Company: DVAX
Filing Date: 2025-04-22
Form Type: DFAN14A
Source: 0001193125-25-087436
Chunk: 3

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-22
Form: DFAN14A
Chunk 3
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| • |     | If management were “all-in” on Heplisav, we believe that it                                                                                   
 would provide many years of growth and margin improvement, and we estimate Heplisav would generate more than $1 billion of cash through 2030. |

The Current Board’s Unfocused Strategy Has Destroyed Shareholder Value

| • |     | Dynavax has delivered negative total shareholder returns (“TSR”) in recent years despite Heplisav sales 
 growing more than fourfold from 2021 to 2024, including over 25% last year. See the chart below.        |

| DVAX Relative TSR Through Unaffected Date* |     |        |       |   |     |               |       |   |
|                                            |     | 1 Year |       |   |     | Chair Tenure† 
 (~3 Years)    |       |   |
| Dynavax                                    |     |        | -24.6 |   |     |               | -42.9 |   |
| Nasdaq Biotechnology Index                 |     |        |  24.6 |   |     |               |  -2.9 |   |
| Relative TSR:                              |     |        |       |   |     |               |       |   |
| DVAX vs. Nasdaq Biotechnology Index        |     |        | -49.3 | % |     |               | -40.0 | % |

Source: Bloomberg

| 2 | Press Release, Dynavax Provides Regulatory Update on sBLA for Four-Dose 
 HEPLISAV-B® Regimen for Adults on Hemodialysis in the U.S.              |

| 3 | Press Release, Dynavax Reports Third Quarter 2024 Financial Results and Provides Business Updates. |

2

| • |     | We believe the Company’s underperformance demonstrates a lack of investor confidence in its current strategy 
 and concerns that Dynavax is going to squander its profits on a misguided acquisition.                       |

Shareholder-Driven Change is Urgently Needed to Avoid Value Destructive Blunders

| • |     | The Company has been a poor steward of shareholders’ capital – and new voices are needed in the                                                                                                                                                   
 boardroom to reverse this trend. For example, Dynavax recently refinanced the majority of its outstanding convertible debt with expensive new convertible notes rather than pay down its debt obligations using some of its ~$714 million cash on 
 hand. It is inexplicable, in our view, that