Company: DVAX
Filing Date: 2025-02-19
Form Type: DFAN14A
Source: 0001193125-25-029690
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-02-19
Form: DFAN14A
Chunk 2
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the “Board”), Scott Myers. In fact, we believe the Board is more interested in making acquisitions that lack strategic rationale and simply burning the Company’s cash rather than investing resources into existing assets that present excellent opportunities for shareholders and patients alike. Deep Track does not typically take active, public roles at companies. However, as a long-term and significant investor of Dynavax, we felt compelled to alert our fellow shareholders to what we perceive to be a troubling fact pattern at the Company:

| • |     | Profits from nearly $1 billion of adjuvant sales during the pandemic have been idling on Dynavax’s                                                                                                                                                                               
 balance sheet since 2022; the Company’s cash now totals $714 million2 and the Board has increasingly directed management to spend that on external assets3, with incentives to show opportunities to the Board and significant bonuses to be paid if a transaction is completed. |

| • |     | The Board has provided no rational support for these forceful and distracting demands on management to identify                             
 strategic assets to acquire, leading us to suspect the underlying motivation is empire building rather than maximizing shareholder returns. |

| • |     | We remain deeply concerned that Dynavax will not only squander its substantial and growing cash balance on an ill-advised acquisition but also jeopardize future profitability and rob shareholders of the immense opportunities to be realized by focusing on Heplisav. |

Deep Track’s Attempts at Constructive Engagement and the Board’s Reactive Entrenchment Moves To be clear, we attempted to engage with Company leadership privately for many months. When we initially filed a Form 13D with the Securities and Exchange Commission on September 16, 2024, we indicated our intent to have constructive discussions with the Dynavax management team and Board about the Company’s performance, business, operations, strategic opportunities, governance and optimal use of excess cash. In the context of this engagement, we urged the Board to take four straightforward steps to protect and maximize value for shareholders:

| 1. | Abandon the search for external assets, which is now well into the fourth year; |

| 2. | Significantly increase the size of the share repurchase program; |

| 2 | Press Release, Dynavax Announces Preliminary Unaudited Fourth Quarter and Full Year 2024 Financial 
 Highlights                                                                                         |

| 3 | Page 42, DVAX 2024 Proxy Statement |

| 3. | Execute a tax-advantaged return of capital against the Company’s 
 accumulated $910 million deficit; and