Company: DVAX
Filing Date: 2025-05-12
Form Type: DFAN14A
Source: 0001193125-25-117792
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DFAN14A
Chunk 2
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 above2Source:Consensusanalystestimatesreported byVisibleAlpha,figuresretrieved March14,20253AsofMay7,20254Source:Bloomberg,DVAXenterprisevalueasofMay7,2025,was$796million;TTMHeplisavsalesof$286millionaggregated fromDynavax10-QforquarterendingMarch31,2025,10-KforyearendingDecember31,2024,10-QforquarterendingSeptember30,2024,and 10-QforquarterendingJune30,2024ArefreshedBoardwithDeepTrack’shighlyqualifieddirectornominees–BrettErkman,JeffreyFarrow,MichaelMulletteandDonaldSantel–willbringthenecessaryexperience,independenceandinvestorperspectivetodrivecriticalimprovementstotheCompany’sstrategyandensureitisonthebestpathforwardforallstakeholders–includingbyeventuallyeliminatinghepatitisB–whilemaximizingthelong-termvalueoftheCompany’sassets.WeurgeyoutovoteFORDeepTrack’snomineesontheWHITEproxycardtoensureyourvoiceisheardtoday.Tolearnmore,pleasevisitwww.RefocusDVAX.com.Regards,DavidKroinFounderandChiefInvestmentOfficer,DeepTrackCapitalLPTHEMATH:1.HeplisavValuation Projection3•2030consensussales:$600M•Valuationmultiple:3.0xcurrent year sales (inline withcurrent2.8xvaluation4)•3x$600M= $1.8B2.EstimatedShareCount Reduction•Beforerepurchases:124M•After repurchases:64M3.ImpliedHeplisavValue•$1.8B/64M= ~$28/share4.RemainingCash,Equivalents,andSecurities•Estimated ~$5/shareWhat is thecurrent Board’s plan toget to$33/share?Assuming: •DVAX sharecountstays at120M,and•Heplisavisstill worth$1.8Bin 2030TheBoard’s plan must create$2-3Bof valuein fiveyears.Accomplishingthis throughearly-stageclinical developmentor acquisitions is extremelyriskyand unrealistic.DVAX BOARD’S PLAN?VOTETHE WHITE PROXYCARDVisit www.RefocusDVAX.com DVAX BOARD’S PLAN? VOTE THE WHITE PROXY CARD Visit www.RefocusDV