Company: DVAX
Filing Date: 2025-05-12
Form Type: DEFA14A
Source: 0000930413-25-001704
Chunk: 22

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DEFA14A
Chunk 22
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, is off by orders of magnitude

ibdroot \ projects \ IBD - NY \ dilates2022 \ 698484_1 \ Presentations \ 24. 2025.02.XX Fight Deck \ FINAL - to share with Cooley \ Dynavax Investor Presentation (May - 2025)_Print.pptx © Copyright DYNAVAX 2025 Correcting Deep Track’s False and Misleading Claims (1/2) Dynavax’s management team is distracted and insufficiently focused on growing HEPLISAV - B HEPLISAV - B became the #1 adult hepatitis B vaccine in the US in 2024, overtaking an incumbent market leader (GSK) and generating record net product revenue of $268.4M, a 26% year - over - year increase HEPLISAV - B revenue has grown at a 65% compound annual growth rate since 2020 These results would not have been possible without disciplined focus on maximizing our HEPLISAV - B opportunity The Board (and Chairman Myers in particular) are pressuring management to deploy cash in ‘empire building’ acquisitions, with nothing to show for it Our external business development efforts resulted in >$950M in net product revenue from 2020 - 2022 through the establishment of a global portfolio of CpG 1018 adjuvant commercial supply agreements supporting the development of COVID - 19 vaccines. Our promising clinical vaccine pipeline is focused on products where our CpG 1018 adjuvant could drive improved, differentiated efficacy Deep Track misconstrues prudent capital allocation with idleness. The Board and Chairman have an extensive track record of successful portfolio management, including selling many companies, and have been disciplined in evaluating opportunities that would benefit from our core competitive advantages Dynavax’s $200M share buyback was reactive to Deep Track’s demands Dynavax announced a $200M share repurchase program in November 2024 following the decision to discontinue development of our TDAP - 1018 program based on results of a long - term Phase 1 extension study that did not demonstrate a differentiated profile that we believed would be successful commercially The Board has been regularly assessing when and whether to return capital to stockholders for the past 2 years. Dynavax’s commercial execution efforts, financial position and commitment to achieving profitability afforded us the capacity to return cash to shareholders at that point through the repurchase program This is a prime example of the Board’s balanced approach to capital allocation and opportunistic return of capital as the projected