Vaxcyte, Inc.
PCVX · Biological Products, (No Diagnostic Substances) · 144.4M shares · +49%/yr ↑ dilution · EDGAR filings ↗
Reference price $54.27 · est. market cap ~$7.8B — last insider sale, 2026-06-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B75Exceptionally well-funded vaccine innovator with the broadest-spectrum PCV in the clinic and positive de-risking immunogenicity readouts heading into Phase 3.
Strengths
- ~$2.44B cash (98th pct) and 14.6-quarter runway (83rd pct) — best-in-class funding
- VAX-31/VAX-24 met or exceeded OPA non-inferiority and showed superiority on novel serotypes; Breakthrough designation and OPUS Phase 3 program underway
- Net income growth +65% (87th pct)
Risks
- FCF -$669M (3rd pct); no approved product and Phase 3 efficacy/NI still to be formally confirmed
- Competes against entrenched Pfizer/Merck PCV franchises
- Heavy ongoing capital needs for pediatric and adult programs
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-669.3M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +49%/yr over 3y (dilution, book value/share -14%)
- Strong balance sheetStrong balance sheet — $2.4B cash & investments, ~15 quarters of runway
- New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP
- Trial readout soonUpcoming trial readout ~2027-01 — PHASE3 · Pneumococcal Vaccines
- Insider sellingInsider selling — 26 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$5M, last 6mo) Form 4 ↗
- Notable holderHeld by 6 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
Key metrics
Return on equity
-28.5%
Return on assets
-25.5%
Current ratio
7.9×
Free cash flow
-$669M
EBITDA
-$907M
Tangible book value
$2.7B
Cash & investments
$2.4B
Cash runway
15q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-26 | PICKERING GRANT | Sell | 207 | $54.22 |
| 2026-06-26 | PICKERING GRANT | Sell | 602 | $55.30 |
| 2026-06-26 | PICKERING GRANT | Sell | 9.1K | $55.27 |
| 2026-06-26 | PICKERING GRANT | Sell | 6.7K | $54.27 |
| 2026-06-26 | PICKERING GRANT | Sell | 191 | $56.27 |
| 2026-06-26 | PICKERING GRANT | Sell | 6.4K | $56.12 |
| 2026-06-26 | PICKERING GRANT | Sell | 312 | $54.34 |
| 2026-06-26 | PICKERING GRANT | Sell | 356 | $55.23 |
| 2026-06-26 | PICKERING GRANT | Sell | 332 | $55.99 |
| 2026-06-18 | PICKERING GRANT | Sell | 225 | $52.51 |
| 2026-06-18 | PICKERING GRANT | Option exercise | 225 | $1.79 |
| 2026-06-18 | PICKERING GRANT | Sell | 22K | $52.50 |
| 2026-06-18 | PICKERING GRANT | Sell | 1.0K | $52.50 |
| 2026-06-18 | PICKERING GRANT | Sell | 1.0K | $52.50 |
| 2026-06-18 | GUGGENHIME ANDREW | Option exercise | 10K | $5.35 |
| 2026-06-18 | GUGGENHIME ANDREW | Sell | 10K | $53.00 |
| 2026-06-15 | Furey John | Grant | 2.3K | — |
| 2026-06-15 | Paya Carlos V | Grant | 2.3K | — |
| 2026-06-15 | Gilbert Halley E | Grant | 2.3K | — |
| 2026-06-15 | Lukatch Heath | Grant | 2.3K | — |
| 2026-06-15 | BRANDICOURT OLIVIER | Grant | 2.2K | — |
| 2026-06-15 | Drapeau Anne S | Grant | 2.3K | — |
| 2026-06-15 | Lee Jacks | Grant | 2.3K | — |
| 2026-06-15 | Loxam Teri | Grant | 2.3K | — |
| 2026-06-01 | Wassil Jim | Sell | 301 | $50.26 |
| 2026-06-01 | Wassil Jim | Sell | 1.9K | $49.40 |
| 2026-05-01 | Wassil Jim | Sell | 2.2K | $56.83 |
| 2026-04-07 | Cowan Elvia | Sell | 3.0K | $60.00 |
| 2026-04-07 | Cowan Elvia | Option exercise | 3.0K | $25.92 |
| 2026-04-01 | Wassil Jim | Sell | 838 | $58.93 |
| 2026-04-01 | Wassil Jim | Sell | 1.4K | $58.14 |
| 2026-03-17 | Cowan Elvia | Sell | 1.5K | $55.39 |
| 2026-03-17 | Cowan Elvia | Sell | 405 | $56.26 |
| 2026-03-11 | Cowan Elvia | Option exercise | 2.5K | $25.92 |
| 2026-03-11 | Cowan Elvia | Sell | 2.5K | $58.59 |
| 2026-03-10 | Wassil Jim | Sell | 5.0K | $59.16 |
| 2026-03-10 | Wassil Jim | Sell | 2.4K | $58.32 |
| 2026-03-09 | PICKERING GRANT | Tax withheld | 3.7K | $59.32 |
| 2026-03-09 | GUGGENHIME ANDREW | Tax withheld | 1.0K | $59.32 |
| 2026-03-09 | Wassil Jim | Tax withheld | 975 | $59.32 |
| 2026-03-09 | Dhaliwal Harpreet S. | Tax withheld | 604 | $59.32 |
| 2026-03-09 | Cowan Elvia | Tax withheld | 495 | $59.32 |
| 2026-03-02 | Cowan Elvia | Tax withheld | 326 | $61.98 |
| 2026-03-02 | Wassil Jim | Tax withheld | 1.0K | $61.98 |
| 2026-03-02 | Dhaliwal Harpreet S. | Tax withheld | 465 | $61.98 |
| 2026-03-02 | PICKERING GRANT | Tax withheld | 2.5K | $61.98 |
| 2026-03-02 | GUGGENHIME ANDREW | Tax withheld | 1.0K | $61.98 |
| 2026-02-28 | Cowan Elvia | Tax withheld | 243 | $61.98 |
| 2026-02-28 | Wassil Jim | Tax withheld | 898 | $61.98 |
| 2026-02-28 | Dhaliwal Harpreet S. | Tax withheld | 292 | $61.98 |
| 2026-02-28 | GUGGENHIME ANDREW | Tax withheld | 898 | $61.98 |
| 2026-02-28 | PICKERING GRANT | Tax withheld | 2.9K | $61.98 |
| 2026-02-27 | Wassil Jim | Grant | 5.1K | $61.74 |
| 2026-02-27 | Wassil Jim | Tax withheld | 1.9K | $61.74 |
| 2026-02-26 | Cowan Elvia | Grant | 11K | — |
| 2026-02-26 | Cowan Elvia | Option exercise | 7.7K | $25.92 |
| 2026-02-26 | Dhaliwal Harpreet S. | Grant | 53K | — |
| 2026-02-26 | Wassil Jim | Grant | 32K | — |
| 2026-02-26 | PICKERING GRANT | Grant | 105K | — |
| 2026-02-26 | GUGGENHIME ANDREW | Grant | 45K | — |
| 2026-01-15 | BRANDICOURT OLIVIER | Grant | 1.4K | — |
| 2026-01-14 | GUGGENHIME ANDREW | Gift | 62K | — |
| 2026-01-14 | PICKERING GRANT | Gift | 100K | — |
| 2026-01-14 | GUGGENHIME ANDREW | Gift | 62K | — |
| 2025-12-31 | Dhaliwal Harpreet S. | Sell | 9.7K | $46.69 |
| 2025-12-23 | Cowan Elvia | Sell | 4.9K | $47.90 |
| 2025-12-23 | Cowan Elvia | Sell | 6.7K | $47.94 |
| 2025-12-23 | Cowan Elvia | Gift | 1.0K | — |
| 2025-09-08 | Dhaliwal Harpreet S. | Tax withheld | 1.2K | $32.41 |
| 2025-09-08 | Wassil Jim | Tax withheld | 2.8K | $32.41 |
| 2025-09-08 | PICKERING GRANT | Tax withheld | 7.4K | $32.41 |
| 2025-09-08 | GUGGENHIME ANDREW | Tax withheld | 2.9K | $32.41 |
| 2025-09-08 | Cowan Elvia | Tax withheld | 482 | $32.41 |
| 2025-09-07 | Cowan Elvia | Grant | 2.8K | — |
| 2025-09-02 | PICKERING GRANT | Tax withheld | 3.4K | $31.56 |
| 2025-09-02 | GUGGENHIME ANDREW | Tax withheld | 1.3K | $31.56 |
| 2025-09-02 | GUGGENHIME ANDREW | Tax withheld | 2.4K | $31.56 |
| 2025-09-02 | GUGGENHIME ANDREW | Tax withheld | 1.4K | $31.56 |
| 2025-09-02 | Cowan Elvia | Tax withheld | 242 | $31.56 |
| 2025-09-02 | Wassil Jim | Tax withheld | 1.4K | $31.56 |
| 2025-09-02 | Wassil Jim | Tax withheld | 1.6K | $31.56 |
| 2025-09-02 | Wassil Jim | Tax withheld | 1.3K | $31.56 |
| 2025-09-02 | Dhaliwal Harpreet S. | Tax withheld | 464 | $31.56 |
| 2025-09-02 | Dhaliwal Harpreet S. | Tax withheld | 783 | $31.56 |
| 2025-09-02 | Dhaliwal Harpreet S. | Tax withheld | 291 | $31.56 |
| 2025-09-02 | Cowan Elvia | Tax withheld | 325 | $31.56 |
| 2025-09-02 | PICKERING GRANT | Tax withheld | 4.6K | $31.56 |
| 2025-09-02 | PICKERING GRANT | Tax withheld | 2.9K | $31.56 |
| 2025-06-12 | Loxam Teri | Grant | 3.0K | — |
| 2025-06-12 | Lee Jacks | Grant | 3.0K | — |
| 2025-06-12 | Furey John | Grant | 3.0K | — |
| 2025-06-12 | Paya Carlos V | Grant | 3.0K | — |
| 2025-06-12 | Gilbert Halley E | Grant | 3.0K | — |
| 2025-06-12 | Lukatch Heath | Grant | 3.0K | — |
| 2025-06-12 | BRANDICOURT OLIVIER | Grant | 1.1K | — |
| 2025-06-12 | Drapeau Anne S | Grant | 3.0K | — |
| 2025-04-08 | Lukatch Heath | Option exercise | 1.0K | $21.49 |
| 2025-04-08 | Lukatch Heath | Option exercise | 6.0K | $16.00 |
| 2025-04-07 | GUGGENHIME ANDREW | Option exercise | 4.8K | $20.93 |
| 2025-04-04 | PICKERING GRANT | Option exercise | 4.8K | $20.93 |
| 2025-04-04 | PICKERING GRANT | Option exercise | 16K | $5.35 |
| 2025-03-27 | PICKERING GRANT | Grant | 58K | — |
| 2025-03-05 | Eydelman Mikhail | Option exercise | 5.0K | $21.41 |
| 2025-03-05 | Eydelman Mikhail | Sell | 2.3K | $71.07 |
| 2025-03-05 | Eydelman Mikhail | Sell | 112 | $72.37 |
| 2025-03-05 | Eydelman Mikhail | Sell | 2.6K | $70.39 |
| 2025-03-03 | Wassil Jim | Sell | 2.1K | $73.84 |
| 2025-03-03 | GUGGENHIME ANDREW | Tax withheld | 3.8K | $72.10 |
| 2025-03-03 | Cowan Elvia | Tax withheld | 325 | $72.10 |
| 2025-03-03 | Eydelman Mikhail | Tax withheld | 616 | $72.10 |
| 2025-03-03 | Wassil Jim | Option exercise | 2.6K | $2.42 |
| 2025-03-03 | Wassil Jim | Option exercise | 5.4K | $5.35 |
| 2025-03-03 | Wassil Jim | Sell | 5.9K | $73.07 |
| 2025-03-03 | Wassil Jim | Tax withheld | 3.0K | $72.10 |
| 2025-03-03 | PICKERING GRANT | Tax withheld | 8.0K | $72.10 |
| 2025-02-28 | Wassil Jim | Tax withheld | 2.9K | $73.02 |
| 2025-02-28 | Wassil Jim | Tax withheld | 1.3K | $73.02 |
| 2025-02-28 | PICKERING GRANT | Tax withheld | 2.0K | $73.02 |
| 2025-02-28 | Cowan Elvia | Tax withheld | 242 | $73.02 |
| 2025-02-28 | Eydelman Mikhail | Tax withheld | 470 | $73.02 |
| 2025-02-28 | GUGGENHIME ANDREW | Tax withheld | 1.3K | $73.02 |
| 2025-02-28 | Wassil Jim | Grant | 5.6K | $73.02 |
| 2025-02-27 | Wassil Jim | Grant | 22K | — |
| 2025-02-27 | GUGGENHIME ANDREW | Grant | 23K | — |
| 2025-02-27 | Eydelman Mikhail | Grant | 14K | — |
| 2025-02-27 | Cowan Elvia | Grant | 5.4K | — |
| 2025-02-18 | GUGGENHIME ANDREW | Sell | 1.8K | $84.58 |
| 2025-02-18 | GUGGENHIME ANDREW | Option exercise | 8.0K | $5.35 |
| 2025-02-18 | GUGGENHIME ANDREW | Sell | 6.2K | $83.64 |
| 2025-02-05 | Eydelman Mikhail | Sell | 635 | $89.09 |
| 2025-02-05 | Eydelman Mikhail | Sell | 1.8K | $89.95 |
| 2025-02-05 | Eydelman Mikhail | Sell | 1.8K | $91.05 |
| 2025-02-05 | Eydelman Mikhail | Sell | 255 | $91.71 |
| 2025-02-05 | Eydelman Mikhail | Option exercise | 5.0K | $21.41 |
| 2025-02-05 | Eydelman Mikhail | Sell | 571 | $87.77 |
| 2025-02-03 | Wassil Jim | Sell | 5.3K | $86.00 |
| 2025-02-03 | Wassil Jim | Option exercise | 8.0K | $2.42 |
| 2025-02-03 | Wassil Jim | Sell | 20 | $87.94 |
| 2025-02-03 | Wassil Jim | Sell | 2.7K | $86.67 |
| 2025-01-21 | GUGGENHIME ANDREW | Sell | 683 | $87.70 |
| 2025-01-21 | GUGGENHIME ANDREW | Option exercise | 8.0K | $5.35 |
| 2025-01-21 | GUGGENHIME ANDREW | Sell | 2.0K | $87.25 |
| 2025-01-21 | GUGGENHIME ANDREW | Sell | 5.3K | $86.08 |
| 2025-01-15 | Loxam Teri | Sell | 529 | $88.54 |
| 2025-01-15 | Loxam Teri | Option exercise | 6.2K | $22.70 |
| 2025-01-15 | Loxam Teri | Sell | 146 | $80.46 |
| 2025-01-15 | Loxam Teri | Sell | 215 | $81.53 |
| 2025-01-15 | Loxam Teri | Sell | 1.1K | $82.89 |
| 2025-01-15 | Loxam Teri | Sell | 1.2K | $83.93 |
| 2025-01-15 | Loxam Teri | Sell | 1.0K | $85.29 |
| 2025-01-15 | Loxam Teri | Sell | 966 | $86.26 |
| 2025-01-15 | Loxam Teri | Sell | 1.0K | $87.38 |
| 2025-01-06 | Eydelman Mikhail | Sell | 125 | $86.52 |
| 2025-01-06 | Eydelman Mikhail | Sell | 3.9K | $85.73 |
| 2025-01-06 | Eydelman Mikhail | Sell | 954 | $84.86 |
| 2025-01-06 | Eydelman Mikhail | Option exercise | 5.0K | $21.41 |
| 2025-01-02 | Wassil Jim | Sell | 1.2K | $84.43 |
| 2025-01-02 | Wassil Jim | Sell | 5.5K | $83.69 |
| 2025-01-02 | Wassil Jim | Sell | 1.4K | $82.88 |
| 2025-01-02 | Wassil Jim | Option exercise | 8.0K | $2.42 |
| 2024-12-31 | Wassil Jim | Gift | 74K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07616934 ↗ | A Clinical Study to Evaluate the Safety, Tolerability, and Immunogenicity of VAX-A1 in Healthy Young Adults Group A Streptococcal Infection | PHASE1 | Recruiting | 2027-12-01 |
| NCT06720038 ↗ | A Clinical Study to Evaluate the Safety, Tolerability, and Immunogenicity of VAX-31 in Healthy Infants Pneumococcal Vaccines | PHASE2 | Active Not Recruiting | 2027-12-01 |
| NCT07365826 ↗ | A Clinical Study to Evaluate the Safety, Tolerability, and Immunogenicity of VAX-31 With Influenza Vaccine in Adults ≥ 50 Years of Age Pneumococcal Vaccines | PHASE3 | Active Not Recruiting | 2027-03-01 |
| NCT07425392 ↗ | Safety, Tolerability, and Immunogenicity of VAX-31 in Adults ≥50 Years With Prior Pneumococcal Vaccination Pneumococcal Vaccines | PHASE3 | Active Not Recruiting | 2027-03-01 |
| NCT07284654 ↗ | Safety, Tolerability, and Immunogenicity of VAX-31 in Adults ≥50 Years With Immunobridging to Adults 18-49 Pneumococcal Vaccines | PHASE3 | Active Not Recruiting | 2027-01-01 |
| NCT05844423 ↗ | Safety, Tolerability, and Immunogenicity of a 24-Valent Pneumococcal Conjugate Vaccine (VAX-24) in Healthy Infants Pneumococcal Vaccines | PHASE2 | Completed | 2025-08-25 |
| NCT06151288 ↗ | Safety, Tolerability, and Immunogenicity Study of a 31-Valent Pneumococcal Conjugate Vaccine (VAX-31) in Adults Pneumococcal Vaccines | PHASE1/PHASE2 | Completed | 2024-07-17 |
| NCT05297578 ↗ | Safety, Tolerability, and Immunogenicity Study of a 24-Valent Pneumococcal Conjugate Vaccine (VAX-24) in Older Adults Pneumococcal Vaccines | PHASE2 | Completed | 2023-02-15 |
| NCT05266456 ↗ | Safety, Tolerability, and Immunogenicity Study of a 24-Valent Pneumococcal Conjugate Vaccine (VAX-24) in Adults Pneumococcal Vaccines | PHASE1/PHASE2 | Completed | 2023-01-10 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-17 | 0001649094-26-000026 ↗ |
| 8-K | 2026-06-16 | 2026-06-15 | 0001649094-26-000021 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001649094-26-000017 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001649094-26-000015 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001649094-26-000007 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001649094-26-000005 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001193125-26-067546 ↗ |
| 8-K | 2026-02-02 | 2026-01-29 | 0001193125-26-033578 ↗ |
| 8-K | 2025-12-19 | 2025-12-18 | 0001649094-25-000116 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001649094-25-000114 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001649094-25-000112 ↗ |
| 8-K | 2025-09-30 | 2025-09-24 | 0001649094-25-000102 ↗ |