Vaxcyte, Inc. (NASDAQ: PCVX) announced its fourth quarter and full-year 2025 financial results during an earnings conference call on February 24, 2026. Executives highlighted robust cash reserves and key milestones in the pneumococcal conjugate vaccine (PCV) pipeline.27
Grant Pickering, CEO and Co-Founder, emphasized progress across clinical, regulatory, and manufacturing fronts. The company advances its lead candidate VAX-31 toward potential commercialization.26
Financial Results
Vaxcyte recorded a Q4 net loss of $246.5 million and a full-year loss of $766.6 million, up from $137.1 million and $463.9 million in 2024. Research and development expenses climbed to $242.1 million in Q4 and $794.3 million annually, fueled by PCV programs and personnel growth. General and administrative costs reached $32.3 million in Q4 and $129.4 million for the year.24
Cash, cash equivalents, and investments totaled $2.44 billion at year-end. A February 2026 equity offering generated $600.2 million in net proceeds from 12.65 million shares sold at $50 each, extending the cash runway through at least 2028.25
Andrew Guggenhime, President and CFO, stated, “With $2.4 billion in cash… plus the approximately $600 million in net proceeds… we believe we are well positioned to execute on our planned clinical, manufacturing and commercial readiness milestones.”27
VAX-31 Adult Program Progress
The Phase 3 OPUS trials for VAX-31 advance, enrolling about 6,000 adults with 3,400 receiving the vaccine. OPUS-1, the pivotal noninferiority study against Prevnar 20 and Capvaxive, dosed first participants in December 2025; topline data arrives Q4 2026. OPUS-2 tests co-administration with flu vaccine, and OPUS-3 evaluates prior-vaccinated adults; both report data in H1 2027.24
The FDA expanded Breakthrough Therapy Designation for VAX-31 to pneumonia prevention. Pickering noted, “Based on the strength of the unprecedented results from our VAX-31 Phase 1/2 study… we believe we are uniquely positioned to set a new standard by which future adult pneumococcal vaccines will be measured.”26
Infant and Early-Stage Pipeline
Enrollment completed in the VAX-31 infant Phase 2 dose-finding study with 900 participants. Final VAX-24 infant data supported higher doses; results for primary series and booster due H1 2027.25
Vaxcyte plans Phase 1 initiation for VAX-A1, a Group A Strep vaccine, in adults during 2026, starting in Australia. VAX-XL, a next-generation PCV, enters early development.24
Manufacturing Readiness
A dedicated Lonza facility for PCV production completed on time and budget at up to $350 million. North Carolina fill-finish line buildout progresses under a $1 billion U.S. investment commitment. Capital expenditures hit $335.4 million by year-end.27
