Company: DVAX
Filing Date: 2025-05-12
Form Type: DEFA14A
Source: 0000930413-25-001704
Chunk: 13

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DEFA14A
Chunk 13
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 organic R&D portfolio leveraging CpG 1018 — Vaccine efficacy studies cost ~$200mm+ to run • Systematically prioritize and evaluate late - stage assets that leverage our unique capabilities — Precedent Ph. 2 - 3 upfront costs range ~$200 - $300mm+ • Maintain capital at lowest possible cost to bring products to market • Current balance sheet cash allows ability to fund internal pipeline and strengthens competitive advantage in corporate development • Convertible debt offers most efficient cost of capital and flexibility — Current leverage is considered low/moderate relative to peer group • Opportunistically return capital to shareholders through buybacks – as we had already begun to do before this contest even began – when internal and external opportunities do not offer attractive returns • Focus on driving shareholder value through fundamental value creation leveraging our core technology / competencies S ource: Dynavax internal data and company estimates

ibdroot \ projects \ IBD - NY \ dilates2022 \ 698484_1 \ Presentations \ 24. 2025.02.XX Fight Deck \ FINAL - to share with Cooley \ Dynavax Investor Presentation (May - 2025)_Print.pptx 53% 97% 60% 98% 82% 100% 3% 36% 2% 47% 4% 18% Dynavax Technologies Novavax Bavarian Nordic Valneva Emergent BioSolutions Vaxcyte We Are One of the Few Vaccine Companies to Return Meaningful Capital to Stockholders Uses of Capital 1 (2020 – 2024) | $ in millions 203 % (69)% 9 % 11 % (93)% 92 % 5 Last 5 Years TSR 3 R&D Share Repurchase M&A S ource: FactSet; Market data as of 17 - Apr - 2025 1 Uses of capital does not include CapEx and SG&A expenses. 2 Reflects full execution of the $200M share repurchase program. 3 Total stockholder return as of 17 - Apr - 2025. 4 Vaccine Peers comprised of Bavarian Nordic, Emergent BioSolutions, Novavax, Valneva, and Vaxcyte. 5 Vaxcyte TSR from IPO on 12 - Jun - 2020 to 17 - Apr - 2025. © Copyright DYNAVAX 2025 17 | DVAX stock has returned +203% TSR over the Last Five Years