Vaxcyte, Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
PCVX$66.36-1.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(766,628) | $(463,927) | $(402,266) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 16,396 | 7,003 | 3,156 |
| Stock-based compensation expense | 138,845 | 84,822 | 48,760 |
| Amortization of operating lease right-of-use assets | 8,464 | 8,842 | 7,015 |
| Net accretion of discounts on investments | (14,434) | (38,704) | (34,775) |
| Unrealized foreign exchange loss (gain) | (34,768) | 4,232 | — |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses and other current assets | (16,800) | (5,827) | 17,870 |
| Operating lease right-of-use assets | (52,371) | (49,948) | (16,724) |
| Other assets | (39,886) | (26,511) | (33,007) |
| Operating lease liabilities | 46,371 | 41,886 | 11,284 |
| Accounts payable | 19,906 | 34,584 | 11,225 |
| Accrued compensation | 2,302 | 9,517 | 9,876 |
| Accrued contract manufacturing expenses | 31,059 | (22,943) | 44,501 |
| Accrued expenses | 5,967 | (35,653) | 36,295 |
| Net cash used in operating activities | (655,577) | (452,627) | (296,790) |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (13,713) | (22,427) | (16,062) |
| Purchases of manufacturing facility build-out and equipment construction-in-progress | (43,260) | (96,732) | (51,815) |
| Purchases of investments | (1,211,499) | (3,086,701) | (1,329,896) |
| Maturities of investments | 1,531,136 | 1,133,235 | 611,876 |
| Sales of investments | 174,690 | 66,959 | 12,586 |
| Net cash provided by (used in) investing activities | 437,354 | (2,005,666) | (773,311) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock and pre-funded warrants from follow-on offerings, net of issuance costs | — | 2,239,713 | 545,302 |
| Proceeds from issuance of common stock under at-the-market offering, net of issuance costs | — | 195,943 | 90,741 |
| Proceeds from issuance of shares through employee equity incentive plans | 13,005 | 27,144 | 7,646 |
| Taxes paid related to the net share settlement of equity awards | (10,991) | (14,292) | (3,876) |
| Net cash provided by financing activities | 2,014 | 2,448,508 | 639,813 |
| Effect of exchange rate changes on cash and cash equivalents | 2,439 | 426 | (6,686) |
| Net decrease in cash, cash equivalents and restricted cash | (213,770) | (9,359) | (436,974) |
| Cash, cash equivalents and restricted cash, beginning of period | 389,195 | 398,554 | 835,528 |
| Cash, cash equivalents and restricted cash, end of period | $175,425 | $389,195 | $398,554 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $173,959 | $387,878 | $397,451 |
| Restricted cash | 1,466 | 1,317 | 1,103 |
| Cash, cash equivalents and restricted cash | $175,425 | $389,195 | $398,554 |
| Supplemental disclosures of non-cash investing and financing activities: | |||
| Purchases of property and equipment recorded in accounts payable and accrued expenses | $7,538 | $13,179 | $8,510 |
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