Company: DVAX
Filing Date: 2025-04-22
Form Type: DFAN14A
Source: 0001193125-25-087436
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-22
Form: DFAN14A
Chunk 2
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 extraordinary step (for us) of publicly airing our concerns and nominating four director candidates for the Company’s nine-member Board.

| 1 | Press Release, Dynavax Raises $44 Million Through Public Offering of Common Stock and Warrants. |

1

Your vote at the Annual Meeting is important – now is the time to make your voice heard and help refocus Dynavax. As you consider your vote, please keep in mind the following: The Board’s Misguided Strategy is Preventing Shareholders and All Stakeholders from Realizing Heplisav’s Full Potential

| • |     | The Board, under the direction of Chairman Scott Myers, has for years pressured management to deploy cash on 
 “empire building” acquisitions – and Dynavax has nothing to show for this strategy.                          |

| • |     | Specifically, 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 has yielded no viable opportunities and has distracted management from growing Heplisav – yet the percentage of management 
 compensation tied to sourcing external opportunities has tripled from 5% to 15% over the past four years.                                                                                                                                 |

| • |     | Management and the Board should be focused on realizing the opportunities offered by Heplisav instead of being                                                                                                                                   
 distracted by sourcing external opportunities. We believe this is a key contributor to the flattening of Heplisav’s market share growth in recent quarters. Specifically, fourth quarter 2024 Heplisav market share reported by Dynavax was 44%, 
 which is only slightly up from 42% in the prior year quarter. This is a critical period in Heplisav’s growth curve, and investors need Dynavax to be fully focused on the task at hand.                                                          |

| • |     | Recent missteps at Dynavax only highlight the significant risk and complexity of developing vaccines. In May                                                                                                                                                                                                                                                                                 
 2024, the FDA rejected2 a long-standing effort to add the adult hemodialysis population to the Heplisav label, and in November 2024, Dynavax announced it discontinued development of Tdap-10183, which was designed to further leverage the Company’s proprietary adjuvant. Given this track record, we believe investors have little confidence that the Company would be able to acquire, 
 successfully develop, and achieve licensure of an external asset on any sort of reasonable timeframe.                                                                                                                                                                                                                                                                                        |