Company: DVAX
Filing Date: 2025-02-19
Form Type: DFAN14A
Source: 0001193125-25-029690
Chunk: 6

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-02-19
Form: DFAN14A
Chunk 6
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 2022. This makes Heplisav an incredibly valuable asset, particularly as there is no patent “cliff” to worry about. This is very likely to be a multi-decade annuity with significant profitability. Based on the Company’s own long-term sales guidance and consensus numbers, we estimate Heplisav will generate well over $1 billion of cash through 2030. Combined with $714 million of cash at the end of 2024, we believe this translates into $2 billion of cash that can be returned to shareholders by the end of 2030 – greater than the fully diluted market capitalization today, including the convertible note due May 2026 – while still retaining full ownership of Heplisav economics in the post-2030 period. With renewed focus on Heplisav, we are confident additional value could be unlocked. The Company could also consider exploring potential opportunities such as monetizing royalties, borrowing at a favorable cost of capital to return even more money to shareholders, or, at the appropriate time, an outright sale to tuck Heplisav into a larger vaccine portfolio. Of course, any such path would have to be carefully evaluated to ensure it would provide shareholders with the ability to capture optimal value as opposed to a standalone strategy. Regardless of how it occurs, we believe that putting capital back into the hands of shareholders so that it may be redeployed into other innovative projects will do far more to advance drug development than keeping cash parked indefinitely on the Dynavax balance sheet.

| 5 | Page 40, DVAX 2022 Proxy Statement |

| 6 | Page 26, DVAX 2023 Proxy Statement |

| 7 | Page 42, DVAX 2024 Proxy Statement |

Shareholder-Driven Change is Urgently Needed Dynavax shareholders deserve a Board and a management team that is all-inon Heplisav and fully aligned with investors. Our numerous interactions with the Board over the last several months have made it clear that neither is the case. During our attempt to engage with Dynavax, we have grown significantly more troubled with this team and have several objective reasons for concern:

| • |     | Not one of the Board members up for election this year, including the chairman, has purchased a single 
 share of DVAX stock on the open market.                                                                |

| • |     | Besides serving as the chairman of DVAX, Mr. Myers also serves as the chairman of three other companies                                                                                                                                 
 (Zentalis (NASDAQ: ZNT