Company: DVAX
Filing Date: 2025-02-20
Form Type: DEFA14A
Source: 0001193125-25-029819
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-02-20
Form: DEFA14A
Chunk 2
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 Performance Underpinned by Disciplined and Balanced Capital Allocation Dynavax has been successfully executing a clear strategic plan focused on three core priorities which is consistently delivering strong financial results and sustainable long-term value:

| • |     | Driving strong HEPLISAV-B® growth: Dynavax achieved record HEPLISAV-B annual revenue in 2024, reflecting 26% growth year-over-year, positioning the Company at the upper tier 
 of its updated guidance range. The Company expects to achieve at least 60% total market share by 2030.                                                                        |

| • |     | Advancing a differentiated vaccine pipeline: Dynavax is advancing a pipeline of differentiated product                                                                                           
 candidates that leverage its proprietary CpG 1018® adjuvant, including its novel shingles vaccine program with potential to disrupt the multi-billion dollar global shingles vaccine market. The 
 Company also recently announced a new $30 million contract with the U.S. Department of Defense to advance its plague vaccine program.                                                            |

| • |     | Maintaining a disciplined and balanced approach to capital allocation: With the strength of the                                                                                                                                                                                                                                                        
 Company’s financial profile, including its balance sheet with $714 million as of year-end 2024, Dynavax is well positioned to continue developing pipeline assets towards proof-of-concept, and able to actively pursue external opportunities to expand its portfolio with strategically aligned assets that can be rapidly developed into commercial 
 products.                                                                                                                                                                                                                                                                                                                                              |

As part of the Company’s disciplined capital plan, in November 2024, Dynavax announced its first share repurchase plan of $200 million which is expected to be executed within a period of up to one year, $100 million of which was executed through an accelerated share repurchase program. This program allows the Company to return excess cash to stockholders while preserving financial flexibility to make the required investments to deliver future growth. Additionally, in the third quarter of 2024, the Company discontinued its Tdap program given study results did not meet required thresholds, which demonstrates in action Dynavax’s disciplined approach to deploying capital to the greatest growth opportunities. Page 1 of 5

Meaningful Board Change Already Underway Beginning in August 2024, the Board initiated a process to identify new directors as part of its ongoing refreshment program. As disclosed on January 27, 2025, the Board announced meaningful changes to the composition of the Board and the Company’s governance profile, including the appointment of two highly qualified independent directors, two current directors stepping down at the 2025