Dynavax's Board Election: A Strategic Crossroads for Sustained Value Creation

The upcoming 2025 Annual Meeting of Stockholders for Dynavax Technologies Corporation (NASDAQ: DVAX) marks a pivotal moment for investors. The election of four director nominees—Brent MacGregor, Scott Myers, Lauren Silvernail, and Elaine Sun—will determine whether the company continues its current trajectory of strategic execution or pivots toward short-termism at the behest of activist investors. With Dynavax's stock having surged nearly 140% over the past five years, the stakes for long-term value creation could not be higher. Here's why voting FOR the company's slate is a decision that could pay dividends for years to come.

A Proven Strategy Delivering Market Leadership

Dynavax's pivot in 2019 to focus squarely on its vaccine business has been a masterclass in strategic discipline. Its flagship product, HEPLISAV-B®, a hepatitis B vaccine, now commands 44% of the U.S. adult market—a remarkable achievement in a crowded space. First-quarter 2025 results underscore this success, with HEPLISAV-B® revenue jumping 36% year-over-year to $71 million, driving an overall 34% revenue increase for the company. This growth isn't just a blip; it reflects a product with superior efficacy and safety, backed by robust data.

The numbers speak plainly: sustained execution has translated into shareholder value. With $268 million in HEPLISAV-B® revenue in 2024 alone, Dynavax is no longer a speculative biotech play—it's a proven market leader.

Capital Allocation: Prudent and Purposeful

Dynavax's approach to capital allocation has been equally disciplined. Since 2020, the company has allocated 56% of its capital to R&D and commercialization, ensuring it stays ahead in its therapeutic areas. The remaining 44% has been returned to shareholders through dividends and buybacks, with a $200 million repurchase program initiated in late 2024. By May 2025, over 85% of that program had been executed—a clear signal of confidence in the stock's undervalued status.

This balance is critical. While some investors may crave faster returns, Dynavax's focus on reinvesting in high-margin vaccines while returning capital prudently ensures it can capitalize on future opportunities, such as expanding HEPLISAV-B® into new markets or leveraging its proprietary CpG 1018 adjuvant technology for other indications.

Governance That Prioritizes Long-Term Value

Dynavax's board has been methodically refreshed over the past five years, with six of eight independent directors appointed since 2020. This turnover ensures fresh perspectives without destabilizing institutional knowledge. The proposed phased declassification of the board—starting in 2028—further demonstrates a commitment to accountability, as annual elections will become standard by 2030.

In contrast, activist investor Deep Track Capital's contested slate proposes nominees with little biopharma experience. Their focus on “immediate” returns risks undermining the long-term strategy that has driven Dynavax's success. Proxy advisory firms Glass Lewis, ISS, and Egan Jones have all endorsed Dynavax's nominees, citing their alignment with shareholder interests.

Why This Election Matters Now

The board election is a referendum on two competing visions: one grounded in disciplined execution and sustained growth, the other in short-term gains that could compromise the company's future. Dynavax's track record speaks for itself—its stock has outperformed the NASDAQ Biotechnology Index by 65% since 2019.

Investors who support the current slate are not just backing directors—they're endorsing a strategy poised to capitalize on HEPLISAV-B®'s dominance, expand into emerging markets, and leverage CpG 1018's potential in combination therapies. With the stock trading at just 6.8x 2025 consensus revenue estimates, this is a rare opportunity to buy into a leader at a discount.

Final Call to Action

Dynavax's 2025 Annual Meeting is a defining moment. The current board has delivered results—36% revenue growth, a 44% market share lead, and a stock up 140% in five years—that demand continuity. Voting FOR the nominees on the GOLD proxy card is not just a vote for governance stability; it's an investment in the future of a company positioned to dominate its field for decades.

Don't let short-term noise drown out long-term value. Act now to secure your stake in Dynavax's next chapter.