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].

Core Viewpoint - Dynavax Technologies Corporation emphasizes the importance of voting for its director nominees and criticizes Deep Track's plan as detrimental to stockholder value [2][3]. Group 1: Company Performance - Dynavax has achieved a total return of 203% for stockholders over the last five years, significantly outperforming vaccine peers (9% return) and the S&P Biotechnology Select Industry Index (-17% return) [4]. - The company reported $268 million in net product revenue from HEPLISAV-B® in 2024, capturing approximately 44% of the U.S. market share by year-end [4]. - In Q1 2025, Dynavax recorded net product revenue of $65 million from HEPLISAV-B®, marking a 36% year-over-year increase, with total revenue reaching $68.2 million, a 34% increase year-over-year [4]. - From 2020 to 2022, Dynavax generated over $950 million in net product revenue through its business development strategy during the pandemic [4]. Group 2: Board and Governance - The Dynavax Board of Directors unanimously recommends stockholders vote "FOR" all four director nominees, highlighting their qualifications and strategic leadership [3][4]. - The Board has implemented a proactive refreshment plan, with six of the eight independent directors appointed since 2020, enhancing accountability and oversight [4]. - Dynavax's capital allocation strategy includes a $200 million share repurchase program, of which over 85% has been executed, representing 47% of the company's capital use [4]. Group 3: Competitive Landscape - Deep Track's plan is criticized for being myopic, focusing solely on monetizing HEPLISAV-B® for immediate capital return, which could jeopardize Dynavax's long-term growth opportunities [4]. - Deep Track rejected reasonable settlement proposals, insisting on direct Board representation and a flawed strategy that would undermine Dynavax's expertise [4].