Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 62

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 62
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 programs into clinical trial initiations and data readouts; and                                 |
| • | Identify strategic opportunities to accelerate growth, while maintaining a disciplined allocation of capital aligned with corporate 
 strategy to deliver long-term value through internal and external innovation.                                                       |

We successfully executed on these key objectives over the course of
the year. Some of the key highlights include:

| • | Once again producing all-time high net revenue for our HEPLISAV-B vaccine: $268.4 million, or 26% growth;                                   |
| • | Successfully advancing multiple clinical programs;                                                                                          |
| • | Continuing our disciplined and balanced approach to capital allocation, including, but not limited to our $200.0 million share              
 repurchase program authorized by our Board for execution during 2024 and 2025;                                                              |
| • | Ending 2024 with $713.8 million in cash, cash equivalents and marketable securities, after implementing the $100.0 million share repurchase 
 described above;                                                                                                                            |
| • | Rationalizing R&D spend by terminating our Tdap program after results from a long-term phase 1 extension study did not demonstrate          
 a sufficiently differentiated profile that we believed would be commercially viable, despite our belief that it would be an effective       
 product;                                                                                                                                    |
| • | Improving our capital position by generating $66.5 million in cash from operations during the year; and                                     |
| • | Continuing our disciplined overall approach to capital allocation, including maintaining selectivity in evaluating potential                
 opportunities for organic and inorganic growth.                                                                                             |

We believe these accomplishments have put us in a strong position to further advance the business and strategy during 2025 and beyond.

Key 2024 Highlights and Performance Against Core Priorities

During the 2024 performance year and early 2025, we achieved the following
in connection with our core priorities described above:

Drive Growth of HEPLISAV-B [Hepatitis B Vaccine (Recombinant), Adjuvanted]

| • | To further leverage the CDC’s Advisory Committee on Immunization Practices (“ACIP”) recommendation that all adults aged 19-59 should be vaccinated against hepatitis B (“ACIP Recommendation”), during 2024, we refined our sales approach as well as our targeting and marketing efforts, and realigned our sales organization to focus on expanding our market share in integrated delivery networks and large clinics (“IDNs”) and retail pharmacy, two of the largest and fastest growing segments we market to. |
| • | These efforts resulted