Company: DVAX
Filing Date: 2025-05-07
Form Type: DEFA14A
Source: 0000930413-25-001671
Chunk: 3

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-07
Form: DEFA14A
Chunk 3
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 in Q1 2024. Dynavax continues to expect Adjusted     
 EBITDA to be at least $75 million in 2025, demonstrating our ability to grow adjusted EBITDA at more than 2 times the rate of product 
 revenue.                                                                                                                              |

| · | Executed over 85% of the $200 million share repurchase program that was implemented in November 2024, with $172 million complete 
 as of May 5, 2025.                                                                                                               |

Total stockholder return from May 23, 2019, the
date Dynavax announced its strategic pivot, to April 17, 2025, the date Dynavax filed its definitive proxy.

Page 2 of 6

A critical element of Dynavax’s overarching
strategy is leveraging our proprietary CpG 1018 adjuvant to advance our differentiated vaccine pipeline focused on well-established
antigens and biology with clear regulatory pathways in order to enable long-term top-line growth and sustained stockholder value
creation. Alongside our first quarter results, we announced new pipeline programs, in addition to our ongoing shingles and plague vaccine programs:

| · | Pandemic Influenza: Will support global pandemic preparedness and response efforts. Dynavax expects to initiate a Phase 
 1/2 study in Q2 2025.                                                                                                   |

| · | Lyme Disease: There are currently no approved human vaccines for Lyme disease and we believe that our investigational             
 Lyme disease vaccine, adjuvanted with CpG 1018, has the potential for a differentiated and best-in-class vaccine profile. Dynavax 
 expects to initiate clinical development in 2027.                                                                                 |

Our differentiated expertise and capabilities, plus scaling and diversifying our pipeline and commercial product portfolio through internal R&D and corporate development, has led to a proven blueprint for long-term success in biopharma to drive continued value creation.

<div align='center'>VOTE TODAY TO HELP ENSURE DYNAVAX’S CONTINUED MOMENTUM</div>

The current Dynavax Board, including, our nominees
up for re-election this year— Brent MacGregor, Scott Myers (our Chairman), Lauren Silvernail and Elaine Sun — are uniquely
equipped with the necessary expertise to continue successfully advancing Dynavax’s strategy and drive long-term stockholder
value. We urge you to vote “FOR” Dynavax’s four director nominees on the GOLD universal proxy card today.

Deep Track’s proposed changes to the Board would
install unqualified