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Pipeline (7 active programs)

Technology platforms

Capital (as filed)

Cash

$125M cash and cash equivalents · Sep 30, 2026 (10-Q)

Short-term investments

$1.17B Sep 30, 2026

Long-term investments

$972M Sep 30, 2026

Operating cash flow

−$224M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$2.26B cash, runway 2029 per the update of Nov 4, 2026 — the company's own words as read there, not the filed figure

Offering documents (3)

• 2026-10-08 424B5 · Convertible notes $500M principal · 1.5% coupon
• 2026-10-08 424B5 · Priced offering 7.41M shares · at $64.00 · $500M gross · 4.4% below the prior close ($66.96, Oct 7, 2026) · incl. pre-funded warrants
• 2026-10-07 FWP · Pricing term sheet 7.41M shares · at $66.70 · $521M gross · 0.0% above the prior close ($66.70, Oct 6, 2026) · incl. pre-funded warrants

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

• 2026-11-05 UPDATE: Vaxcyte (PCVX) - The Bill Is Paid, the Infant Bar Just Rose 🔒 Paid
• 2026-10-06 UPDATE: Vaxcyte (PCVX) - The Table Came Back Clean 🔒 Paid
• 2026-09-03 UPDATE: Vaxcyte (PCVX) - The Clock Is Set for October 🔒 Paid
• 2026-08-06 UPDATE: Vaxcyte (PCVX) - The Factory Got Its Papers
• 2026-07-27 Vaxcyte (PCVX) — Scientific Deep Dive for VAX-31 and the PCV Franchise 🔒 Paid

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Vaxcyte, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-07-27 Watch Vaxcyte (PCVX) — Scientific Deep Dive for VAX-31 and the PCV Franchise The chemistry is real and the balance sheet is elite, but management's own deck pre-announces serotype misses against a tightened 0.667 noninferiority bar, and the U.S. recommending body is under a federal court stay — the thesis converts only on a clean OPUS-1 serotype table.
2. 2026-08-06 Watch UPDATE: Vaxcyte (PCVX) - The Factory Got Its Papers The Visp manufacturing suite was certified and handed over on August 1, retiring one of four required sequential conditions, but OPUS-1 data, the lot-to-lot study, and a functioning ACIP remain outstanding before a Buy conversion.
3. 2026-09-03 Watch UPDATE: Vaxcyte (PCVX) - The Clock Is Set for October OPUS-1 topline narrowed to end-October and Vaxcyte hired Pfizer's former vaccines CMO to argue the totality-of-evidence case, but the binary is unchanged and the entry price has risen to $61.17 — 22% above the February offering.
4. 2026-10-06 Buy core UPDATE: Vaxcyte (PCVX) - The Table Came Back Clean OPUS-1 met all prespecified primary endpoints with only two individual misses versus PCV21 (versus a guided five), serotype 3 cleared through the PCV20 escape hatch as anticipated, and the binary that anchored the Watch stance has been retired on better-than-guided terms.
5. 2026-11-05 Buy core UPDATE: Vaxcyte (PCVX) - The Bill Is Paid, the Infant Bar Just Rose The ~$1.1B October raise funds the adult program through its 1H 2028 BLA with ~$3.4B pro forma, but the infant Phase 3 now faces the stricter 0.667 noninferiority bar and Pfizer holds a dated 2029 infant submission timeline, making the 1H 2027 infant readout the next material decision point.

• Long call · opened Oct 6, 2026 at $66.70 · -4.2% vs XBI +0.9% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (10 quotes from 5 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-11-04 10-Q in filings ↓

  • “We expect to report safety, tolerability and immunogenicity data from the OPUS-2 and OPUS-3 studies in the first half of 2027.”

    matched to VAX-31 (adult) · topline data · read as first half of 2027

  • “We expect to report topline data from this study in the second half of 2027.”

    matched to VAX-A1 · topline data · read as second half of 2027
• 2026-11-04 8-K in filings ↓

  • “Announce safety, tolerability and immunogenicity data from the OPUS-2 and OPUS-3 Phase 3 trials in the first half of 2027.”

    matched to VAX-31 (adult) · topline data · read as first half of 2027
• 2026-08-05 10-Q in filings ↓

  • “We expect to announce topline safety, tolerability and immunogenicity data from this study in the fourth quarter of 2026.”

    matched to VAX-31 (adult) · topline data · read as fourth quarter of 2026 / matched to VAX-31 (adult) · readout other · read as fourth quarter of 2026

  • “We expect to announce topline safety, tolerability and immunogenicity data from the primary three-dose immunization series and booster dose either sequentially or together by the end of the first half of 2027.”

    matched to VAX-31 (infant) · topline data · read as first half of 2027

  • “We expect to report topline data from this study in the second half of 2027.”

    matched to VAX-A1 · topline data · read as second half of 2027
• 2026-08-05 8-K in filings ↓

  • “Following, we expect to announce the results of the OPUS-2 and OPUS-3 trials in the first half of 2027, which along with a manufacturing consistency study, would enable our planned Biologics License Application (BLA) submission and potential U.S. commercial launch.”

    matched to VAX-31 (infant) · topline data · read as first half of 2027
• 2026-08-05 8-K in filings ↓

  • “Announce topline safety, tolerability and immunogenicity data from the OPUS-1 Phase 3 pivotal, noninferiority trial in fourth quarter of 2026.”

    matched to VAX-31 (adult) · topline data · read as fourth quarter of 2026

  • “We expect to announce topline safety, tolerability and immunogenicity data from this study in the fourth quarter of 2026.”

    matched to VAX-31 (adult) · readout other · read as fourth quarter of 2026

  • “We expect to report topline data from this study in the second half of 2027.”

    matched to VAX-A1 · topline data · read as second half of 2027

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (28)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 5, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 4, 2026ReleaseVaxcyte Reports Third Quarter 2026 Financial Results and Provides Business Update→ BD updateSummary on the 8-K
• Nov 4, 20268-KCurrent report: results of operations · EX-99.1→ BD updateAfter the October OPUS-1 win and $1.1B raise, the Q3 10-Q restores the fortress balance sheet to ~$3.4B pro forma, cuts near-term manufacturing commitments, and quietly escalates the ACIP risk I've been flagging since day one — now acknowledged in Vaxcyte's own risk factors for the first time.
• Nov 4, 202610-QQuarterly report→ BD updateSummary on the 8-K
• Oct 9, 2026ReleaseVaxcyte Announces Closing of $1.15 Billion Public Offerings of Common Stock, Pre-Funded Warrants and Convertible Senior Notes, Including Full Exercise of Underwriters’ Options to Purchase Additional S
• Oct 9, 20268-KCurrent report: material agreement, debt / obligation, other events
• Oct 8, 2026424B5Prospectus supplement (offering)The $1B+ dual offering that launched alongside the OPUS-1 clean readout has now priced: equity at $64.00/share and converts at a ~$89.60 conversion price, confirming the capital structure reset I said was coming — and explaining why the stock has given back ~12% from its October 5 pop.
• Oct 8, 2026424B5Prospectus supplement (offering)Summary on the 424B5
• Oct 7, 2026FWPFree writing prospectus (offering terms)
• Oct 6, 2026ReleaseVaxcyte Announces Pricing of Concurrent Public Offerings of Common Stock, Pre-Funded Warrants and Convertible Senior NotesSummary on the 424B5
• Oct 6, 2026424B5Prospectus supplement (offering)The equity + convertible offering that landed the same day as OPUS-1 data is now on the page: preliminary prospectus supplements confirm the dual-tranche structure, reveal ~$2.3B Q3 cash, and impose a 60-day lock-up and 30-day ATM pause — while the stock pulls back 9.6% from the post-data gap, a textbook offering overhang that's worth decoding for readers.
• Oct 6, 2026424B5Prospectus supplement (offering)Summary on the 424B5
• Oct 5, 2026ReleaseVaxcyte Announces Commencement of Proposed Public Offerings of Common Stock, Pre-Funded Warrants and Convertible Senior Notes→ BD updateSummary on the 8-K
• Oct 5, 2026ReleaseVaxcyte Reports Positive Topline Data from OPUS-1, the Pivotal Adult Phase 3 Trial of VAX-31, the Company’s 31-Valent Pneumococcal Conjugate Vaccine Candidate→ BD updateSummary on the 8-K
• Oct 5, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1→ BD updateOPUS-1 delivered: VAX-31 cleared all 28 co-primary endpoints at the tighter >0.667 bar, posted superiority on its unique serotypes, and logged clean safety — the exact table I said would convert this from Watch List to Buy. A $1B+ capital raise launched the same morning to fund the BLA path.BD extracted 1 program update from this document → PCVX pipeline
• Oct 4, 2026ReleaseVaxcyte to Host Webcast and Conference Call to Present Topline Data from OPUS-1, the Pivotal Adult Phase 3 Trial of VAX-31, the Company’s 31-Valent Pneumococcal Conjugate Vaccine Candidate→ BD updateSummary on the 8-K of Oct 5, 2026BD extracted 1 program update from this document → PCVX pipeline
• Sep 3, 2026ReleaseVaxcyte Appoints Chief Medical Officer and Chief Legal Officer; Narrows Guidance for Expected VAX-31 OPUS-1 Topline Data→ BD updateSummary on the 8-K
• Sep 3, 20268-KCurrent report: officer / director change, Reg FD disclosure · EX-99.1→ BD updateVaxcyte just pulled OPUS-1 topline forward to end of October — the Q4 binary is now a Q4-early binary — and hired the former Pfizer CMO for Vaccines who personally ran the Prevnar 13 and Prevnar 20 programs to lead its clinical organization into the readout.BD extracted 1 program update from this document → PCVX pipeline
• Aug 27, 2026ReleaseVaxcyte to Participate in Upcoming Investor Conferences
• Aug 5, 2026ReleaseVaxcyte Reports Second Quarter 2026 Financial Results and Provides Business Update
• Aug 5, 20268-KCurrent report: results of operations · EX-99.1BD extracted 1 program update from this document → PCVX pipeline
• Aug 5, 202610-QQuarterly reportBD extracted 1 program update from this document → PCVX pipeline
• Jul 15, 20268-KCurrent report: officer / director change
• Jun 23, 20268-KCurrent report: officer / director change
• Jun 16, 20268-KCurrent report: shareholder vote
• May 6, 20268-KCurrent report: results of operations · EX-99.1
• May 6, 202610-QQuarterly report
• Apr 23, 2026DEFA14AProxy soliciting material
• Apr 23, 2026DEF 14AProxy statement