Vaxcyte
PCVX · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Net income was −$767M. Operating cash flow of −$656M less capital expenditure of $14M left free cash flow of −$669M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Research & development | $78M | $169M | $332M | $477M | $794M |
| Operating income | −$104M | −$232M | −$468M | −$570M | −$924M |
| Interest expense | $7,000 | $2,000 | $0 | $0 | – |
| Income tax | – | – | $0 | $0 | $0 |
| Net income | −$100M | −$223M | −$402M | −$464M | −$767M |
| Diluted EPS | −1.93 | −3.44 | −4.14 | −3.80 | −5.63 |
| Diluted shares | 52M | 65M | 97M | 122M | 136M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $69M | $835M | $397M | $388M | $174M |
| Current assets | $256M | $943M | $1.1B | $1.8B | $1.6B |
| Net PP&E | $8M | $10M | $80M | $198M | $257M |
| Total assets | $324M | $1B | $1.4B | $3.5B | $3B |
| Payables | $7M | $10M | $15M | $48M | $71M |
| Current liabilities | $29M | $41M | $145M | $140M | $206M |
| Total liabilities | $40M | $53M | $167M | $205M | $317M |
| Shareholders' equity | $284M | $954M | $1.2B | $3.3B | $2.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$121M | −$171M | −$297M | −$453M | −$656M |
| Capital expenditure | $7M | $6M | $16M | $22M | $14M |
| Free cash flow | −$128M | −$176M | −$313M | −$475M | −$669M |
| Depreciation & amortisation | $2M | $3M | $3M | $7M | $16M |
| Stock-based compensation | $11M | $24M | $49M | $85M | $139M |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Return on equityBlank when equity is negative | −35.2% | −23.4% | −32.4% | −14.0% | −28.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −35.1% | −24.1% | −37.1% | −16.9% | −33.0% |
| Cash conversion (CFO ÷ net income) | 1.21x | 0.76x | 0.74x | 0.98x | 0.86x |
| Interest cover | −14810x | −116128x | – | – | – |
| Current ratio | 8.93x | 23.3x | 7.54x | 12.8x | 7.91x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.