Company: DVAX
Filing Date: 2025-05-12
Form Type: DEFA14A
Source: 0000930413-25-001695
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DEFA14A
Chunk 2
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Indeed, the repeated refrain from Deep
Track and its representatives throughout our negotiations was that Deep Track required the opportunity to obtain majority turnover on
the Board by 2026. Throughout months of earnest negotiation from the Dynavax Board with four different settlement proposals that offered
significant Board change, Deep Track’s single-minded thinking was the impediment to a resolution. It is clear that Deep Track’s
recent investor presentation is replete with misleading and factually inaccurate statements.

Dynavax is delivering record financial and operational results
and superior value to stockholders. The successful execution of the Company’s balanced strategic plan is being overseen by a highly
qualified and meaningfully refreshed Board with director nominees that outmatch Deep Track’s candidates in every critical area,
and we are confident that Dynavax is on the right path forward.

Dynavax also mailed a letter to its stockholders in connection with its
2025 Annual Meeting of Stockholders ("Annual Meeting") urging stockholders to vote the GOLD proxy card "FOR"all four of Dynavax's highly qualified directors standing for election – Brent MacGregor, Scott Myers, Lauren Silvernail and
Elaine Sun. The Annual Meeting will be held on June 11, 2025, and Dynavax stockholders of record as of April 14, 2025, will be entitled
to vote at the Annual Meeting.

The full text of the letter being mailed to stockholders follows:

Dear Fellow Stockholder,

As a result of the strategic decisions made by the current Board
and management team, Dynavax is in the strongest position it has ever been in, and the Company’s recent financial performance demonstrates
that our strategy is delivering excellent results.

Since our 2019 pivot to prioritize Dynavax’s vaccine business
and launch HEPLISAV-B®, we have designed a clear and thoughtful strategic plan and methodically executed against it, which has directly
translated into value for you, Dynavax stockholders. Dynavax has generated over $900 million of stockholder value, returning over 62% versus the S&P Biotechnology Select Industry Index’s return of -7%.

Our record first quarter 2025 earnings results announced on
May 6, once again, demonstrate we have the right plan and team in place:

| · | Total revenue of $68.2 million, a 34% increase compared to $50.8 million in Q1 2024. |

| · | HEPLISAV-B® achieved net product revenue of $65 million, an increase of 36