Company: DVAX
Filing Date: 2025-02-19
Form Type: DFAN14A
Source: 0001193125-25-029690
Chunk: 5

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-02-19
Form: DFAN14A
Chunk 5
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 out and underestimates the potential of Heplisav. Instead of fully committing to                                                                                                                                  
 Heplisav – a best-in-class vaccine unlikely to ever face generic competition – they are hedging their bets. Shareholders need this management team and Board to                                                                      
 be fully behind their most valuable asset. Even when sales do eventually flatten (and we can hardly predict when; the “2030” estimate provided by the Company could easily be many years later), margins will continue to improve as 
 Heplisav becomes firmly established as the standard of care.                                                                                                                                                                         |

| 2. | Second, Dynavax has nothing to show for its strategy despite spending years looking for                                                                                                      
 external programs. The Board first put goals into place for management to acquire assets5 in 2021; the following year, management was                                                        
 tasked6 with completing a “comprehensive assessment and defined strategy for inorganic growth by the third quarter of 2022,” and in 2023, the Board directed management to “present          
 comprehensive evaluation of at least three late-stage/commercial opportunities to the Strategic Advisory Committee7.” To date, these efforts have yielded nothing, and we believe continuing 
 this effort will only further distract management from growing Heplisav.                                                                                                                     |

| 3. | Third, the key focus of the Company’s commercial efforts is in the retail pharmacy                                                                                                                                                                   
 channel. There are only a finite number of complementary vaccines that would make any financial or strategic sense to promote next to Heplisav, and Dynavax does not have the financial wherewithal to acquire any of them. Management has indicated 
 they are not willing to take on clinical risk when purchasing external assets, leaving a very small pool of vaccines – none of which will come close to matching the rate of return offered by Heplisav and DVAX shares at these levels.             |

Should the current Board and their diversification strategy be allowed to continue, the downside risk to DVAX shares is significant. We are highly concerned the Board will act out of desperation, spending the Company’s cash and increasing future operating expenses to satisfy a corporate goal that is completely unnecessary. Heplisav Represents Significant Value for Dynavax Dynavax developed the best-in-classadult vaccine for hepatitis B, a disease with no cure and potential serious consequences including liver cancer. We expect sales of Heplisav to grow steadily as the Company increases market share and more adults are vaccinated as part of the universal recommendation instituted by the Centers for Disease Control and Prevention in