Company: DVAX
Filing Date: 2025-05-12
Form Type: DEFA14A
Source: 0000930413-25-001704
Chunk: 4

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DEFA14A
Chunk 4
---
 Future Stockholder Value at Risk • Our transformation succeeded due to the differentiated backgrounds of our directors , including deep vaccine development and commercialization experience, strong backgrounds in business development, finance and capital markets, human capital manageme nt, operations and public Board and executive leadership • The Board has been thoughtfully and meaningfully refreshed since 2020 in order to support our strategic pivot and balance the Board with the right mix of skills and experience needed for our evolving business • We have continued to strengthen accountability and oversight by implementing a declassification of the Board • Deep Track insists that Dynavax immediately return all available cash to stockholders, abandon portfolio diversification, and position itself as a single - asset company. This would jeopardize our long - term growth prospects in exchange for a near - term payoff at con siderably lower value • If Deep Track truly wanted to fix the Company, they are five years too late. Without the economic engine we have built, we would not have the cash balance or market leading asset and pipeline for Deep Track to target. They are trying to make us a victim of o ur own success • Dynavax repeatedly sought a reasonable compromise to avoid the distractions of a contested election, offering four different settlement proposals over a three - month period, all of which were summarily rejected • Deep Track is uncompromising in its demand to add its fund principal to the Board, control the Board by the 2026 annual meeting and engage in an outsized repurchase that endangers long - term growth 2 3

ibdroot \ projects \ IBD - NY \ dilates2022 \ 698484_1 \ Presentations \ 24. 2025.02.XX Fight Deck \ FINAL - to share with Cooley \ Dynavax Investor Presentation (May - 2025)_Print.pptx 4 | Following Our Successful Pivot, Dynavax is Delivering for Stockholders

ibdroot \ projects \ IBD - NY \ dilates2022 \ 698484_1 \ Presentations \ 24. 2025.02.XX Fight Deck \ FINAL - to share with Cooley \ Dynavax Investor Presentation (May - 2025)_Print.pptx z 5 | © Copyright DYNAVAX 2025 Re - focused Strategy from Immuno - Oncology to Commercial Vaccine Business Leaned into HEPLISAV - B Commercialization and Drove Record CpG - 1018 Adjuvant Sales While Peers Stuttered Amid Pandemic Prioritized HEPLISAV