Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFA14A
Source: 0000930413-25-001275
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFA14A
Chunk 2
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% over the past five years2                            
 and are consistently delivering record financial and operational results. Our strategy is underpinned by a capital allocation framework 
 that carefully balances strategic investments for future growth with prudent capital return. Given the current macro environment,       
 our strategy and expertise in vaccine innovation and commercialization are especially critical to protecting and delivering stockholder 
 value.                                                                                                                                  |

| 2. | Dynavax has the right Board to oversee its sustained value creation strategy. Dynavax’s four director nominees                   
 – Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun – have impressive track records of growth and value             
 creation at biotechnology companies, including specifically within the vaccine industry, both as operators and as board members. 
 Our Board and management team are best positioned to continue building on the Company’s momentum.                                |

| 3. | Deep Track is seeking board seats to advance an agenda that would shortchange other stockholders. Deep Track is fixated     
 on taking control of the Board – and thus Dynavax itself – with unqualified and non-additive director candidates that       
 will impose Deep Track’s strategy. We have sincerely attempted to reach a settlement in order to avoid a time-consuming and 
 costly proxy contest, but Deep Track has been unwilling to reach a reasonable compromise.                                   |

It is imperative that the Company stay on the right
course by continuing to execute on our commercial and R&D strategy with a balanced, thoughtful capital allocation plan. We
strongly urge you to vote “FOR” Dynavax’s four recommended director nominees on the enclosed GOLD
universal proxy card.

<div align='center'>DYNAVAX IS EXECUTING A CLEAR STRATEGY THAT IS GENERATING RECORD RESULTS AND
DELIVERING STRONG RETURNS FOR STOCKHOLDERS</div>

Dynavax is a commercially successful vaccine company
known for our leading hepatitis B vaccine, HEPLISAV-B, and novel vaccine adjuvant technology, CpG 1018. Dynavax
is in the strongest position it has ever been in, marked by consistently delivering record financial and operational results.

In 2019, the Company shed its immuno-oncology business
and entirely refocused its portfolio to prioritize its vaccine business and successfully launch HEPLISAV-B. Under
new executive leadership and a refreshed Board chaired by Scott Myers since October 2021, the Company is thriving in one of the
most challenging biotechnology environments in a generation:

Based on Dynavax stock price between March 31,
2020, and March 31