Company: DVAX
Filing Date: 2025-03-10
Form Type: DFAN14A
Source: 0001193125-25-050430
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-03-10
Form: DFAN14A
Chunk 2
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 the Company. Specifically, in our conversations investors have expressed:

| • |     | Agreement with Deep Track’s concerns about capital allocation – In particular, the need to focus                                      
 on leveraging Heplisav’s potential, including a desire to own the stock because of Heplisav and not to be diluted forcibly into cash. |

| • |     | Bewilderment as to why the Board has not worked constructively to reach a settlement –                                                                                                                                               
 Shareholders know us and know our reputation as industry experts who are not typical “activists.” They don’t understand why the Board has seemingly chosen a path of confrontation and conflict with a large, long-term shareholder. |

| • |     | Support for having a Deep Track senior executive on the Board – Shareholders believe that our request                                                                                                                                         
 for a shareholder representative on the Board is eminently reasonable – especially given Dynavax’s share price underperformance relative to peers prior to our filing. Further, several shareholders said such an addition to the Board would 
 make them more confident in the direction of the Company and more comfortable continuing to own the stock.                                                                                                                                    |

| • |     | Frustration with the Company’s classified Board structure – It should come as no surprise that                                     
 your shareholders value basic good governance, and that a staggered Board structure remaining in place until 2028 is unacceptable. |

| • |     | Positive view of our candidates – Shareholders know the stellar industry reputations of our 
 nominees and believe they would be excellent additions to the Board.                        |

| • |     | Other shareholders have been calling you – Unbeknownst to us, several shareholders said they have        
 been privately reaching out to management and the Board for changes, including increased share buybacks. |

| • |     | Support for management, including Chief Executive Officer Ryan Spencer – We believe                                                                                            
 Mr. Spencer has by and large done a good job as CEO. We are not seeking a change in management – and this was the consensus view among the shareholders we spoke with as well. |

We trust you have noticed that Dynavax shares are reaching fresh 52-weekhighs. In particular, the stock is up 34% since our amended Form 13D filing on October 24, 2024, while the Nasdaq Biotechnology Index (NBI) is down 4% over the same period and the SPDR S&P Biotech ETF (XBI) is down 10%. Based on our many conversations with other investors, including sizable existing