The dual convertible note and equity offering provides substantial capital for VAX-31's Phase 3 program and commercial launch, but the dilution and debt overhang are material. Monitor the final offering size and conversion terms for near-term price impact.
Price Chart
Executive Summary
Vaxcyte is offering an undisclosed amount of convertible senior notes due 2032, with a concurrent equity offering of common stock (amounts undisclosed). The filing follows positive Phase 3 OPUS-1 topline results for VAX-31 announced on October 5, 2026. The company expects to report approximately $2.3 billion in cash, cash equivalents, and investments as of September 30, 2026. The offerings will fund clinical development, manufacturing scale-up, and commercial launch preparations for VAX-31.
Key Facts
- Offering of convertible senior notes due 2032 with undisclosed aggregate principal amount, interest rate, and conversion price.
- Concurrent equity offering of common stock (undisclosed amount) is not contingent on the note offering.
- Positive Phase 3 OPUS-1 topline results for VAX-31 announced on October 5, 2026.
- Expected cash, cash equivalents, and investments of approximately $2.3 billion as of September 30, 2026.
- Proceeds will fund VAX-31 clinical programs, manufacturing scale-up, and potential commercial launch.
- Common stock closed at $73.82 per share on October 5, 2026.
Financial Impact
Undisclosed amount of convertible notes and common stock; $2.3 billion cash position as of September 30, 2026.
Risk Factors
- Dilution from concurrent equity offering and potential conversion of notes.
- Increased leverage from convertible notes.
- Execution risk in VAX-31 Phase 3 trials and commercial launch.
- No established trading market for the notes.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-414774 |
| Document: 0001193125-26-414774-index-headers.html | 0001193125-26-414774 |
| Document: 0001193125-26-414774-index.html | 0001193125-26-414774 |
| Document: 0001193125-26-414774.txt | 0001193125-26-414774 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 8-K | $70.65 $63.68 | ▲ +9.87% | ▲ +8.37% | $59.97 (+15.12%) |
Oct 8, 2026 18d ago | 424B5 | $71.38 $63.62 | ▲ +10.87% | ▲ +8.90% | $59.97 (+15.98%) |
Oct 8, 2026 18d ago | 424B5 | $71.38 $63.62 | ▲ +10.87% | ▲ +8.90% | $59.97 (+15.98%) |
Oct 5, 2026 21d ago | 424B5 | $66.70 $66.80 | ▲ +0.15% | ▲ +0.29% | $59.97 (−10.09%) |
Oct 5, 2026 21d ago | 424B5 | $66.70 $66.80 | ▼ −0.15% | ▼ −0.29% | $59.97 (+10.09%) |
Oct 5, 2026 21d ago | 8-K | $73.82 $70.65 | ▼ −4.29% | ▼ −4.72% | $59.97 (−18.76%) |
Oct 5, 2026 21d ago | Press Release | $73.82 $70.65 | ▼ −4.29% | ▼ −4.72% | $59.97 (−18.76%) |
Oct 4, 2026 22d ago | Press Release | $73.82 $70.65 | ▼ −4.29% | ▼ −4.72% | $59.97 (−18.76%) |
Aug 5, 2026 11w ago | Insider Cluster | $58.89 $58.86 | ▼ −0.05% | ▼ −1.26% | $59.97 (+1.83%) |
Jul 6, 2026 16w ago | Insider Cluster | $60.67 $56.21 | ▼ −7.35% | ▼ −7.90% | $59.97 (−1.15%) |
US Market Status
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