Company: DVAX
Filing Date: 2025-05-19
Form Type: DFAN14A
Source: 0001193125-25-122435
Chunk: 9

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-19
Form: DFAN14A
Chunk 9
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14, 2025

Deep Track Sees a Path to Meaningful Value Creation (cont.) THE MATH 1. Heplisav Valuation Projection 2030 consensus sales: $600M $33/share? Valuation multiple: 3.0x current year sales 1 (in line with current 2.7x valuation ) Assuming DVAX share count stays at 120M, and 3 x $600M = $1.8B Heplisav is still worth $1.8B in 2030 2. Estimated Share Count Reduction Before repurchases: 124M After repurchases: 64M The -3B of value in five years. 3. Implied Heplisav Value $1.8B / 64M = ~$28/share 4. Remaining Cash, Equivalents, and Securities Accomplishing this through early-stage clinical Estimated ~$5/share development or acquisitions is unrealistic. $28 + $5 = $33/share 1 Source: FactSet, enterprise value as of May 14, 2025, was $757.53 million. Trailing twelve month revenues were $285.5 million, aggregated from Dynavax financial results reported on May 6, 2025; February 12 20, 2025; November 7, 2024; and August 6, 2024.

Additional Information Vote the WHITE Proxy Card to Refocus Dynavax PROTECT YOUR INVESTMENT IN DYNAVAX candidates Brett Erkman, Jeffrey Farrow, Michael Mullette and Donald Santel on the WHITE proxy card Please visit www.RefocusDVAX.com for additional materials, information and voting instructions 13