Short answer
Vaxcyte, Inc. (PCVX) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026.
- Top risk flagged: Cybersecurity breach risk with potential regulatory fines, investigations, operational disruptions, and reputational harm
FY2025 key financial metrics · XBRL
- Net income
- −$767M
- −65.2% YoY
- EPS (diluted)
- −$5.63
- −48.2% YoY
- ROE
- -28.5%
- −14.5 pp YoY
- Operating cash flow
- −$656M
- −44.8% YoY
Source: XBRL data from the Vaxcyte, Inc. (PCVX) FY2025 10-K on SEC EDGAR. USD.
Vaxcyte, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Development and commercialization of proprietary pneumococcal conjugate vaccines
- New manufacturing agreement with Lonza Ltd effective January 2026 for development and commercial supply of vaccine components
- Strategic move to secure long-term manufacturing capacity with fees in mid- to high-eight-figures Swiss Francs annually through 2038 plus renewals
- License received from Lonza: perpetual, irrevocable, royalty-free rights to use Lonza’s intellectual property related to product and manufacturing process
- Contract includes termination rights with termination fees in low-eight-figures Swiss Francs, ensuring operational flexibility and risk mitigation
Management Discussion & Analysis
- No revenue generated in FY 2026 as Vaxcyte is clinical-stage; net losses $766.6M in 2025 vs $463.9M in 2024 vs $402.3M in 2023
- Operating losses increased due to advancing clinical trials and manufacturing scale-up; cash, equivalents, investments $2.44B as of Dec 31, 2025
- Best performing pipeline: VAX-31 Phase 3 adult PCV program initiated with ~3,560 adults dosed; FDA breakthrough therapy designation expanded to pneumonia prevention
- Capital raise: February 2026 public offering gross proceeds $632.5M from 12.65M shares at $50 each
- Forward outlook: Phase 3 data awaited late 2026 (adult) and first half 2027 (infant); planning BLA submission post Phase 3; risks include development timelines and regulatory approvals
Risk Factors
- Cybersecurity breach risk with potential regulatory fines, investigations, operational disruptions, and reputational harm
- SVP IT with 30+ years experience leads cybersecurity risk management and incident response
- Cybersecurity incident escalation to President and CFO, with audit committee oversight and quarterly reporting
Generated from the filing text; verify against the original. How to read a 10-K
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