Company: DVAX
Filing Date: 2025-04-29
Form Type: DEFA14A
Source: 0000930413-25-001558
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-29
Form: DEFA14A
Chunk 1
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avax stockholders of record as of April 14, 2025, will
be entitled to vote at the Annual Meeting.

The full text of the letter being mailed to stockholders follows:

Dear Fellow Stockholder,

At this year’s Annual Meeting, Deep Track Capital
is seeking to replace four of our independent directors, including our Chairman, with inferior nominees that would implement Deep
Track’s value destructive plan — change that is not only unnecessary but would also impede the Company’s sustained
momentum and risk the long-term value of your investment. The Dynavax Board of Directors has been meaningfully refreshed in recent
years with qualified directors who have enhanced the Company’s corporate governance while overseeing consistent and record
financial and operational performance. Dynavax is in the strongest position it has ever been in, and our Board’s nominees
– Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun – are essential to advancing Dynavax’s strategy
and driving long-term stockholder value at this pivotal juncture for the Company. We urge you to vote “FOR” Dynavax’s four director nominees on the GOLD universal proxy card today.Only four directors can be elected at the Annual Meeting.

<div align='center'>DYNAVAX’S BOARD HAS ALREADY THOUGHTFULLY REFRESHED WITH EXPERTS WHO KNOW
HOW TO DRIVE LONG-TERM STOCKHOLDER VALUE IN OUR INDUSTRY</div>

Our Board refreshment process has always been driven
by a clear set of criteria based on Dynavax’s current and future needs. Since Dynavax underwent a wholesale transformation
starting in 2019 to prioritize its vaccine business and launch HEPLISAV-B, we have thoughtfully reshaped our Board
with new, independent directors who bring highly specialized skillsets that are directly aligned to our long-term strategic plan.

As a result of our refreshment efforts, following
the Annual Meeting, the Board will be comprised of nine directors, with six of our eight independent directors having been appointed
since 2020. This refreshed Board has been the architect of the successful plan we currently have in place and remains crucial to
our continued execution. Our Board checks every box:

| Extensive Industry Knowledge               | 9/9 |
| Vaccine Experience (R&D, Sales, Marketing) | 7/9 |

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| Operational / Commercial Experience     | 9/9 |
| Clinical Development Experience         | 5/9 |
| Business Development/M&A Experience     | 8