Persistent cash burn is evidenced by a 2026Q1 free cash flow deficit of $295.4 million, exacerbated by stock-based compensation that reached $36.0 million in 2025Q4.
| Cash from Operations | -769.93M | -655.58M | -452.63M | -296.79M | -170.6M | -121.39M | -46.63M | -47.15M | -30.47M | -14.96K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -306.46% | -44.84% | -52.51% | -73.97% | -40.53% | -160.34% | 1.1% | -54.75% | -203508.9% | - |
| Net Income | -946.53M | -766.63M | -463.93M | -402.27M | -223.49M | -100.08M | -89.22M | -50.27M | -29.48M | -17.24K |
| Depreciation & Amortization | 25.84M | 24.86M | 15.85M | 10.17M | 9.45M | 3.46M | 1.41M | 1.23M | 1.04M | 625 |
| Stock-Based Compensation | 108.23M | 138.84M | 84.82M | 48.76M | 23.65M | 10.73M | 5.43M | 1.19M | 749K | 390 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 301K | 0 | 51K | 0 |
| Other Non-Cash Items | -23.98M | -72.56M | -34.47M | -34.77M | 7.05M | 1.5M | 179K | -3.2M | -4.71M | 260 |
| Working Capital Changes | 66.51M | 19.91M | -54.9M | 81.32M | 12.74M | -37.01M | 35.27M | 3.91M | 1.9M | 1K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 868K | 1.27M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.19M | 0 |
| Change in Payables | 48.8M | 19.91M | 34.58M | 11.22M | 2.9M | -12.47M | 26.1M | 868K | 1.27M | 0 |
| Cash from Investing | 80.63M | 437.35M | -2.01B | -773.31M | 74.58M | -212.31M | -1.1M | -1.2M | -1.77M | -1.12K |
| Capital Expenditures | -1.76M | -13.71M | -22.43M | -67.88M | -5.84M | -6.55M | -1.16M | -1.2M | -1.77M | -1.22K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 50K | 0 | 1K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -43.26M | -43.26M | -96.73M | 0 | 0 | 26K | 0 | 0 | 1K | 106 |
| Cash from Financing | 602.84M | 2.01M | 2.45B | 639.81M | 861.55M | 17.8M | 374.87M | 41.57M | 62.19M | 43.86K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -61K | -278K | -283K | -188K |
| Equity Issued (Net) | 610.88M | 0 | 2.44B | 636.04M | 856.48M | 13.9M | 373.89M | 42.5M | 62.34M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -8.04M | 2.01M | 12.85M | 3.77M | 5.07M | 3.9M | 1.04M | -655K | 128K | 231.86K |
| Net Change in Cash | -85.86M | -213.77M | -9.36M | -436.97M | 765.67M | -316.34M | 327.22M | -7.11M | 29.95M | 27.78K |
| Free Cash Flow | -771.68M | -669.29M | -475.05M | -364.67M | -176.44M | -127.95M | -47.78M | -48.34M | -32.24M | -16.18K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -28.61% | -40.89% | -30.27% | -106.68% | -37.9% | -167.77% | 1.15% | -49.94% | -199096.79% | - |
| FCF per Share | -5.53 | -4.92 | -3.89 | -3.75 | -2.72 | -2.46 | -1.62 | -12.74 | -8.88 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.86x | 0.98x | 0.74x | 0.76x | 1.21x | 0.52x | 0.94x | 1.03x | 0.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 2K | 7K | 0 | 40K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
According to the provided financial data, Vaxcyte's operating cash flow remains consistently negative, with the OCF/NI ratio fluctuating significantly, reaching 0.88 in 2026Q1, which underscores the company's ongoing reliance on external capital to bridge the gap between accounting losses and actual cash burn.
The divergence between net income and operating cash flow suggests that non-cash expenses, such as stock-based compensation, are providing a partial buffer to the headline burn rate. Investors should monitor whether this conversion efficiency improves as the company moves closer to potential commercialization, as current figures indicate a heavy reliance on non-operational cash inflows.
As reported in quarterly filings, Vaxcyte's free cash flow remains deeply negative, with a 2026Q1 outflow of $295.4 million, reflecting the substantial capital requirements inherent in late-stage clinical development and the absence of any offsetting product revenue streams to mitigate the burn.
The trajectory of free cash flow appears to be worsening as the company scales its manufacturing and clinical trial infrastructure. This trend suggests that the company's cash runway is being consumed at an accelerating pace, necessitating continued reliance on equity markets to sustain operations.
Based on the reported figures, Vaxcyte's capital expenditure profile is highly variable, with a peak outflow of $57.1 million in 2023Q4, indicating that the company is aggressively investing in the infrastructure required to support its proprietary XpressCF platform and future commercial manufacturing needs.
The volatility in capital spending may reflect the timing of equipment procurement and facility validation efforts. Analysts should interpret these expenditures as essential investments in the company's long-term manufacturing moat, though they represent a significant drain on current liquidity.
As evidenced by the quarterly data, working capital changes have been erratic, swinging from a $49.5 million outflow in 2025Q1 to a $33.7 million inflow in 2025Q2, which suggests that the company's cash position is sensitive to the timing of clinical trial vendor payments and inventory build-up.
This volatility may indicate that the company is managing its payables and accruals to optimize short-term liquidity during periods of high clinical activity. Investors should monitor these fluctuations for signs of potential stress in vendor relationships or shifts in the timing of major R&D milestones.
Based on the provided data, the company's cash flow statement is significantly impacted by stock-based compensation, which reached $36.0 million in 2025Q4, effectively masking the true operational cash burn by adding back non-cash expenses that dilute existing shareholders without providing immediate liquidity.
The reliance on equity-based compensation suggests that the company is prioritizing cash preservation by substituting cash salaries with stock. While this strategy extends the runway, it creates a structural overhang of dilution that investors must account for when evaluating the long-term value of the equity.
Quick answers to the most common questions about buying PCVX stock.
Vaxcyte, Inc. (PCVX) generated $-655.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vaxcyte, Inc. (PCVX) reported negative free cash flow of $669.3M in 2025, indicating capital requirements exceeded cash from operations.
Vaxcyte, Inc. (PCVX) spent $13.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.