Company: DVAX
Filing Date: 2025-05-12
Form Type: DEFA14A
Source: 0000930413-25-001695
Chunk: 3

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-12
Form: DEFA14A
Chunk 3
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% compared to $47.8 million in Q1 2024. This puts Dynavax 
 on track to achieve the top half of our full year guidance range of $305 to $325 million.                                           |

| · | HEPLISAV-B® total estimated U.S. market share increased to approximately 43%, compared to approximately 41% in Q1 2024. |

| · | Improved Adjusted EBITDA to negative $4 million, compared to negative $7 million in Q1 2024. Dynavax continues to expect Adjusted     
 EBITDA to be at least $75 million in 2025, demonstrating our ability to grow adjusted EBITDA at more than 2 times the rate of product 
 revenue.                                                                                                                              |

Total stockholder return from May 23, 2019, the date Dynavax announced its strategic pivot, to April 17, 2025, the date Dynavax filed
its definitive proxy.

| · | Executed over 85% of the $200 million share repurchase program that was implemented in November 2024, with $172 million complete as 
 of May 5, 2025.                                                                                                                     |

A critical element of Dynavax’s overarching strategy is
leveraging our proprietary CpG 1018 adjuvant to advance our differentiated vaccine pipeline focused on well-established antigens and biology
with clear regulatory pathways in order to enable long-term top-line growth and sustained stockholder value creation. Alongside our first
quarter results, we announced new pipeline programs, in addition to our ongoing shingles and plague vaccine programs:

| · | Pandemic Influenza: Will support global pandemic preparedness and response efforts. Dynavax expects to initiate a Phase 1/2 
 study in Q2 2025.                                                                                                           |

| · | Lyme Disease: There are currently no approved human vaccines for Lyme disease and we believe that our investigational Lyme              
 disease vaccine, adjuvanted with CpG 1018, has the potential for a differentiated and best-in-class vaccine profile. Dynavax expects to 
 initiate clinical development in 2027.                                                                                                  |

Our differentiated expertise and capabilities, plus scaling and diversifying our pipeline and commercial product portfolio through internal R&D and corporate development, has led to a proven blueprint for long-term success in biopharma to drive continued value creation.

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The current Dynavax