Vaxcyte's PCV Franchise Highlights - Vaxcyte is developing a potential best-in-class pneumococcal conjugate vaccine (PCV) franchise, leveraging a highly attractive PCV market and an exclusive cell-free platform[10] - The company has aligned critical resources, including a strategic manufacturing approach with agreements with Lonza and Thermo Fisher Scientific, and approximately $27 billion in cash, cash equivalents, and investments as of September 30, 2025[14] - VAX-31, the broadest-spectrum PCV in the clinic, is advancing to Phase 3 with a pivotal non-inferiority study expected to start in December 2025, and has received FDA Breakthrough Therapy designation for IPD and pneumonia[15] Cell-Free Protein Synthesis Platform - Vaxcyte's cell-free protein synthesis platform enables the design and production of proteins beyond the reach of conventional methods, offering speed, flexibility, and scalability for superior conjugate and novel protein vaccines[19, 21] - The platform allows for site-specific conjugation, enabling consistent exposure of T-cell and B-cell epitopes on protein carriers, and permits the production of "tough-to-make" protein antigens[22] VAX-31 Clinical Program & Market Opportunity - VAX-31 is designed to expand protection with the broadest disease coverage in adults, potentially covering approximately 95% of IPD in U S adults aged 50 and older[15, 68] - The global pneumococcal vaccine market is currently valued at approximately $8 billion and is expected to reach approximately $13 billion by 2027, driven primarily by growth in the adult market[36, 86] VAX-24 Infant Study Results - Final VAX-24 Phase 2 infant study results demonstrate the potential to achieve the broadest coverage of any infant PCV on the market, with a safety and tolerability profile similar to the standard of care[132] - VAX-24 elicited substantial IgG, OPA, and memory responses, performing particularly well against currently circulating serotypes contained in the vaccine, with dose-dependent immune responses and little to no evidence of carrier suppression observed[134]