net income -$320.6M. Vaxcyte completes Phase 3 enrollment for VAX-31, but burn accelerates 111%

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  Completed enrollment in three VAX-31 adult Phase 3 trials (OPUS-1, OPUS-2, OPUS-3) dosing 6,191 participants; OPUS-1 topline data expected Q4 2026. FDA expanded breakthrough therapy designation to include pneumonia prevention, broadening potential commercial label beyond invasive disease.

  MD&A: VAX-31 Phase 3 milestones verify on EDGAR →
• high

  Cash position declined to despite February equity raise, reflecting peak Phase 3 spending.

  MD&A: R&D expense and cash burn verify on EDGAR →
• high

  U.S. government announced plans for 100% tariff on patented pharma products manufactured outside the U.S. under Section 232 investigation. Company relies on third-party manufacturers with global operations and cannot pass costs to customers (no commercial products yet), creating new expense risk.

  Risk Factors: Tariff risk verify on EDGAR →