Company: DVAX
Filing Date: 2025-05-16
Form Type: DFAN14A
Source: 0001193125-25-121025
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Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-16
Form: DFAN14A
Chunk 1
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 Directors with Shareholder-Aligned Perspective, Vaccine Commercialization Expertise and Capital Allocation Experience are Essential to Critically Evaluate the Company’s Strategy and Realize the Full Value of Heplisav Urges Shareholders to Vote FOR Deep Track’s Four Highly Qualified Director Nominees Greenwich, CT, May 15, 2025– Deep Track Capital, LP, (together with its affiliates, “Deep Track” or “we”), one of the largest shareholders of Dynavax Technologies Corporation (NASDAQ: DVAX) (“Dynavax”, “DVAX” or the “Company”), with ownership of approximately 14.82% of the Company’s outstanding shares, today issued a letter to shareholders in connection with its nomination of four highly qualified candidates for election to the Company’s Board of Directors (the “Board”) at the 2025 Annual Meeting of Stockholders (the “Annual Meeting”). The full text of the letter follows: May 15, 2025 Dear Fellow Dynavax Shareholders, Deep Track is one of the largest shareholders of Dynavax, with ownership of approximately 14.82% of the Company’s outstanding shares. We manage approximately $4 billion on behalf of our investors – which include many healthcare organizations and non-profits– and focus exclusively on the life sciences space and the development of novel therapies. We believe deeply in Dynavax’s long-term value opportunity, and our only goal is to see it succeed for the benefit of all shareholders. Disappointingly, the Company has made numerous false and misleading statements about our intent and effort to add four independent, unquestionably qualified directors to the Board. We stand by all our analyses and assertions to date and believe it is more critical than ever to focus on the core issues facing Dynavax investors today:

| • |     | Last week’s earnings report starkly illustrates Heplisav’s slowing market share growth.                                                                                                                             
 First-quarter 2025 market share of 43% was up only two percentage points from 1Q24 and down from 4Q24, yet management said they were “very comfortable” with and “very proud” of this result and noted the strategy 
 is going “exactly how we had planned.”1 The market’s reaction suggested otherwise, as Dynavax stock traded down 11% the next                                                                                        
 day.2 As highlighted in our investor                                                                                                                                                                                |

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| presentation, Heplisav market share was not on track to hit management’s goal of at least 60% by 2030, and has fallen even further