Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 1

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 1
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 profitability and returned capital to our stockholders
through our first ever share repurchase plan. HEPLISAV-B’s estimated total market share in the United States increased to 44% from
42% in the prior year. Our performance in 2024 sets us up for even greater success in 2025, which we expect to be another banner year
for Dynavax and we are already making important progress to achieve our 2025 guidance targets, including HEPLISAV-B net product revenue
of $305.0 to $325.0 million and adjusted EBITDA of at least $75.0 million.

Our robust 2024 year-end cash balance of $713.8 million has allowed us
to invest in growth while maintaining a disciplined capital allocation approach. In 2024, we and our Board authorized a $200.0 million
share repurchase program along with our commitment to full-year profitability and clarity on near-term capital needs to progress
our pipeline candidates. We have already meaningfully executed on this program including $100.0 million repurchased through an Accelerated
Share Repurchase agreement announced in November 2024 and approximately $8.0 million repurchased in conjunction with our recent debt refinancing
in March 2025. We recently announced that we refinanced a majority of our outstanding Convertible Senior Notes, which extended the maturity
date of most of our existing debt, lowered our overall cost of capital through improved terms and reduced basic and diluted shares outstanding.
We believe this refinancing significantly strengthens our capital structure and positions us to execute on our balanced strategy to deliver
and protect near-term value while also investing in our future to drive long-term growth.

We continue to advance our pipeline of differentiated vaccine candidates
that leverage our core technology, CpG 1018® adjuvant, which has demonstrated its ability to enhance the immune response with a favorable
tolerability in a wide range of clinical trials and real-world commercial use. We expect 2025 to be a transformational year for our pipeline
with multiple programs advancing to important milestones, including a clinical trial readout for our shingles vaccine program, which has
the potential to be a best-in-class product in a multi-billion-dollar global market. We believe our pipeline provides significant opportunity
to further establish Dynavax as a leading vaccine company.

Corporate governance supports our value creation

Transparency, accountability and responsible stewardship guide our decision-making,
and our Board and management are committed to creating and upholding the highest standards of governance