William Blair 45th Annual Growth Stock Conference Using Proven, Innovative Adjuvant Technology to Help Protect the World Against Infectious Diseases June 2025 Nasdaq: DVAX Forward-Looking Statements Statements contained in this presentation regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Dynavax's expected financial results and market share as of and for the quarter ended M ...

Core Points - Dynavax Technologies Corporation announced the election of all four director nominees to its Board of Directors during the 2025 Annual Meeting of Stockholders [1] - Stockholders approved all other proposals recommended by the Board, including the phased declassification of the Board [2] - Dynavax is a commercial-stage biopharmaceutical company focused on developing and commercializing innovative vaccines, with two commercial products: HEPLISAV-B® and CpG 1018® adjuvant [4] Company Overview - Dynavax is engaged in the development and commercialization of vaccines aimed at protecting against infectious diseases [4] - The company’s HEPLISAV-B® vaccine is approved in the U.S., EU, and UK for preventing hepatitis B virus infections in adults aged 18 and older [4] - CpG 1018® adjuvant is utilized in HEPLISAV-B and various adjuvanted COVID-19 vaccines [4]

Core Viewpoint - Dynavax Technologies Corporation emphasizes the importance of re-electing its four director nominees to maintain strategic leadership and long-term stockholder value, contrasting this with the detrimental plans proposed by Deep Track [2][3][4]. Company Strategy and Performance - Since 2019, Dynavax has successfully repositioned its business, leading to significant stockholder value, with a total return of 203% over the last five years, outperforming vaccine peers (9% return) and the S&P Biotechnology Select Industry Index (-17% decline) [2][4]. - The company has generated over $950 million in revenue between 2020 and 2022, supported by a disciplined capital allocation plan, including over 85% execution of a $200 million share repurchase program authorized in November 2024 [4]. Board Composition and Qualifications - The current board, which includes nominees Brent MacGregor, Scott Myers, Lauren Silvernail, and Elaine Sun, possesses essential strategic leadership and expertise in vaccines, biotechnology, and finance, which are critical for the company's long-term strategy [3][5]. - The board has been reshaped with new independent directors, ensuring that six of the eight directors appointed since 2020 bring specialized skill sets aligned with Dynavax's strategic goals [5]. Opposition to Deep Track - Deep Track's candidates are criticized for lacking the necessary experience in corporate strategy and operations, with their proposed plan seen as a threat to Dynavax's long-term growth potential [2][3]. - Independent proxy advisory firms ISS and Egan-Jones have recommended stockholders support Dynavax's nominees, highlighting concerns over Deep Track's misleading materials and lack of a compelling case for change [4][5].

Core Viewpoint - Dynavax Technologies Corporation is emphasizing the effectiveness of its current board and strategic direction, asserting that it has created significant long-term stockholder value, particularly through its focus on vaccine development and capital return strategies [1][2][3]. Company Strategy and Performance - Dynavax's strategic pivot in 2019 towards vaccines has led to substantial stockholder value creation, with a reported total return of 203% over the last five years, significantly outperforming vaccine peers (9%) and the S&P Biotechnology Select Industry Index (-17%) [2][3]. - The company has achieved market leadership with its HEPLISAV-B® vaccine, generating $268 million in net product revenue in 2024 and capturing a 44% market share in the U.S. adult hepatitis B vaccine market [2][3]. - In the first quarter of 2025, HEPLISAV-B® net product revenue reached $65 million, reflecting a 36% year-over-year increase, contributing to total revenue of $68.2 million, a 34% increase year-over-year [2][3]. Board Composition and Governance - The board has undergone significant refreshment, with six of the eight independent directors appointed since 2020, ensuring a balanced mix of experience and expertise in the healthcare sector [2][9]. - Dynavax's nominees for the board, including Brent MacGregor, Scott Myers, Lauren Silvernail, and Elaine Sun, are highlighted as possessing critical expertise necessary for guiding the company through pivotal developments [4][5]. Capital Return Strategy - As of May 5, 2025, Dynavax has executed over 85% of its $200 million share repurchase program, which represents 47% of its capital use, indicating a strong commitment to returning capital to stockholders [9].

Dynavax (DVAX) FY Conference June 03, 2025 03:40 PM ET Speaker0 Analyst here at William Blair. Thank you all for coming, part of our forty fifth Annual Growth Stock Conference. Happy to introduce Dynavax and Ryan Spencer, CEO. We're to talk a little bit about the continued growth of HEPLISAV. It's been becoming a great business for the company and also, I think, a little bit of expansion opportunities that they're evaluating. Please visit williamblair.com for any and all disclosures. And with that, I'll tur ...

Company Overview - Dynavax Technologies Corporation is a commercial-stage biopharmaceutical company focused on developing and commercializing innovative vaccines to combat infectious diseases [3] - The company has two commercial products: HEPLISAV-B® vaccine, approved in the U.S., EU, and UK for hepatitis B prevention in adults aged 18 and older, and CpG 1018® adjuvant, utilized in HEPLISAV-B and various adjuvanted COVID-19 vaccines [3] Upcoming Events - Dynavax will present at William Blair's 45th Annual Growth Stock Conference on June 3rd at 2:40 p.m. CT [1] - The presentations will be available via webcast on the "Events & Presentations" page of the company's investor website [2]

Core Viewpoint - Institutional Shareholder Services (ISS) recommends Dynavax stockholders vote "FOR" all four of the Company's director nominees, indicating there is no compelling case for change in the current board or strategy [1][2]. Company Strategy and Board Composition - Dynavax's current strategy is recognized as the best path for long-term stockholder value creation, with a proactive board refreshment process in place [2][4]. - The director nominees possess significant expertise in strategic leadership, vaccine development, and biotechnology, which are essential for the Company's success [3][5]. Response to Dissident Campaign - Dynavax criticizes Deep Track's materials as misleading and lacking a solid case for change, emphasizing the board's commitment to long-term growth and value creation [4][6]. - The board has made ongoing refreshment efforts, with six of the nine directors appointed since 2020, demonstrating a commitment to evolving leadership [4][6]. Financial Performance and Market Position - Dynavax has generated over $950 million in revenue through its COVID-19 business development and has a strong position in the adult U.S. hepatitis B vaccine market with HEPLISAV-B [5][6]. - The Company has delivered a total return of 203% to stockholders over the last five years, indicating the effectiveness of its strategy [6]. Call to Action for Stockholders - Dynavax urges stockholders to vote "FOR" all four director nominees on the GOLD proxy card, emphasizing the importance of every vote [7].

Core Insights - Dynavax Technologies has been a focus of investment analysis, particularly regarding its product CpG1018, which is considered a former cash cow for the company [1] Group 1 - The author has been following Dynavax Technologies for many years and has shared insights through articles, emphasizing the learning process of investing [1] - The focus has shifted towards healthcare stocks in recent years, indicating a strategic interest in this sector [1] Group 2 - The author expresses appreciation for reader engagement and shared experiences, highlighting the community aspect of investment discussions [1]

Core Viewpoint - Dynavax Technologies Corporation criticizes Deep Track Capital's investor presentation, asserting that it lacks understanding of the biotechnology sector and prioritizes short-term gains over long-term value creation [1][3]. Financial Performance - Dynavax reported total revenue of $68.2 million for Q1 2025, a 34% increase from $50.8 million in Q1 2024 [13]. - HEPLISAV-B® generated net product revenue of $65 million, marking a 36% increase compared to $47.8 million in Q1 2024 [13]. - The company expects to achieve full-year revenue guidance of $305 to $325 million [13]. - Adjusted EBITDA improved to negative $4 million from negative $7 million in Q1 2024, with expectations of at least $75 million in 2025 [13]. Strategic Direction - Dynavax emphasizes a balanced strategic plan that includes both internal and external growth opportunities while returning capital to stockholders [2][11]. - The company has executed over 85% of its $200 million share repurchase program, completing $172 million as of May 5, 2025 [13]. - Dynavax's market share for HEPLISAV-B® increased to approximately 43% from 41% in Q1 2024 [13]. Board and Governance - Dynavax urges stockholders to vote for its four director nominees, asserting that they possess superior qualifications compared to Deep Track's candidates [5][10]. - The current Board is described as highly qualified and refreshed, overseeing the company's successful strategic execution [4][11]. Growth Initiatives - Dynavax is advancing its differentiated vaccine pipeline, leveraging its proprietary CpG 1018 adjuvant [8][9]. - New pipeline programs are being initiated alongside ongoing shingles and plague vaccine programs [8].

Financial Data and Key Metrics Changes - Dynavax reported its highest ever first quarter net revenue for HEPLISAV B at $65 million, a 36% increase year over year [5][25] - Total revenues for the first quarter reached $68 million, up 34% year over year [25] - HEPLISAV B gross margin improved to 79% from 77% in the same quarter last year [25] - GAAP net loss for the first quarter was $96 million, compared to a net loss of $9 million in the first quarter of the previous year [27][28] - Non-GAAP adjusted EBITDA improved to negative $4 million from negative $7 million year over year [28] Business Line Data and Key Metrics Changes - The retail segment for HEPLISAV B saw a 70% year over year growth in total market dose volume [12][14] - HEPLISAV B's estimated U.S. market share rose to 43% in Q1, up from 41% in the same period last year [15] - The company anticipates continued market share gains throughout 2025, aiming for at least 60% market share by 2030 [16][17] Market Data and Key Metrics Changes - The U.S. adult hepatitis B vaccine market has expanded significantly due to ACIP's universal recommendation, leading to a 16% increase in total market dose volume year over year [12][14] - The company expects the HEPLISAV B market opportunity to peak at over $900 million by 2030 [16] Company Strategy and Development Direction - Dynavax is focused on advancing its development pipeline, leveraging its vaccine adjuvant technology, CpG 1018, with key clinical trial milestones for shingles and plague vaccine programs [5][6] - The company announced new programs in pandemic influenza and Lyme disease, aiming to develop differentiated vaccines with lower risk development pathways [8][9] - The capital allocation strategy includes executing a $200 million share repurchase program while evaluating external opportunities for long-term growth [10][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the top half of the annual revenue guidance range for HEPLISAV B due to strong early performance [5][31] - The company anticipates a banner year in 2025, supported by strong market growth and ongoing adoption of HEPLISAV B [10][32] - Management highlighted the importance of maintaining a disciplined approach to capital allocation and the potential for long-term growth opportunities [10][31] Other Important Information - The company recorded an allowance for doubtful accounts of $11 million related to a legacy COVID-19 adjuvant commercial supply agreement [27] - The company ended the first quarter with cash, cash equivalents, and marketable securities of $661 million, down from $714 million at the end of 2024 [29] Q&A Session Summary Question: Why not officially raise the lower end of guidance if confidence in hitting the upper half? - Management stated it is prudent to maintain the overall guidance range as the year is only one quarter in, despite good progress [34] Question: How does capital allocation and business development fit into the long-term value creation? - Management emphasized a balanced strategy focusing on leveraging core assets, advancing internal development programs, and returning capital to shareholders [36][37] Question: What contributed to the less seasonality observed in the winter of 2024-2025? - Management noted a purposeful focus by retailers on non-flu vaccines, including hepatitis B, contributing to a strong start in Q1 [42][43] Question: Will the upcoming shingles data release be sufficient for a go/no-go decision? - Management clarified that while the data is important, a more comprehensive data package will be needed for a pivotal program decision [44][46] Question: Any issues with discussions with the FDA regarding new vaccine requirements? - Management indicated that they feel insulated from immediate changes and have had positive interactions with the FDA [50][51] Question: How does the Lyme vaccine compare to competitors? - Management believes their Lyme vaccine can establish a leading market share position due to a more approachable dosing regimen compared to competitors [59][60] Question: Is there an explanation for potentially slower growth in HEPLISAV B revenue? - Management stated that year-over-year comparisons are more appropriate and they expect continued growth in market share [70][71]