Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 61

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 61
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 from the University of Southern California. He is a neurologist with training in virology received at the University of
Pennsylvania. Dr. Janssen has been the beneficiary of numerous honors and awards during his career. He has published over 150 scientific
articles in a variety of journals and has served as a reviewer for leading scientific journals.

<div align='center'>COMPENSATION DISCUSSION AND ANALYSIS</div>

This Compensation Discussion and Analysis discusses our executive compensation
philosophy and practices and provides an overview of the Compensation Committee’s 2024 decisions for the following named executive
officers (“NEOs”):

| • | Ryan Spencer, Chief Executive Officer and Director;                                                                          |
| • | Kelly MacDonald, Senior Vice President, Chief Financial Officer;                                                             |
| • | David F. Novack, President and Chief Operating Officer;                                                                      |
| • | John Slebir, Senior Vice President, General Counsel; and                                                                     |
| • | Robert Janssen, M.D., Chief Medical Officer and Senior Vice President, Clinical Development, Medical and Regulatory Affairs. |

Overview

Our Business

We are a commercial stage biopharmaceutical company developing and
commercializing innovative vaccines to help protect the world against infectious diseases. We are currently focused on our efforts to
drive long-term stockholder value by driving growth and maximizing the value of our lead commercial asset, HEPLISAV-B adult hepatitis
B vaccine, advancing our portfolio of differentiated vaccine candidates leveraging our core technology, CpG 1018® vaccine adjuvant,
and identifying strategic opportunities to accelerate growth.

Our first marketed product, HEPLISAV-B [Hepatitis B Vaccine (Recombinant),
Adjuvanted], is approved in the United States, the European Union and the United Kingdom for prevention of infection caused by all known
subtypes of hepatitis B virus (“HBV”) in adults aged 18 years and older.

We are advancing a pipeline of differentiated product candidates that
leverage our CpG 1018 adjuvant to develop vaccines in indications with unmet medical needs. These programs include vaccine candidates
under development for shingles and plague.

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Overview of 2024 Performance

We believe that 2024 was another highly transformative year for Dynavax,
where we made substantial progress against our core strategic priorities:

| • | Drive growth in HEPLISAV-B [Hepatitis B Vaccine (Recombinant), Adjuvanted];                                                         |
| • | Advance our differentiated pipeline