Vaxcyte, Inc. (PCVX)

Price$61.16Cached quoteAs of 2026-09-04 23:18 UTC

AI: Fair-priced

Price checkThe shares look fair-priced because investors already assume a large commercial win.

Using roughly 149 million Vaxcyte shares outstanding, the observed quote implies an equity value near $9.1 billion. Subtract about $2.5 billion of cash, cash equivalents and investments, and investors are assigning roughly $6.6 billion to the pipeline and future business. Illustratively, $3 billion of mature annual sales at a 35% profit margin creates about $1.05 billion of earnings. Valued at 15 times earnings, discounted four years at 10% annually and adjusted for a 60% success chance, that is about $6.5 billion today. The required sales level is plausible but far from assured.

Big pictureFunding is strong, but losses and cash spending are still accelerating quickly.

Vaxcyte has no product revenue. Net loss widened to $766.6 million in 2025 from $463.9 million in 2024. The balance sheet is much stronger than earnings: second-quarter 2026 total assets were about $3.14 billion against $380 million of liabilities, including about $2.5 billion of cash and investments. First-half operating cash use reached about $513 million, nearly double the prior-year pace. That burn rate is substantial even with Vaxcyte's liquidity, especially alongside manufacturing commitments. Vaccine demand is less economically cyclical than many industries, so PCVX is driven mainly by clinical results, regulatory progress and financing needs.

Business strengthThe lead vaccine has credible advantages in a large market, but no commercial proof yet.

Vaxcyte's VAX-31 adult Phase 1/2 high dose met or exceeded regulatory immune-response criteria for all 31 serotypes, meaning bacterial strain types. For the 20 serotypes shared with Prevnar 20, average responses were higher for 18 and statistically higher for seven, while all 11 additional serotypes met superiority criteria. The adult Phase 3 program has enrolled thousands of participants. Commercial potential is meaningful because established pneumococcal vaccines generate billions of dollars in annual sales. The key limitation is that Vaxcyte has never commercialized a product, so manufacturing, approval, launch execution and market adoption remain unproven.

What could change the storyLate-stage results can justify today's valuation, while misses could force more stock sales and losses.

The strongest bull case is clean OPUS-1 late-stage safety and immune-response data, followed by supportive adult and infant results. That could justify much of the roughly $6.6 billion pipeline value embedded beyond Vaxcyte's liquid assets. The bear case is failure to match standard vaccines, a safety problem or manufacturing evidence that delays approval; any would directly reduce expected future sales. Capital is going to trials and manufacturing rather than dividends or buybacks. Vaxcyte's share count rose materially through financing, and its remaining stock-sale capacity means further dilution is possible if cash burn stays high.

AI: News

Quarterly timeline reaffirmedThe latest quarterly update kept the key adult vaccine readout on schedule despite sharply higher losses.

On August 5, 2026, Vaxcyte said all three adult Phase 3 studies remained fully enrolled and OPUS-1 data were still expected in the fourth quarter of 2026, with OPUS-2 and OPUS-3 expected in the first half of 2027. Vaxcyte also reported about $2.51 billion of cash and investments and a $284.3 million quarterly loss. PCVX rose in the next trading session, but that timing alone does not prove the update caused the move. The important business effect was preserved timing for the company's most important near-term clinical catalyst.

Adult trials fully enrolledAll three adult vaccine trials finished enrollment, reducing schedule risk before the first major late-stage readout.

On May 6, 2026, Vaxcyte said OPUS-1, OPUS-2 and OPUS-3 were all fully enrolled, keeping the first major adult readout on track for the fourth quarter of 2026. Vaxcyte also reported about $2.7 billion of cash and investments, including proceeds from earlier financing. PCVX fell in the next session, but higher spending and broader market conditions may also have influenced trading. The material business development was lower enrollment and timing risk, not any immediate change in revenue or earnings.

Large equity raiseA large stock sale strengthened development funding while reducing each existing shareholder's ownership percentage.

On February 2, 2026, Vaxcyte closed a 12.65 million-share public offering that raised $632.5 million gross and about $600 million net. The financing materially strengthened Vaxcyte's ability to fund late-stage trials and manufacturing work before product revenue arrives. PCVX rose that day, but the price move should not be attributed solely to the financing. For investors, the trade-off is clear: Vaxcyte lowered near-term funding risk while increasing the share count, which spreads any future business value across more shares.

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$0	$0	$0	$0	—	—	—	—
Research & development	$794.3M	$476.6M	$332.3M	$169.5M	$78.4M	$73.6M	$45.6M	$30.1M
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
EBITDA	−$907.3M	−$562.5M	−$464.9M	−$229.4M	−$101.9M	−$88.2M	−$52.9M	−$34.5M
Net income	−$766.6M	−$463.9M	−$402.3M	−$223.5M	−$100.1M	−$89.2M	−$50.3M	−$29.5M
Basic EPSper basic share	-$5.63	-$3.80	-$4.14	-$3.44	-$1.93	-$3.02	-$13.25	-$8.12
Diluted EPSper diluted share	-$5.63	-$3.80	-$4.14	-$3.44	-$1.93	-$3.02	-$13.25	-$8.12

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.40%of listed shares

FMR LLC20.85M shares · Jun 30, 2026

View holders

Top 20 reported holders of PCVX
Holder	% owned
FMR LLC	14.40%20.85M shares
Jupiter Topco LLC	12.41%17.97M shares
T. Rowe Price Investment Management, Inc.	8.43%12.21M shares
BlackRock, Inc.	8.34%12.07M shares
RA CAPITAL MANAGEMENT, L.P.	7.93%11.47M shares
WELLINGTON MANAGEMENT GROUP LLP	4.84%7M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.55%6.59M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.38%6.35M shares
STATE STREET CORP	3.70%5.35M shares
Deep Track Capital, LP	2.97%4.3M shares
GEODE CAPITAL MANAGEMENT, LLC	2.39%3.46M shares
PRICE T ROWE ASSOCIATES INC /MD/	2.06%2.99M shares
Kynam Capital Management, LP	2.02%2.92M shares
WESTFIELD CAPITAL MANAGEMENT CO LP	1.71%2.47M shares
Caligan Partners LP	1.51%2.19M shares
Paradigm Biocapital Advisors LP	1.47%2.13M shares
Bellevue Group AG	1.36%1.97M shares
D. E. Shaw & Co., Inc.	1.31%1.9M shares
MAVERICK CAPITAL LTD	1.11%1.61M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.01%1.46M shares

Percentages use 144.79M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)183$42.24M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4 · 10b5-1	PICKERING GRANTCHIEF EXECUTIVE OFFICER	SellCommon Stock · indirect	191	$56.27	$10.7K	134.2K
Jun 26, 2026Form 4 · 10b5-1	PICKERING GRANTCHIEF EXECUTIVE OFFICER	SellCommon Stock · indirect	602	$55.30	$33.3K	134.4K
Jun 26, 2026Form 4 · 10b5-1	PICKERING GRANTCHIEF EXECUTIVE OFFICER	SellCommon Stock · indirect	207	$54.22	$11.2K	135.0K
Jun 26, 2026Form 4 · 10b5-1	PICKERING GRANTCHIEF EXECUTIVE OFFICER	SellCommon Stock · indirect	332	$55.99	$18.6K	134.2K
Jun 26, 2026Form 4 · 10b5-1	PICKERING GRANTCHIEF EXECUTIVE OFFICER	SellCommon Stock · indirect	356	$55.23	$19.7K	134.5K