The earnings miss is largely discounted by the market given the pre-revenue stage. Focus is on the upcoming OPUS-1 topline readout in Q4 2026, which is the key catalyst. Monitor stock price volatility around Phase 3 data expectations and any regulatory updates.
Price Chart
Executive Summary
Vaxcyte reported Q1 2026 net loss of $320.6M (-$2.30 per share), significantly worse than the consensus estimate of -$1.86 and more than double the prior year's loss of $140.7M. R&D expenses surged to $312.8M as Phase 3 trials enrolled fully. The earnings miss is overshadowed by pipeline progress, with all three OPUS Phase 3 trials now fully enrolled and OPUS-1 topline data expected in Q4 2026.
Key Financial Metrics
Key Facts
- Net loss per share Q1 2026: -$2.30 vs consensus -$1.86 (23.7% miss)
- Net loss widened to $320.6M from $140.7M YoY
- R&D expenses increased to $312.8M from $148.1M YoY
- Cash, cash equivalents and investments: $2.74B as of March 31, 2026 (up from $2.44B in December 2025, including $601.8M net from Feb equity offering)
- Enrollment completed for all three OPUS Phase 3 trials (OPUS-1, OPUS-2, OPUS-3) with 6,191 adults dosed
- VAX-31 Phase 1/2 adult data published in The Lancet Infectious Diseases
- VAX-31 infant Phase 2 study fully enrolled; infant data expected by end of first half 2027
Financial Impact
EPS miss of $0.44 per share vs consensus, representing a 23.7% negative surprise
Risk Factors
- OPUS-1 Phase 3 data may fail to meet noninferiority or superiority endpoints
- Cash burn rate is accelerating; additional equity dilutive financing may be needed before commercialization
- Regulatory or manufacturing delays could push BLA submission beyond current timeline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001649094-26-000015 |
| Document: pcvx-20260506.htm | 0001649094-26-000015 |
| Document: 0001649094-26-000015-index-headers.html | 0001649094-26-000015 |
| Document: 0001649094-26-000015-index.html | 0001649094-26-000015 |
| Document: 0001649094-26-000015.txt | 0001649094-26-000015 |
| 8-K Data (Synthetic) | 0001649094-26-000015 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | Insider Cluster | $55.92 $61.58 | ▲ +10.12% | ▲ +10.72% | $56.69 (+1.38%) |
Jul 6, 2026 12w ago | Insider Cluster | $60.67 $53.53 | ▼ −11.77% | ▼ −13.10% | $56.69 (−6.56%) |
Jul 6, 2026 12w ago | Insider Cluster | $60.67 $53.53 | ▼ −11.77% | ▼ −13.10% | $56.69 (−6.56%) |
Jun 26, 2026 13w ago | 144 | $57.72 $54.66 | ▼ −5.30% | ▼ −5.02% | $56.69 (−1.78%) |
Jun 23, 2026 14w ago | 8-K | $53.87 $56.00 | ▲ +3.95% | ▲ +2.02% | $56.69 (+5.23%) |
Jun 19, 2026 15w ago | Insider Cluster | $52.11 $56.20 | ▲ +7.85% | ▲ +8.00% | $56.69 (+8.79%) |
Jun 2, 2026 17w ago | Press Release | $46.93 $58.39 | ▲ +24.42% | ▲ +25.42% | $56.69 (+20.80%) |
May 6, 2026 21w ago | 8-K | $51.48 $46.93 | ▲ +8.84% | ▲ +11.97% | $56.69 (−10.12%) |
Apr 23, 2026 23w ago | DEFA14A | $59.49 $47.39 | ▼ −20.34% | ▼ −24.37% | $56.69 (−4.71%) |
Apr 1, 2026 26w ago | Insider Cluster | $58.50 $57.32 | ▼ −2.02% | ▼ −11.74% | $56.69 (−3.09%) |
US Market Status
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