10-K · February 24, 2026
Vaxcyte positions itself as a cell-free protein synthesis vaccine developer focused on a broad-spectrum pneumococcal conjugate vaccine (PCV) franchise and other bacterial targets, leveraging its XpressCF™ platform. The…
Earnings analysis · 10-Q
PCVX earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Vaxcyte reported a substantial net loss of $320.6 million for Q1 2026, significantly widening from a loss of $140.7 million in Q1 2025, highlighting continued pressure on expenses particularly in R&D. Revenue remains…
Read full summary
Vaxcyte reported a substantial net loss of $320.6 million for Q1 2026, significantly widening from a loss of $140.7 million in Q1 2025, highlighting continued pressure on expenses particularly in R&D. Revenue remains non-existent, with the company relying heavily on cash reserves of $2.7 billion to fund ongoing operations amid an aggressive expansion in clinical trials for its vaccine candidates.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.3
What stood out
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Significant Net Loss
Net loss for the quarter was $320.6 million, up 127.8% from $140.7 million in Q1 2025.
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R&D Expenses Surge
Research and development expenses reached $312.8 million, a 111.1% increase from $148.1 million in Q1 2025.
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High Cash Reserve
Ending cash balance was $2.7 billion, sufficient to fund operational needs for at least 12 months.
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No Revenue Generated
Despite vigorous R&D efforts, no revenue was reported as the company remains in the clinical stage.
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Increased Clinical Trial Activity
Clinical trial related expenses increased by $45 million due to the commencement of multiple Phase 3 studies.
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Continuing Need for Capital
The company indicated it will need to raise substantial capital for ongoing development and commercialization efforts.
What to watch
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Continued Cash Burn Risk
Net cash used in operating activities for Q1 2026 was $280.6 million, necessitating future capital raises.
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Regulatory and Development Uncertainties
Ongoing clinical trials face risks of delays or failures, impacting future revenue potential.
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Intellectual Property Vulnerabilities
Potential challenges in obtaining or maintaining patent protection for vaccine candidates.
Management's outlook
Company has not offered forward numeric guidance.
Earlier filings 4
10-Q · November 4, 2025
Vaxcyte reported a wider quarterly loss: net loss of $(212,830) and GAAP EPS of $(1.56) for the three months ended September 30, 2025, compared with net loss $(103,124) and EPS $(0.83) in the year-ago quarter. Operating…
10-Q · August 6, 2025
Vaxcyte reported a Q2 net loss of $166,573 (three months ended June 30, 2025) and GAAP diluted EPS of $(1.22), wider than prior-year Q2 EPS of $(1.10). Operating expenses rose materially (total operating expense…
10-K · February 25, 2025
Vaxcyte is a clinical-stage vaccine company with meaningful clinical progress: VAX-31 showed positive Phase 1/2 immunogenicity in 1,015 adults and received FDA breakthrough therapy designation in November 2024, and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.