Proxy Battle

Deep Track Capital (14.82% DVAX shareholder) condemns ISS’s favorable review of Dynavax’s board ahead of its 2025 Annual Meeting, urging governance reforms and new directors. It cites ISS’s alleged dismissal of critical issues: Heplisav’s missed 2024 sales ($275M target) and market share decline (43% Q1 2025), lax capital allocation, and a staggered board structure. Dynavax’s 23% YTD stock drop and 40-point TSR lag vs. Nasdaq Biotech Index underscore concerns. Deep Track criticizes ISS for overlooking governance gaps and misrepresenting settlement talks, advocating for nominees with vaccine expertise to drive strategic shifts. The clash reflects broader activist pressure on biotech governance.