Company: DVAX
Filing Date: 2025-06-06
Form Type: DEFA14A
Source: 0001193125-25-136261
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-06-06
Form: DEFA14A
Chunk 1
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 that simply proves we have more cash than our peers; this fails to account for our
anticipated capital needs and interprets prudent capital allocation as excessive conservatism. The report also mistakenly characterizes our reluctance to grant direct board representation to an investor who we believe to be pursuing a
value-destructive strategy as insufficient responsiveness to stockholder feedback, which overlooks our concerted efforts to reach a reasonable compromise.

Replacing any Dynavax directors with Deep Track’s underqualified nominees would disrupt the momentum of our clearly successful long-term strategy and put
stockholder value at risk. As Glass Lewis notes, the skills Deep Track’s candidates claim to offer are already well-represented on our Board. Additionally, the report raises valid concerns about Brett
Erkman’s lack of experience and rigid alignment with Deep Track’s narrow agenda, which prioritizes short-term gain at the expense of long-term value. In addition, Donald Santel does not have any vaccine specific expertise, his public
C-suite experience ended ten years ago and his background is not additive to the skills of the existing Board or Mr. MacGregor or Mr. Myers.

Dynavax has the right strategy, the right leadership and a proven record of delivering results.

Ryan Spencer

Chief Executive
Officer

As of April 17, 2025, the date Dynavax filed its definitive proxy.

2100 Powell Street, Suite 720, Emeryville, California 94608

Phone: 510-848-5100 Toll-Free: 877-848-5100 Fax: 510-848-1327 www.dynavax.com