--- title: "Vaxcyte (PCVX) news: convertible notes" url: "https://aibio.space/companies/vaxcyte/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "PCVX convertible notes news. Vaxcyte news for investors: Vaxcyte is a San Carlos, Calif." --- Desk view · Opinion · Updated Oct 22, 2026 ## Vaxcyte won its phase 3. Now it has to win the market OPUS-1 gave Vaxcyte the phase 3 proof its platform needed, and the October raise funds it well past the planned 2028 filing. What remains is a long, expensive march to market against Pfizer and Merck. The serotype 3 and 12F gaps are the detail most likely to matter in that contest. Read the full desk view aibio.space Investor Rank · Opinion **9** /10 Most positive view VAX-31 met every primary endpoint in phase 3 and cash is very strong after the October raise; a 2028 filing and Pfizer and Merck competition lie ahead. - **Technology**: 2/2 - **Odds**: 2/2 - **Balance sheet**: 2/2 - **Risk**: 1/2 - **Momentum**: 2/2 Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. [How the rank works](https://aibio.space/disclosures/#rank). - **Technology**: **Validated in phase 3.** VAX-31 met every prespecified primary endpoint against Prevnar 20 and Capvaxive in 4,047 adults. - **Odds**: **High, with a label question.** Two descriptive phase 3s remain before a 2028 BLA; serotypes 3 and 12F trailed Capvaxive. - **Balance sheet**: **Very strong.** $2.5 billion at June 30 plus about $1.1 billion raised in October, against $513.1 million of first-half cash burn. - **Main risk**: **Commercial fight.** Vaxcyte must win recommendations and share from Pfizer and Merck in a market it sizes at $8.5 billion. - **Watch next**: **More phase 3 data.** OPUS-2, OPUS-3 and infant phase 2 results are due in the first half of 2027. ## Top news on Vaxcyte 1. 2026-10-09 Financings [Vaxcyte raises about $1.1 billion in stock and convertible notes after phase 3 win](https://aibio.space/news/vaxcyte-raises-about-1-1-billion-stock-convertible-notes-after-phase-3/) The company sold shares at $64 and $575 million of 1.50% notes due 2032, adding to $2.5 billion it held at the end of June. 2. 2026-10-06 Debt Financing [Vaxcyte offers $500,000,000 of 1.50% convertible notes due 2032](https://aibio.space/news/vaxcyte-offers-500-000-000-1-50-percent-convertible-notes-due-2032/) Vaxcyte is selling common stock and pre-funded warrants alongside $500,000,000 of convertible senior notes due 2032, a day after reporting Phase 3 data for VAX-31. ## Dates **First half of 2027** OPUS-2 and OPUS-3 adult phase 3 results for VAX-31 [Source](https://www.sec.gov/Archives/edgar/data/1649094/000119312526413168/d21202dex991.htm) **By end of first half of 2027** VAX-31 infant phase 2 topline data (primary series and booster) [Source](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000041/pcvx-20260805xexx991.htm) **Second half of 2027** VAX-A1 phase 1 topline data [Source](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000041/pcvx-20260805xexx991.htm) **First half of 2028** Planned VAX-31 BLA submission [Source](https://www.sec.gov/Archives/edgar/data/1649094/000119312526413168/d21202dex991.htm) ## The money $2,507.7 million in cash, cash equivalents and investments at June 30, 2026. In October 2026 Vaxcyte added about $544.3 million in net equity proceeds and $558.7 million from convertible notes. The 10-Q states funds are sufficient for at least 12 months from filing. [Source](https://www.sec.gov/Archives/edgar/data/1649094/000119312526419174/d150490d8k.htm) ## Risks on the record - Against Capvaxive (PCV21), serotypes 3 and 12F missed the 0.667 noninferiority threshold in OPUS-1, meeting only the historical 0.5 threshold; the company expects this comparison to be a focus of FDA review. [Source](https://www.sec.gov/Archives/edgar/data/1649094/000119312526413168/d21202dex991.htm) - Vaxcyte has no products approved for sale and has not generated product revenue; it used $513.1 million in operating cash in the first half of 2026. [Source](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000043/pcvx-20260630.htm) - Vaxcyte relies on Lonza for development and manufacturing of vaccine components, including at a dedicated suite in Visp, Switzerland. [Source](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000043/pcvx-20260630.htm) ## Questions investors ask ### What is aibio.space's Investor Rank for Vaxcyte? 9 out of 10, our most positive view. VAX-31 met every primary endpoint in phase 3 and cash is very strong after the October raise; a 2028 filing and Pfizer and Merck competition lie ahead. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. [Source](https://aibio.space/disclosures/#rank) ### What were Vaxcyte's OPUS-1 results? On October 5, 2026, Vaxcyte said VAX-31 met all prespecified primary endpoints against Prevnar 20 and Capvaxive in 4,047 adults. Against Capvaxive alone, serotypes 3 and 12F missed the stricter noninferiority threshold but met the historical one. [Source](https://www.sec.gov/Archives/edgar/data/1649094/000119312526413168/d21202dex991.htm) ### When will Vaxcyte file for approval of VAX-31? Vaxcyte plans to submit a Biologics License Application in the first half of 2028. OPUS-2 and OPUS-3 results come first, in the first half of 2027, followed by a manufacturing consistency study. [Source](https://www.sec.gov/Archives/edgar/data/1649094/000119312526413168/d21202dex991.htm) ### How much cash does Vaxcyte have? Vaxcyte had $2,507.7 million in cash, cash equivalents and investments at June 30, 2026. In October it raised about $544.3 million in net equity proceeds and $558.7 million in convertible notes. [Source](https://www.sec.gov/Archives/edgar/data/1649094/000119312526419174/d150490d8k.htm) ### Who is Vaxcyte's CEO? Grant Pickering is Vaxcyte's chief executive officer and co-founder. In September 2026 the company hired Luis Jodar, formerly of Pfizer, as chief medical officer. [Source](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000045/a20260831-8xkxpressrelea.htm) ### What is VAX-A1? VAX-A1 is Vaxcyte's vaccine candidate for Group A Streptococcus, for which no vaccine is approved. A phase 1 trial in about 80 healthy adults in Australia began in June 2026, with data expected in the second half of 2027. [Source](https://www.biospace.com/press-releases/vaxcyte-doses-first-participant-in-phase-1-study-evaluating-vax-a1-for-the-prevention-of-disease-caused-by-group-a-streptococcus-in-healthy-adults) ### What is the latest Vaxcyte (PCVX) stock news? Our latest story on Vaxcyte, dated Oct 9, 2026: "Vaxcyte raises about $1.1 billion in stock and convertible notes after phase 3 win". The company sold shares at $64 and $575 million of 1.50% notes due 2032, adding to $2.5 billion it held at the end of June. [Source](https://aibio.space/news/vaxcyte-raises-about-1-1-billion-stock-convertible-notes-after-phase-3/) ### What is Vaxcyte's latest stock offering or financing news? Our latest financing story, dated Oct 9, 2026: "Vaxcyte raises about $1.1 billion in stock and convertible notes after phase 3 win". The company sold shares at $64 and $575 million of 1.50% notes due 2032, adding to $2.5 billion it held at the end of June. [Source](https://aibio.space/news/vaxcyte-raises-about-1-1-billion-stock-convertible-notes-after-phase-3/) ### Who were the underwriters or placement agents on Vaxcyte's offering? From our story: Vaxcyte sold 7,412,500 shares at $64.00 each and pre-funded warrants for 400,000 shares at $63.999, through underwriters led by Jefferies and Leerink Partners. [Source](https://aibio.space/news/vaxcyte-raises-about-1-1-billion-stock-convertible-notes-after-phase-3/) ### Does Vaxcyte have debt, a term loan or convertible notes? Our latest debt story, dated Oct 6, 2026: "Vaxcyte offers $500,000,000 of 1.50% convertible notes due 2032". Vaxcyte is selling common stock and pre-funded warrants alongside $500,000,000 of convertible senior notes due 2032, a day after reporting Phase 3 data for VAX-31. [Source](https://aibio.space/news/vaxcyte-offers-500-000-000-1-50-percent-convertible-notes-due-2032/) ### What is Vaxcyte's market cap? We do not publish live share prices. In its annual report, Vaxcyte, Inc. put the market value of shares held by non-affiliates (public float) at $3.70 billion as of Jun 30, 2025. Source ### Is Vaxcyte a smaller reporting company? SEC records list Vaxcyte, Inc.'s filer category as: Large accelerated filer. Source ### Where is Vaxcyte headquartered? SEC records list its business address as 825 INDUSTRIAL ROAD, STE. 300, SAN CARLOS, CA, 94070. Source ### When does Vaxcyte's fiscal year end? Vaxcyte, Inc.'s fiscal year ends on December 31, per SEC records. Source ### What did Vaxcyte last file with the SEC? Its most recent filing in our record is an 8-K filed 2026-10-09. All of its filings are on SEC EDGAR. [Source](https://www.sec.gov/Archives/edgar/data/1649094/000119312526419174/d150490d8k.htm) ## Legal and investor matters Checked against Vaxcyte filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026. The Commitments and Contingencies note in the 10-Q filed 2026-08-05 states: "We do not believe that there is any litigation or asserted or unasserted claim pending that could, individually or in the aggregate, have a material adverse effect on our results of operations or financial condition." [Source](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000043/pcvx-20260630.htm) 1. 2026-10-09 Financing Vaxcyte sells $575 million of convertible notes and 7.4 million shares at $64.00 Vaxcyte closed on 2026-10-09 the sale of $575,000,000 of 1.50% Convertible Senior Notes due 2032. On 2026-10-06 it also agreed to a concurrent equity offering of 7,412,500 shares of common stock at $64.00 per share plus pre-funded warrants for 400,000 shares. The equity underwriters exercised in full their option for 1,171,875 additional shares on 2026-10-07. [Vaxcyte 8-K filed 2026-10-09](https://www.sec.gov/Archives/edgar/data/1649094/000119312526419174/d150490d8k.htm) 2. 2026-07-13 Governance Vaxcyte director Heath Lukatch retires from the board Vaxcyte reported that director Heath Lukatch notified the board on 2026-07-13 of his retirement, effective 2026-07-16. The company stated that the retirement was not the result of any disagreement or dispute with the company. A similar notice in June 2026 reported that director Jacks Lee retired from the board effective 2026-06-17, also not due to any disagreement. [Vaxcyte 8-K filed 2026-07-15](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000030/pcvx-20260713.htm) 3. 2026-01-29 Financing Vaxcyte prices offering of 11 million shares at $50.00 Vaxcyte entered an underwriting agreement on 2026-01-29 to sell 11,000,000 shares of common stock at $50.00 per share. On 2026-01-30 the underwriters said they would exercise their 30-day option for 1,650,000 additional shares in full. Net proceeds including the option were approximately $600.2 million, and the offering closed on 2026-02-02. [Vaxcyte 8-K filed 2026-02-02](https://www.sec.gov/Archives/edgar/data/1649094/000119312526033578/d54534d8k.htm) ## Pipeline | Program | Indication | Stage | |---|---|---| | VAX-31 (31-valent PCV) | Adults: prevention of invasive pneumococcal disease and pneumococcal pneumonia | Phase 3; OPUS-1 met all primary endpoints Oct. 2026; OPUS-2 and OPUS-3 data 1H 2027; BLA planned 1H 2028 [Source](https://www.sec.gov/Archives/edgar/data/1649094/000119312526413168/d21202dex991.htm) | | VAX-31 (31-valent PCV) | Infants | Phase 2 dose-finding; data by end of 1H 2027 [Source](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000041/pcvx-20260805xexx991.htm) | | VAX-A1 | Group A Streptococcus disease | Phase 1 (first participant dosed June 2026); data 2H 2027 [Source](https://www.biospace.com/press-releases/vaxcyte-doses-first-participant-in-phase-1-study-evaluating-vax-a1-for-the-prevention-of-disease-caused-by-group-a-streptococcus-in-healthy-adults) | | VAX-XL | Next-generation pneumococcal vaccine | Preclinical [Source](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000041/pcvx-20260805xexx991.htm) | ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. 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[Open NASDAQ:PCVX on TradingView](https://www.tradingview.com/symbols/NASDAQ-PCVX/). ## SEC filings and registration - **SEC name**: Vaxcyte, Inc. - **CIK**: 1649094 - **Industry (SIC)**: Biological Products, (No Diagnostic Substances) (2836) - **US tickers**: PCVX (Nasdaq) - **State or country of incorporation**: DE - **Fiscal year ends**: December 31 - **Filer category**: Large accelerated filer - **Business address**: 825 INDUSTRIAL ROAD, STE. 300, SAN CARLOS, CA, 94070 - **Phone**: 650-837-0111 - **Shares outstanding**: 148,805,278 as of 2026-08-03 (10-Q filed 2026-08-05) - **Former names**: SutroVax, Inc. ### Recent filings (8-K and 6-K are the company's own announcements) - [8-K](https://www.sec.gov/Archives/edgar/data/1649094/000119312526419174/d150490d8k.htm) filed 2026-10-09 - [424B5](https://www.sec.gov/Archives/edgar/data/1649094/000119312526417984/d177446d424b5.htm) filed 2026-10-08 - [424B5](https://www.sec.gov/Archives/edgar/data/1649094/000119312526417977/d176371d424b5.htm) filed 2026-10-08 - [424B5](https://www.sec.gov/Archives/edgar/data/1649094/000119312526414774/d177446d424b5.htm) filed 2026-10-06 - [424B5](https://www.sec.gov/Archives/edgar/data/1649094/000119312526414772/d176371d424b5.htm) filed 2026-10-06 - [8-K](https://www.sec.gov/Archives/edgar/data/1649094/000119312526413168/d21202d8k.htm) filed 2026-10-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000045/pcvx-20260831.htm) filed 2026-09-03 - [10-Q](https://www.sec.gov/Archives/edgar/data/1649094/000164909426000043/pcvx-20260630.htm) filed 2026-08-05 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001649094), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/vaxcyte/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Vaxcyte (PCVX) news: convertible notes", 2026-10-31, https://aibio.space/companies/vaxcyte/