Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 15

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 15
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 an email to Ryan
Spencer, the Chief Executive Officer of the Company, expressing Deep Track’s views on HEPLISAV-B as a valuable Company asset and
interest in understanding the Board’s views on capital allocation. Mr. Erkman also asked in that email for an introduction to Scott
Myers, the Chairman of the Board.

On August 27, 2024, Mr. Myers, Mr. Spencer and Kelly
MacDonald, the Chief Financial Officer of the Company, had a call with Mr. Erkman on which Mr. Myers, Mr. Spencer and Ms. MacDonald discussed
their views on capital allocation and value-creation strategy and Mr. Erkman discussed Deep Track’s views that the Company should
be returning capital to stockholders via share repurchases.

On August 29, 2024, the Board held a
meeting at which the Board and the Company’s management continued their discussion initiated in February 2024 regarding
potential opportunities to return excess capital to the Company’s stockholders, incorporating the feedback received
from Mr. Erkman and other stockholders, and taking into consideration a full evaluation of the Company’s capital needs
and risk-adjusted returns across all capital allocation alternatives.

On September 3, 2024, Mr. Erkman sent Mr. Myers an email
indicating that he was taking Mr. Myers up on his offer for Deep Track to meet without the Company’s executive management team present
and indicating that Deep Track’s founder, David Kroin, would participate in the meeting as well.

| 6 |

On September 13, 2024, Mr. Myers and Paul Cox, Vice
President of Investor Relations & Corporate Communication of the Company, held a call with Mr. Kroin and Mr. Erkman. During the call,
the representatives of Deep Track expressed their support of management, noting great operational execution by the management team. The
representatives of Deep Track further expressed Deep Track’s views regarding capital allocation (namely that the Company’s
cash would be best deployed by returning capital to the Company’s stockholders) and that the Company should focus exclusively on
growing HEPLISAV-B sales and abandon its effort to diversify revenue through its pipeline programs and business development. The Deep
Track representatives also inquired as to whether the Company would consider a royalty monetization
strategy to accelerate the monetization of HEPLISAV-B sales. The representatives of Deep Track stated that they planned to file a
Schedule 13