Deep Track Capital Sends Letter to Dynavax Technologies Shareholders Offering Final Perspectives on Why Change is Needed in the Boardroom

Deep Track Capital, LP, (together with its affiliates, “Deep Track” or “we”), one of the largest shareholders of Dynavax Technologies Corporation (NASDAQ: DVAX) (“Dynavax”, “DVAX” or the “Company”), with ownership of approximately 14.82% of the Company’s outstanding shares, today issued a letter to shareholders detailing the benefits of electing Deep Track’s four nominees – Brett Erkman, Jeffrey Farrow, Michael Mullette and Donald Santel – to the Board of Directors (the “Board”) at the upcoming 2025 Annual Meeting of Shareholders (the “Annual Meeting”) on June 11, 2025.

For more information, including details on how to vote Deep Track’s WHITE proxy card, please visit www.RefocusDVAX.com.

The full text of the letter follows:

Dear Fellow Dynavax shareholders,

We would like to express our appreciation for the opportunity we have had over the course of this campaign to engage with so many of you. Deep Track undertook this effort because, as one of Dynavax’s largest and longest-tenured shareholders, we believe deeply in the Company and its value creation potential. With the Annual Meeting now only a few days away, we want to convey a few final thoughts about why we believe new, independent and fully objective perspectives should be added to the Board.

First, the numbers speak for themselves. The key asset at Dynavax is Heplisav, but under the Board’s increasing pressure for inorganic growth, Heplisav is not reaching its full potential. As outlined in the Company’s proxy statement¹, Heplisav failed to achieve both key metrics established by the Board:

	2024 Board Target	2024 Result	Outcome
Heplisav U.S. sales	$275 million	$268 million	Missed by $7 million
U.S. market share in 4Q	47%	44%	Missed by 3 p.p.

Management cautions that market share numbers should only be evaluated on a year-over-year basis and dismisses the slip to 43% market share in the first quarter of 2025. But even through that lens the numbers are troubling: fourth quarter market share in 2023 was 42%², which means there were only two percentage points of growth in 2024 – a substantial decline from the seven points achieved in the year prior. At this rate, Heplisav will fall far short of the Company’s 60% target for 2030 – yet management contended on the earnings call last month that this is “exactly how we had planned.”³ Shares fell 11% the next day.⁴