Vaxcyte, Inc. PCVX
We are a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. We are re-engineering the way highly complex vaccines are made through the XpressCF™ cell-free protein synthesis platform. Unlike conventional cell-based approaches, our system for producing difficult-to-make proteins and antigens is intended to develop and deliver high-fidelity vaccines with enhanced immunological benefits that are beyond the capabilities of conventional approaches.
Vaccines are one of the most successful and cost-effective global health interventions and prevent millions of deaths worldwide each year. Routine pediatric vaccinations in the United States are estimated to prevent approximately 17 million cases of disease over the lifetimes of each annual birth cohort, and it is estimated that every $1 spent on childhood vaccination results in savings of approximately $11. Adult vaccination has increased with the introduction of new vaccines along with expanded age recommendations and growing international adoption, which is contributing to the growth of the overall vaccine market. Given the critical role vaccines play in preventing disease from childhood through adulthood, the global vaccine market is large, durable and growing. There are areas of significant unmet medical need, including vaccines that can provide broader protection, against both currently circulating and historically prevalent strains, than currently marketed vaccines and novel vaccines that target pathogens for which there are no currently approved vaccines. We are driven to eradicate or treat invasive bacterial infections, which have serious and costly health consequences when left unchecked.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| R&D | $794.3M | $476.6M | $332.3M | $169.5M | $78.4M | $73.6M | $45.6M | $30.1M | — |
| SG&A | $129.4M | $92.9M | $60.7M | $39.8M | $25.3M | $16.0M | $8.5M | $5.4M | — |
| Total operating expenses | $923.7M | $569.5M | $468.0M | $232.3M | $103.7M | $89.6M | $54.2M | $35.5M | — |
| Operating income | -$923.7M | -$569.5M | -$468.0M | -$232.3M | -$103.7M | -$89.6M | -$54.2M | -$35.5M | — |
| Interest expense | — | $0 | $0 | $2.0K | $7.0K | $7.0K | $40.0K | $75.0K | — |
| Pre-tax income | -$766.6K | -$463.9K | -$402.3K | — | — | — | — | — | — |
| Income tax | $0 | $0 | $0 | — | — | — | — | — | — |
| Net income | -$766.6K | -$463.9K | -$402.3K | -$223.5K | -$100.1K | -$89.2M | -$50.3M | -$29.5M | — |
| EPS, basic | -5.63 | -3.80 | -4.14 | -3.44 | -1.93 | -3.02 | — | — | — |
| EPS, diluted | -5.63 | -3.80 | -4.14 | -3.44 | -1.93 | -3.02 | -13.25 | -8.12 | — |
| Shares, diluted (wtd. avg.) | 136.1M | 122.0M | 97.2M | 64.9M | 51.9M | 29.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $174.0M | $387.9M | $397.5M | $835.5M | $69.9M | $386.2M | $59.0M | $66.1M | $36.1M |
| Short-term investments | $1.39B | $1.36B | $682.8M | $96.7M | $177.0M | — | — | — | — |
| Total current assets | $1.63B | $1.79B | $1.10B | $942.6M | $256.3M | $389.0M | $61.7M | — | — |
| Property, plant and equipment | $257.4M | $198.0M | $79.6M | $10.4M | $8.0M | $3.3M | $3.4M | — | — |
| Total assets | $3.00B | $3.51B | $1.41B | $1.01B | $324.3M | $392.8M | $65.7M | — | — |
| Accounts payable | $70.9M | $48.5M | $14.6M | $9.8M | $6.8M | $29.8M | $3.4M | — | — |
| Total current liabilities | $205.8M | $140.2M | $145.3M | $40.5M | $28.7M | $46.9M | $11.1M | — | — |
| Total liabilities | $317.2M | $205.5M | $167.4M | $52.6M | $40.3M | $47.0M | $11.8M | — | — |
| Retained earnings | -$2.15B | -$1.39B | -$924.4M | -$522.1M | -$298.6M | -$198.6M | -$109.3M | — | — |
| Total equity | $2.69B | $3.31B | $1.24B | $953.6M | $284.0M | $345.8M | -$106.4M | -$57.7M | -$29.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$655.6M | -$452.6M | -$296.8M | -$170.6M | -$121.4M | -$46.6M | -$47.1M | -$30.5M | — |
| Depreciation and amortisation | $16.4M | $7.0M | $3.2M | $2.8M | $1.8M | $1.4M | $1.2M | $1.0M | — |
| Stock-based compensation | $138.8M | $84.8M | $48.8M | $23.6M | $10.7M | $5.4M | $1.2M | $749.0K | — |
| Capital expenditure | $13.7M | $22.4M | $16.1M | $5.8M | $6.6M | $1.2M | $1.2M | $1.8M | — |
| Investing cash flow | $437.4M | -$2.01B | -$773.3M | $74.6M | -$212.3M | -$1.1M | -$1.2M | -$1.8M | — |
| Financing cash flow | $2.0M | $2.45B | $639.8M | $861.5M | $17.8M | $374.9M | $41.6M | $62.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-173672.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | -$29.5M | -$50.3M | -$89.2M | -$100.1K | -$223.5K | -$402.3K | -$463.9K | -$766.6K |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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