0001649094-26-000017 | 10-Q | XBRL Viewer

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Segment Reporting - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Property and equipment, net	$ 260,695	$ 257,370
UNITED STATES
Segment Reporting Information [Line Items]
Property and equipment, net	41,300	39,700
SWITZERLAND
Segment Reporting Information [Line Items]
Property and equipment, net	$ 219,400	$ 217,700

Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Investments in fair market value, unrealized loss position	$ 1,600,000,000	$ 300,000,000
Investments in fair market value, continuous unrealized loss position for more than 12 months	491,900,000	$ 120,200,000
Investments in fair market value, continuous unrealized loss position, less than 12 months and 12 months or longer	4,900,000
Investments in fair market value, continuous unrealized loss position, less than 12 months	4,400,000
Level 3
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair value assets transferred into level 3	$ 0

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Follow on public offering
Issuance costs	$ 30,654

Funding Arrangements (Details) - USD ($) $ in Millions		1 Months Ended
Funding Arrangements (Details) - USD ($) $ in Millions	Jul. 31, 2024	Jun. 30, 2023	Apr. 30, 2021	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
CARB-X Agreement
Funding Arrangement [Line Items]
Grant receivable on unreimbursed, eligible costs incurred				$ 0.0	$ 0.0
CARB-X Agreement \| Minimum
Funding Arrangement [Line Items]
Potential funding committed by award				11.7
National Institutes Of Health
Funding Arrangement [Line Items]
Potential funding amount of award to develop vaccine to prevent infections	$ 9.5	$ 4.6	$ 0.5
National Institutes Of Health \| Maximum
Funding Arrangement [Line Items]
Potential funding period of award to develop vaccine to prevent infections (in years)	5 years	5 years	5 years
Cost Reimbursement Sub-Award Agreement
Funding Arrangement [Line Items]
Grant receivable on unreimbursed, eligible costs incurred				$ 0.0		$ 0.0

Commitments and Contingencies - Schedule of Long-Term Purchase Commitment (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2026	$ 512,538
2027	189,102
2028	10,500
2029	10,500
Thereafter	0
Total non-cancelable purchase commitments due to our key manufacturing partners	$ 722,640

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. The condensed consolidated financial statements include the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated upon consolidation.
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements The condensed consolidated balance sheets as of March 31, 2026, the condensed consolidated statements of operations, comprehensive loss and stockholders’ equity for the three months ended March 31, 2026 and 2025 and the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial information. The financial data disclosed in the footnotes to the condensed consolidated financial statements related to the three months ended March 31, 2026 and 2025 are also unaudited. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the SEC on February 24, 2026.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions, including those related to stock-based compensation expense, accruals for certain research and development costs, the valuation of deferred tax assets and income taxes. Management bases our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), (“ASU 2024-03”). The amendments in ASU 2024-03 intend to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion). This new guidance is effective for us for the annual periods beginning after December 15, 2026. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, (“ASU 2025-06”). The amendments in ASU 2025-06 intend to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software (referred to as “internal-use software”). This new guidance is effective for us for the annual periods beginning after December 15, 2027. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The amendments in ASU 2025-10 intend to establish authoritative guidance on the accounting for government grants received by business entities. This guidance is effective for us beginning with our 2029 fiscal year annual reporting period, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11 to amend the guidance in “Interim Reporting” (Topic 270). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12 “Codification Improvements” to address suggestions received from stakeholders on the Accounting Standards Codification ("the Codification") and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (i) clarify, (ii) correct errors, or (iii) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Commitments and Contingencies - Additional Information (Details) - Sutro Biopharma Inc - USD ($) $ in Millions			1 Months Ended
	Nov. 30, 2023	Dec. 22, 2022	Oct. 31, 2023	Dec. 31, 2022	May 31, 2024
Other Commitments [Line Items]
Upfront consideration				$ 22.5
Upfront consideration in cash				10.0
Upfront consideration in cash after agreement date			$ 5.0
Number of common stock issued (in shares)		167,780
Fair value on date of settlement		$ 8.0
Accrued payment	$ 50.0				$ 25.0
Additional milestone payments in cash	$ 60.0
Common Stock
Other Commitments [Line Items]
Upfront consideration				$ 7.5

Equity Incentive Plans - Schedule of Share-Based Payment Arrangement, Activity (Details) - 2020 Plan	3 Months Ended
	Mar. 31, 2026 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	8,821,691
Shares authorized (in shares)	6,552,942
Options and RSUs granted (in shares)	(1,889,393)
Shares forfeited (in shares)	76,183
Shares withheld for taxes (in shares)	157,014
Ending balance (in shares)	13,718,437

Equity Incentive Plans

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

We currently grant stock options and restricted stock units (“RSUs”) under the 2020 Equity Incentive Plan (“2020 Plan”), which became effective in June 2020 and replaced our 2014 Equity Incentive Plan (“2014 Plan”).

Effective January 1, 2026, the number of shares of common stock available under the 2020 Plan increased by 6,552,942 shares pursuant to the evergreen provision of the 2020 Plan. As of March 31, 2026, an aggregate of 13,718,437 shares of common stock were available for issuance under the 2020 Plan.

Our 2014 Plan permitted the granting of incentive stock options, non-statutory stock options, restricted stock and other stock-based awards. Subsequent to the adoption of the 2020 Plan, no additional equity awards can be made under the 2014 Plan. As of March 31, 2026, 838,806 shares and 14,310,030 shares of common stock were subject to outstanding options and RSUs under the 2014 Plan and 2020 Plan, respectively.

Stock Option Activity

Stock option activity under our 2020 Plan, including performance contingent stock options (“PCSOs”), and 2014 Plan, which excludes options to purchase 29,638 shares granted outside of the 2020 Plan and 2014 Plan, was as follows:


		Options Outstanding					PCSOs Outstanding
		(in thousands, except share and per share data)
	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value		Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balances — December 31, 2025	10,960,801	$	43.64	7.16	$	130,351	621,860	$	102.70	8.85	$	—
Options granted	974,819	59.64
Options exercised	(366,253)	25.00
Options forfeited	(39,336)	68.78					(6,600)	$	102.70
Balances — March 31, 2026	11,530,031	$	45.50	7.25	$	207,917	615,260	$	102.70	8.60	$	—
Vested and expected to vest — March 31, 2026	11,530,031	$	45.50	7.25	$	207,917	615,260	$	102.70	8.60	$	—
Exercisable at March 31, 2026	6,934,265	$	36.99	6.27	$	170,485	—				$	—

During the three months ended March 31, 2026 and 2025, options to purchase 366,253 and 440,454 shares, respectively, were exercised for cash at a weighted-average price per share of $25.00 and $13.97, respectively. The intrinsic value of the stock options exercised was $10.5 million and $31.0 million for the three months ended March 31, 2026 and 2025, respectively. The weighted-average grant date fair value of options granted for the three months ended March 31, 2026 and 2025 was $35.69 and $46.04, respectively.

Stock Unit Award Activity

Stock unit award activity, including performance based stock units (“PSUs”), for the three months ended March 31, 2026 was as follows:


	Unvested RSUs						Unvested PSUs
	(in thousands, except share and per share data)
	Number of Shares	Weighted- Average Grant-Date Fair Value Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value		Number of Shares	Weighted- Average Grant-Date Fair Value Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Unvested at December 31, 2025	2,340,589	$	54.55	1.42	$	107,995	175,513	$	151.48	2.85	$	8,098
Granted	914,574	59.94					—
Vested and released	(396,884)	52.91					—
Cancelled	(30,247)	51.18					—
Unvested at March 31, 2026	2,828,032	$	56.56	1.54	$	164,337	175,513	$	151.48	2.61	$	10,199

The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2026 and 2025 was $59.94 and $73.57, respectively. The aggregate intrinsic value of unvested RSUs is calculated using the closing price of our common stock on the grant date.

Shares Available for Grant

Shares available for grant under our 2020 Plan for the three months ended March 31, 2026 were as follows:


						Number of Shares
Balance — December 31, 2025						8,821,691
Shares authorized						6,552,942
Options and RSUs granted						(1,889,393)
Shares forfeited						76,183
Shares withheld for taxes						157,014
Balance — March 31, 2026						13,718,437

2020 Employee Stock Purchase Plan

Effective January 1, 2026, the number of shares of common stock available under the 2020 Employee Stock Purchase Plan (the "2020 ESPP") increased by 1,310,588 shares pursuant to the evergreen provision of the 2020 ESPP. As of March 31, 2026, there were 3,329,946 shares available under the 2020 ESPP.

Stock-based Compensation

The following assumptions were used in the Black-Scholes options pricing model for stock options granted in the respective period of:


	Three Months Ended March 31,
	2026	2025
Expected volatility	65.6% - 66.6%	67.3% - 67.5%
Expected term (in years)	5.4	5.2 - 5.3
Risk-free interest rate	3.6% - 3.8%	4.1% - 4.5%

We recorded total stock-based compensation expense for the three months ended March 31, 2026 and 2025 related to the 2014 Plan, the 2020 Plan and the 2020 ESPP in the condensed consolidated statements of operations and allocated the amounts as follows:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Research and development	$	20,678	$	15,925
General and administrative	17,286		14,690
Total stock-based compensation expense	$	37,964	$	30,615

As of March 31, 2026, there was $351.3 million of unrecognized stock-based compensation expense related to unvested employee and non-employee awards, which is expected to be recognized over a weighted-average period of 2.74 years.

Commercial Manufacturing and Supply Agreements (Details) SFr in Millions, $ in Millions		1 Months Ended
	Sep. 30, 2025	Oct. 31, 2023 CHF (SFr) renewalOption	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Oct. 31, 2023 USD ($)
Supply Commitment [Line Items]
Additional renewal period \| renewalOption		3
Automatic renewal period, advanced notice period		24 months
Lonza Commercial Manufacturing and Supply Agreement
Supply Commitment [Line Items]
Automatic renewal period		5 years
Agreement termination penalty					$ 70.0
Repurposing fee \| SFr		SFr 27.0
Repurposing fee, credit duration		10 years
Capital expenditure related to the facility build out and equipment			$ 218.9	$ 171.3
Facility build out expenditures			$ 155.1	$ 74.7
Patheon Commercial Manufacturing and Supply Agreement
Supply Commitment [Line Items]
Automatic renewal period	3 years
Agreement initial term	15 years

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss (in thousands)	$ (320,622)	$ (140,718)
Weighted-average shares outstanding used in computing net loss per share, basic (in shares)	139,506,680	135,690,949
Weighted-average shares outstanding used in computing net loss per share, diluted (in shares)	139,506,680	135,690,949
Net loss per share, basic (in dollars per share)	$ (2.30)	$ (1.04)
Net loss per share, diluted (in dollars per share)	$ (2.30)	$ (1.04)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Company Organization and Nature of Business	3 Months Ended
Company Organization and Nature of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Organization and Nature of Business	Company Organization and Nature of Business Vaxcyte, Inc. (“we,” “our,” “us,” “Vaxcyte” and the “Company”) refers to Vaxcyte, Inc., a Delaware corporation, and our wholly-owned consolidated subsidiary, or as the context may require, Vaxcyte, Inc. only. We are headquartered in San Carlos, California, and were incorporated in the state of Delaware on November 27, 2013 as SutroVax, Inc., and changed our name to Vaxcyte, Inc. on May 15, 2020. We are a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. We are re-engineering the way highly complex vaccines are made through the XpressCF™ cell-free protein synthesis platform. Unlike conventional cell-based approaches, our system for producing difficult-to-make proteins and antigens is intended to develop and deliver high-fidelity vaccines with enhanced immunological benefits that are beyond the capabilities of conventional approaches. Our primary activities since incorporation have been to perform research and development, undertake preclinical and clinical studies and conduct manufacturing activities in support of our product development and commercial readiness efforts; organize and staff our Company; establish our intellectual property portfolio; and raise capital to support and expand such activities.

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at March 31, 2026 and December 31, 2025:


		March 31, 2026
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Assets		(in thousands)
Cash and cash equivalents:
Cash	Level 1	$	89,150	$	—	$	—	$	89,150
Money market funds	Level 1	44,366		—		—		44,366
Commercial paper	Level 2	110,866		—		(17)		110,849
Asset-backed securities	Level 2	16,480		—		(2)		16,478
Total cash and cash equivalents		260,862		—		(19)		260,843
Investments:
U.S. Treasury securities	Level 1	887,530		667		(905)		887,292
Commercial paper	Level 2	24,006		—		(1)		24,005
Corporate debt	Level 2	1,178,119		680		(3,105)		1,175,694
Asset-backed securities	Level 2	142,414		40		(411)		142,043
U.S. government agency securities	Level 2	211,753		62		(497)		211,318
Certificate of Deposits	Level 2	40,000		—		—		40,000
Total investments		2,483,822		1,449		(4,919)		2,480,352

Total assets measured at fair value		$	2,744,684	$	1,449	$	(4,938)	$	2,741,195


		December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Assets		(in thousands)
Cash and cash equivalents:
Cash	Level 1	$	85,417	$	—	$	—	$	85,417
Money market funds	Level 1	52,302		—		—		52,302

Commercial paper	Level 2	36,245		—		(5)		36,240
Total cash and cash equivalents		173,964		—		(5)		173,959
Investments:
U.S. Treasury securities	Level 1	945,072		1,969		(40)		947,001
Commercial paper	Level 2	28,763		3		—		28,766
Corporate debt	Level 2	897,564		2,862		(30)		900,396
Asset backed securities	Level 2	152,164		249		(27)		152,386
U.S. government agency securities	Level 2	219,854		289		(28)		220,115
Certificate of Deposit	Level 2	20,000		—		—		20,000
Total investments		2,263,417		5,372		(125)		2,268,664

Total assets measured at fair value		$	2,437,381	$	5,372	$	(130)	$	2,442,623

Schedule of Contractual Maturities of Investments

The following table presents the contractual maturities of our investments as of March 31, 2026 (in thousands):


	Fair Value
Due in less than one year	$	1,476,335
Due in one to five years	1,004,017
Total	$	2,480,352

Leases - Schedule of Information Related to Weighted Averages (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term (in years)	8 years 10 months 24 days	9 years 1 month 9 days
Weighted-average discount rate	7.20%	7.20%

Commercial Manufacturing and Supply Agreements	3 Months Ended
Commercial Manufacturing and Supply Agreements	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commercial Manufacturing and Supply Agreements	Commercial Manufacturing and Supply Agreements Lonza Ltd. (“Lonza”) In October 2023, we entered into a pre-commercial services and commercial manufacturing supply agreement with Lonza (the “Lonza Commercial Manufacturing and Supply Agreement”). Pursuant to the Lonza Commercial Manufacturing and Supply Agreement, Lonza will (i) construct and build out a dedicated suite (the “Suite”) at Lonza’s facilities in Visp, Switzerland to manufacture certain key components (including drug substance) for our proprietary pneumococcal conjugate vaccine (“PCV”) franchise and any other products or intermediates we may choose (collectively, the “Products”) and (ii) maintain and operate the Suite (utilizing Lonza’s employees) to manufacture the Products as a service provided to us, including conducting related quality control and quality assurance operations. Lonza will be a preferred, non-exclusive, supplier of the Products to us, and we retain the right to procure the Products from one or more alternate and/or backup manufacturers of the Products (including at our own facilities). Under the Lonza Commercial Manufacturing and Supply Agreement, prior to completion of construction and certification of the Suite for commercial operation, we will contribute to the capital expenditure costs to construct the Suite (and will own certain equipment in the Suite to be purchased or otherwise acquired by us), and will pay Lonza a fixed-rate monthly service fee for Lonza’s pre-commercial services prior to commencement of commercial operations (which monthly service fee amount is subject to increases in subsequent years). Following commencement of commercial operations of the Suite to manufacture the Products, we will pay Lonza (i) Suite fees based on allocations of certain of Lonza’s costs to maintain the facility in which the Suite is located and to provide shared services to us and Lonza’s other customers in such facility, (ii) service fees based upon Lonza’s actual full-time equivalent employee (“FTE”) costs to operate the Suite to manufacture the Products, and (iii) certain other pass-through costs, including for raw materials. In addition, we may be obligated to pay or reimburse Lonza for certain other fees and expenses under the Lonza Commercial Manufacturing and Supply Agreement. Lonza will be eligible for certain financial bonuses, and subject to certain financial penalties, as incentives for the timely completion of certain scale-up activities, receipt of certain regulatory approvals for the Suite and manufacture of the Products in accordance with our commercial requirements. Unless earlier terminated, the Lonza Commercial Manufacturing and Supply Agreement will remain in effect until December 31, 2038, subject to automatic renewal for up to three additional renewal periods of five years each, unless we elect not to renew (with 24 months advanced notice to Lonza). We are permitted to terminate the Commercial Manufacturing and Supply Agreement for convenience or for Lonza’s uncured material breach, in each case subject to certain notice obligations. Lonza is permitted to terminate the Lonza Commercial Manufacturing and Supply Agreement in the event that we commit certain specified material breaches, including uncured failure to pay material and undisputed amounts of money due to Lonza, subject to certain notice obligations. Either party may terminate the Commercial Manufacturing and Supply Agreement in certain circumstances in the event of the other party’s bankruptcy. In the event that we terminate the agreement for convenience, or Lonza terminates the agreement in the event that we commit certain specified material breaches, then certain termination consequences may be triggered, including that (i) we would forfeit any outstanding entitlement to credit from Lonza of the Repurposing Fee (as defined below), and (ii) we would be obligated to pay Lonza a termination penalty equal to the greater of (a) CHF 70.0 million, or (b) a prespecified number of months’ FTE fees for the actual FTEs assigned to us as of the date of termination. Within 30 days of the Effective Date, we paid Lonza a repurposing fee (the “Repurposing Fee”) of CHF 27.0 million that will be credited back to us over a 10-year period starting upon commencement of commercial production. In the event of a termination under certain circumstances, Lonza shall be obligated to provide certain wind-down and transition services to us for up to 12 months and 24 months, respectively. As of March 31, 2026 and 2025, we have incurred $218.9 million and $171.3 million of capital expenditures related to the Vaxcyte owned facility buildout and equipment, respectively. In addition, as of March 31, 2026 and 2025, we have incurred $155.1 million and $74.7 million of facility buildout expenditures that are owned and controlled by Lonza, including the Repurposing Fee, and costs associated with certification of the Suite for commercial operation, respectively. These amounts have been accounted for as prepaid lease payments and will be recorded as a ROU asset under Accounting Standards Codification (“ASC”) 842 lease accounting when control over the Suite is transferred to us, which we expect to occur upon the completion of construction and certification of the Suite for commercial operation. Thermo Fisher Scientific In September 2025, we entered into a master services agreement with Patheon Manufacturing Services LLC, part of Thermo Fisher Scientific (collectively, “Thermo Fisher”), pursuant to which Thermo Fisher will formulate, fill, inspect, package, label, test, manufacture and supply drug product for us at its facility in Greenville, North Carolina (the "Thermo Fisher Commercial Manufacturing and Supply Agreement"). Pursuant to the Thermo Fisher Commercial Manufacturing and Supply Agreement, we have agreed to order drug product from Thermo Fisher based on certain binding forecast periods and established prices. In addition, we will also pay Thermo Fisher for technology transfer activities and reimburse Thermo Fisher for certain out-of-pocket capital expenditures under the terms of the agreement. The Thermo Fisher Commercial Manufacturing and Supply Agreement has an initial term of 15 years and will automatically renew for additional three-year periods unless either party provides notice of non-renewal before the end of the then existing term, subject to completion of ongoing services. We are permitted to terminate the Thermo Fisher Commercial Manufacturing and Supply Agreement prior to expiration, subject to the payment of applicable termination fees, plus certain capital expenditure commitments.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 260,843	$ 173,959
Short-term investments	1,476,335	1,387,000
Prepaid expenses and other current assets	76,310	66,402
Total current assets	1,813,488	1,627,361
Property and equipment, net	260,695	257,370
Operating lease right-of-use assets	113,103	116,009
Long-term investments	1,004,017	881,664
Restricted cash	1,466	1,466
Other assets	155,539	118,847
Total noncurrent assets	1,534,820	1,375,356
Total assets	3,348,308	3,002,717
Current liabilities:
Accounts payable	63,060	70,904
Accrued compensation	7,986	23,000
Accrued contract manufacturing expenses	134,704	74,654
Accrued expenses	30,247	31,068
Operating lease liabilities — current	6,085	6,124
Total current liabilities	242,082	205,750
Operating lease liabilities — long-term	110,212	111,457
Total liabilities	352,294	317,207
Commitments and contingencies (Note 6)
Stockholders' Equity
Preferred stock, $0.001 par value — 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; no shares issued and outstanding at March 31, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value — 500,000,000 shares authorized at March 31, 2026 and December 31, 2025; 144,314,981 and 131,058,858 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	147	134
Additional paid-in capital	5,478,270	4,838,736
Accumulated other comprehensive loss	(6,834)	1,587
Accumulated deficit	(2,475,569)	(2,154,947)
Total stockholders' equity	2,996,014	2,685,510
Total liabilities and stockholders' equity	$ 3,348,308	$ 3,002,717

Equity Incentive Plans - Schedule of Stock-based Compensation Expense (Details) - 2014 Plan, 2020 Plan and 2020 ESPP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 37,964	$ 30,615
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	20,678	15,925
General and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 17,286	$ 14,690

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining quarterly provisions for income taxes, we use the annual estimated effective tax rate applied to the actual year-to-date profit or loss, adjusted for discrete items arising in that period. Our annual estimated effective tax rate differs from the U.S. federal statutory rate primarily as a result of changes in our valuation allowance against our deferred tax assets. During the three months ended March 31, 2026 and 2025, we incurred net pre-tax losses in the jurisdictions we operate in and had no income tax provisions. During the three months ended March 31, 2026, there were no material changes to our unrecognized tax benefits, and we do not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year. We do not have any tax audits or other issues pending.

- Definition

The entire disclosure for income tax.

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+ Details

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (320,622)	$ (140,718)
Other comprehensive loss:
Unrealized (losses) gains on investments, net	(8,731)	4,634
Foreign currency translation adjustments, net	310	(1,083)
Comprehensive loss	$ (329,043)	$ (137,167)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		33 Months Ended
	Feb. 24, 2026	Feb. 27, 2023	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2024	Dec. 31, 2025	Jul. 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				500,000,000			500,000,000
Common stock, par value (in dollars per share)				$ 0.001			$ 0.001
Common stock, shares issued (in shares)				144,314,981			131,058,858
Common stock, shares outstanding (in shares)				144,314,981			131,058,858
Common stock, value, issued				$ 147			$ 134
Increase or decrease of pre-funded warrant percentage not exceed (in percentage)				19.99%
Pre -funded warrant exercised (in shares)				0	3,500,000
Class of warrant or right, number of securities called by warrants or rights (in shares)				5,463,793	3,499,959		5,463,793
Underwritten Public Offering
Class of Stock [Line Items]
Average price (in dollars per share)			$ 50.00
Sale of stock, number of shares issued in transaction (in shares)			12,650,000			10,458,434
Sale of stock, consideration received on transaction			$ 601,800
Over Allotment Option
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			1,650,000
ATM Sales Agreement
Class of Stock [Line Items]
Aggregate offering price		$ 150,000
Maximum
Class of Stock [Line Items]
Pre-funded warrants of common stock shares outstanding immediately after effect to the exercise (in percentage)				9.99%
Combined voting power of securities outstanding immediately after effect to the exercise (in percentage)				9.99%
Minimum
Class of Stock [Line Items]
Pre-funded warrants of common stock shares outstanding immediately after effect to the exercise (in percentage)				4.99%
Combined voting power of securities outstanding immediately after effect to the exercise (in percentage)				4.99%
Jefferies LLC \| ATM Sales Agreement
Class of Stock [Line Items]
Aggregate offering price		$ 137,800
Common stock shares sold (in shares)	4,211,367	4,995,709
Average price (in dollars per share)		$ 27.57
ATM sales agreement at weighted average price (in usd per share)	$ 64.19
Aggregate gross proceeds from issuance of common stock	$ 270,300
Proceeds from issuance of common stock	264,200
Jefferies LLC \| Maximum \| ATM Sales Agreement
Class of Stock [Line Items]
Aggregate offering price		$ 400,000						$ 150,000
Leerink Partners LLC \| ATM Program
Class of Stock [Line Items]
Common stock, value, issued	$ 500,000

Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise of stock options (in shares)	366,253	440,454
options exercised (in dollars per share)	$ 25.00	$ 13.97
Intrinsic value of the stock options exercised	$ 10.5	$ 31.0
Weighted-average grant date fair value of options granted (in dollars per share)	$ 35.69	$ 46.04
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted (in dollars per share)	$ 59.94	$ 73.57
Share-based compensation arrangement by share-based payment award, equity instruments other than options, non vested, number (in shares)	2,828,032		2,340,589
Unvested Employee And Non-Employee Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 351.3
Unrecognized share-based compensation expense, expected weighted-average period (in years)	2 years 8 months 26 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for issuance of shares increased (in shares)	6,552,942
Number of shares available for grant (in shares)	13,718,437
2020 Equity Incentive Plan \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares outstanding (in shares)	838,806
2014 Equity Incentive Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares outstanding (in shares)	14,310,030
2020 Employee Stock Purchase Plan \| Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, non vested, number (in shares)	3,329,946		1,310,588

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Mr. Pickering [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Grant Pickering, our Chief Executive Officer and a member of our Board, adopted a 10b5-1 Plan on March 3, 2026, with an effective date of June 2, 2026. Mr. Pickering’s 10b5-1 Plan provides for the potential sale of up to 44,473 shares of our common stock held by Mr. Pickering and the potential exercise and sale of up to 223,423 shares of our common stock held by Mr. Pickering. Mr. Pickering’s 10b5-1 Plan also provides for the potential sale of up to 28,000 shares of our common stock held by trusts in which the beneficiaries are children of Mr. Pickering. Mr. Pickering's 10b5-1 Plan expires on July 26, 2027, or upon the earlier completion of all authorized transactions thereunder
Grant Pickering [Member]
Trading Arrangements, by Individual
Name	Grant Pickering
Title	Chief Executive Officer and a member of our Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 3, 2026
Expiration Date	July 26, 2027
Arrangement Duration	510 days
Aggregate Available	44,473
Andrew Guggenhime [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Andrew Guggenhime, our President and Chief Financial Officer, adopted a 10b5-1 Plan on March 4, 2026, with an effective date of June 3, 2026. Mr. Guggenhime’s 10b5-1 Plan provides for the potential exercise and sale of up to 156,000 shares of our common stock, and expires on June 30, 2027, or upon the earlier completion of all authorized transactions thereunder.
Name	Andrew Guggenhime
Title	President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 4, 2026
Expiration Date	June 30, 2027
Arrangement Duration	483 days
Aggregate Available	156,000
Shares Of Common Stock Held By Mr. Pickering [Member] \| Grant Pickering [Member]
Trading Arrangements, by Individual
Aggregate Available	223,423
Shares Of Common Stock Held By Trust [Member] \| Grant Pickering [Member]
Trading Arrangements, by Individual
Aggregate Available	28,000

Equity Incentive Plans - Schedule of Stock Unit Award Activity PSU (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Restricted stock units
Number of Shares
Beginning balance (in shares)	2,340,589
Granted (in shares)	914,574
Vested and released (in shares)	(396,884)
Cancelled (in shares)	(30,247)
Ending balance (in shares)	2,828,032	2,340,589
Weighted- Average Grant-Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 54.55
Granted (in dollars per share)	59.94
Vested and released (in dollars per share)	52.91
Cancelled (in dollars per share)	51.18
Ending balance (in dollars per share)	$ 56.56	$ 54.55
Weighted- Average Remaining Contractual Term (Years)
Weighted- Average Remaining Contractual Term	1 year 6 months 14 days	1 year 5 months 1 day
Aggregate Intrinsic Value
Beginning balance	$ 107,995
Ending balance	$ 164,337	$ 107,995
Unvested PSUs
Number of Shares
Beginning balance (in shares)	175,513
Ending balance (in shares)	175,513	175,513
Weighted- Average Grant-Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 151.48
Ending balance (in dollars per share)	$ 151.48	$ 151.48
Weighted- Average Remaining Contractual Term (Years)
Weighted- Average Remaining Contractual Term	2 years 7 months 9 days	2 years 10 months 6 days
Aggregate Intrinsic Value
Beginning balance	$ 8,098
Ending balance	$ 10,199	$ 8,098

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Tax provision	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Contractual Maturities of Investments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Fair Value Disclosures [Abstract]
Due in less than one year	$ 1,476,335
Due in one to five years	1,004,017
Total	$ 2,480,352

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. The condensed consolidated financial statements include the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated upon consolidation. Unaudited Interim Condensed Consolidated Financial Statements The condensed consolidated balance sheets as of March 31, 2026, the condensed consolidated statements of operations, comprehensive loss and stockholders’ equity for the three months ended March 31, 2026 and 2025 and the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial information. The financial data disclosed in the footnotes to the condensed consolidated financial statements related to the three months ended March 31, 2026 and 2025 are also unaudited. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the SEC on February 24, 2026. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions, including those related to stock-based compensation expense, accruals for certain research and development costs, the valuation of deferred tax assets and income taxes. Management bases our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. Summary of Significant Accounting Policies There have been no material changes to our significant policies as of and for the three months ended March 31, 2026 from our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Recently Issued Accounting Standards Not Yet Adopted In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), (“ASU 2024-03”). The amendments in ASU 2024-03 intend to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion). This new guidance is effective for us for the annual periods beginning after December 15, 2026. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, (“ASU 2025-06”). The amendments in ASU 2025-06 intend to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software (referred to as “internal-use software”). This new guidance is effective for us for the annual periods beginning after December 15, 2027. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The amendments in ASU 2025-10 intend to establish authoritative guidance on the accounting for government grants received by business entities. This guidance is effective for us beginning with our 2029 fiscal year annual reporting period, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11 to amend the guidance in “Interim Reporting” (Topic 270). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-12 “Codification Improvements” to address suggestions received from stakeholders on the Accounting Standards Codification ("the Codification") and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (i) clarify, (ii) correct errors, or (iii) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

Equity Incentive Plans - Schedule of Activity Under Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Number of Options
Options granted (in shares)	29,638
Stock options
Weighted- Average Exercise Price Per Share
options exercised (in dollars per share)	$ 25.00	$ 13.97
2020 Plan and 2014 Plan \| Stock options
Number of Options
Beginning balance (in shares)	10,960,801
Options granted (in shares)	974,819
Options exercised (in shares)	(366,253)
Options forfeited (in shares)	(39,336)
Ending balance (in shares)	11,530,031		10,960,801
Vested and expected options (in shares)	11,530,031
Options exercisable (in shares)	6,934,265
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 43.64
Options granted (in dollars per share)	59.64
options exercised (in dollars per share)	25.00
Options forfeited (in dollars per share)	68.78
Ending balance (in dollars per share)	45.50		$ 43.64
Weighted-Average Exercise Price Per Share, Vested and expected to vest (in dollars per share)	45.50
Weighted-Average Exercise Price Per Share, Exercisable (in dollars per share)	$ 36.99
Weighted-Average Remaining Contractual Term (Years) and Aggregate Instrinsic Value
Weighted-Average Remaining Contractual Term (Years)	7 years 3 months		7 years 1 month 28 days
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest	7 years 3 months
Weighted-Average Remaining Contractual Term (Years), Exercisable	6 years 3 months 7 days
Aggregate Intrinsic Value	$ 207,917		$ 130,351
Aggregate Intrinsic Value, Vested and expected to vest	207,917
Aggregate Intrinsic Value, Exercisable	$ 170,485
2020 Plan and 2014 Plan \| Performance Contingent Stock Options (PCSOs)
Number of Options
Beginning balance (in shares)	621,860
Options forfeited (in shares)	(6,600)
Ending balance (in shares)	615,260		621,860
Vested and expected options (in shares)	615,260
Options exercisable (in shares)	0
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 102.70
Options forfeited (in dollars per share)	102.70
Ending balance (in dollars per share)	102.70		$ 102.70
Weighted-Average Exercise Price Per Share, Vested and expected to vest (in dollars per share)	$ 102.70
Weighted-Average Remaining Contractual Term (Years) and Aggregate Instrinsic Value
Weighted-Average Remaining Contractual Term (Years)	8 years 7 months 6 days		8 years 10 months 6 days
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest	8 years 7 months 6 days
Aggregate Intrinsic Value	$ 0		$ 0
Aggregate Intrinsic Value, Vested and expected to vest	0
Aggregate Intrinsic Value, Exercisable	$ 0

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Operating Lease Obligations

Office Facility

In January 2021, we entered into a lease agreement (the “Original Lease”) for our current corporate headquarters facility located in San Carlos, California (the “Headquarters Facility”). The lease term began on December 3, 2021, as amended on October 17, 2023, and was set to expire on December 31, 2025.

In September 2023, we entered into an assignment and assumption of lease agreement (the “Assignment Agreement”) for an expanded lease space in the same building as our Headquarters Facility (the “Assumed Lease Premises”). The assumed lease had an original contractual term of 10 years, set to expire on November 30, 2031. Pursuant to the Assignment Agreement, the base rent was abated for three full calendar months following the October 1, 2023 effective date of the Assignment Agreement. Thereafter, we were obligated to pay an aggregate of approximately $1.9 million in rent payments for the remaining nine months of the first year, with a 3% rent adjustment (not inclusive of rent abatement) every year thereafter.

In November 2024, we amended and restated the Original Lease (the “Amended and Restated Lease”) as a single, unified lease for our Headquarters Facility which includes the existing space under the Original Lease and the Assumed Lease Premises (collectively, the “Existing Premises”) and expanded space covering additional floors (the “Additional Premises”), which resulted in a lease modification in accordance with ASC 842. The Amended and Restated Lease has an initial contractual term of 10 years, contains rent-free periods, scheduled rent increases, lease incentives and the option of two consecutive rights to extend the term for 60 months each. The effective date of the Amended and Restated Lease was

November 15, 2024 which, for the purposes of lease accounting, is the commencement date of the lease of the Existing Premises. The commencement dates of the Additional Premises occur when certain leasehold improvements and specifications are substantially complete, the first, second and third of which occurred in February 2025, November 2025 and December 2025, respectively, and the last of which is estimated to occur in third quarter of 2026. Our Amended and Restated Lease expires on February 28, 2035.

In November 2024, we entered into a sublease agreement, for which we are the sublessor, for a portion of our Existing Premises. This sublease has a contractual term of two years, expiring on December 31, 2026, unless earlier terminated, with two conditional options to extend the term of the sublease for a period of 12 months each. The commencement date of this sublease was December 12, 2024.

In July 2024, we entered into a sublease agreement, for which we are the sublessee for a new operating lease in the same campus as our corporate headquarters. This sublease has rent-free periods, scheduled rent increases, and a contractual term of two years, expiring on June 30, 2026, unless earlier terminated.

Manufacturing Facility

In October 2023, we entered into the Lonza Commercial Manufacturing and Supply Agreement. We have concluded that this agreement contains an embedded lease and will be accounted for in accordance with ASC 842 upon the commencement date. As of March 31, 2026, the lease had not commenced and, as such, no lease liability or ROU asset was recorded on the condensed consolidated balance sheets and no operating lease expense was recorded on the condensed consolidated statements of operations. See Note 4, “Commercial Manufacturing and Supply Agreement”, for further details.

The following tables present additional information for our operating leases:


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	8.90		9.11
Weighted-average discount rate	7.2	%	7.2	%


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Cash paid for operating lease liabilities	$	3,707	$	3,084

Maturities of lease liabilities as of March 31, 2026 were as follows:


Years ending December 31,	(in thousands)
Remainder of 2026	$	8,930
2027	15,788
2028	17,339
2029	17,859
2030	18,395
Thereafter	82,805
Total future undiscounted lease payments	161,116
Less: Imputed interest	(44,819)
Total lease liabilities	$	116,297

Rent expense recognized under the leases was $5.5 million and $3.6 million for the three months ended March 31, 2026 and 2025, respectively

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share and excludes shares which are outstanding, but subject to repurchase by us:


	Three Months Ended March 31,
	2026		2025
Net loss (in thousands)	$	(320,622)	$	(140,718)
Weighted-average shares outstanding used in computing net loss per share, basic and diluted (1)	139,506,680		135,690,949
Net loss per share, basic and diluted	$	(2.30)	$	(1.04)

Schedule of Potentially Dilutive Securities Excluded From Computation of Diluted Net Loss Per Share

The following potentially dilutive securities were excluded from the computation of diluted net loss per share for the period presented because including them would have been antidilutive:


	As of March 31,
	2026	2025
Stock options	12,174,929	10,696,652
Restricted stock units	3,003,545	1,918,066
Employee stock purchase plan	334,185	114,206
Total potentially dilutive securities outstanding	15,512,659	12,728,924

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 04, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39323
Entity Registrant Name	VAXCYTE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4233385
Entity Address, Address Line One	825 Industrial Road
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Carlos
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94070
City Area Code	650
Local Phone Number	837-0111
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	PCVX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		144,397,682
Amendment Flag	false
Entity Central Index Key	0001649094
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2026
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock Our certificate of incorporation authorizes us to issue up to 500,000,000 shares of common stock with $0.001 par value per share, of which 144,314,981 and 131,058,858 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. The holders of our common stock are also entitled to receive dividends whenever funds are legally available, when and if declared by our Board. As of March 31, 2026 and 2025, no dividends have been declared. ATM Program In July 2021, we entered into an Open Market Sales AgreementSM (the “Original ATM Sales Agreement”) with Jefferies LLC (“Jefferies”) to issue and sell, from time to time at our discretion, shares of our common stock at an aggregate offering price up to $150.0 million through Jefferies acting as our sales agent or principal. As of February 27, 2023, we had sold 4,995,709 shares of our common stock under the Original ATM Sales Agreement at a weighted average price of $27.57 per share for aggregate gross proceeds of $137.8 million. On February 27, 2023, we and Jefferies entered into an amendment to the Original ATM Sales Agreement (as amended, the “Amended ATM Sales Agreement”) to offer and sell additional shares of our common stock with an aggregate offering price up to another $400.0 million, which was in addition to the $150.0 million aggregate offering price under the Original ATM Sales Agreement. Effective as of February 24, 2026, we terminated the Amended ATM Sales Agreement. Prior to termination, we sold 4,211,367 shares of our common stock under the Amended ATM Sales Agreement at a weighted average price of $64.19 per share for aggregate gross proceeds of $270.3 million, or $264.2 million net of commissions and offering expenses. The gross proceeds of the shares sold net of commission and related offering expenses are reflected as an addition to common stock and additional paid-in capital on our condensed consolidated balance sheets. On February 24, 2026, we entered into a Sales Agreement (the "2026 ATM Sales Agreement") with Leerink Partners LLC ("Leerink Partners"), to issue and sell, from time to time at our discretion, shares of our common stock at an aggregate offering price up to $500.0 million through Leerink Partners as our sales agent. As of March 31, 2026, we have not sold any shares of our common stock under the 2026 ATM Sales Agreement. Underwritten Follow-on Public Offerings From January 2022 through September 2024, we successfully completed a number of underwritten public offerings, which included pre-funded warrants to purchase a total of 10,458,434 shares of our common stock. The pre-funded warrants are exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and payment of the exercise price. Each pre-funded warrant has an exercise price of $0.001 per share. No fractional shares of common stock will be issued in connection with the exercise of a pre-funded warrant. The holders of the pre-funded warrants may also satisfy their obligation to pay the exercise price through a “cashless exercise,” in which the holder receives the net value of the pre-funded warrant in shares of common stock determined according to the formula set forth in the pre-funded warrant. The pre-funded warrants will not expire until they are fully exercised. However, we may not effect the exercise of any pre-funded warrants, and a holder will not be entitled to exercise any portion of any pre-funded warrants that, upon giving effect to such exercise, would cause: (i) the aggregate number of shares of our common stock beneficially owned by such holder (together with affiliates) to exceed 4.99% or 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as applicable; or (ii) the combined voting power of our securities beneficially owned by such holder (together with its affiliates) to exceed 4.99% or 9.99% of the combined voting power of all of our securities outstanding immediately after giving effect to the exercise, as applicable, as such percentage ownership is determined in accordance with the terms of the pre-funded warrants. However, any holder of a pre-funded warrant may increase or decrease such percentage to any other percentage not in excess of 19.99% upon at least 61 days' prior notice for the holder to us. During the three months ended March 31, 2025, 3,500,000 shares underlying the pre-funded warrants were exercised to receive 3,499,959 shares of common stock, net of exercise costs. No shares underlying the pre-funded warrants were exercised during the three months ended March 31, 2026. As of both March 31, 2026 and December 31, 2025, a total of 5,463,793 shares underlying pre-funded warrants were outstanding. In February 2026, we completed an underwritten public offering of 12,650,000 shares of our common stock, which included the full exercise of the underwriters' option to purchase an additional 1,650,000 shares, at a price of $50.00 per share. In aggregate, we received $601.8 million in net proceeds after deducting underwriting discounts, commissions and other offering expenses payable by us.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Follow on public offering	Common Stock	Common Stock Follow on public offering	Additional Paid-in Capital	Additional Paid-in Capital Follow on public offering	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning balance (in shares) at Dec. 31, 2024			124,893,034
Beginning balance at Dec. 31, 2024	$ 3,305,819		$ 128		$ 4,697,883		$ (1,388,319)	$ (3,873)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with employee incentive plans (in shares)			546,419
Issuance of common stock in connection with employee incentive plans	6,049		$ 1		6,048
Issuance of common stock in connection with follow-on public offering, net of commissions and offering expenses (in shares)				3,499,959
Issuance of common stock and pre-funded warrants in connection with follow-on public offering, net of commissions and offering expenses		$ 0		$ 3		$ (3)
Taxes paid related to the net share settlement of equity awards	(5,290)				(5,290)
Stock-based compensation expense	30,615				30,615
Other comprehensive (loss) gain	3,551							3,551
Net loss	(140,718)						(140,718)
Ending balance (in shares) at Mar. 31, 2025			128,939,412
Ending balance at Mar. 31, 2025	3,200,026		$ 132		4,729,253		(1,529,037)	(322)
Beginning balance (in shares) at Dec. 31, 2025			131,058,858
Beginning balance at Dec. 31, 2025	2,685,510		$ 134		4,838,736		(2,154,947)	1,587
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with employee incentive plans (in shares)			606,123
Issuance of common stock in connection with employee incentive plans	9,032		$ 0		9,032
Issuance of common stock in connection with follow-on public offering, net of commissions and offering expenses (in shares)				12,650,000
Issuance of common stock and pre-funded warrants in connection with follow-on public offering, net of commissions and offering expenses		$ 601,846		$ 13		$ 601,833
Taxes paid related to the net share settlement of equity awards	(9,295)				(9,295)
Stock-based compensation expense	37,964				37,964
Other comprehensive (loss) gain	(8,421)							(8,421)
Net loss	(320,622)						(320,622)
Ending balance (in shares) at Mar. 31, 2026			144,314,981
Ending balance at Mar. 31, 2026	$ 2,996,014		$ 147		$ 5,478,270		$ (2,475,569)	$ (6,834)

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share and excludes shares which are outstanding, but subject to repurchase by us:


	Three Months Ended March 31,
	2026		2025
Net loss (in thousands)	$	(320,622)	$	(140,718)
Weighted-average shares outstanding used in computing net loss per share, basic and diluted (1)	139,506,680		135,690,949
Net loss per share, basic and diluted	$	(2.30)	$	(1.04)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share for the period presented because including them would have been antidilutive:


	As of March 31,
	2026	2025
Stock options	12,174,929	10,696,652
Restricted stock units	3,003,545	1,918,066
Employee stock purchase plan	334,185	114,206
Total potentially dilutive securities outstanding	15,512,659	12,728,924

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 312,779	$ 148,134
General and administrative	33,071	32,659
Total operating expenses	345,850	180,793
Loss from operations	(345,850)	(180,793)
Other income, net:
Interest income	26,610	32,935
Other income (expense)	(1,382)	7,140
Total other income, net	25,228	40,075
Net loss	$ (320,622)	$ (140,718)
Net loss per share, basic (in dollars per share)	$ (2.30)	$ (1.04)
Net loss per share, diluted (in dollars per share)	$ (2.30)	$ (1.04)
Weighted-average shares outstanding, basic (in shares)	139,506,680	135,690,949
Weighted-average shares outstanding, diluted (in shares)	139,506,680	135,690,949

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	144,314,981	131,058,858
Common stock, shares outstanding (in shares)	144,314,981	131,058,858

Fair Value Measurements and Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value of Financial Instruments

The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at March 31, 2026 and December 31, 2025:


		March 31, 2026
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Assets		(in thousands)
Cash and cash equivalents:
Cash	Level 1	$	89,150	$	—	$	—	$	89,150
Money market funds	Level 1	44,366		—		—		44,366
Commercial paper	Level 2	110,866		—		(17)		110,849
Asset-backed securities	Level 2	16,480		—		(2)		16,478
Total cash and cash equivalents		260,862		—		(19)		260,843
Investments:
U.S. Treasury securities	Level 1	887,530		667		(905)		887,292
Commercial paper	Level 2	24,006		—		(1)		24,005
Corporate debt	Level 2	1,178,119		680		(3,105)		1,175,694
Asset-backed securities	Level 2	142,414		40		(411)		142,043
U.S. government agency securities	Level 2	211,753		62		(497)		211,318
Certificate of Deposits	Level 2	40,000		—		—		40,000
Total investments		2,483,822		1,449		(4,919)		2,480,352

Total assets measured at fair value		$	2,744,684	$	1,449	$	(4,938)	$	2,741,195


		December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Assets		(in thousands)
Cash and cash equivalents:
Cash	Level 1	$	85,417	$	—	$	—	$	85,417
Money market funds	Level 1	52,302		—		—		52,302

Commercial paper	Level 2	36,245		—		(5)		36,240
Total cash and cash equivalents		173,964		—		(5)		173,959
Investments:
U.S. Treasury securities	Level 1	945,072		1,969		(40)		947,001
Commercial paper	Level 2	28,763		3		—		28,766
Corporate debt	Level 2	897,564		2,862		(30)		900,396
Asset backed securities	Level 2	152,164		249		(27)		152,386
U.S. government agency securities	Level 2	219,854		289		(28)		220,115
Certificate of Deposit	Level 2	20,000		—		—		20,000
Total investments		2,263,417		5,372		(125)		2,268,664

Total assets measured at fair value		$	2,437,381	$	5,372	$	(130)	$	2,442,623

We had no Level 3 securities either as of March 31, 2026 or 2025.

There were no transfers within the hierarchies during the three months ended March 31, 2026.

As of March 31, 2026 and December 31, 2025, we had investments with a total fair market value of $1.6 billion and $0.3 billion, respectively, in an unrealized loss position, of which $491.9 million and $120.2 million, respectively, were in a continuous unrealized loss position for more than 12 months. As of March 31, 2026, the gross unrealized losses of securities that have been in a continuous unrealized loss position was $4.9 million, of which $4.4 million related to securities that have been in a continuous unrealized loss position for less than 12 months. As of December 31, 2025, the gross unrealized losses of securities that have been in a continuous unrealized loss position was immaterial.

Unrealized losses related to our investments are primarily due to interest rate fluctuations as opposed to credit quality. We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our investments during the three months ended March 31, 2026 or 2025.

The following table presents the contractual maturities of our investments as of March 31, 2026 (in thousands):


	Fair Value
Due in less than one year	$	1,476,335
Due in one to five years	1,004,017
Total	$	2,480,352

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Disaggregation of Income Statement Expenses

This following table presents segment operation results for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Operating expenses:
Research and development - external costs (1)	$	256,432	$	103,806
Research and development - internal costs (2)	56,347		44,328
General and administrative	33,071		32,659
Total operating expenses	$	345,850	$	180,793

Total other income, net	25,228		40,075
Net loss	$	320,622	$	140,718

____________________________________________________________

(1)Research and development - external costs consist primarily of product and clinical development, research, facility, depreciation, professional and consulting services expenses attributed to the research and development departments.

(2)Research and development - internal costs consist of internal employee costs including stock-based compensation expenses.

Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments:
Fair Value	$ 2,480,352
Fair value, recurring
Cash and cash equivalents:
Amortized Cost	260,862	$ 173,964
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(19)	(5)
Fair Value	260,843	173,959
Investments:
Amortized Cost	2,483,822	2,263,417
Gross Unrealized Gains	1,449	5,372
Gross Unrealized Losses	(4,919)	(125)
Fair Value	2,480,352	2,268,664
Total assets measured at fair value, amortized cost	2,744,684	2,437,381
Total assets measured at fair value, gross unrealized gains	1,449	5,372
Total assets measured at fair value, gross unrealized losses	(4,938)	(130)
Total assets measured at fair value, fair value	2,741,195	2,442,623
Fair value, recurring \| Cash \| Level 1
Cash and cash equivalents:
Amortized Cost	89,150	85,417
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	89,150	85,417
Fair value, recurring \| Money market funds \| Level 1
Cash and cash equivalents:
Amortized Cost	44,366	52,302
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	44,366	52,302
Fair value, recurring \| Commercial paper \| Level 2
Cash and cash equivalents:
Amortized Cost	110,866	36,245
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(17)	(5)
Fair Value	110,849	36,240
Fair value, recurring \| Asset-backed securities \| Level 2
Cash and cash equivalents:
Amortized Cost	16,480
Gross Unrealized Gains	0
Gross Unrealized Losses	(2)
Fair Value	16,478
Investments:
Amortized Cost	142,414	152,164
Gross Unrealized Gains	40	249
Gross Unrealized Losses	(411)	(27)
Fair Value	142,043	152,386
Fair value, recurring \| U.S. Treasury securities \| Level 1
Investments:
Amortized Cost	887,530	945,072
Gross Unrealized Gains	667	1,969
Gross Unrealized Losses	(905)	(40)
Fair Value	887,292	947,001
Fair value, recurring \| Commercial paper \| Level 2
Investments:
Amortized Cost	24,006	28,763
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(1)	0
Fair Value	24,005	28,766
Fair value, recurring \| Corporate debt \| Level 2
Investments:
Amortized Cost	1,178,119	897,564
Gross Unrealized Gains	680	2,862
Gross Unrealized Losses	(3,105)	(30)
Fair Value	1,175,694	900,396
Fair value, recurring \| U.S. government agency securities \| Level 2
Investments:
Amortized Cost	211,753	219,854
Gross Unrealized Gains	62	289
Gross Unrealized Losses	(497)	(28)
Fair Value	211,318	220,115
Fair value, recurring \| Certificate of Deposits \| Level 2
Investments:
Amortized Cost	40,000	20,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 40,000	$ 20,000

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Contingencies

From time to time, we may become involved in legal proceedings arising from the ordinary course of business. We record a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by us is required to determine both probability and the estimated amount. We do not believe that there is any litigation or asserted or unasserted claim pending that could, individually or in the aggregate, have a material adverse effect on our results of operations or financial condition.

Guarantees and Indemnifications

In the normal course of business, we enter into agreements that contain a variety of representations and provide for general indemnification. Our exposure under these agreements is unknown because it involves claims that may be made against us in the future. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. As of March 31, 2026, we did not have any material indemnification claims that were probable or reasonably possible and consequently have not recorded related liabilities.

To the extent permitted under Delaware law, we have agreed to indemnify our directors and officers for certain events or occurrences while the director or officer is, or was, serving at our request in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s service. The maximum potential amount of future payments we could be required to make under these indemnification agreements is not specified in the agreements; however, we have directors and officers insurance coverage that reduces our exposure and enables us to recover a portion of any future amounts paid. We have not incurred any material costs as a result of such indemnification and are not currently aware of any indemnification claims.

Development and Manufacturing Services Agreements with Lonza

In April 2022, we entered into a non-exclusive development and manufacturing services agreement with Lonza effective as of March 22, 2022, which was subsequently amended in May 2022, November 2022 and October 2023 (as amended, the “2022 Lonza DMSA”). Pursuant to the 2022 Lonza DMSA, Lonza is obligated to perform services including manufacturing process development and clinical manufacture and supply of our proprietary PCV candidates.

In February 2023, we entered into another non-exclusive development and manufacturing services agreement with Lonza effective as of March 1, 2023 (the “2023 Lonza DMSA”). Pursuant to the 2023 Lonza DMSA, Lonza will perform manufacturing process development and the manufacture of components for our PCV candidates, including the polysaccharide antigens, our proprietary eCRM protein carrier and conjugated drug substances.

Under each of the 2022 Lonza DMSA and 2023 Lonza DMSA (collectively, the “Lonza Agreements”), we pay Lonza agreed-upon fees for their performance of development and manufacturing services and pass-through expenses incurred by Lonza for raw materials, as well as customary procurement and handling fees.

In February 2026, we entered into another non-exclusive development and manufacturing services agreement with Lonza effective as of January 1, 2026 (the "2026 Lonza DMSA"). Pursuant to the 2026 Lonza DMSA, Lonza will perform manufacturing process development and commercial manufacture and supply of certain key components for our propriety PCV franchise.

Under the 2026 Lonza DMSA, we will pay Lonza for development and manufacturing services, in addition to paying for certain raw material and other costs. We will be required to purchase, and Lonza will be required to supply, the components pursuant to the relevant purchase orders under the agreement. In consideration of the commercial supply services and Lonza’s other obligations under the agreement, we will pay Lonza a daily fee for Lonza’s operation of the facility solely to actively manufacture the components. With respect to such commercial supply, and subject to termination rights, we and Lonza have agreed to a mutually binding percentage of annual facility capacity that shall be utilized by Lonza fully and exclusively for Lonza’s performance of services thereunder, which percentages may be adjusted under certain circumstances.

For additional information about the Lonza Agreements, see “Certain Significant Relationships—Lonza—Development and Manufacturing Services Agreements” included in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q.

Commercial Manufacturing and Supply Agreements

For details of the Commercial Manufacturing and Supply Agreements with Lonza and Thermo Fisher, see Note 4.

Sutro Option Agreement

In December 2022, we entered into an option agreement with Sutro Biopharma (the “Option Agreement”). Pursuant to the Option Agreement, we acquired from Sutro Biopharma (i) authorization to enter into an agreement with an independent alternate CMO to directly source Sutro Biopharma’s cell-free extract, allowing us to have direct oversight over financial and operational aspects of the relationship with the CMO; and (ii) a right, but not an obligation, to obtain certain exclusive rights to internally manufacture and/or source extract from certain CMOs and the right to independently develop and make improvements to extract (including the right to make improvements to the extract manufacturing process as well as cell lines) for use in connection with the exploitation of certain vaccine compositions (the “Option”). We and Sutro Biopharma agreed to negotiate the terms and conditions of a form definitive agreement to be entered into in the event we exercised the Option, which would include the terms and conditions set forth in an executed term sheet between us (the “Term Sheet”) and such terms that were necessary to give effect to each of the terms and conditions set forth in the Term Sheet (the “Form Definitive Agreement”).

As consideration for the Option and other rights and authorizations granted to us under the Option Agreement, we paid Sutro Biopharma upfront consideration of $22.5 million, consisting of (i) $10.0 million in cash and $7.5 million worth of shares of our common stock (the number of shares calculated based on the arithmetic average of the daily volume weighted average price of our common stock as traded on Nasdaq in the three consecutive trading days immediately prior to the issuance thereof) in December 2022, and (ii) $5.0 million in October 2023 within five business days after we and Sutro Biopharma mutually agreed in writing upon the Form Definitive Agreement on September 28, 2023. The 167,780 shares of common stock issued was recorded at fair value of $8.0 million on the date of settlement, December 22, 2022.

In November 2023 (the “Option Exercise Date”), we exercised the Option by submitting written notice thereof to Sutro Biopharma and concurrently paid Sutro Biopharma $50.0 million in cash as the first of two installment payments for the Option exercise price, followed by the second and final installment of $25.0 million in cash in May 2024. We determined there was no current alternative future use of the acquired manufacturing rights from the Option Agreement and, as a result, the amounts paid were expensed as incurred. Upon the occurrence of certain regulatory milestones, we agreed to pay Sutro Biopharma certain additional milestone payments totaling up to $60.0 million in cash. In the event that we undergo a change of control, certain rights and payments may be accelerated. No milestone payments were made during the three months ended March 31, 2026.

Manufacturing Rights Agreement with Sutro Biopharma

Concurrent with the payment of the first installment of the Option exercise price pursuant to the Option Agreement, in November 2023, the manufacturing rights agreement (in the form of the Form Definitive Agreement) between us and Sutro Biopharma (the “Manufacturing Rights Agreement”) became effective. Pursuant to the Manufacturing Rights Agreement, we obtained exclusive rights to independently, or through certain third parties, develop, improve and manufacture cell-free extract for use in connection with our vaccine candidates.

For additional information about the Manufacturing Rights Agreement, see “Certain Significant Relationships—Sutro Biopharma—Manufacturing Rights Agreement with Sutro Biopharma” included in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q.

Purchase Commitments

We enter into agreements in the normal course of business with CMOs and other vendors for manufacturing services and raw materials purchases. We rely on several third-party manufacturers for our manufacturing requirements. As of March 31, 2026, we had the following amounts of non-cancelable purchase commitments related to manufacturing services and raw materials purchased due to our key manufacturing partners. These amounts represent our minimum contractual obligations, including termination fees. If we terminate certain firm orders with key manufacturing partners, we will be required to pay for the manufacturing services scheduled or raw materials purchased under our arrangements. The actual amounts we pay in the future to our vendors under such agreements may differ from the purchase order amounts.


Years ending December 31,	(in thousands)
Remainder of 2026	$	512,538
2027	189,102
2028	10,500
2029	10,500
Thereafter	—
Total non-cancelable purchase commitments due to our key manufacturing partners	$	722,640

Leases - Schedule of Information Related to ROU and Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid for operating lease liabilities	$ 3,707	$ 3,084

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (320,622)	$ (140,718)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,947	2,956
Stock-based compensation expense	37,964	30,615
Amortization of operating lease right-of-use assets	2,907	1,918
Net accretion of discounts on investments	(3,112)	(4,913)
Unrealized foreign exchange loss (gain)	2,201	(6,617)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(8,743)	(1,499)
Operating lease right-of-use assets	0	(17,575)
Other assets	(16,876)	(6,554)
Operating lease liabilities	(1,285)	15,999
Accounts payable	(269)	(29,163)
Accrued compensation	(15,018)	(14,418)
Accrued contract manufacturing expenses	54,852	8,088
Accrued expenses	(15,571)	(4,393)
Net cash used in operating activities	(280,625)	(166,274)
Cash flows from investing activities:
Purchases of property and equipment	(2,107)	(5,424)
Purchases of manufacturing facility build-out and equipment construction-in-progress	(12,687)	(21,327)
Purchases of investments	(584,129)	(314,485)
Maturities of investments	340,631	438,488
Sales of investments	24,882	26,065
Net cash provided by (used in) investing activities	(233,410)	123,317
Cash flows from financing activities:
Proceeds from issuance of shares through employee equity incentive plans	9,032	6,049
Proceeds from issuance of common stock from follow-on offering, net of issuance costs	601,846	0
Taxes paid related to the net share settlement of equity awards	(9,295)	(5,290)
Net cash provided by financing activities	601,583	759
Effect of exchange rate changes on cash and cash equivalents	(664)	1,172
Net increase (decrease) in cash, cash equivalents and restricted cash	86,884	(41,026)
Cash, cash equivalents and restricted cash, beginning of period	175,425	389,195
Cash, cash equivalents and restricted cash, end of period	262,309	348,169
Cash and cash equivalents	260,843	346,850
Restricted cash	1,466	1,319
Cash, cash equivalents and restricted cash	262,309	348,169
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment recorded in accounts payable and accrued expenses	$ 6,343	$ 3,889

Funding Arrangements	3 Months Ended
Funding Arrangements	Mar. 31, 2026
Funding Arrangement [Abstract]
Funding Arrangements	Funding Arrangements Our vaccine development program for VAX-A1, a novel conjugate vaccine candidate designed to prevent disease caused by Group A Streptococcus, has been funded in part by a grant obtained from Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator (“CARB-X”), a global non-profit partnership dedicated to accelerating antibacterial innovation to tackle the rising global threat of drug-resistant bacteria. The CARB-X grant provided funding of $11.7 million upon the achievement of VAX-A1 development milestones through June 2024. As of the second quarter of 2024, all of these milestones had been successfully achieved, and no further amounts will be funded under this CARB-X grant. Our vaccine development program for VAX-GI, a novel preclinical vaccine candidate being developed as a preventative treatment for dysentery and shigellosis, which is caused by Shigella bacteria, is currently funded in part by two grants obtained from the National Institutes of Health (“NIH”) administered by the University of Maryland, Baltimore. Our first grant from the NIH was awarded in April 2021 and provides for potential funding up to five years totaling approximately $0.5 million. In June 2023, we received another grant from the NIH that provides for potential funding up to five years totaling approximately $4.6 million. As of March 31, 2026, we have received and expect to continue to receive funding under each of these grants. We are currently working on a discovery program with the University of North Carolina at Chapel Hill and the University of Chicago to develop a vaccine candidate for the prevention of Chlamydia, which is funded in part by a grant from the National Institute of Allergy and Infectious Diseases that provides potential funding up to five years totaling approximately $9.5 million. As of March 31, 2026, we have received and expect to continue to receive funding under this grant. Income from grants is recognized in the period during which the related specified expenses are incurred, provided that the conditions under which the grants were provided have been met. The amount of grant income was not material during the three months ended March 31, 2026 and March 31, 2025. The grant receivable related to unreimbursed, eligible costs incurred under the agreements recorded within prepaid expenses and other current assets in the condensed consolidated balance sheets was immaterial as of March 31, 2026 and December 31, 2025.

Segment Reporting - Schedule of Disaggregation of Income Statement Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Research and development	$ 312,779	$ 148,134
General and administrative	33,071	32,659
Total operating expenses	345,850	180,793
Total other income, net	25,228	40,075
Net loss	320,622	140,718
Reportable Segment
Segment Reporting Information [Line Items]
General and administrative	33,071	32,659
Total operating expenses	345,850	180,793
Total other income, net	25,228	40,075
Net loss	320,622	140,718
Research and development - external costs \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	256,432	103,806
Research and development - internal costs \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	$ 56,347	$ 44,328

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Equity Incentive Plans - Schedule of Estimated Fair Value of Employee Stock Options (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility, Minimum	65.60%	67.30%
Expected volatility, Maximum	66.60%	67.50%
Expected term (in years)	5 years 4 months 24 days
Risk-free interest rate, Minimum	3.60%	4.10%
Risk-free interest rate, Maximum	3.80%	4.50%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)		5 years 2 months 12 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)		5 years 3 months 18 days

Leases - Additional Information (Details)	1 Months Ended		3 Months Ended
Leases - Additional Information (Details)	Nov. 30, 2024 renewalOption option	Sep. 30, 2023 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jul. 31, 2024
Operating Leased Assets [Line Items]
Total lease liabilities			$ 116,297,000
Operating lease right-of-use assets			113,103,000		$ 116,009,000
Operating lease rent expense recognized			5,500,000	$ 3,600,000
New Corporate Headquarters Facility
Operating Leased Assets [Line Items]
Number of renewal options \| renewalOption	2
Operating lease, renewal term (in months)	60 months
Assignment Agreement
Operating Leased Assets [Line Items]
Operating lease, agreement term (in years)	10 years
Assumed lease rental payment		$ 1,900,000
Operating lease, rent adjustment(in percentage)		0.03
Sublease Agreement
Operating Leased Assets [Line Items]
Operating lease, agreement term (in years)	2 years					2 years
Number of conditional options \| option	2
Lessee, operating lease, extended term of contract (in months)	12 months
Lonza Commercial Manufacturing and Supply Agreement
Operating Leased Assets [Line Items]
Total lease liabilities			0
Operating lease right-of-use assets			0
Operating lease rent expense recognized			$ 0

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
Remainder of 2026	$ 8,930
2027	15,788
2028	17,339
2029	17,859
2030	18,395
Thereafter	82,805
Total future undiscounted lease payments	161,116
Less: Imputed interest	(44,819)
Total lease liabilities	$ 116,297

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Information Related to Lease

The following tables present additional information for our operating leases:


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	8.90		9.11
Weighted-average discount rate	7.2	%	7.2	%


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Cash paid for operating lease liabilities	$	3,707	$	3,084

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2026 were as follows:


Years ending December 31,	(in thousands)
Remainder of 2026	$	8,930
2027	15,788
2028	17,339
2029	17,859
2030	18,395
Thereafter	82,805
Total future undiscounted lease payments	161,116
Less: Imputed interest	(44,819)
Total lease liabilities	$	116,297

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

We operate and manage our business as one reportable and operating segment. Our chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance based on consolidated net loss, as is reported in our condensed consolidated statements of operations.

Our long-lived assets are based in the United States and Switzerland. Long-lived assets are comprised of property and equipment. As of March 31, 2026 and December 31, 2025, property and equipment based in the United States was $41.3 million and $39.7 million, respectively. As of March 31, 2026 and December 31, 2025, property and equipment based in Switzerland was $219.4 million and $217.7 million, respectively.

This following table presents segment operation results for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Operating expenses:
Research and development - external costs (1)	$	256,432	$	103,806
Research and development - internal costs (2)	56,347		44,328
General and administrative	33,071		32,659
Total operating expenses	$	345,850	$	180,793

Total other income, net	25,228		40,075
Net loss	$	320,622	$	140,718

____________________________________________________________

(2)Research and development - internal costs consist of internal employee costs including stock-based compensation expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded From Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	15,512,659	12,728,924
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	12,174,929	10,696,652
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	3,003,545	1,918,066
Employee stock purchase plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share (in shares)	334,185	114,206

Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Activity Under Stock Option Plans


		Options Outstanding					PCSOs Outstanding
		(in thousands, except share and per share data)
	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value		Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balances — December 31, 2025	10,960,801	$	43.64	7.16	$	130,351	621,860	$	102.70	8.85	$	—
Options granted	974,819	59.64
Options exercised	(366,253)	25.00
Options forfeited	(39,336)	68.78					(6,600)	$	102.70
Balances — March 31, 2026	11,530,031	$	45.50	7.25	$	207,917	615,260	$	102.70	8.60	$	—
Vested and expected to vest — March 31, 2026	11,530,031	$	45.50	7.25	$	207,917	615,260	$	102.70	8.60	$	—
Exercisable at March 31, 2026	6,934,265	$	36.99	6.27	$	170,485	—				$	—

Schedule of Stock Unit Award Activity PSU

Stock unit award activity, including performance based stock units (“PSUs”), for the three months ended March 31, 2026 was as follows:


	Unvested RSUs						Unvested PSUs
	(in thousands, except share and per share data)
	Number of Shares	Weighted- Average Grant-Date Fair Value Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value		Number of Shares	Weighted- Average Grant-Date Fair Value Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Unvested at December 31, 2025	2,340,589	$	54.55	1.42	$	107,995	175,513	$	151.48	2.85	$	8,098
Granted	914,574	59.94					—
Vested and released	(396,884)	52.91					—
Cancelled	(30,247)	51.18					—
Unvested at March 31, 2026	2,828,032	$	56.56	1.54	$	164,337	175,513	$	151.48	2.61	$	10,199

Schedule of Share-Based Payment Arrangement, Activity

Shares available for grant under our 2020 Plan for the three months ended March 31, 2026 were as follows:


						Number of Shares
Balance — December 31, 2025						8,821,691
Shares authorized						6,552,942
Options and RSUs granted						(1,889,393)
Shares forfeited						76,183
Shares withheld for taxes						157,014
Balance — March 31, 2026						13,718,437

Schedule of Estimated Fair Value of Employee Stock Options

The following assumptions were used in the Black-Scholes options pricing model for stock options granted in the respective period of:


	Three Months Ended March 31,
	2026	2025
Expected volatility	65.6% - 66.6%	67.3% - 67.5%
Expected term (in years)	5.4	5.2 - 5.3
Risk-free interest rate	3.6% - 3.8%	4.1% - 4.5%

Schedule of Stock-based Compensation Expense


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Research and development	$	20,678	$	15,925
General and administrative	17,286		14,690
Total stock-based compensation expense	$	37,964	$	30,615

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Long-Term Purchase Commitment


Years ending December 31,	(in thousands)
Remainder of 2026	$	512,538
2027	189,102
2028	10,500
2029	10,500
Thereafter	—
Total non-cancelable purchase commitments due to our key manufacturing partners	$	722,640