Company: DVAX
Filing Date: 2025-02-19
Form Type: DFAN14A
Source: 0001193125-25-029690
Chunk: 4

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-02-19
Form: DFAN14A
Chunk 4
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 | Date |            |     | DVAX Then |       |     | DVAX Since* |       |   |
|:----------------------|:----|:-----|:-----------|:----|:----------|------:|:----|:------------|------:|:--|
| IPO                   |     |      | 2/18/2004  |     | $         | 75.00 |     |             | -82.7 | % |
| Heplisav approval     |     |      | 11/9/2017  |     | $         | 20.05 |     |             | -35.5 | % |
| Board chair appointed |     |      | 10/21/2021 |     | $         | 18.85 |     |             | -31.4 | % |

Total shareholder returns (“TSR”) have also been poor, both on a standalone basis and as measured against the Nasdaq Biotechnology Index. DVAX Total Shareholder Return

|                                     |     | 1-Year Through    
 Unaffected Date** |       |   |     | Chairman Tenure*   
 Through Unaffected 
 Date**             |       |   |     | Chairman Tenure 
 Through Present |       |   |
| DVAX                                |     |                   | -24.6 | % |     |                    | -42.9 | % |     |                 | -31.4 | % |
| Nasdaq Biotechnology Index          |     |                   |  24.6 | % |     |                    |  -2.9 | % |     |                 |  -5.9 | % |
| Relative TSR:                       |     |                   |       |   |     |                    |       |   |     |                 |       |   |
| DVAX vs. Nasdaq Biotechnology Index |     |                   | -49.3 | % |     |                    | -40.0 | % |     |                 | -25.5 | % |

Source: Bloomberg

This performance is extremely disappointing for a company that is growing sales at 26% annually and, we believe, reflects deep investor concern about future value creation and poor capital allocation decisions. In defense of its acquisition strategy, the Board and management team contend that buying external assets is critical because they believe Heplisav revenue will flatten after 2030. We see three problems with this argument:

| 1. | First, it is a cop