Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 62

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 62
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 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 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 Prior