Company: DVAX
Filing Date: 2025-05-12
Form Type: DEFA14A
Source: 0000930413-25-001703
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DEFA14A
Chunk 2
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| · | Deep Track’s flawed plan puts future stockholder value at                              
 risk and the fund misleads stockholders about its willingness to come to a compromise. |

| o | Deep Track has been myopic in its one-dimensional plan – monetize                                                          
 HEPLISAV-B® exclusively for capital return, shutter internal and external efforts to accelerate growth and return all cash 
 to stockholders – that jeopardizes Dynavax’s significant long-term growth opportunities in exchange for a near-term        
 payoff at considerably lower value.                                                                                        |

| o | Deep Track summarily rejected four reasonable settlement proposals                                                                  
 because it was uncompromising in its demand for direct Board representation and the implementation of its flawed strategy by either 
 a turnover of a majority of the Board by the 2026 Annual Meeting or immediate approval of an outsized stock repurchase program.     |

| o | Deep Track’s campaign would install candidates who bring no additive                                         
 or differentiated skillsets and would instead leave Dynavax deficient in vital expertise that is needed now. |

The Dynavax Board of Directors is committed to acting in the
best interests of all stockholders and unanimously recommends that stockholders vote “FOR” all four of Dynavax’s
director nominees standing for election – Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun – on the GOLD
proxy card today.

Advisors

Goldman Sachs & Co. LLC is serving as financial advisor to
Dynavax and Cooley LLP is serving as legal counsel.

About Dynavax

Dynavax is a commercial-stage biopharmaceutical company developing
and commercializing innovative vaccines to help protect the world against infectious diseases. The Company has two commercial
products, HEPLISAV-B vaccine (Hepatitis B Vaccine (Recombinant), Adjuvanted), which is approved in the U.S., the European
Union and the United Kingdom for the prevention of infection caused by all known subtypes of hepatitis B virus in adults 18 years
of age and older, and CpG 1018 adjuvant, currently used in HEPLISAV-B and multiple adjuvanted COVID-19 vaccines. For more
information about our marketed products and development pipeline, visit www.dynavax.com.

Forward-Looking Statements

This communication contains “forward-looking” statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, which are subject