Company: DVAX
Filing Date: 2025-05-23
Form Type: DEFA14A
Source: 0001193125-25-125825
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-23
Form: DEFA14A
Chunk 1
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 and Elaine Sun – at the Company’s upcoming Annual Meeting of Stockholders on June 11, 2025. In its May 23, 2025, report, ISS noted that Deep Track has failed to present a compelling case for change. ISS recognizes that Dynavax’s current strategy is the best path forward for continued long-term stockholder value creation, the Board has engaged in a proactive refreshment process, and the Board has engaged earnestly with Deep Track 1:

| • |     | “Despite recent challenges, the company’s strategy is logical, is well understood by shareholders, and                                                                                                                                              
 is being overseen by a proven leadership team that has driven long-term outperformance. Moreover, there is no reason to conclude that the board would be unwilling to embrace a different path forward if necessary. As such, the dissident has not 
 presented a compelling case for change.”                                                                                                                                                                                                            |

| • |     | “The basic logic underpinning the company’s strategy is self-evident. There are                                                                                                                                                              
 demonstrated potential uses for the company’s adjuvant beyond Heplisav, and the company possesses established commercialization capabilities. Moreover, this approach has been in place since the refocus in 2019, and has been consistently 
 messaged to shareholders. Since that time, the company has successfully commercialized Heplisav, and has enjoyed the type of long-term success that evades most biopharmaceutical companies.”                                                |

| • |     | “There are serious concerns with the dissident’s presentation of TSR… The dissident’s attempt         
 to suggest otherwise through a blatantly distorted TSR analysis has only diminished its credibility.” |

| • |     | “The board has also demonstrated ongoing refreshment efforts, as six of the nine directors 
 have been appointed since 2020.”                                                           |

| • |     | “The board’s efforts to reach a settlement with the dissident appear genuine… The                                                                                       
 primary sticking point for both parties was the appointment of Erkman as a director… the dissident eventually refused to entertain any offer that did not include him.” |

| 1 | Permission to use quotes neither sought nor obtained. Emphasis added. |

Dynavax’s Board of Directors issued the following statement: The recommendation from ISS to support all of Dynavax’s highly qualified director nominees reaffirms that there is no case for change. The Company has the right strategy and Board in place to continue driving long-term stockholder value. Our director nominees – Brent MacGregor, Scott Myers, Lauren