Company: DVAX
Filing Date: 2025-05-19
Form Type: DFAN14A
Source: 0001193125-25-122435
Chunk: 8

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-19
Form: DFAN14A
Chunk 8
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1 20 years ago for the pandemic flu vaccine is the best risk-adjusted strategy available today. Increasing distractions from the still-unproductive multi-year search for inorganic growth opportunities and a growing portfolio of high-risk vaccine projects are drawing valuable management attention away from Heplisav. Shareholders have been patient. But there is a better path to long-term value creation that includes: Returning excess capital Objectively evaluating results from existing pipeline candidates Out-licensing CpG 1018 to minimize risk but capture upside 1 Dynavax 1Q25 press release filed May 6, 2025. 10

Deep Track Sees a Path to Meaningful Value Creation A superior risk- 1 repurchase shares: indicative value of ~$33 per share in 2030 Step 1: Confirm Strategy Step 2: Capital Allocation Step 3: Lower Share Count Committed focus on Heplisav growth Return excess cash to shareholders Increase per-share value 2 Shares outstanding, ending Heplisav Sales & Consensus Forecast Cash, ending (millions) ($ mm) ($mm) $600 125 $600 $500 100 $400 $400 75 $200 $300 $0 $200 50 FY20 FY22 FY24 FY26 FY28 FY30 FY25 FY26 FY27 FY28 FY29 FY30 FY25 FY26 FY27 FY28 FY29 FY30 Sales Consensus Share repurchases could lower the diluted share count Excess cash today combined with future cash flows If management is focused on the strategic priority of would enable the return of over $1.5 billion to from 124 million to 64 million by the end of 2030 growing market share, sales are expected thereby increasing the value of each share. shareholders through 2030. to reach $600 million by the end of 2030. Focusing on market share and a If the Company did this, Dynavax would still end 2030 This trajectory is consistent with historical revenue systematic buyback program is the most valuable with ~$285 million of cash. growth since 2020. risk-adjusted opportunity available to Dynavax Capital remains available for business development, Board change is needed to prevent a distracting, shareholders today. should a sufficiently attractive opportunity arise. risky, and potentially value-destructive acquisition of an external asset with uncertain returns. 1 Based on assumptions of sales, capital allocation, and outstanding share count as described herein 11 2 Source: Consensus analyst estimates reported by VisibleAlpha, figures retrieved March