Vaxcyte(PCVX) - 2024 Q4 - Annual Results

Financial Performance - Vaxcyte raised approximately $2.2 billion in net proceeds from two follow-on equity offerings in 2024, with$3.1 billion in cash, cash equivalents, and investments as of December 31, 2024[1]. - Cash, cash equivalents, and investments increased to $3,134.7 million as of December 31, 2024, from$1,242.9 million as of December 31, 2023, primarily due to 2.2 billion in net proceeds from follow-on financings in 2024[20]. - Research and Development (R&D) expenses for the full year 2024 were 476.6 million, up from 332.3 million in 2023, reflecting increased development activities for adult and infant PCV programs[20]. - General and Administrative (G&A) expenses for the full year 2024 were 92.9 million, compared to $60.7 million in 2023, driven by higher personnel expenses[20]. - The net loss for the year ended December 31, 2024, was$463.9 million, compared to a net loss of $402.3 million for the same period in 2023[20]. - Total operating expenses for the year ended December 31, 2024, were$569.5 million, compared to $468.0 million in 2023[27]. - Interest income for the year ended December 31, 2024, was$110.0 million, up from $62.9 million in 2023[27]. - Total assets as of December 31, 2024, were$3,511.3 million, compared to $1,407.9 million as of December 31, 2023[29]. - Capital and facility buildout expenditures for the year ended December 31, 2024, totaled$127.8 million, related to the construction of a dedicated manufacturing suite at Lonza[20]. - Vaxcyte completed two successful follow-on financings totaling approximately $2.4 billion in gross proceeds, further strengthening its balance sheet[9]. Vaccine Development - The company reported positive topline data from the Phase 1/2 study of VAX-31, demonstrating robust immune responses for all 31 serotypes in 1,015 adults aged 50 and older[3]. - Vaxcyte completed enrollment of 802 healthy infants in the Phase 2 study evaluating VAX-24, with topline data expected by the end of the first quarter of 2025[4]. - VAX-31 received Breakthrough Therapy designation from the FDA for the prevention of invasive pneumococcal disease (IPD) in adults, facilitating an efficient drug development program[5]. - The company plans to initiate the VAX-31 adult Phase 3 pivotal study by mid-2025, with topline data anticipated in 2026[2]. - Vaxcyte's VAX-24 demonstrated a safety and tolerability profile similar to PCV20 across all doses studied in adults aged 65 and older[5]. - The company is advancing the VAX-31 infant Phase 2 study, with topline data for the primary immunization series expected in mid-2026[11]. - The company is advancing its vaccine pipeline, including candidates VAX-A1, VAX-PG, and VAX-GI, aimed at addressing invasive bacterial infections[22]. - Vaxcyte is focused on establishing global commercial manufacturing capacity for its PCV candidates, with ongoing Phase 3 studies anticipated for VAX-31[23]. Leadership and Strategic Initiatives - Vaxcyte's leadership team has been strengthened with key appointments, including a Chief Technical Operations Officer and Head of Global Regulatory and Quality Assurance[7][8]. - The company is investing in its early-stage pipeline, targeting Group A Strep and Shigella, which are among the World Health Organization's top antibiotic-resistant pathogens[2].