Company: DVAX
Filing Date: 2025-06-04
Form Type: DFAN14A
Source: 0001193125-25-134728
Chunk: 3

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-06-04
Form: DFAN14A
Chunk 3
---
, brings meaningful experience as a life sciences executive                                       
 with a strong transactional background, which could enhance the board’s ability to critically evaluate strategic options.” |

| • |     | “Mr. Santel appears to have been viewed more favorably by the Company during settlement negotiations,                                                     
 and we recognize his prior CEO experience and M&A track record as potentially additive in the context of Dynavax’s evolving capital deployment strategy.” |

Glass Lewis detailed concerns around the Board’s capital allocation strategy, writing:

| • |     | “While the Company has stated that its cash provides strategic flexibility for pipeline development and                                                                                                                    
 business development opportunities, we believe the magnitude of its liquidity position supports the Dissident’s contention that the Company’s capital deployment may be overly conservative given its size, portfolio, and 
 outlook.”                                                                                                                                                                                                                  |

With respect to the Company’s recent capital raise, Glass Lewis states:

| • |     | “…we believe the Dissident raises a fair question as to why the Company needed to raise additional                                                                                                                                                     
 capital at all, particularly given its already substantial cash position. While the Company has suggested that the added flexibility could support future investments or business development activity, no specific use of proceeds has been disclosed 
 to date, leaving open the question of whether such capital was truly necessary at this time.”                                                                                                                                                          |

For more information, including details on how to vote Deep Track’s WHITE proxy card, please visit www.RefocusDVAX.com. EVERY VOTE MATTERS Your vote is important, no matter how many shares of Common Stock you own. If you have any questions, require assistance in voting your WHITE proxy card, or need additional copies of Deep Track’s proxy materials, please visit www.RefocusDVAX.com or contact our proxy solicitor, Innisfree M&A Incorporated (“Innisfree”), using the contact information provided here: Innisfree M&A Incorporated 501 Madison Avenue, 20th Floor New York, New York 10022 Stockholders call toll-free (877) 687-1865

About Deep Track Capital

Deep Track Capital is a Greenwich, Connecticut-based investment firm focused exclusively on the life sciences industry. We develop long term partnerships with
management teams of leading innovative public and pre-IPO biotechnology companies. In addition to capital, we seek to invest our time and expertise, while leveraging our network for the benefit of our
partners. We aim to lead transactions while building large syndicates, and also to invest in rounds led by other qualified investors.

CAUTIONARY STATEMENT REGARDING FORWARD-