Vaxcyte, Inc. Files 2023 Annual Report on Form 10-K

Ticker: PCVX · Form: 10-K · Filed: Feb 27, 2024 · CIK: 1649094

Vaxcyte, Inc. 10-K Filing Summary
FieldDetail
CompanyVaxcyte, Inc. (PCVX)
Form Type10-K
Filed DateFeb 27, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $1, $10, $8 billion
Sentimentneutral

Sentiment: neutral

Topics: Vaxcyte, PCVX, 10-K, Annual Report, Biotechnology

TL;DR

<b>Vaxcyte, Inc. has filed its 2023 annual report (10-K) detailing its business operations, financial status, and corporate governance.</b>

AI Summary

Vaxcyte, Inc. (PCVX) filed a Annual Report (10-K) with the SEC on February 27, 2024. Vaxcyte, Inc. filed its 2023 Form 10-K on February 27, 2024, reporting on its fiscal year ending December 31, 2023. The company's principal business address is 825 Industrial Road, Ste. 300, San Carlos, CA 94070. Vaxcyte, Inc. was formerly known as SutroVax, Inc., with a name change effective July 24, 2015. The filing references various equity incentive plans and employee stock purchase plans, including the Two Thousand Fourteen Equity Incentive Plan and the Two Thousand Twenty Employee Stock Purchase Plan. The report details financial activities and asset information as of December 31, 2023, and for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking Vaxcyte, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Vaxcyte's financial health and operational activities for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed information on equity plans and stock options is important for understanding potential dilution and executive compensation structures, impacting shareholder value.

Risk Assessment

Risk Level: medium — Vaxcyte, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information, but specific financial performance data or significant strategic shifts are not immediately apparent from the header information alone, requiring a deeper dive into the document's content.

Analyst Insight

Review the full 10-K filing to understand Vaxcyte's financial performance, R&D pipeline updates, and any new risk factors disclosed for the fiscal year 2023.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed period of report)
  • 2024-02-27 — Filing Date (Filed as of date)
  • 2015-07-24 — Name Change Date (Date of name change from SutroVax, Inc.)

Key Players & Entities

  • Vaxcyte, Inc. (company) — Filer name
  • SutroVax, Inc. (company) — Former company name
  • 2024-02-27 (date) — Filing date
  • 2023-12-31 (date) — Fiscal year end
  • 825 Industrial Road, Ste. 300, San Carlos, CA 94070 (address) — Business address
  • 0000950170-24-021145 (filing_id) — Accession number

FAQ

When did Vaxcyte, Inc. file this 10-K?

Vaxcyte, Inc. filed this Annual Report (10-K) with the SEC on February 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Vaxcyte, Inc. (PCVX).

Where can I read the original 10-K filing from Vaxcyte, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Vaxcyte, Inc..

What are the key takeaways from Vaxcyte, Inc.'s 10-K?

Vaxcyte, Inc. filed this 10-K on February 27, 2024. Key takeaways: Vaxcyte, Inc. filed its 2023 Form 10-K on February 27, 2024, reporting on its fiscal year ending December 31, 2023.. The company's principal business address is 825 Industrial Road, Ste. 300, San Carlos, CA 94070.. Vaxcyte, Inc. was formerly known as SutroVax, Inc., with a name change effective July 24, 2015..

Is Vaxcyte, Inc. a risky investment based on this filing?

Based on this 10-K, Vaxcyte, Inc. presents a moderate-risk profile. The filing is a standard 10-K, which typically contains a broad range of information, but specific financial performance data or significant strategic shifts are not immediately apparent from the header information alone, requiring a deeper dive into the document's content.

What should investors do after reading Vaxcyte, Inc.'s 10-K?

Review the full 10-K filing to understand Vaxcyte's financial performance, R&D pipeline updates, and any new risk factors disclosed for the fiscal year 2023. The overall sentiment from this filing is neutral.

How does Vaxcyte, Inc. compare to its industry peers?

Vaxcyte, Inc. operates in the biotechnology sector, focusing on the development of vaccines.

Are there regulatory concerns for Vaxcyte, Inc.?

The filing is a standard SEC Form 10-K, subject to regulations under the Securities Exchange Act of 1934.

Industry Context

Vaxcyte, Inc. operates in the biotechnology sector, focusing on the development of vaccines.

Regulatory Implications

The filing is a standard SEC Form 10-K, subject to regulations under the Securities Exchange Act of 1934.

What Investors Should Do

  1. Analyze the financial statements within the 10-K for revenue, expenses, and cash flow.
  2. Review the 'Business' section for updates on Vaxcyte's vaccine pipeline and development progress.
  3. Examine the 'Risk Factors' section for any new or evolving risks identified by the company.

Key Dates

  • 2024-02-27: 10-K Filing — Annual report for fiscal year ending 2023-12-31
  • 2015-07-24: Company Name Change — Vaxcyte, Inc. formerly SutroVax, Inc.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 31, 2023, following previous filings.

Filing Stats: 4,534 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-02-27 16:12:20

Key Financial Figures

  • $0.001 — nge on which registered Common Stock, $0.001 par value per share PCVX The Nasdaq
  • $1 — ch year, and it is estimated that every $1 spent on childhood vaccination saves $1
  • $10 — $1 spent on childhood vaccination saves $10 from a societal perspective. Adult vacc
  • $8 billion — evelopment, targeting the approximately $8 billion global pneumococcal vaccine market. Pne

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 57 Item 1B. Unresolved Staff Comments 109 Item 1C. C ybersecurity 109 Item 2.

Properties

Properties 110 Item 3.

Legal Proceedings

Legal Proceedings 110 Item 4. Mine Safety Disclosures 111 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 112 Item 6. [Reserved] 113 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 114 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 139 Item 8. Consolidated Financial Statements and Supplementary Data 142 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 177 Item 9A.

Controls and Procedures

Controls and Procedures 177 Item 9B. Other Information 179 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 179 PART III Item 10. Directors, Executive Officers and Corporate Governance 180 Item 11.

Executive Compensation

Executive Compensation 180 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 180 Item 13. Certain Relationships and Related Transactions, and Director Independence 180 Item 14. Principal Accounting Fees and Services 180 PART IV Item 15. Exhibits, Financial Statement Schedules 181 Item 16 Form 10-K Summary 181

Signatures

Signatures 187 Unless the context otherwise requires, all references in this Annual Report on Form 10-K to "we," "us," "our," "our company" and "Vaxcyte" refer to Vaxcyte, Inc. "Vaxcyte," "eCRM," and other trademarks of ours appearing in this report are our property. This report contains additional trade names and trademarks of other companies. We do not intend our use or display of other companies' trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies. i Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: our expectations regarding the potential benefits, spectrum of coverage and immunogenicity of our vaccine candidates; our expectations regarding our preclinical study results potentially being predictive of clinical study results; our belief that our pneumococcal conjugate vaccine candidates could receive regulatory approval based on a demonstration of non-inferiority to the standard-of-care using well-defined surrogate immune endpoints rather than requiring

Bu siness

Item 1. Bu siness. Overview We are a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. We are developing broad-spectrum conjugate and novel protein vaccines to prevent or treat bacterial infectious diseases. We are re-engineering the way highly complex vaccines are made through modern synthetic techniques, including advanced chemistry and the XpressCF cell-free protein synthesis platform, exclusively licensed from Sutro Biopharma, Inc. ("Sutro Biopharma"). Unlike conventional cell-based approaches, our system for producing difficult-to-make proteins and antigens is intended to accelerate our ability to efficiently create and deliver high-fidelity vaccines with enhanced immunological benefits. Vaccines are one of the most successful and cost-effective global health interventions and prevent millions of deaths worldwide each year. Routine pediatric vaccinations in the United States are estimated to prevent 20 million cases of disease each year, and it is estimated that every $1 spent on childhood vaccination saves $10 from a societal perspective. Adult vaccination rates are lower than pediatric vaccination rates, but new technologies are driving adult vaccine development, which in turn is fueling the growth of the overall vaccine market. Given the critical role vaccines play in preventing disease from childhood to adulthood, the global vaccine market is large, durable and growing. There are areas of significant unmet medical need, including vaccines that can provide broader protection than currently marketed vaccines and novel vaccines that target pathogens for which there are no currently approved vaccines. We are driven to eradicate or treat invasive bacterial infections, which have serious and costly health consequences when left unchecked. We carefully select our target disease areas and vaccine candidates based on the following criteria: areas of significant unmet

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