Vaxcyte — Income Statement, Cash Flows & Balance Sheet
Is Vaxcyte profitable?
Vaxcyte is a clinical-stage company with no revenue, and its losses are growing rapidly as it accelerates drug development spending.
| 2023 | 2024 | 2025 | Change (2024→2025) | |
|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | — |
| R&D expense | $332.3M | $476.6M | $794.3M | +67% |
| G&A expense | $60.7M | $92.9M | $129.4M | +39% |
| Total operating loss | $(468.0M) | $(569.5M) | $(923.7M) | +62% |
| Net loss (GAAP) | $(402.3M) | $(463.9M) | $(766.6M) | +65% |
Vaxcyte has never generated product revenue and operates entirely on investor capital. Losses widened sharply as the company ramped spending on clinical manufacturing and trials for its lead vaccine candidates. One item worth noting: the 2023 net loss was partially inflated by a one-time $75M charge for acquired manufacturing rights (an upfront payment to Sutro Biopharma), which did not recur in 2024 or 2025.
Interest income from its large investment portfolio meaningfully offsets operating losses, but not enough to close the gap.
| 2023 | 2024 | 2025 | Change (2024→2025) | |
|---|---|---|---|---|
| Interest income | $62.9M | $110.0M | $119.7M | +9% |
| Total other income, net | $65.8M | $105.6M | $157.0M | +49% |
| Net loss after interest income | $(402.3M) | $(463.9M) | $(766.6M) | +65% |
Because Vaxcyte holds a large portfolio of short-term bonds and treasuries (funded by prior stock offerings), it earns meaningful interest income each year. This helps reduce — but does not come close to eliminating — the net loss. The $37.3M jump in "other income" in 2025 reflects unrealised foreign exchange gains on Swiss franc-denominated assets tied to its Lonza manufacturing buildout.
Does Vaxcyte generate cash?
Vaxcyte burns through significant cash each year, and that burn is accelerating — though investment maturities are helping bridge the gap.
| 2023 | 2024 | 2025 | Change (2024→2025) | |
|---|---|---|---|---|
| Cash used in operations | $(296.8M) | $(452.6M) | $(655.6M) | +45% |
| Capital expenditures (total) | $(67.9M) | $(119.2M) | $(57.0M) | -52% |
| Investment maturities & sales | $624.5M | $1,200.2M | $1,705.8M | +42% |
| Net change in cash & equivalents | $(437.0M) | $(9.4M) | $(213.8M) | n/m |
Vaxcyte produced no free cash flow (cash from operations minus capex) and does not expect to until a vaccine is approved and commercialised — which has not yet occurred. The company funds itself by drawing down its investment portfolio and, historically, by raising equity. Capex fell in 2025 primarily because the Swiss manufacturing suite buildout at Lonza shifted more costs to the prepaid/other assets line rather than direct capital expenditure.
How strong is Vaxcyte's balance sheet?
Vaxcyte carries no debt and holds roughly $2.4 billion in cash and high-quality investments — a substantial war chest for a company at this stage.
| Dec 31, 2024 | Dec 31, 2025 | Change | |
|---|---|---|---|
| Cash & equivalents | $387.9M | $174.0M | -55% |
| Short + long-term investments | $2,746.8M | $2,268.7M | -17% |
| Total liquidity (cash + investments) | $3,134.7M | $2,442.7M | -$692M |
| Total debt | $0 | $0 | — |
| Total liabilities | $205.5M | $317.2M | +54% |
| Stockholders' equity | $3,305.8M | $2,685.5M | -19% |
The balance sheet has no traditional debt — a notable strength. Total liquidity declined by about $692M over the year, roughly in line with the operating cash burn. Liabilities grew mainly from higher accrued manufacturing expenses tied to the Lonza buildout. It is also worth flagging that after year-end, in February 2026, Vaxcyte raised an additional ~$600M in a follow-on stock offering, meaningfully extending its financial runway beyond what the December 2025 balance sheet alone suggests.