Vaxcyte (PCVX) Q1 2026 earnings summary

Executive summary

• Advanced clinical-stage vaccine company using a proprietary cell-free protein synthesis platform, with lead programs in pneumococcal conjugate vaccines (PCVs) for adults and children, and additional candidates for Group A Strep and Shigella.

• Completed enrollment in all three OPUS Phase 3 adult trials and Phase 2 pediatric studies for VAX-31, with topline OPUS-1 data expected in Q4 2026 and OPUS-2/3 and pediatric data in H1 2027.

• Initiated a Phase 1 study for VAX-A1 targeting Group A Strep, with initial safety and immunogenicity data as primary objectives.

• Completed a $601.8 million public offering in February 2026 to support ongoing R&D and manufacturing scale-up.

Financial highlights

• Net loss for Q1 2026 was $320.6 million, up 127.8% year-over-year, driven by a 111.1% increase in R&D expenses to $312.8 million due to expanded clinical and manufacturing activities.

• Cash, cash equivalents, and investments totaled $2.74 billion as of March 31, 2026, following the public offering.

• Operating expenses rose to $345.9 million, up 91.3% from Q1 2025, with general and administrative expenses remaining flat at $33.1 million.

• Interest income declined 19.2% to $26.6 million, and other income decreased due to lower foreign currency gains.

Outlook and guidance

• Cash runway expected to fund operations and capital expenditures for at least 12 months from the filing date.

• Anticipates continued increase in R&D and manufacturing expenses as clinical programs advance and commercial readiness activities accelerate.

• On track for OPUS-1 topline data in Q4 2026 and OPUS-2/3 and pediatric Phase 2 data in H1 2027, supporting planned BLA submission and potential U.S. commercial launch.