Company: DVAX
Filing Date: 2025-05-19
Form Type: DFAN14A
Source: 0001193125-25-122435
Chunk: 7

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-19
Form: DFAN14A
Chunk 7
---
 at some point over the last 20 years for a license to do so. The Board has no justification for its confidence that Dynavax will be able to succeed with vaccine development in the future 1 CEO Ryan Spencer, March 4, 2024, speaking at Cowen conference 7

DVAX Has Tried Many Times to Develop a Flu Vaccine, Including with CpG 1018 2003 DVAX S-1 2003 1 2010 2 2020 3 2025 This time is different? 1 https://www.fiercebiotech.com/biotech/dynavax-initiates-first-human-trial-universal-flu-vaccine-program 2 https://www.globenewswire.com/news-release/2020/07/16/2063341/0/en/Dynavax-and-Mount-Sinai-Announce-Collaboration-to-Develop-a-Universal-Influenza-Vaccine-Candidate-with-CpG-1018-Adjuvant.html 8 3 https://investors.dynavax.com/news-releases/news-release-details/dynavax-reports-first-quarter-2025-financial-results-and

Even Management Acknowledges Vaccine Development is Unpredictable When asked if the Tdap program discontinuation provided any read-throughs to other vaccine programs, management acknowledged there were none even though this program also leveraged CpG 1018. -- from those results that you -- that perhaps are any read-through to the other vaccine programs or maybe even any potential vaccine indication that you were contemplating. Any learnings from that? Any data that you can use going forward? TD Cowen 1 Research Associate -through from one program to the other. I think the learning [from discontinuing the Tdap program] is, every program, every antigen, every disease is different, and how and the product that you're building and how 1018 will support it is going to be different. So no, there's no consistent read-through that I would there's any read-through for 1018 here. This is just how 1018 performed with these specific antigens against 1 DVAX CEO Ryan Spencer - so what makes the Board so sure the development efforts will succeed this time? 1 Dynavax 3Q24 earnings call recorded November 7, 2024. 9

Dynavax has yet to offer a clear explanation for why acquiring or developing another vaccine asset will work now, given its lack of success to date. e growth