Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFA14A
Source: 0000930413-25-001275
Chunk: 3

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFA14A
Chunk 3
---
, 2025.

| Page 2 of 8 |

| · | Delivered total stockholder returns of 267% over the past five years, far exceeding the performance of the NASDAQ Biotechnology 
 Index and the S&P Biotechnology Select Industry Index3.                                                                         |

| · | Achieved market share                                                                   
 leadership in the highly competitive U.S. hepatitis B adult vaccine market through our  
 strong commercial execution, driving a significant increase in HEPLISAV-B®              
 net product revenue and U.S. market share – from $36 million and approximately          
 26% in 2020, to a record $268 million and approximately 44% in 2024, representing a 65% 
 compound annual growth rate in net product revenue.                                     |

| · | Expecting 2025 will                                                                           
 be a banner year for HEPLISAV-B® with anticipated net product revenue                         
 of $305-$325 million. Dynavax continues to expect the hepatitis B adult vaccine market        
 in the U.S. to expand to a peak of over $900 million in annual sales by 2030, with HEPLISAV-B 
 expected to achieve at least 60% total market share.                                          |

| · | Recognized approximately $950 million in revenue from our business development efforts during the COVID-19 pandemic, demonstrating 
 a strong track record of successful strategic deal-making.                                                                         |

Driving HEPLISAV-B is one pillar of
our overarching strategy. We expect the U.S. hepatitis B adult vaccine market to peak in 2030 and we are taking action now to
advance our differentiated vaccine pipeline in order to enable long-term top-line growth and sustained value creation for stockholders.
With our proven capability to bring products to market and a strong balance sheet, we are doing this in two ways:

| · | Internal R&D: Leveraging our proprietary CpG 1018 adjuvant to drive differentiated efficacy in our shingles and                  
 plague vaccine pipeline programs. We believe our shingles vaccine candidate is highly differentiated in a multi-billion-dollar   
 market and our program to develop a plague vaccine, for which there is currently no approved vaccine in the U.S., is de-risked   
 as a result of our multi-year partnership with the U.S. Department of Defense. Additionally, we are prudently advancing multiple 
 preclinical stage candidates in indications with attractive commercial markets, where we believe our novel adjuvant technology   
 can provide clear differentiation with a potential best-in-class profile.                                                        |

| · |