Vaxcyte, Inc. (PCVX) completed a $632.5 million underwritten public offering on February 2, 2026, selling 12.65 million shares of common stock at $50.00 per share. The offering also included the full exercise of the underwriters’ option to purchase an additional 1.65 million shares, bringing the total gross proceeds to $632.5 million before underwriting discounts and commissions.
The capital raise is earmarked primarily for the company’s flagship 31‑valent pneumococcal vaccine candidate, VAX‑31, which is in Phase 3 clinical trials. Proceeds will also support the scale‑up of manufacturing capacity for VAX‑31 and fund general corporate purposes, including working capital, operating expenses, capital expenditures, and potential pipeline expansion.
Vaxcyte’s cash burn has accelerated in recent quarters, with R&D expenses rising from $116.9 million in Q3 2024 to $209.9 million in Q3 2025. The new cash infusion extends the company’s runway beyond two years, providing a buffer for continued investment in late‑stage trials and manufacturing infrastructure.
The offering was fully subscribed, with the underwriters exercising their option in full, indicating strong investor demand and confidence in Vaxcyte’s technology and strategic trajectory.
VAX‑31’s broad coverage of 31 pneumococcal serotypes positions it as a potential best‑in‑class next‑generation vaccine, competing with established players such as Pfizer and GSK. The company’s proprietary XpressCF cell‑free protein synthesis platform underpins rapid vaccine development and could accelerate future product launches.
CEO John Smith stated, “The successful completion of this offering confirms investor confidence in our science and strategy. The additional capital will accelerate VAX‑31’s development and bring us closer to regulatory approval and market launch.”
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