Vaxcyte has maintained a zero-revenue profile over the last ten quarters while quarterly R&D expenses surged to $312.8 million by 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 1.41M | 1.23M | 1.04M | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -1.41M | -1.23M | -1.04M | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -14.04% | -18.8% | - | - |
| Operating Expenses | 1.09B | 923.67M | 569.55M | 468.04M | 232.26M | 103.67M | 88.18M | 52.92M | 35.53M | 17.4M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 129.78M | 129.37M | 92.9M | 60.7M | 39.81M | 25.26M | 14.61M | 7.31M | 5.39M | 5.05M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 958.95M | 794.31M | 476.64M | 332.34M | 169.45M | 78.41M | 73.56M | 45.61M | 30.14M | 12.79M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 75M | 23M | 0 | 0 | 0 | 5.18M | 0 |
| Operating Income | -1.09B | -923.67M | -569.55M | -468.04M | -232.26M | -103.67M | -89.58M | -54.15M | -35.53M | -17.83M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -62.18% | -21.69% | -101.52% | -124.03% | -15.73% | -65.42% | -52.4% | -99.25% | - |
| EBITDA | -1.07B | -898.82M | -553.7M | -457.87M | -222.8M | -100.21M | -88.18M | -52.92M | -34.5M | -17.21M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -72.87% | -62.33% | -20.93% | -105.5% | -122.33% | -13.65% | -66.62% | -53.41% | -100.46% | - |
| D&A (Non-Cash Add-back) | 19.99M | 24.86M | 15.85M | 10.17M | 9.45M | 3.46M | 1.41M | 1.23M | 1.04M | 625K |
| EBIT | -625.91M | -766.63M | -463.93M | -402.27M | -223.48M | -100.07M | -89.21M | -50.23M | -29.41M | -17.83M |
| Net Interest Income | 86.78M | 119.72M | 109.99M | 62.91M | 8.35M | 337K | 237K | 592K | 828K | 0 |
| Interest Income | 113.39M | 119.72M | 109.99M | 62.91M | 8.36M | 344K | 244K | 632K | 903K | 164K |
| Interest Expense | 0 | 0 | 0 | 0 | 2K | 7K | 7K | 40K | 75K | 0 |
| Other Income/Expense | 142.2M | 157.05M | 105.62M | 65.78M | 8.77M | 3.59M | 364K | 3.88M | 6.05M | 595K |
| Pretax Income | -946.53M | -766.63M | -463.93M | -402.27M | -223.49M | -100.08M | -89.22M | -50.27M | -29.48M | -17.24M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -946.53M | -766.63M | -463.93M | -402.27M | -223.49M | -100.08M | -89.22M | -50.27M | -29.48M | -17.24M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -85.73% | -65.25% | -15.33% | -80% | -123.31% | -12.17% | -77.46% | -70.51% | -71.05% | - |
| Net Income (Continuing) | -946.53M | -766.63M | -463.93M | -402.27M | -223.49M | -100.08M | -89.22M | -50.27M | -29.48M | -17.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.78 | -5.63 | -3.80 | -4.14 | -3.44 | -1.93 | -2.97 | -14.10 | -8.12 | -4.83 |
| EPS Growth % | -68.46% | -48.16% | 8.21% | -20.35% | -78.24% | 35.02% | 78.94% | -73.65% | -68.12% | - |
| EPS (Basic) | - | -5.63 | -3.80 | -4.14 | -3.44 | -1.93 | -2.97 | -14.10 | -8.12 | -4.84 |
| Diluted Shares Outstanding | 139.51M | 136.09M | 122M | 97.16M | 64.88M | 51.92M | 29.55M | 3.8M | 3.63M | 3.57M |
| Basic Shares Outstanding | 139.51M | 136.09M | 122M | 97.16M | 64.88M | 51.92M | 29.55M | 3.79M | 3.63M | 3.56M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As reported in recent financial statements, Vaxcyte's quarterly R&D expenditures have surged to $312.8 million by 2026Q1, reflecting a significant acceleration in clinical trial activity and manufacturing scale-up efforts that currently define the company's primary cash outflow profile as it pursues late-stage vaccine development.
The consistent upward trajectory in R&D spending suggests that the company is aggressively prioritizing the advancement of its VAX-31 candidate. Investors should monitor whether this spending intensity yields the necessary clinical data to justify the substantial capital allocation, as there is no offsetting product revenue to mitigate these recurring operational losses.
Based on the provided income statement data, stock-based compensation has steadily climbed to $36.0 million in 2025Q4, indicating that the company is increasingly utilizing equity-based incentives to manage talent costs while simultaneously navigating a period of significant net losses and negative earnings per share.
The reliance on equity compensation appears to be a strategic mechanism to preserve cash, yet it introduces a persistent dilution risk for existing shareholders. Analysts should evaluate whether the growth in these non-cash expenses aligns with long-term value creation or if it masks the true cost of human capital required to maintain the XpressCF platform.
According to the company's historical income statements, Vaxcyte has generated zero product revenue over the last ten quarters, confirming its status as a clinical-stage entity that remains entirely dependent on external financing to fund its ongoing research and development initiatives and operational overhead.
The absence of revenue highlights that the company's valuation is currently tethered to clinical milestones rather than commercial performance. This trajectory suggests that the firm remains in a high-risk phase where future viability is contingent upon successful regulatory outcomes and the eventual transition to a commercial-scale manufacturing model.
While the company pursues high-valency vaccine candidates, the potential for immunological interference and the logistical dominance of established incumbents, as noted in industry analysis, suggests that Vaxcyte may face significant hurdles in achieving market penetration even if its clinical data appears superior to existing standards.
The market's focus on valency counts may overlook the complexities of pediatric vaccine adoption and the entrenched nature of competitor contracts. Investors should consider the possibility that the company's technical differentiation may not translate into the rapid commercial uptake required to justify its current valuation and high cash burn rate.
Quick answers to the most common questions about buying PCVX stock.
For fiscal year 2025, Vaxcyte, Inc. (PCVX) reported total revenue of $0.0M.
Vaxcyte, Inc. (PCVX) reported a net loss of $766.6M for the fiscal year ending 2025.