Company: DVAX
Filing Date: 2025-05-07
Form Type: DEFA14A
Source: 0000930413-25-001671
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-07
Form: DEFA14A
Chunk 2
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results and superior value to stockholders. The successful execution of the Company’s balanced strategic plan is being overseen
by a highly qualified and meaningfully refreshed Board with director nominees that outmatch Deep Track's candidates in every critical area, and we are confident that Dynavax is on the right path forward.

Dynavax also mailed a letter to its stockholders in connection
with its 2025 Annual Meeting of Stockholders (“Annual Meeting”) urging stockholders to vote the GOLD proxy card
“FOR”all four of Dynavax’s highly qualified directors standing for election – Brent MacGregor,
Scott Myers, Lauren Silvernail and Elaine Sun. The Annual Meeting will be held on June 11, 2025, and Dynavax stockholders of record
as of April 14, 2025, will be entitled to vote at the Annual Meeting.

The full text of the letter being mailed to stockholders follows:

Dear Fellow Stockholder,

As a result of the strategic decisions made by the
current Board and management team, Dynavax is in the strongest position it has ever been in, and the Company’s recent financial
performance demonstrates that our strategy is delivering excellent results.

Since our 2019 pivot to prioritize Dynavax’s
vaccine business and launch HEPLISAV-B, we have designed a clear and thoughtful strategic plan and methodically executed against
it, which has directly translated into value for you, Dynavax stockholders. Dynavax has generated approximately $1 billion of stockholder value, returning over 104% versus the S&P Biotechnology Select Industry Index’s return of only 14%.

Our record first quarter 2025 earnings results announced
on May 6, once again, demonstrate we have the right plan and team in place:

| · | Total revenue of $68.2 million, a 34% increase compared to $50.8 million in Q1 2024. |

| · | HEPLISAV-B® achieved net product revenue of $65 million, an increase of 36% compared to $47.8 million in Q1 2024. This 
 puts Dynavax on track to achieve the top half of our full year guidance range of $305 to $325 million.                 |

| · | HEPLISAV-B® total estimated U.S. market share increased to approximately 43%, compared to approximately 41% in Q1 2024. |

| · | Improved Adjusted EBITDA to negative $4 million, compared to negative $7 million