$PCVX

Vaxcyte, Inc.

CIK:0001649094|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 267,852	$ 194,179	$ 580,631	$ 342,313
General and administrative	34,925	32,040	67,996	64,699
Total operating expenses	302,777	226,219	648,627	407,012
Loss from operations	(302,777)	(226,219)	(648,627)	(407,012)
Other income, net:
Interest income	25,755	31,073	52,365	64,008
Other (expense) income	(7,280)	28,573	(8,662)	35,713
Total other income, net	18,475	59,646	43,703	99,721
Net loss	$ (284,302)	$ (166,573)	$ (604,924)	$ (307,291)
Net loss per share, basic (in dollars per share)	$ (1.97)	$ (1.22)	$ (4.26)	$ (2.26)
Net loss per share, diluted (in dollars per share)	$ (1.97)	$ (1.22)	$ (4.26)	$ (2.26)
Weighted-average shares outstanding, basic (in shares)	144,494,106	136,033,746	142,014,171	135,863,299
Weighted-average shares outstanding, diluted (in shares)	144,494,106	136,033,746	142,014,171	135,863,299

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (604,924)	$ (307,291)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,949	5,835
Stock-based compensation expense	79,205	67,542
Amortization of operating lease right-of-use assets	5,831	4,028
Net accretion of discounts on investments	(4,294)	(9,406)
Unrealized foreign exchange loss (gain)	7,374	(32,324)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	4,929	(8,166)
Operating lease right-of-use assets	0	(17,575)
Other assets	(69,825)	(17,031)
Operating lease liabilities	(2,136)	14,635
Accounts payable	31,285	(19,638)
Accrued compensation	(9,152)	(9,872)
Accrued contract manufacturing expenses	52,036	43,217
Accrued expenses	(9,374)	(1,394)
Net cash used in operating activities	(513,096)	(287,440)
Cash flows from investing activities:
Purchases of property and equipment	(6,426)	(7,235)
Purchases of manufacturing facility build-out and equipment construction-in-progress	(12,942)	(29,271)
Purchases of investments	(852,806)	(663,535)
Maturities of investments	739,095	832,964
Sales of investments	47,388	68,136
Net cash (used in) provided by investing activities	(85,691)	201,059
Cash flows from financing activities:
Proceeds from issuance of shares through employee equity incentive plans	16,793	9,284
Proceeds from issuance of common stock from follow-on offering, net of issuance costs	601,846	0
Taxes paid related to the net share settlement of equity awards	(11,355)	(6,007)
Net cash provided by financing activities	607,284	3,277
Effect of exchange rate changes on cash and cash equivalents	733	1,972
Net increase (decrease) in cash, cash equivalents and restricted cash	9,230	(81,132)
Cash, cash equivalents and restricted cash, beginning of period	175,425	389,195
Cash, cash equivalents and restricted cash, end of period	184,655	308,063
Cash and cash equivalents	183,190	306,744
Restricted cash	1,465	1,319
Cash, cash equivalents and restricted cash	184,655	308,063
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment recorded in accounts payable and accrued expenses	$ 4,659	$ 3,471

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 183,190	$ 173,959
Short-term investments	1,303,648	1,387,000
Prepaid expenses and other current assets	65,830	66,402
Total current assets	1,552,668	1,627,361
Property and equipment, net	260,390	257,370
Operating lease right-of-use assets	110,178	116,009
Long-term investments	1,020,896	881,664
Restricted cash	1,465	1,466
Other assets	192,557	118,847
Total noncurrent assets	1,585,486	1,375,356
Total assets	3,138,154	3,002,717
Current liabilities:
Accounts payable	100,919	70,904
Accrued compensation	13,822	23,000
Accrued contract manufacturing expenses	125,298	74,654
Accrued expenses	24,728	31,068
Operating lease liabilities — current	6,510	6,124
Total current liabilities	271,277	205,750
Operating lease liabilities — long-term	108,935	111,457
Total liabilities	380,212	317,207
Commitments and contingencies (Note 6)
Stockholders' Equity
Preferred stock, $0.001 par value — 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value — 500,000,000 shares authorized at June 30, 2026 and December 31, 2025; 144,785,934 and 131,058,858 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	148	134
Additional paid-in capital	5,525,211	4,838,736
Accumulated other comprehensive (gain) loss	(7,546)	1,587
Accumulated deficit	(2,759,871)	(2,154,947)
Total stockholders' equity	2,757,942	2,685,510
Total liabilities and stockholders' equity	$ 3,138,154	$ 3,002,717