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Vaxcyte
Vaxcyte (PCVX) investor relations material
Vaxcyte Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Achieved significant progress in clinical, manufacturing, and commercial readiness for the PCV franchise, with multiple late-stage trials underway and a robust financial position supporting future milestones.
Advanced VAX-31 into pivotal phase III trials (OPUS-1, -2, -3) in adults and completed enrollment in the optimized infant phase II study, targeting broader pneumococcal disease coverage.
Expanded adult Breakthrough Therapy designation for VAX-31 to include pneumonia prevention.
Resumed development of the Group A Strep vaccine candidate (VAX-A1) following strengthened financials, with phase I adult studies planned for 2026.
Strengthened leadership team and board with experienced industry executives.
Financial highlights
Cash, cash equivalents, and investments totaled $2.44 billion as of December 31, 2025, down from $3.13 billion at year-end 2024.
Raised $632.5 million in net proceeds from a public equity offering in February 2026, further strengthening the balance sheet.
Net loss for 2025 was $766.6 million, compared to $463.9 million in 2024.
R&D expenses rose to $794.3 million in 2025 from $476.6 million in 2024, driven by increased development and manufacturing activities.
Capitalized costs rose in 2025 due to manufacturing facility build-out, expected to decline in 2026 as most costs shift to expenses.
Outlook and guidance
Expect meaningful increase in total expenses in 2026, primarily from manufacturing and clinical trial expansion for VAX-31.
Topline data from OPUS-1 Phase 3 adult trial expected in Q4 2026; OPUS-2 and OPUS-3 results and VAX-31 infant Phase 2 topline data expected by mid-2027.
Plan to initiate phase I study for VAX-A1 (Group A Strep) in adults in 2026.
What OPUS-1 data points define VAX-31's edge?
Strategic importance of NC fill-finish line buildout
Rationale for VAX-31 infant optimized dose
Explain VAX-31's ACIP catch-up rec strategy
What's the path for VAX-A1 proof-of-concept?
Detail 2026 VAX-31 launch manufacturing spend
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Next Vaxcyte earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
Vaxcyte
Next Vaxcyte earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
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Frequently asked questions
Vaxcyte Inc. is a clinical-stage biotechnology company focused on the development of novel protein vaccines aimed at preventing or treating bacterial infectious diseases. Its leading vaccine candidate, VAX-24, is a 24-valent investigational pneumococcal conjugate vaccine designed to prevent invasive pneumococcal disease. In addition to VAX-24, Vaxcyte is working on several other vaccine candidates, including VAX-31, to address emerging strains and antibiotic resistance; VAX-A1, targeting Group A Streptococcus; VAX-PG, aimed at a keystone pathogen responsible for periodontitis; and VAX-GI, to prevent Shigella. The company is headquartered in San Carlos, California and its shares are listed on the NASDAQ stock exchange.
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