Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 125

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 125
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 guarantees against loss or guarantees
of profit, division of losses or profits or the giving or withholding of proxies. Other than as set forth in this Appendix A or
the proxy statement, none of the Participants or any of their associates have (i) any arrangements or understandings with any
person with respect to any future employment by the Company or its affiliates or with respect to any future transactions to which
the Company or any of its affiliates will or may be a party; or (ii) a direct or indirect material interest in any transaction
or series of similar transactions since the beginning of the Company’s last fiscal year or any currently proposed transactions,
to which the Company or any of its subsidiaries was or is to be a party in which the amount involved exceeded $120,000.

| A-4 |

<div align='center'>Appendix B

Non-GAAP Financial Measures</div>

To supplement our financial results presented
on a GAAP basis, we have included information about adjusted EBITDA, a non-GAAP financial measure. We believe the presentation
of this non-GAAP financial measure, when viewed with our results under GAAP and the accompanying reconciliation, provide analysts,
investors and other third parties with insights into how we evaluate normal operational activities, including our ability to generate
cash from operations, on a comparable year-over-year basis and manage our budgeting and forecasting.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial
measure that represents GAAP net income or loss adjusted to exclude interest expense, interest income, the benefit from or provision
for income taxes, depreciation, amortization, stock-based compensation, and other adjustments to reflect changes that occur in
our business but do not represent ongoing operations. Adjusted EBITDA, as used by us, may be calculated differently from, and
therefore may not be comparable to, similarly titled measures used by other companies.

There are several limitations related
to the use of adjusted EBITDA rather than net income or loss, which is the nearest GAAP equivalent, such as:

| • | adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses,                                 
 the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected 
 in adjusted EBITDA;                                                                                                                |
| • | adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs;                                      |
| • | adjusted EBITDA does not reflect