Company: DVAX
Filing Date: 2025-05-12
Form Type: DFAN14A
Source: 0001193125-25-117792
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DFAN14A
Chunk 1
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82%oftheCompany’soutstandingshares.WeseeapathtomeaningfulvaluecreationforDynavaxthatcouldcompoundshareholdervaluebymorethan20%annually1through2030indicatingavalueof~$33pershareatcurrentvaluationmultiples.Thefollowingillustratesthekeycomponentsofthisvaluecreationopportunity,whichincludesgrowingHeplisav’smarketshareandreturningexcesscashtoshareholdersviabuybacks.•IfmanagementisfocusedonthestrategicpriorityofgrowingHeplisav’smarketshare,salesareexpectedtoreach$600millionbytheendof2030.•Thistrajectoryisconsistentwithhistoricalrevenuegrowthsince2020.•Boardchangeisneededtopreventadistracting,risky,andpotentiallyvaluedestructiveacquisitionofanexternalassetwithuncertainreturns.$200$300$400$500$600FY25FY26FY27FY28FY29FY30Cash,ending($mm)•Excesscashtodaycombinedwithfuturecashflowswouldenablethereturnofover$1.5billiontoshareholdersthrough2030.•IftheCompanydidthis,Dynavaxwouldstillend2030with~$285millionofcash.•Capitalremainsavailableforbusinessdevelopment,shouldasufficientlyattractiveopportunityarise.50 75100125FY25FY26FY27FY28FY29FY30Sharesoutstanding,ending(millions)•Sharerepurchasescouldlowerthedilutedsharecountfrom124millionto64millionbytheendof2030therebyincreasingthevalueofeachshare.•FocusingonHeplisav’smarketshareandasystematicbuybackprogramisthemostvaluableriskadjustedopportunityavailabletoDynavaxshareholderstoday.VOTETHE WHITE PROXYCARDVisit www.RefocusDVAX.com $0$200$400$600FY20FY22FY24FY26FY28FY30HeplisavSales& ConsensusForecast2($mm)SalesConsensusVOTE THE WHITE PROXY CARD Visit www.RefocusDVAX.com $0 $200 $400 $600 FY20 FY22 FY24 FY26 FY28 FY30 Heplisav Sales & Consensus Forecast2 ($ mm) Sales Consensus

2 21Based on$9.72DVAXclosingsharepriceonMay7,2025,and assumptionsofsales,capitalallocation,and outstandingsharecountasdescribed