SCHEDULE: Deep Track Funds Report 13.41% Passive Stake in Dynavax

Deep Track Biotechnology Master Fund, Ltd., Deep Track Capital, LP, and David Kroin have filed an amended Schedule 13G, reporting a 13.41% passive beneficial ownership in Dynavax Technologies Corporation.

Summary

• Deep Track Biotechnology Master Fund, Ltd., Deep Track Capital, LP, and David Kroin (the "Reporting Persons") collectively beneficially own 15,726,349 shares of Dynavax Technologies Corporation's Common Stock.
• This represents 13.41% of the outstanding Common Stock, based on 117,267,482 shares reported by Dynavax on August 7, 2025.
• The Reporting Persons have shared voting and dispositive power over all 15,726,349 shares.
• This filing is an Amendment No. 2 to Schedule 13G, which replaces a previously filed Schedule 13D, indicating a shift back to passive investment intent.
• The Reporting Persons certify that the securities are not held for the purpose of changing or influencing control of Dynavax, except for activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The filing indicates a significant, continued, and now passive institutional investment in Dynavax, which is generally a positive signal of confidence. The shift from 13D to 13G reduces potential activist overhang, which can be viewed positively by some investors.

Positives

• A significant institutional investor (Deep Track Capital) maintains a substantial 13.41% stake in Dynavax Technologies Corporation, indicating continued confidence.
• The shift from a Schedule 13D back to a Schedule 13G suggests a passive investment intent, potentially reducing concerns about activist pressure or control contests.

Future Outlook

The filing does not provide specific forward-looking statements or guidance regarding Dynavax Technologies Corporation's future performance or strategic direction. It primarily details current beneficial ownership.

Management Comments

• The filing contains certifications from David Kroin, on behalf of the Reporting Persons, stating that the securities were not acquired or held for the purpose of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing reflects a significant institutional investor's continued interest in the biotechnology sector, specifically Dynavax Technologies Corporation. The shift from a 13D to a 13G suggests a re-evaluation of the investment's strategic intent, moving towards a more passive stance, which can be common for funds that initially take a more active role but then decide to reduce their direct influence.

Comparison to Industry Standards

• This filing is a standard beneficial ownership disclosure. Without specific operational or financial results from Dynavax, a direct comparison to industry-specific benchmarks or comparable companies' performance is not applicable.
• The ownership percentage of 13.41% is a substantial stake for an institutional investor in a publicly traded biotechnology company, indicating a high conviction in the company's long-term prospects.

Stakeholder Impact

• Shareholders: The continued significant stake by a major institutional investor could be seen as a vote of confidence, potentially stabilizing or supporting share price. The shift to a passive 13G may alleviate concerns about activist intervention.

Next Steps

• The filing does not explicitly mention future actions or milestones for Dynavax Technologies Corporation or the Reporting Persons, beyond the ongoing passive investment.

Key Dates

Recommendation

The filing indicates a substantial, continued investment by Deep Track Capital in Dynavax, suggesting long-term confidence. The shift from a Schedule 13D to a 13G signals a passive investment intent, which may reduce perceived activist pressure. While this is a positive signal of institutional conviction, the filing itself does not provide new operational or financial data to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and monitor Dynavax's fundamental performance and future disclosures.

Keywords

Dynavax Technologies Corporation, Deep Track Capital, Schedule 13G, Beneficial Ownership, Biotechnology, Institutional Investor, Passive Investment, DVX