaningful
                                                                                                                               capital to stockholders and has executed over 85% of its $200 million share repurchase program authorized in November 2024. The $200
                                                                                                                               million share repurchase program represents 47%</FONT><SUP>1</SUP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of
                                                                                                                               Dynavax&rsquo;s use of capital.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Dynavax has the optimal Board with uniquely qualified directors
to drive the Company&rsquo;s value creation potential.</B></FONT></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: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dynavax has implemented a proactive, strategic and extensive Board
refreshment plan. Following the 2025 Annual Meeting, the Board will be comprised of nine directors, with six of eight independent
directors having been appointed since 2020.</FONT></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: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dynavax&rsquo;s director nominees, including the Board&rsquo;s Chairman &ndash;
Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun &ndash; bring proven strategic leadership, vaccine expertise, senior
public biotechnology and M&amp;A experience and deep industry financial expertise.</FONT></TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 3pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<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">&nbsp;</P>



<P STYLE="margin: 0pt 0; text-align: right; text-indent: 0; font: 10pt Arial, Helvetica, Sans-Serif"><B>Page 1 of 4</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: 43.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Board has strengthened accountability and oversight through a phased
board declassification.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Deep Track&rsquo;s flawed plan puts future stockholder value at
risk and the fund misleads stockholders about its willingness to come to a compromise. </B></FONT></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: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deep Track has been myopic in its one-dimensional plan &ndash; monetize
HEPLISAV-B<SUP>&reg;</SUP> exclusively for capital return, shutter internal and external efforts to accelerate growth and return all cash
to stockholders &ndash; that jeopardizes Dynavax&rsquo;s significant long-term growth opportunities in exchange for a near-term
payoff at considerably lower value.</FONT></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: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deep Track summarily rejected four reasonable settlement proposals
because it was uncompromising in its demand for direct Board representation and the implementation of its flawed strategy by either
a turnover of a majority of the Board by the 2026 Annual Meeting or immediate approval of an outsized stock repurchase program.</FONT></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: Courier New, Courier, Monospace">o</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deep Track&rsquo;s campaign would install candidates who bring no additive
or differentiated skillsets and would instead leave Dynavax deficient in vital expertise that is needed now.</FONT></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 Dynavax Board of Directors is committed to acting in the
best interests of all stockholders and unanimously recommends that stockholders vote <B>&ldquo;FOR&rdquo;</B> all four of Dynavax&rsquo;s
director nominees standing for election &ndash; Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun &ndash; on the <B>GOLD</B>
proxy card today.</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>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 <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;continue,&rdquo; &ldquo;expect,&rdquo;
&ldquo;will,&rdquo; &ldquo;plan,&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, market share and size of the market, 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</P>

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



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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<FONT STYLE="font-size: 8pt">,
</FONT>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 www.sec.gov. 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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This communication is neither a solicitation of a proxy or consent
nor a substitute for any proxy statement or other filings that may be made with the SEC. The Company, its directors, its director
nominees and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies for
the 2025 Annual Meeting. Information regarding the names of such persons and their respective direct or indirect interests in
the Company, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on April 17,
2025, including in the sections captioned &ldquo;Compensation Discussion and Analysis,&rdquo; &ldquo;Summary Compensation Table,&rdquo;
&ldquo;Grants of Plan Based Awards,&rdquo; &ldquo;Outstanding Equity Awards at Fiscal Year End,&rdquo; &ldquo;Pay Ratio Disclosure,&rdquo;
&ldquo;Director Compensation,&rdquo; &ldquo;Certain Transactions,&rdquo; &ldquo;Security Ownership of Certain Beneficial Owners and
Management,&rdquo; and &ldquo;Supplemental Information Regarding Participants in the Solicitation.&rdquo; To the extent that the
Company&rsquo;s directors and executive officers have acquired or disposed of securities holdings since the applicable &ldquo;as of&rdquo;
date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership
of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents
are or will be available free of charge at the SEC&rsquo;s website at <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>



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



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