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# Vaxcyte's Quarterly Loss Widens To $297.1 Million As It Raises $1.15 Billion After Trial Win
- URL: https://www.bullished.co/vaxcytes-quarterly-loss-widens-to-297-1-million-as-it-raises-1-15-billion-after-trial-win-ee17361e/
- Published: 2026-11-04T22:58:03.000Z
- Updated: 2026-11-04T22:58:03.000Z
- Description: The vaccine developer's spending on manufacturing and trials climbed, and October financing lifted pro forma cash to about $3.4 billion.
- Author: Matteo Parrino
- Tags: SEC Filings, PCVX, Industry: Healthcare

[Vaxcyte](https://www.bullished.co/tag/pcvx/), a clinical-stage company developing vaccines against bacterial diseases, lost [$297.1 million](https://www.sec.gov/Archives/edgar/data/0001649094/000164909426000051/pcvx-20261104xexx991.htm?ref=bullished.co) in the third quarter, up from $212.8 million a year earlier, as it spent to ready its VAX-31 pneumococcal vaccine for a possible launch. The company said in an [8-K](https://www.sec.gov/Archives/edgar/data/0001649094/000164909426000051/pcvx-20261104.htm?ref=bullished.co) filed Wednesday that October financing pushed pro forma cash to about $3.4 billion.

## Spending on manufacturing and trials

The loss for the quarter ended September 30 came to $1.99 a share, against $1.56 a year earlier. Research and development spending reached $270.3 million, versus $209.9 million, driven by manufacturing to support potential commercial launches, VAX-31 Phase 3 trial costs and more R&D staff.

General and administrative expenses rose to $37.9 million from $32.4 million. For the first nine months, the net loss was $901,986 thousand, compared with $520,121 thousand a year earlier.

Vaxcyte has no approved products. It uses a cell-free protein synthesis platform, XpressCF, to make vaccines that are hard to produce with conventional methods, and its main focus is pneumococcal conjugate vaccines.

## $1.15 billion raised after OPUS-1

Cash, equivalents and investments stood at $2,264.4 million on September 30, down from $2,442.6 million at December 31, 2025\. That excludes about $1.1 billion in net proceeds from October offerings.

The offerings raised $1.15 billion gross: $575 million of common stock and pre-funded warrants, and $575 million of 1.50% convertible senior notes due October 2032\. Both included full exercise of the underwriters' options.

The raise followed positive topline results from OPUS-1, the pivotal adult trial, which enrolled 4,047 healthy U.S. adults, including 3,572 aged 50 and older. VAX-31 met all prespecified primary endpoints and showed a safety profile similar to PCV20 and PCV21, the company said.

## The PCV21 comparison

Against Capvaxive (PCV21), VAX-31 met the stricter noninferiority bar for 17 of 19 shared serotypes. Serotypes 3 and 12F missed it but cleared a looser historical threshold. The company expects the PCV21 comparison to be a particular focus of FDA review.

CEO Grant Pickering said the trial "inaugurated a more stringent noninferiority standard."

OPUS-2 and OPUS-3 results are expected in the first half of 2027, with a biologics license application planned for the first half of 2028.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Vaxcyte, Inc. (PCVX)](https://www.sec.gov/Archives/edgar/data/0001649094/000164909426000051/pcvx-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit pcvx-20261104xexx991.htm — Vaxcyte, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001649094/000164909426000051/pcvx-20261104xexx991.htm?ref=bullished.co) — SEC EDGAR

### More on Vaxcyte

- [Vaxcyte Puts A $301.7 Million Lonza Plant Lease On Its Books, And Two Serotypes Missed Merck Bar](https://www.bullished.co/vaxcyte-puts-a-301-7-million-lonza-plant-lease-on-its-books-and-two-serotypes-missed-merck-d61d6af7/)
- [Vaxcyte Closes $575 Million Of 1.50% Convertible Notes And A Stock Sale Priced At $64.00](https://www.bullished.co/vaxcyte-closes-575-million-of-1-50-convertible-notes-and-a-stock-sale-priced-at-64-00-8c541c0f/)
- [Vaxcyte Prices Stock Sale At $64.00 Per Share, With A $500 Million Convertible Deal Alongside](https://www.bullished.co/vaxcyte-prices-stock-sale-at-64-00-per-share-with-a-500-million-convertible-deal-alongside-94d82f85/)

[All Vaxcyte (PCVX) coverage →](https://www.bullished.co/tag/pcvx/)