Company: DVAX
Filing Date: 2025-04-07
Form Type: PREC14A
Source: 0001193125-25-074629
Chunk: 9

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-07
Form: PREC14A
Chunk 9
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REASONS FOR THE SOLICITATION

Deep Track Capital, along with its affiliates, is one of the largest shareholders of the Company, with ownership of approximately 14.3% as of
the date hereof. Deep Track Capital managed approximately $4 billion as of March 31, 2025, on behalf of its investors, which include numerous healthcare organizations and non-profits, and we invest
exclusively in the life sciences space. Since its inception in 2021, Deep Track Capital has directly invested billions of dollars into more than one hundred companies to advance the development of novel therapies. The senior members of Deep Track
Capital, while at a prior firm, first purchased shares of the Company in a financing nearly 15 years ago to support the development of Heplisav, a best-in-class adult
vaccine for Hepatitis B. As a firm, we have continued to steadily build our position in the Company and, in fact, have purchased shares every quarter from Q4 2022 through Q4 2024 – demonstrating our conviction in the Company’s potential.

Deep Track Capital initially reached out to the Company privately in an attempt to have constructive discussions with management and the
Board about the Company’s performance, business, operations, strategic opportunities, governance and optimal use of excess cash. Despite our efforts over a period of months to engage constructively with the Board and management team regarding
our concerns and the opportunities that we believe are available to drive value, it became clear that the Board is more interested in entrenchment and pursuing its unfortunate acquisition strategy than acting in the best interests of all
Stockholders. Our discussions with non-executive members of the Board have largely been limited to the Chairman, Scott Myers, who we believe is the architect of, and is responsible for, the Company’s
current misguided strategy.

We believe that the Company’s “empire-building” strategy of seeking acquisitions that lack
strategic rationale instead of focusing on leveraging the potential of its major asset, Heplisav, is putting Stockholders’ investments at risk. While we have confidence in the Company’s management team, we are highly skeptical of the
strategy being set by the Board. In 2023, the Board tasked management with presenting an evaluation of at least three late stage/commercial opportunities. The Company’s subsequent focus on asset acquisitions and growing inorganically have
yielded no viable acquisition opportunities and have distracted management from growing Heplisav. Most recently, despite having