<SEC-DOCUMENT>0001193125-25-135000.txt : 20250604
<SEC-HEADER>0001193125-25-135000.hdr.sgml : 20250604
<ACCEPTANCE-DATETIME>20250604170911
ACCESSION NUMBER:		0001193125-25-135000
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250604
DATE AS OF CHANGE:		20250604

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:		251024028

	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>d941288ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PROXY
STATEMENT PURSUANT TO SECTION 14(a) OF THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other
than the Registrant&#8194;&#9744; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Dynavax Technologies Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rule
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Schedule 14A filing consists of the following press release distributed by Dynavax Technologies
Corporation (the &#147;Company&#148;) to its stockholders in connection with the Company&#146;s 2025 Annual Meeting of Stockholders. The press release was first used or made available on June&nbsp;4, 2025. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dynavax Comments on Glass Lewis Recommendation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Dynavax is Already Delivering Significant Long Term Stockholder Value Through Execution of Current Strategy Overseen by Board; </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Deep Track&#146;s Inferior Short-Term Plan and Nominees are Not in the Best Interests of All Stockholders </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Glass Lewis&#146; Recommendation Recognizes the Significant Stockholder Value Creation and </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Differentiated Capital Return Overseen by the Dynavax Board </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Reiterates ISS and Egan Jones Recommendations that Stockholders Support ALL Dynavax Nominees and </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Deep Track Board Representation is Not Warranted </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Urges Stockholders to Vote </I><B><I>&#147;FOR&#148; ALL</I></B><I> Four of Dynavax&#146;s Highly Qualified Director Nominees on the
</I><B><I>GOLD</I></B><I> Proxy Card Today </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EMERYVILLE, Calif., June&nbsp;4, 2025 &#151; Dynavax Technologies Corporation (Nasdaq: DVAX)
(&#147;Dynavax&#148; or the &#147;Company&#148;), a commercial-stage biopharmaceutical company developing and commercializing innovative vaccines, today commented on a report published by Glass, Lewis&nbsp;&amp; Co. (&#147;Glass Lewis&#148;) in
connection with the election of the Company&#146;s director nominees&nbsp;&#150;&nbsp;Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun&nbsp;&#150;&nbsp;at its Annual Meeting of Stockholders on June&nbsp;11, 2025 (the &#147;2025 Annual
Meeting&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We strongly disagree with Glass Lewis&#146; recommendation against two of our highly qualified directors. Significant
Board composition and strategy changes have already been made, and the directors needed to continue successfully executing our superior strategic plan that is delivering significant long-term stockholder value are already on the Board. Indeed, Glass
Lewis acknowledges that Dynavax&#146;s 2019 pivot has generated significant stockholder returns, the Company&#146;s share repurchase program differentiates Dynavax amongst our peers, and our Board has been meaningfully refreshed with high-quality
and sector-specific expertise. In its June&nbsp;4, 2025, report, Glass Lewis noted<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Dynavax&#146;s longer-term performance suggest that its 2019 strategic pivot toward vaccines has
<B>meaningfully contributed to shareholder value creation</B>.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;We also observe that the board has a relatively <B>balanced mix of short-, medium- and long-tenured
directors</B>: two directors (including Management Nominee Silvernail) were appointed in February 2025; four (including Management Nominees MacGregor, Myers and Sun) were appointed between 2020 and 2021, more than a year after the Company had
announced its strategic pivot to focus on its vaccine business; and three have served since the <FONT STYLE="white-space:nowrap">pre-2019</FONT> strategic pivot.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;We recognize that <B>each of the Company&#146;s directors have
<FONT STYLE="white-space:nowrap">C-suite</FONT> experience within the healthcare sector. To be clear, we do not doubt the depth, quality and relevance of the sector-specific expertise offered by these directors</B>.&#148;
</P></TD></TR></TABLE><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Permission to use quotes neither sought nor obtained. Emphasis added. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Importantly, Institutional Shareholder Services (&#147;ISS&#148;) and Egan Jones agree that
there is not a case for change and stockholders should support all of Dynavax&#146;s director nominees. Dynavax has the right strategy and the right Board: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Growing
<FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT></B><B><SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP></B><B> market leadership:</B> Since its launch in 2019, the Board and management team have grown
<FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT><SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> to be the market-leading hepatitis B vaccine with $268&nbsp;million of net product revenue in 2024 and 44% market share as of <FONT
STYLE="white-space:nowrap">year-end</FONT> 2024, quickly overtaking the large pharma incumbent market leader of the U.S. adult hepatitis B vaccine market. The Company continues to deliver record operational and financial results, including record
first quarter 2025 financial results with <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT><SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> net product revenue of $65&nbsp;million, a 36% increase year-over-year, and total revenue of
$68.2&nbsp;million, 34% increase year-over-year. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Clear strategic plan that is delivering superior stockholder value:</B> The Company is executing a clear <FONT
STYLE="white-space:nowrap">go-forward</FONT> capital allocation strategy that balances strategic investment in growth through pursuit of internal and external assets and opportunistically returning capital to stockholders. This plan is clearly
working as Dynavax has delivered 203% total return to stockholders over the last five years<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> while vaccine peers returned 9% and the S&amp;P Biotechnology Select Industry Index declined 17% over
the same period. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Dynavax is one of the few vaccine companies that has returned meaningful capital to stockholders:</B> As of
May&nbsp;5, 2025, the Company has executed over 85% of its $200&nbsp;million share repurchase program authorized in November 2024. The $200&nbsp;million share repurchase program represents 47%<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> of
Dynavax&#146;s use of capital, far in excess of its peers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Proactive, strategic and extensive Board refreshment:</B> Following the 2025 Annual Meeting, the Board will be
comprised of nine directors, with six of eight independent directors having been appointed since 2020. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Strengthened accountability and oversight:</B> Through a phased board declassification. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">All of our nominees &#150; Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun &#150; are vastly superior to Deep Track&#146;s
slate, and replacing any of them would leave Dynavax deficient in vital expertise that is needed to guide the Company through a pivotal year. They have expertise across every facet of the biotechnology and vaccine spaces and have led multiple
company transactions generating billions of dollars and maximizing stockholder value. In particular, the loss of Mr.&nbsp;MacGregor, a member of our Nominating and Corporate Governance Committee who has helped oversee the Company&#146;s proactive
refreshment program and brings critical vaccine development and commercialization expertise, or Mr.&nbsp;Myers, the Chairman of our Board who brings decades of public company leadership experience, would be detrimental to long-term stockholders.
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">As of April&nbsp;17, 2025, the date Dynavax filed its definitive proxy. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Use of capital from 2020 to present, excluding CapEx and SG&amp;A expense; reflects full execution of the
$200&nbsp;million share repurchase program. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Deep Track&#146;s candidates lack the decades of public company biotechnology and vaccine
operational and financial acumen that Dynavax&#146;s directors bring and have little to no public company board experience. In discussing the redundant skills of Deep Track&#146;s independent candidates, Glass Lewis noted, &#147;However, we note
that these functional areas &#150; operations, commercialization, and <FONT STYLE="white-space:nowrap">C-suite</FONT> leadership &#150; are <B>already represented to a meaningful degree on the current board</B>.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As Glass Lewis states, there are legitimate concerns with Brett Erkman&#146;s candidacy and background that stockholders should question. As a
Deep Track fund principal, he is beholden to Deep Track&#146;s thesis and has repeatedly demonstrated his unwillingness to be open-minded. Further, he is underqualified to serve on our Board given he has never served as an executive at a biotech
company or as a director of a public company nor served in an operational or financial role at any company. Glass Lewis noted, &#147;Mr.&nbsp;Erkman&#146;s candidacy is not without potential drawbacks. He has <B>no prior experience serving as a
public company director or executive, and as such, his fiduciary experience in a boardroom setting remains untested</B>. Moreover, while his affiliation with Deep Track underscores alignment with shareholders, his interview with the Company
reportedly emphasized his firm belief that Dynavax&#146;s current capital allocation strategy should change &#150; a stance that management characterized as rigidly aligned with Deep Track&#146;s views. This posture, along with the Company&#146;s
consistent resistance to his appointment across multiple settlement discussions, <B>may raise legitimate questions about his willingness or ability to balance Deep Track&#146;s position with the broader interests of all shareholders</B>.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">It remains abundantly clear that Deep Track simply wants a near-term payoff, which would come at the expense of long-term value generation for
all other stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dynavax reminds stockholders that every vote is important, no matter how many or few shares it represents. Dynavax strongly urges
stockholders vote <B>&#147;FOR&#148;</B> ALL four of Dynavax&#146;s director nominees standing for election &#150; Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun &#150; on the <B>GOLD</B> proxy card today. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dynavax stockholders who need assistance in voting their shares may call the Company&#146;s proxy solicitor, MacKenzie Partners, at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-322-2885.</FONT></FONT></FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Advisors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC is serving as financial advisor to Dynavax and Cooley LLP is serving as legal counsel. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Dynavax </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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, <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT><SUP
STYLE="font-size:75%; vertical-align:top">&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 STYLE="font-size:75%; vertical-align:top">&reg;</SUP> adjuvant, currently used in <FONT STYLE="white-space:nowrap">HEPLISAV-B</FONT> and multiple adjuvanted <FONT
STYLE="white-space:nowrap">COVID-19</FONT> vaccines. For more information about our marketed products and development pipeline, visit www.dynavax.com. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Page 3 of 5 </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains &#147;forward-looking&#148; statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and
Section&nbsp;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 &#147;continue,&#148; &#147;expect,&#148; &#147;will,&#148; &#147;plan,&#148; &#147;would&#148; 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 surrounding or leading up to our 2025 Annual Meeting may change,
risks relating to our ability to commercialize and supply <FONT STYLE="white-space:nowrap">HEPLISAV-B,</FONT> 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 <FONT STYLE="white-space:nowrap">pre-clinical</FONT> 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 &#147;Risk Factors&#148; section of our Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> for the three months ended March&nbsp;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&#146;s
website at www.dynavax.com is not incorporated by reference in our current periodic reports with the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Additional Information and Where
to Find It </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On April&nbsp;17, 2025, the Company filed a definitive proxy statement on Schedule&nbsp;14A (the &#147;Proxy Statement&#148;) and form of
accompanying GOLD proxy card with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) in connection with its 2025 Annual Meeting and its solicitation of proxies for the Company&#146;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&#146;s website at www.sec.gov. Copies will also be available at no charge at the Company&#146;s website at <FONT STYLE="white-space:nowrap">https://investors.dynavax.com/sec-filings.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Information Regarding Participants </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Page 4 of 5 </B></P>

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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&nbsp;17, 2025, including in the sections captioned &#147;Compensation Discussion and Analysis,&#148; &#147;Summary Compensation Table,&#148; &#147;Grants of Plan
Based Awards,&#148; &#147;Outstanding Equity Awards at Fiscal Year End,&#148; &#147;Pay Ratio Disclosure,&#148; &#147;Director Compensation,&#148; &#147;Certain Transactions,&#148; &#147;Security Ownership of Certain Beneficial Owners and
Management,&#148; and &#147;Supplemental Information Regarding Participants in the Solicitation.&#148; To the extent that the Company&#146;s directors and executive officers have acquired or disposed of securities holdings since the applicable
&#147;as of&#148; date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form&nbsp;4 or Initial Statements of Beneficial Ownership of Securities on Form&nbsp;3
filed with the SEC. These documents are or will be available free of charge at the SEC&#146;s website at www.sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Investors: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paul Cox </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">pcox@dynavax.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">510-665-0499</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MacKenzie Partners, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bob Marese / John Bryan </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toll-Free: <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-322-2885</FONT></FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DVAX@mackenziepartners.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Media: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dan Moore / Tali Epstein </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Dynavax-CS@collectedstrategies.com</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Page 5 of 5 </B></P>

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