Vaxcyte Inc

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 6, 2024

PCVX$67.53+5.7%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2024	2023	2024	2023
Operating expenses:
Research and development	$131,507	$72,691	$226,094	$130,771
General and administrative	21,474	14,456	41,359	27,567
Total operating expenses	152,981	87,147	267,453	158,338
Loss from operations	(152,981)	(87,147)	(267,453)	(158,338)
Other income, net:
Interest income	23,813	16,451	45,479	26,844
Grant income	394	2,464	520	3,119
Realized gains on marketable securities	27	—	49	—
Foreign currency transaction gains (losses)	44	(107)	(2,318)	(426)
Total other income, net	24,278	18,808	43,730	29,537
Net loss	$(128,703)	$(68,339)	$(223,723)	$(128,801)
Net loss per share, basic and diluted	$(1.10)	$(0.70)	$(1.95)	$(1.40)
Weighted-average shares outstanding, basic and diluted	117,256,561	98,057,870	114,473,758	92,165,076

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2024	2023	2024	2023
Net Loss	$(128,703)	$(68,339)	$(223,723)	$(128,801)
Other comprehensive loss:
Unrealized losses on investments, net	(445)	(2,568)	(2,444)	(2,160)
Foreign currency translation adjustments, net	(629)	—	4,080	—
Comprehensive loss	$(129,777)	$(70,907)	$(222,087)	$(130,961)

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share data)

Common Stock · Additional Paid-in Capital · Accumulated Deficit · Accumulated Other Comprehensive Gain · Total Stockholders’ Equity
Shares · Amount
Balance — December 31, 2023	95,364,831		$98		$2,164,583		$(924,392)		$179		$1,240,468
Exercise of stock options	631,287		1		5,023		—		—		5,024
Issuance of common stock and pre-funded warrants in connection with follow-on public offering, net of issuance costs of $45,997	12,695,312		13		816,465		—		—		816,478
Release of restricted stock units	64,301		—		(3,306)		—		—		(3,306)
Stock-based compensation expense	—		—		17,629		—		—		17,629
Unrealized losses on investments, net	—		—		—		—		(1,999)		(1,999)
Foreign currency translation adjustments, net	—		—		—		—		4,709		4,709
Net loss	—		—		—		(95,020)		—		(95,020)
Balance — March 31, 2024	108,755,731		$112		$3,000,394		$(1,019,412)		$2,889		$1,983,983
Exercise of stock options	236,610	—		2,744		—		—		2,744
Follow-on public offering costs	—	—		25		—		—		25
Issuance of common stock in connection with at-the-market offering, net of issuance costs of $2,551	1,503,035	2		106,507		—		—		106,509
Release of restricted stock units	26,992	—		(565)		—		—		(565)
Issuance of common stock under Employee Stock Purchase Plan	53,625	—		1,655		—		—		1,655
Stock-based compensation expense	—	—		21,558		—		—		21,558
Unrealized losses on investments, net	—	—		—		—		(445)		(445)
Foreign currency translation adjustments, net	—	—		—		—		(629)		(629)
Net loss	—	—		—		(128,703)		—		(128,703)
Balance — June 30, 2024	110,575,993	$114		$3,132,318		$(1,148,115)		$1,815		$1,986,132

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share data)

Common Stock · Additional Paid-in Capital · Accumulated Deficit · Accumulated OtherComprehensive Gain (Loss) · Total Stockholders’ Equity
Shares · Amount
Balance — December 31, 2022	79,470,670	$82		$1,476,018		$(522,126)		$(361)		$953,613
Exercise of stock options	100,964	1		501		—		—		502
Issuance of common stock in connection with at-the-market offering, net of issuance costs of $1,237	1,041,536	1		41,786		—		—		41,787
Release of restricted stock units	27,681		—		(727)		—		—		(727)
Vesting of early exercised stock options	—		—		2		—		—		2
Stock-based compensation expense	—	—		9,648		—		—		9,648
Unrealized gains on investments, net	—	—		—		—		408		408
Net loss	—	—		—		(60,462)		—		(60,462)
Balance — March 31, 2023	80,640,851	$84		$1,527,228		$(582,588)		$47		$944,771
Exercise of stock options	69,951	—		884		—		—		884
Issuance of common stock and pre-funded warrants in connection with follow-on offering, net of issuance costs of $29,952	13,030,000	13		545,266		—		—		545,279
Issuance of common stock under Employee Stock Purchase Plan	43,060	—		1,017		—		—		1,017
Release of restricted stock units	28,671	—		(214)		—		—		(214)
Vesting of early exercised stock options	—	—		2		—		—		2
Stock-based compensation expense	—	—		12,544		—		—		12,544
Unrealized losses on investments, net	—	—		—		—		(2,568)		(2,568)
Net loss	—	—		—		(68,339)		—		(68,339)
Balance — June 30, 2023	93,812,533	$97		$2,086,727		$(650,927)		$(2,521)		$1,433,376

Condensed Consolidated Statements of Cash Flows

(in thousands)

	Six Months Ended
	June 30,
	2024	2023
Cash flows from operating activities:
Net loss	$(223,723)	$(128,801)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,351	1,462
Stock-based compensation expense	39,187	22,192
Amortization of operating lease right-of-use assets	4,218	3,281
Net accretion of discounts on investments	(20,925)	(17,834)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,964)	(4,693)
Other assets	(15,127)	1,077
Operating lease liabilities	(3,643)	(2,732)
Accounts payable	(5,036)	4,052
Accrued compensation	(4,593)	3,235
Accrued manufacturing expenses	(16,294)	6,103
Accrued expenses	(34,969)	2,226
Net cash used in operating activities	(280,518)	(110,432)
Cash flows from investing activities:
Purchases of property and equipment	(13,459)	(3,469)
Purchases of investments	(1,038,346)	(916,613)
Purchases related to manufacturing facility and equipment construction-in-progress	(37,593)	—
Maturities of investments	541,988	135,999
Sales of investments	15,931	2,418
Net cash used in investing activities	(531,479)	(781,665)
Cash flows from financing activities:
Proceeds from exercise of common stock options	7,768	1,386
Proceeds from issuance of common stock related to at-the-market offerings, net of issuance costs	106,509	41,787
Proceeds from issuance of common stock from follow-on offerings, net of issuance costs	816,503	545,279
Release of restricted stock units	(3,871)	(941)
Proceeds from issuance of common stock under Employee Stock Purchase Plan	1,655	1,017
Net cash provided by financing activities	928,564	588,528
Effect of exchange rate changes on cash and cash equivalents	4,652	(55)
Net increase (decrease) in cash, cash equivalents and restricted cash	121,219	(303,624)
Cash, cash equivalents and restricted cash, beginning of period	398,554	835,528
Cash, cash equivalents and restricted cash, end of period	$519,773	$531,904
Supplemental disclosure of non-cash investing activities:
Purchases of property and equipment recorded in accounts payable and accrued expenses	$5,279	$4,162
Proceeds from issuance of common stock from at-the-market offering, not yet received	$9,414	$—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.