Company: DVAX
Filing Date: 2025-06-09
Form Type: DFAN14A
Source: 0001193125-25-137592
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-06-09
Form: DFAN14A
Chunk 2
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 decline from the sevenpoints achieved in the year prior. At this rate, Heplisav will fall far short of the Company’s 60% target for 2030 – yet management contended on the earnings call last month that this is “exactly how we had planned.” 3Shares fell 11% the next day. 4

We believe that growing questions about Heplisav growth with a distracted management team combined with an outsized cash pile with no coherent strategy for deployment have taken their toll on the share price. While the Company points to a “pivot” in 2019 when it made the unsurprising choice to focus on its only approved product, this reference point ignores the multi-year losses since then – both on an absolute basis and against the Company’s benchmark historically used in its own proxy filings 5, the Nasdaq Biotechnology Index (NBI):

|             |     | DVAX |     |   |     | NBI |     |   |     | DVAX vs. NBI |     |   |
| One year    |     |      | -17 | % |     |     |  -6 | % |     |              | -10 | % |
| Two years   |     |      | -12 | % |     |     |  +2 | % |     |              | -14 | % |
| Three years |     |      | -15 | % |     |     | +17 | % |     |              | -32 | % |

Slowing market share growth, missed revenue targets, and a stock price meaningfully underperforming the Company’s index for years all point to fundamental problems at Dynavax – problems that are a direct result of the questionable Board strategy of diversifying the Company away from its lead asset. Second, without new voices in the boardroom, nothing will change.As leading proxy advisory firm Glass, Lewis & Co. (“Glass Lewis”) noted in its report, 6our campaign “…highlighted valid and critical questions regarding Dynavax’s strategic direction, capital allocation, and board responsiveness.” By voting for the incumbent directors up for election, you would be voting to leave these questions unaddressed and effectively assenting to the current strategy set by Chairman Scott Myers without any further debate, assessment, or new thinking. As Glass Lewis wrote when recommending againstMr. Myers, shareholders would be “best served” by electing Deep Track directors who would bring “relevant and differentiated perspectives to the Board.” Shareholders must also keep in mind