Vaxcyte, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout 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.
Sep 30, 2025 · Filed Nov 4, 2025
PCVX$67.53+5.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating expenses: | ||||
| Research and development | $209,933 | $116,936 | $552,246 | $343,030 |
| General and administrative | 32,447 | 22,988 | 97,146 | 64,347 |
| Total operating expenses | 242,380 | 139,924 | 649,392 | 407,377 |
| Loss from operations | (242,380) | (139,924) | (649,392) | (407,377) |
| Other income, net: | ||||
| Interest income | 29,259 | 28,057 | 93,267 | 73,536 |
| Other income | 291 | 8,743 | 36,004 | 6,994 |
| Total other income, net | 29,550 | 36,800 | 129,271 | 80,530 |
| Net loss | $(212,830) | $(103,124) | $(520,121) | $(326,847) |
| Net loss per share, basic and diluted | $(1.56) | $(0.83) | $(3.83) | $(2.78) |
| Weighted-average shares outstanding, basic and diluted | 136,196,512 | 123,693,461 | 135,975,586 | 117,596,424 |
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net loss | $(212,830) | $(103,124) | $(520,121) | $(326,847) |
| Other comprehensive loss: | ||||
| Unrealized gains on investments, net | 3,031 | 8,692 | 8,617 | 6,248 |
| Foreign currency translation adjustments, net | (288) | (10,368) | (3,888) | (6,288) |
| Comprehensive loss | $(210,087) | $(104,800) | $(515,392) | $(326,887) |
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands, except share data)
| Common Stock · Additional Paid-in Capital · Accumulated Deficit · Accumulated Other Comprehensive Gain (Loss) · Total Stockholders’ Equity | ||||||
|---|---|---|---|---|---|---|
| Shares · Amount | ||||||
| Balance — December 31, 2024 | 124,893,034 | $128 | $4,697,883 | $(1,388,319) | $(3,873) | $3,305,819 |
| Issuance of common stock in connection with employee incentive plans | 546,419 | 1 | 6,048 | — | — | 6,049 |
| Issuance of common stock from underlying pre-funded warrants in connection with follow-on public offerings | 3,499,959 | 3 | (3) | — | — | — |
| Taxes paid related to the net share settlement of equity awards | — | — | (5,290) | — | — | (5,290) |
| Stock-based compensation expense | — | — | 30,615 | — | — | 30,615 |
| Other comprehensive gain | — | — | — | — | 3,551 | 3,551 |
| Net loss | — | — | — | (140,718) | — | (140,718) |
| Balance — March 31, 2025 | 128,939,412 | 132 | 4,729,253 | (1,529,037) | (322) | 3,200,026 |
| Issuance of common stock in connection with employee incentive plans | 236,375 | — | 3,235 | — | — | 3,235 |
| Issuance of common stock from underlying pre-funded warrants in connection with follow-on public offering | 640,685 | 1 | — | — | — | 1 |
| Taxes paid related to the net share settlement of equity awards | — | — | (717) | — | — | (717) |
| Stock-based compensation expense | — | — | 36,927 | — | — | 36,927 |
| Other comprehensive loss | — | — | — | — | (1,565) | (1,565) |
| Net loss | — | — | — | (166,573) | — | (166,573) |
| Balance — June 30, 2025 | 129,816,472 | 133 | 4,768,698 | (1,695,610) | (1,887) | 3,071,334 |
| Issuance of common stock in connection with employee incentive plans | 212,639 | — | 306 | — | — | 306 |
| Taxes paid related to the net share settlement of equity awards | — | — | (3,977) | — | — | (3,977) |
| Stock-based compensation expense | — | — | 35,306 | — | — | 35,306 |
| Other comprehensive gain | — | — | — | — | 2,743 | 2,743 |
| Net loss | — | — | — | (212,830) | — | (212,830) |
| Balance — September 30, 2025 | 130,029,111 | $133 | $4,800,333 | $(1,908,440) | $856 | $2,892,882 |
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, 2023 | 95,364,831 | $98 | $2,164,583 | $(924,392) | $179 | $1,240,468 | |||||
| Issuance of common stock in connection with employee incentive plans | 695,588 | 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 | |||||
| Taxes paid related to the net share settlement of equity awards | — | — | (3,306) | — | — | (3,306) | |||||
| Stock-based compensation expense | — | — | 17,629 | — | — | 17,629 | |||||
| Other comprehensive gain | — | — | — | — | 2,710 | 2,710 | |||||
| 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 | |||||
| Issuance of common stock in connection with employee incentive plans | 317,227 | — | 4,399 | — | — | 4,399 | |||||
| Issuance of common stock in connection with at-the-market offering, net of commissions and offering expenses of $2,551 | 1,503,035 | 2 | 106,532 | — | — | 106,534 | |||||
| Taxes paid related to the net share settlement of equity awards | — | — | (565) | — | — | (565) | |||||
| Stock-based compensation expense | — | — | 21,558 | — | — | 21,558 | |||||
| Other comprehensive loss | — | — | — | — | (1,074) | (1,074) | |||||
| 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 | |||||
| Issuance of common stock in connection with employee incentive plans | 646,966 | — | 11,737 | — | — | 11,737 | |||||
| Issuance of common stock and pre-funded warrants in connection with follow-on public offering, net of commissions and offering expenses of $71,822 | 12,087,378 | 12 | 1,423,164 | — | — | 1,423,176 | |||||
| Issuance of common stock in connection with at-the-market offering, net of commissions and offering expenses of $1,816 | 1,119,525 | 1 | 89,459 | — | — | 89,460 | |||||
| Taxes paid related to the net share settlement of equity awards | — | — | (9,336) | — | — | (9,336) | |||||
| Stock-based compensation expense | — | — | 21,265 | — | — | 21,265 | |||||
| Other comprehensive loss | — | — | — | — | (1,676) | (1,676) | |||||
| Net loss | — | — | — | (103,124) | — | (103,124) | |||||
| Balance — September 30, 2024 | 124,429,862 | $127 | $4,668,607 | $(1,251,239) | $139 | $3,417,634 | |||||
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(520,121) | $(326,847) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 8,899 | 4,139 |
| Stock-based compensation expense | 102,848 | 60,452 |
| Amortization of operating lease right-of-use assets | 6,161 | 6,921 |
| Net accretion of discounts on investments | (11,670) | (27,028) |
| Unrealized foreign exchange gain | (33,113) | (6,453) |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (7,251) | (2,530) |
| Operating lease right-of-use assets | (17,575) | (4,624) |
| Other assets | (28,347) | (22,052) |
| Operating lease liabilities | 13,234 | (1,265) |
| Accounts payable | (1,761) | 3,275 |
| Accrued compensation | (3,924) | 1,174 |
| Accrued contract manufacturing expenses | 63,204 | (54) |
| Accrued expenses | (1,329) | (26,334) |
| Net cash used in operating activities | (430,745) | (341,226) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (11,059) | (18,406) |
| Purchases of manufacturing facility build-out and equipment construction-in-progress | (37,493) | (70,726) |
| Purchases of investments | (918,850) | (2,271,486) |
| Maturities of investments | 1,183,164 | 869,688 |
| Sales of investments | 106,467 | 42,432 |
| Net cash provided by (used in) investing activities | 322,229 | (1,448,498) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of shares through employee equity incentive plans | 9,590 | 21,160 |
| Proceeds from issuance of common stock from at-the-market offerings, net of issuance costs | — | 195,969 |
| Proceeds from issuance of common stock from follow-on offerings, net of issuance costs | — | 2,239,679 |
| Taxes paid related to the net share settlement of equity awards | (9,984) | (13,207) |
| Net cash provided by (used in) financing activities | (394) | 2,443,601 |
| Effect of exchange rate changes on cash and cash equivalents | 2,263 | (924) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (106,647) | 652,953 |
| Cash, cash equivalents and restricted cash, beginning of period | 389,195 | 398,554 |
| Cash, cash equivalents and restricted cash, end of period | $282,548 | $1,051,507 |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $281,080 | $1,050,189 |
| Restricted cash | 1,468 | 1,318 |
| Cash, cash equivalents and restricted cash | $282,548 | $1,051,507 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Purchases of property and equipment recorded in accounts payable and accrued expenses | $5,568 | $5,529 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.