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PCVX

Vaxcyte, Inc.

PCVX

Vaxcyte, Inc. • NASDAQ
$49.61 ▼ -0.08% (-0.04)
Market Cap $6.49 B
52w High $94.76
52w Low $27.66
Dividend Yield 0%
P/E -10.23
Volume 627.32K
Outstanding Shares 130.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $242.38M ▲ $-212.83M ▼ 0% $-1.56 ▼ $-209.766M ▼
Q2-2025 $0 $221.23M ▲ $-166.573M ▼ 0% $-1.22 ▼ $-161.584M ▲
Q1-2025 $0 $180.793M ▲ $-140.718M ▼ 0% $-1.04 ▲ $-175.919M ▼
Q4-2024 $0 $162.169M ▲ $-137.08M ▼ 0% $-1.12 ▼ $-52.577M ▲
Q3-2024 $0 $139.924M $-103.124M 0% $-0.83 $-135.141M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.711B ▲ $3.172B ▼ $278.718M ▲ $2.893B ▼
Q2-2025 $1.661B ▼ $3.305B ▼ $234.029M ▲ $3.071B ▼
Q1-2025 $1.672B ▼ $3.378B ▼ $178.077M ▼ $3.2B ▼
Q4-2024 $1.747B ▼ $3.511B ▼ $205.499M ▲ $3.306B ▼
Q3-2024 $2.18B $3.56B $142.112M $3.418B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-212.83M ▼ $-143.305M ▼ $121.17M ▲ $-3.671M ▼ $-25.515M ▲ $-155.351M ▼
Q2-2025 $-166.573M ▼ $-121.166M ▲ $77.742M ▼ $2.518M ▲ $-40.106M ▲ $-101.65M ▲
Q1-2025 $-140.718M ▼ $-166.274M ▼ $123.317M ▲ $759K ▼ $-41.026M ▲ $-193.025M ▼
Q4-2024 $-137.08M ▼ $-111.401M ▼ $-557.168M ▲ $4.907M ▼ $-662.312M ▼ $-141.428M ▼
Q3-2024 $-103.124M $-60.708M $-917.019M $1.515B $531.734M $-98.788M

Revenue by Products

Product Q3-2021Q4-2021Q1-2022Q2-2022
Pneumococcal Conjugate Vaccine
Pneumococcal Conjugate Vaccine
 $7.00Bn ▲$0 ▼$7.00Bn ▲$7.00Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Vaxcyte is still a pure R&D story with no product sales yet, so its income statement shows only expenses and losses. Those losses have grown steadily over the last few years as the company has pushed multiple vaccine programs into and through clinical trials. The main driver is higher research and development spending, along with the build‑out of a commercial organization and manufacturing capabilities. This pattern is typical for a late clinical‑stage biotech: rising operating losses now in exchange for the possibility of future revenue once products are approved and launched. The key risk is that the company continues to burn more money each year without yet having a clear line of sight to commercial revenue.

Balance Sheet

Balance Sheet The balance sheet looks like that of a well‑funded clinical‑stage biotech. Total assets, and especially cash and investments, have increased sharply compared with a few years ago, largely due to equity raises. Debt remains very modest relative to the company’s size, so financial leverage is low. Shareholders’ equity has expanded strongly, reflecting the capital inflows that are funding the pipeline. The strength of the balance sheet is a clear positive, but it is heavily reliant on the continued market willingness to fund the company until it can generate its own cash from approved products.

Cash Flow

Cash Flow Cash flow is clearly negative and becoming more so over time, driven by higher R&D and operating costs as programs move into later‑stage trials. Operating cash outflows have increased each year, and after modest but rising capital spending on facilities and equipment, free cash flow is even more negative. Capital expenditures are still relatively small compared with R&D, indicating the company remains mostly in the development phase rather than full‑scale manufacturing. This pattern is normal for a company at this stage but underscores its dependence on existing cash reserves and potential future financing until commercialization.

Competitive Edge

Competitive Edge Vaxcyte is trying to carve out a place in a very large but highly competitive pneumococcal vaccine market dominated by major players such as Pfizer and Merck. Its edge is the promise of broader‑coverage vaccines that could protect against more strains of disease in a single shot. Early trial results suggest its lead candidates may match or exceed current standard products on shared strains while adding protection against additional ones. If this advantage holds up in late‑stage trials and in real‑world use, it could justify meaningful market share despite the company’s smaller size. However, it still faces powerful incumbents with deep commercial experience, strong existing customer relationships, and the ability to respond with their own next‑generation products.

Innovation and R&D

Innovation and R&D Innovation is at the core of Vaxcyte’s story. The company uses a cell‑free protein synthesis platform that allows faster and more precise design of complex vaccines compared with traditional cell‑based methods. This technology enables high‑valent pneumococcal vaccines, meaning more bacterial strains can be covered without losing immune strength. Lead programs VAX‑31 and VAX‑24 aim to offer broader protection for adults and infants, respectively, and early data have been encouraging. Vaxcyte has paused some earlier‑stage programs to concentrate resources on these key vaccines, reflecting a focused R&D strategy. The opportunity is substantial, but so is the scientific and regulatory risk: success still depends on future Phase 3 results, manufacturing scale‑up, and regulatory approvals going as planned.

Summary

Vaxcyte is a late clinical‑stage vaccine developer with no current product revenue, rising R&D‑driven losses, and a sizeable cash position supporting its ambitious development plans. Financially, it looks like a classic high‑burn, high‑potential biotech: strong balance sheet today, ongoing negative cash flow, and dependence on external capital until commercialization. Strategically, the company is targeting a large, established vaccine market with product candidates that aim to offer meaningfully broader disease coverage than current leaders. Its proprietary platform and early clinical data support a differentiated scientific story, but significant execution, regulatory, and competitive risks remain. The company’s future hinges on the success of its pivotal trials for VAX‑31 and VAX‑24 and on its ability to translate promising science into approved, manufacturable, and commercially adopted vaccines.

NEWS

November 4, 2025 · 4:05 PM UTC

Vaxcyte Reports Third Quarter 2025 Financial Results and Provides Business Update Including Final Data from Positive VAX-24 Infant Phase 2 Dose-Finding Study

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September 30, 2025 · 8:30 AM UTC

Vaxcyte to Establish Fill-Finish Manufacturing in North Carolina as Key Element of Long-Term United States Commercial Supply Strategy Representing Up to $1 Billion in Manufacturing and Services

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September 3, 2025 · 7:30 AM UTC

Vaxcyte Advances VAX-31 Infant Phase 2 Dose-Finding Study with First Participants Receiving VAX-31 Optimized Dose

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