Vaxcyte, Inc. (PCVX) reported its fourth‑quarter and full‑year 2025 financial results, posting a net loss of $1.80 per share for the quarter and a full‑year net loss of $766.6 million, or approximately –$5.63 per share. The quarter’s loss missed analyst consensus of –$1.55 to –$1.56 per share by roughly $0.24, while the full‑year loss was far wider than the incorrect estimate of $1.02 that had been cited in earlier coverage.
The company generated no revenue in 2025, a typical outcome for a clinical‑stage biotech. The wider losses reflect continued investment in research and development and the expansion of manufacturing capacity, which have driven operating expenses higher than in prior periods. The company’s cash, cash equivalents and investments stood at $2.40 billion as of December 31, 2025, down from $3.13 billion at the end of 2024 but bolstered by a $600.2 million equity raise in February 2026 that extends the cash runway to the middle of 2028.
Vaxcyte highlighted progress in its lead pneumococcal conjugate vaccine portfolio. Enrollment in the VAX‑31 adult Phase‑3 program, comprising the OPUS‑1, OPUS‑2 and OPUS‑3 trials, is complete. Top‑line data from OPUS‑1 are expected in the fourth quarter of 2026, with OPUS‑2 and OPUS‑3 results anticipated in the first half of 2027. Enrollment in the VAX‑24 infant Phase‑2 dose‑finding study is also finished, with topline data due in the first half of 2027. The FDA has granted Breakthrough Therapy Designation for VAX‑31 in adults, potentially accelerating regulatory review.
Manufacturing capabilities have advanced with the completion of a large‑scale facility built by Lonza in the first quarter of 2026, designed to support global commercial demand. In addition, Vaxcyte is developing a high‑volume fill‑finish line in North Carolina in partnership with Thermo Fisher Scientific, a project valued at up to $1 billion that will enhance domestic supply capacity.
Management emphasized the company’s strategic focus. CEO Grant Pickering said, "In 2025, we made meaningful progress across clinical development, regulatory engagement and commercial manufacturing readiness as we advanced our broad‑spectrum pneumococcal conjugate vaccine (PCV) franchise." He added, "For the VAX‑31 adult program, we initiated a comprehensive Phase 3 clinical program finalized in consultation and alignment with the U.S. Food and Drug Administration (FDA) to support a planned Biologics License Application (BLA) submission," and noted the decision to expand fill‑finish capacity "represents an effort to expand our end‑to‑end supply strategy and align with the increasing focus on domestic biomanufacturing." CFO Andrew Guggenhime highlighted the balance‑sheet strength, stating, "As of December 31, 2025, we reported $2.4 billion in cash, cash equivalents and investments. Subsequent to year‑end, we further strengthened our balance sheet through a public equity offering, raising approximately $600.2 million in net proceeds. The offering further enhances our financial flexibility as we advance our adult and pediatric VAX‑31 programs, continue to invest in manufacturing readiness and prepare for potential future commercialization activities." He added, "Earlier this year, we completed an equity financing that further strengthened our balance sheet and extended our cash runway. With $2.4 billion in cash, cash equivalents and investments at year‑end, plus the approximately $600 million in net proceeds from the recent equity financing, we believe we are well positioned to execute on our planned clinical, manufacturing and commercial readiness milestones."
Investor reaction to the earnings was muted, with no significant after‑market movement reported. The company’s strong cash position and progress in clinical and manufacturing milestones are viewed as positive tailwinds, while the wider losses underscore the high cost of late‑stage development and the absence of revenue generation.
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