Vaxcyte reports 2025 net loss of $766.6M; cash $2.44B plus $600M from Feb equity offering

Vaxcyte, Inc.

2025-FY EPS reported -$5.63

Full-year 2025 net loss $766.6M vs $463.9M in 2024; R&D expenses $794.3M (up 67% YoY).
Cash, equivalents, investments $2.44B at Dec 31, 2025; $632.5M gross from Feb 2026 public offering.
VAX-31 adult Phase 3 program (OPUS-1/2/3) underway; topline OPUS-1 data expected Q4 2026, OPUS-2/3 in H1 2027.
VAX-31 infant Phase 2 dose-finding study (900 infants) fully enrolled; data from series and booster expected by H1 2027.
Plan to initiate Phase 1 study for Group A Strep vaccine candidate VAX-A1 in 2026; dedicated Lonza facility completed.

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