Vaxcyte, Inc(NASDAQ:PCVX) 
Vaxcyte, Inc., a preclinical-stage biotechnology vaccine company, develops novel vaccines to prevent or treat infectious diseases worldwide. Its lead vaccine candidate is VAX-24, a 24-valent investigational pneumococcal conjugate vaccine. The company also develops VAX-XP to protect against emerging ...
Website: http://www.vaxcyte.com
Founded: 2013
CEO: Grant E. Pickering
Sector: Healthcare
Industry: Biotechnology
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating expenses: | ||||||||||||||||||||||||
research and development | 312,779,000 | 242,060,000 | 209,933,000 | 194,179,000 | 148,134,000 | 133,614,000 | 116,936,000 | 131,507,000 | 94,587,000 | 104,150,000 | 97,421,000 | 72,691,000 | 58,080,000 | 51,626,000 | 47,679,000 | 23,074,000 | 20,428,000 | 17,651,000 | 17,258,000 | 14,661,000 | 16,410,000 | 18,178,000 | ||
general and administrative | 33,071,000 | 32,223,000 | 32,447,000 | 32,040,000 | 32,659,000 | 28,555,000 | 22,988,000 | 21,474,000 | 19,885,000 | 17,526,000 | 15,605,000 | 14,456,000 | 13,112,000 | 11,952,000 | 10,898,000 | 9,417,000 | 7,543,000 | 6,772,000 | 6,523,000 | 6,079,000 | 5,885,000 | 4,792,000 | 4,898,000 | 3,046,000 |
total operating expenses | 345,850,000 | 274,283,000 | 242,380,000 | 226,219,000 | 180,793,000 | 162,169,000 | 139,924,000 | 152,981,000 | 114,472,000 | 196,676,000 | 113,026,000 | 87,147,000 | 71,192,000 | 86,573,000 | 58,577,000 | 47,886,000 | 39,221,000 | 29,846,000 | 26,951,000 | 23,730,000 | 23,143,000 | 19,453,000 | 21,308,000 | 21,224,000 |
income from operations | -345,850,000 | -274,283,000 | -242,380,000 | -226,219,000 | -180,793,000 | -162,169,000 | -139,924,000 | -152,981,000 | -114,472,000 | -196,676,000 | -113,026,000 | -87,147,000 | -71,192,000 | -86,573,000 | -58,577,000 | -47,886,000 | -39,221,000 | -29,846,000 | -26,951,000 | -23,730,000 | -23,143,000 | -19,453,000 | -21,308,000 | -21,224,000 |
yoy | 91.30% | 69.13% | 73.22% | 47.87% | 57.94% | -17.55% | 23.80% | 75.54% | 60.79% | 127.18% | 92.95% | 81.99% | 81.52% | 190.07% | 117.35% | 101.80% | 69.47% | 53.43% | 26.48% | 11.81% | ||||
qoq | 26.09% | 13.16% | 7.14% | 25.13% | 11.48% | 15.90% | -8.54% | 33.64% | -41.80% | 74.01% | 29.70% | 22.41% | -17.77% | 47.79% | 22.33% | 22.09% | 31.41% | 10.74% | 13.57% | 2.54% | 18.97% | -8.71% | 0.40% | |
other income, net: | ||||||||||||||||||||||||
interest income | 26,610,000 | 26,451,000 | 29,259,000 | 31,073,000 | 32,935,000 | 36,458,000 | 28,057,000 | 23,813,000 | 21,666,000 | 17,568,000 | 18,495,000 | 16,451,000 | 10,393,000 | 6,633,000 | 1,190,000 | 399,000 | 134,000 | 99,000 | 90,000 | 93,000 | 61,000 | 32,000 | 33,000 | 44,000 |
other income | -1,382,000 | 1,325,000 | 291,000 | 28,573,000 | 7,140,000 | |||||||||||||||||||
total other income | 25,228,000 | 27,776,000 | 29,550,000 | 59,646,000 | 40,075,000 | 25,089,000 | 36,800,000 | 24,278,000 | 19,452,000 | 15,875,000 | 20,362,000 | 18,808,000 | 10,730,000 | 8,523,000 | 660,000 | -646,000 | 235,000 | 1,283,000 | 336,000 | 51,000 | 1,923,000 | -1,284,000 | 290,000 | 904,000 |
net income | -320,622,000 | -246,507,000 | -212,830,000 | -166,573,000 | -140,718,000 | -137,080,000 | -103,124,000 | -128,703,000 | -95,020,000 | -180,801,000 | -92,664,000 | -68,339,000 | -60,462,000 | -78,050,000 | -57,917,000 | -48,532,000 | -38,986,000 | -28,563,000 | -26,615,000 | -23,679,000 | -21,220,000 | |||
yoy | 127.85% | 79.83% | 106.38% | 29.42% | 48.09% | -24.18% | 11.29% | 88.33% | 57.16% | 131.65% | 59.99% | 40.81% | 55.09% | 173.26% | 117.61% | 104.96% | 83.72% | |||||||
qoq | 30.07% | 15.82% | 27.77% | 18.37% | 2.65% | 32.93% | -19.87% | 35.45% | -47.44% | 95.11% | 35.59% | 13.03% | -22.53% | 34.76% | 19.34% | 24.49% | 36.49% | 7.32% | 12.40% | 11.59% | ||||
net income per share | -2.3 | -1.8 | -1.56 | -1.22 | -1.04 | -1.02 | -0.83 | -1.1 | -0.85 | -1.82 | -0.91 | -0.7 | -0.7 | -1.02 | -0.93 | -0.8 | -0.68 | -0.54 | -0.51 | -0.46 | -0.41 | 0.04 | -0.41 | -1.72 |
weighted-average shares outstanding, basic and diluted | 139,506,680 | 136,089,506 | 136,196,512 | 136,033,746 | 135,690,949 | 121,997,348 | 123,693,461 | 117,256,561 | 111,690,951 | 97,157,690 | 101,668,655 | 98,057,870 | 86,206,817 | 64,877,988 | 61,989,347 | 60,818,778 | 57,547,808 | 51,922,108 | 52,187,303 | 51,508,340 | 51,174,978 | 29,545,810 | 50,895,358 | 11,803,778 |
grant income | 203,000 | 292,000 | 394,000 | 126,000 | 6,000 | 1,640,000 | 2,464,000 | 654,000 | 925,000 | 157,000 | 690,000 | 160,000 | 908,000 | 299,000 | 378,000 | 326,000 | 787,000 | 1,036,000 | ||||||
realized gains on marketable securities | 12,500 | 1,000 | 27,000 | 22,000 | ||||||||||||||||||||
foreign currency transaction gains | 1,533,000 | 8,450,000 | 44,000 | -1,699,000 | 227,000 | -317,000 | 1,009,000 | -687,000 | -1,733,000 | 6,000 | 276,000 | -54,000 | -414,000 | 1,862,000 | ||||||||||
foreign currency transaction losses | -2,362,000 | -107,000 | -1,642,000 | -530,000 | -176,000 | |||||||||||||||||||
interest expense | -2,000 | -7,000 | ||||||||||||||||||||||
realized losses on marketable securities | ||||||||||||||||||||||||
realized gain on marketable securities | 500 | 1,000 | 1,000 | |||||||||||||||||||||
research and development (including related party expenses of 0 and 747 for the three months ended june 30, 2022 and 2021, respectively, and 0 and 2,359 for the six months ended june 30, 2022 and 2021, respectively | 38,469,000 | |||||||||||||||||||||||
research and development (including related party expenses of 0 and 1,612 for the three months ended march 31, 2022 and 2021, respectively | 31,678,000 | |||||||||||||||||||||||
realized loss on marketable securities | -65,000 | |||||||||||||||||||||||
change in fair value of the redeemable convertible preferred stock tranche liability | ||||||||||||||||||||||||
net loss and comprehensive loss | -20,737,000 | -21,018,000 | -20,320,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||
cash and cash equivalents | 260,843,000 | 173,959,000 | 281,080,000 | 306,744,000 | 346,850,000 | 387,878,000 | 1,050,189,000 | 518,670,000 | 611,512,000 | 397,451,000 | 545,134,000 | 531,033,000 | 380,451,000 | 834,657,000 | 278,401,000 | 238,173,000 | 201,741,000 | 68,985,000 | 112,044,000 | 150,996,000 | 198,939,000 | 386,200,000 | 397,048,000 | 410,046,000 |
short-term investments | 1,476,335,000 | 1,387,000,000 | 1,430,240,000 | 1,354,683,000 | 1,324,881,000 | 1,359,330,000 | 1,130,276,000 | 934,027,000 | 875,006,000 | 682,776,000 | 720,550,000 | 756,031,000 | 441,587,000 | 96,719,000 | 83,825,000 | 116,326,000 | 132,900,000 | 176,985,000 | 166,532,000 | 141,120,000 | 122,180,000 | |||
prepaid expenses and other current assets | 76,310,000 | 66,402,000 | 55,847,000 | 54,348,000 | 44,832,000 | 40,777,000 | 33,400,000 | 28,782,000 | 30,554,000 | 15,727,000 | 29,750,000 | 23,253,000 | 18,636,000 | 11,179,000 | 7,533,000 | 9,226,000 | 7,582,000 | 10,378,000 | 24,373,000 | 9,416,000 | 3,595,000 | 2,804,000 | 3,787,000 | 3,011,000 |
total current assets | 1,813,488,000 | 1,627,361,000 | 1,767,167,000 | 1,715,775,000 | 1,716,563,000 | 1,787,985,000 | 2,213,865,000 | 1,481,479,000 | 1,517,072,000 | 1,095,954,000 | 1,295,434,000 | 1,310,317,000 | 840,674,000 | 942,555,000 | 369,759,000 | 363,725,000 | 342,223,000 | 256,348,000 | 302,949,000 | 301,532,000 | 324,714,000 | 389,004,000 | 400,835,000 | 413,057,000 |
property and equipment | 260,695,000 | 257,370,000 | 253,486,000 | 242,266,000 | 217,155,000 | 198,045,000 | 163,243,000 | 125,973,000 | 84,835,000 | 79,626,000 | 11,431,000 | 16,420,000 | 15,205,000 | 10,360,000 | 9,947,000 | 10,176,000 | 10,138,000 | 7,954,000 | 6,626,000 | 5,657,000 | 4,994,000 | 3,272,000 | 2,539,000 | 2,753,000 |
operating lease right-of-use assets | 113,103,000 | 116,009,000 | 83,515,000 | 85,649,000 | 87,759,000 | 72,102,000 | 28,700,000 | 26,779,000 | 28,905,000 | 30,997,000 | 16,333,000 | 18,006,000 | 19,658,000 | 21,288,000 | 22,887,000 | 24,556,000 | 26,121,000 | 27,958,000 | 307,000 | 654,000 | 1,028,000 | |||
long-term investments | 1,004,017,000 | 881,664,000 | 959,256,000 | 1,165,091,000 | 1,279,031,000 | 1,387,510,000 | 1,092,574,000 | 399,243,000 | 413,247,000 | 162,675,000 | 168,564,000 | 153,726,000 | 127,815,000 | 26,549,000 | 3,977,000 | 6,862,000 | 17,697,000 | 27,117,000 | 39,735,000 | 48,835,000 | 49,754,000 | |||
restricted cash | 1,466,000 | 1,466,000 | 1,468,000 | 1,319,000 | 1,319,000 | 1,317,000 | 1,318,000 | 1,103,000 | 1,103,000 | 1,103,000 | 1,103,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | 871,000 | |||
other assets | 155,539,000 | 118,847,000 | 106,708,000 | 95,263,000 | 76,276,000 | 64,359,000 | 60,046,000 | 52,690,000 | 46,143,000 | 37,562,000 | 3,192,000 | 3,479,000 | 3,940,000 | 4,555,000 | 4,624,000 | 5,429,000 | 5,667,000 | 4,089,000 | 3,580,000 | 505,000 | 990,000 | 550,000 | 442,000 | 438,000 |
total noncurrent assets | 1,534,820,000 | 1,375,356,000 | 1,404,433,000 | 1,589,588,000 | 1,661,540,000 | 1,723,333,000 | 1,345,881,000 | 605,788,000 | 574,233,000 | 311,963,000 | 200,623,000 | 192,502,000 | 167,489,000 | 63,623,000 | 42,306,000 | 47,894,000 | 60,494,000 | 67,989,000 | 51,119,000 | 56,522,000 | 57,637,000 | |||
total assets | 3,348,308,000 | 3,002,717,000 | 3,171,600,000 | 3,305,363,000 | 3,378,103,000 | 3,511,318,000 | 3,559,746,000 | 2,087,267,000 | 2,091,305,000 | 1,407,917,000 | 1,496,057,000 | 1,502,819,000 | 1,008,163,000 | 1,006,178,000 | 412,065,000 | 411,619,000 | 402,717,000 | 324,337,000 | 354,068,000 | 358,054,000 | 382,351,000 | 392,826,000 | 403,816,000 | 416,248,000 |
liabilities and stockholders' equity | ||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||
accounts payable | 63,060,000 | 70,904,000 | 48,962,000 | 31,414,000 | 20,514,000 | 48,452,000 | 18,219,000 | 10,466,000 | 21,717,000 | 14,587,000 | 15,704,000 | 16,266,000 | 11,615,000 | 9,795,000 | 5,485,000 | 7,039,000 | 4,801,000 | 6,758,000 | 25,713,000 | 23,697,000 | 31,864,000 | 29,785,000 | 10,685,000 | 2,556,000 |
accrued compensation | 7,986,000 | 23,000,000 | 16,762,000 | 10,830,000 | 5,989,000 | 20,555,000 | 12,244,000 | 6,463,000 | 3,088,000 | 11,056,000 | 6,925,000 | 4,416,000 | 1,879,000 | 1,180,000 | 3,451,000 | 2,060,000 | 1,270,000 | 3,455,000 | 2,075,000 | 1,409,000 | 1,007,000 | 284,000 | 1,490,000 | 731,000 |
accrued contract manufacturing expenses | 134,704,000 | 74,654,000 | 103,959,000 | 73,726,000 | 38,323,000 | 36,159,000 | ||||||||||||||||||
accrued expenses | 30,247,000 | 31,068,000 | 24,592,000 | 32,214,000 | 26,042,000 | 29,123,000 | 30,753,000 | 22,153,000 | 54,171,000 | 59,815,000 | 15,021,000 | 19,180,000 | 18,351,000 | 15,375,000 | 13,678,000 | 9,894,000 | 7,744,000 | 8,787,000 | 12,027,000 | 7,531,000 | 5,774,000 | 3,766,000 | 2,870,000 | 3,297,000 |
operating lease liabilities — current | 6,085,000 | 6,124,000 | 5,771,000 | 6,302,000 | 6,128,000 | 5,891,000 | 9,637,000 | 7,293,000 | 7,202,000 | 7,113,000 | 6,028,000 | 5,986,000 | 5,947,000 | 5,910,000 | 6,426,000 | 6,644,000 | 6,578,000 | 5,276,000 | 613,000 | 710,000 | 833,000 | |||
total current liabilities | 242,082,000 | 205,750,000 | 200,046,000 | 154,486,000 | 96,996,000 | 140,180,000 | 123,790,000 | 82,847,000 | 87,104,000 | 145,338,000 | 85,558,000 | 60,216,000 | 52,747,000 | 40,525,000 | 39,309,000 | 30,467,000 | 27,249,000 | 28,716,000 | 47,461,000 | 40,704,000 | 55,016,000 | 46,861,000 | 39,612,000 | 32,894,000 |
operating lease liabilities — long-term | 110,212,000 | 111,357,000 | 78,672,000 | 79,543,000 | 81,081,000 | 65,219,000 | 18,322,000 | 18,288,000 | 20,218,000 | 22,111,000 | 7,781,000 | 9,222,000 | 10,638,000 | 12,031,000 | 13,356,000 | 14,560,000 | 15,832,000 | 11,507,000 | 553,000 | 225,000 | 295,000 | |||
total liabilities | 352,294,000 | 317,207,000 | 278,718,000 | 234,029,000 | 178,077,000 | 205,499,000 | 142,112,000 | 101,135,000 | 107,322,000 | 167,449,000 | 93,341,000 | 69,443,000 | 63,392,000 | 52,565,000 | 52,754,000 | 45,119,000 | 43,174,000 | 40,319,000 | 48,112,000 | 41,029,000 | 55,414,000 | 46,983,000 | 39,741,000 | 33,038,000 |
commitments and contingencies | ||||||||||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2026 and december 31, 2025; no shares issued and outstanding at march 31, 2026 and december 31, 2025 | ||||||||||||||||||||||||
common stock | 147,000 | 134,000 | 133,000 | 133,000 | 132,000 | 128,000 | 127,000 | 114,000 | 112,000 | 98,000 | 98,000 | 97,000 | 84,000 | 82,000 | 64,000 | 62,000 | 59,000 | 56,000 | 56,000 | 55,000 | 54,000 | 54,000 | 54,000 | 54,000 |
additional paid-in capital | 5,478,270,000 | 4,838,736,000 | 4,800,333,000 | 4,768,698,000 | 4,729,253,000 | 4,697,883,000 | 4,668,607,000 | 3,132,318,000 | 3,000,394,000 | 2,164,583,000 | 2,148,499,000 | 2,086,727,000 | 1,527,228,000 | 1,476,018,000 | 803,980,000 | 753,501,000 | 697,944,000 | 582,844,000 | 575,990,000 | 560,441,000 | 546,714,000 | 544,353,000 | 541,848,000 | 539,965,000 |
accumulated other comprehensive loss | -6,834,000 | 856,000 | -1,887,000 | -2,290,000 | -2,521,000 | -361,000 | -657,000 | -904,000 | -833,000 | -241,000 | -12,000 | -8,000 | -47,000 | |||||||||||
accumulated deficit | -2,475,569,000 | -2,154,947,000 | -1,908,440,000 | -1,695,610,000 | -1,529,037,000 | -1,388,319,000 | -1,251,239,000 | -1,148,115,000 | -1,019,412,000 | -924,392,000 | -743,591,000 | -650,927,000 | -582,588,000 | -522,126,000 | -444,076,000 | -386,159,000 | -337,627,000 | -298,641,000 | -270,078,000 | -243,463,000 | -219,784,000 | -198,564,000 | -177,827,000 | -156,809,000 |
total stockholders' equity | 2,996,014,000 | 2,685,510,000 | 2,892,882,000 | 3,071,334,000 | 3,200,026,000 | 3,305,819,000 | 3,417,634,000 | 1,986,132,000 | 1,983,983,000 | 1,240,468,000 | 1,402,716,000 | 1,433,376,000 | 944,771,000 | 953,613,000 | 359,311,000 | 366,500,000 | 359,543,000 | 284,018,000 | 305,956,000 | 317,025,000 | 326,937,000 | 345,843,000 | 364,075,000 | 383,210,000 |
total liabilities and stockholders' equity | 3,348,308,000 | 3,002,717,000 | 3,171,600,000 | 3,305,363,000 | 3,378,103,000 | 3,511,318,000 | 3,559,746,000 | 2,087,267,000 | 2,091,305,000 | 1,407,917,000 | 1,496,057,000 | 1,502,819,000 | 1,008,163,000 | 1,006,178,000 | 412,065,000 | 411,619,000 | 402,717,000 | |||||||
other liabilities | 100,000 | 100,000 | 2,000 | 5,000 | 7,000 | 9,000 | 89,000 | 92,000 | 93,000 | 96,000 | 98,000 | 100,000 | 103,000 | 112,000 | 128,000 | 136,000 | ||||||||
preferred stock, 0.001 par value — 10,000,000 authorized at december 31, 2025 and december 31, 2024; no shares issued and outstanding at december 31, 2025 and december 31, 2024 | ||||||||||||||||||||||||
accumulated other comprehensive income | 1,587,000 | -3,873,000 | 179,000 | |||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2025 and december 31, 2024; no shares issued and outstanding at september 30, 2025 and december 31, 2024 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2025 and december 31, 2024; no shares issued and outstanding at june 30, 2025 and december 31, 2024 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2025 and december 31, 2024; no shares issued and outstanding at march 31, 2025 and december 31, 2024 | ||||||||||||||||||||||||
accumulated other comprehensive gain | -322,000 | 139,000 | 1,815,000 | 2,889,000 | 47,000 | |||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 authorized at december 31, 2024 and december 31, 2023; no shares issued and outstanding at december 31, 2024 and december 31, 2023 | ||||||||||||||||||||||||
accrued manufacturing expenses | 52,937,000 | 36,472,000 | 926,000 | 52,767,000 | 41,880,000 | 14,368,000 | 14,955,000 | 8,265,000 | 10,269,000 | 4,830,000 | 6,856,000 | 4,440,000 | 7,033,000 | 7,357,000 | 15,538,000 | 13,012,000 | 24,540,000 | 26,285,000 | ||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2024 and december 31, 2023; no shares issued and outstanding at september 30, 2024 and december 31, 2023 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2024 and december 31, 2023; no shares issued and outstanding at june 30, 2024 and december 31, 2023 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2024 and december 31, 2023; no shares issued and outstanding at march 31, 2024 and december 31, 2023 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 authorized at december 31, 2023 and december 31, 2022; no shares issued and outstanding at december 31, 2023 and december 31, 2022 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2023 and december 31, 2022; no shares issued and outstanding at september 30, 2023 and december 31, 2022 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2023 and december 31, 2022; no shares issued and outstanding at june 30, 2023 and december 31, 2022 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2023 and december 31, 2022; no shares issued and outstanding at march 31, 2023 and december 31, 2022 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 authorized at december 31, 2022 and december 31, 2021; no shares issued and outstanding at december 31, 2022 and december 31, 2021 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2022 and december 31, 2021; no shares issued and outstanding at september 30, 2022 and december 31, 2021 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2022 and december 31, 2021; no shares issued and outstanding at june 30, 2022 and december 31, 2021 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2022 and december 31, 2021; no shares issued and outstanding at march 31, 2022 and december 31, 2021 | ||||||||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders' equity | ||||||||||||||||||||||||
deferred rent — current | ||||||||||||||||||||||||
deferred rent — long-term | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 authorized at december 31, 2021 and december 31, 2020; no shares issued and outstanding at december 31, 2021 and december 31, 2020 | ||||||||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders' equity | 324,337,000 | 354,068,000 | 358,054,000 | 382,351,000 | 392,826,000 | 403,816,000 | 416,248,000 | |||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at september 30, 2021 and december 31, 2020; no shares issued and outstanding at september 30, 2021 and december 31, 2020 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at june 30, 2021 and december 31, 2020; no shares issued and outstanding at june 30, 2021 and december 31, 2020 | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 shares authorized at march 31, 2021 and december 31, 2020; no shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively | ||||||||||||||||||||||||
deferred rent — current portion | 14,000 | 27,000 | 25,000 | |||||||||||||||||||||
lease liability — current portion | ||||||||||||||||||||||||
deferred rent — long-term portion | 10,000 | 1,000 | 8,000 | |||||||||||||||||||||
redeemable convertible preferred stock | ||||||||||||||||||||||||
series a redeemable convertible preferred stock, 0.001 par value... | ||||||||||||||||||||||||
series b redeemable convertible preferred stock, 0.001 par value... | ||||||||||||||||||||||||
series c redeemable convertible preferred stock, 0.001 par value... | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 and no shares authorized at december 31, 2020 and december 31, 2019, respectively; no shares issued and outstanding at december 31, 2020 and december 31, 2019, respectively | ||||||||||||||||||||||||
preferred stock, 0.001 par value — 10,000,000 and no shares authorized at september 30, 2020 and december 31, 2019, respectively; no shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||||
net loss | -320,622,000 | -246,507,000 | -212,830,000 | -166,573,000 | -140,718,000 | -137,080,000 | -103,124,000 | -128,703,000 | -95,020,000 | -180,801,000 | -92,664,000 | -68,339,000 | -60,462,000 | -78,050,000 | -38,986,000 | -28,563,000 | -26,615,000 | -23,679,000 | -21,220,000 | -20,737,000 | -21,018,000 | ||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||
depreciation and amortization | 2,947,000 | 7,497,000 | 3,064,000 | 2,879,000 | 2,956,000 | 2,864,000 | 1,788,000 | 1,352,000 | 999,000 | 888,000 | 806,000 | 750,000 | 712,000 | 702,000 | 684,000 | 609,000 | 582,000 | 459,000 | 510,000 | 484,000 | 347,000 | 332,000 | 334,000 |
stock-based compensation expense | 37,964,000 | 35,997,000 | 35,306,000 | 36,927,000 | 30,615,000 | 24,370,000 | 21,265,000 | 21,558,000 | 17,629,000 | 13,348,000 | 13,220,000 | 12,544,000 | 9,648,000 | 7,009,000 | 6,648,000 | 5,894,000 | 4,099,000 | 3,158,000 | 2,937,000 | 2,769,000 | 1,865,000 | 1,935,000 | 1,838,000 |
amortization of operating lease right-of-use assets | 2,907,000 | 2,303,000 | 2,133,000 | 2,110,000 | 1,918,000 | 1,921,000 | 2,703,000 | 2,126,000 | 2,092,000 | 2,060,000 | |||||||||||||
net accretion of discounts on investments | -3,112,000 | -2,764,000 | -2,264,000 | -4,493,000 | -4,913,000 | -11,676,000 | -6,103,000 | -9,934,000 | -10,991,000 | ||||||||||||||
unrealized foreign exchange loss | 2,201,000 | -6,617,000 | |||||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||||
prepaid expenses and other current assets | -8,743,000 | -9,549,000 | 915,000 | -6,667,000 | -1,499,000 | -3,297,000 | -566,000 | 2,994,000 | -4,958,000 | 15,439,000 | 7,124,000 | 9,000 | -4,702,000 | -2,419,000 | 1,830,000 | -1,769,000 | 2,791,000 | 8,937,000 | -9,936,000 | -5,813,000 | -557,000 | 982,000 | -776,000 |
operating lease right-of-use assets | -34,796,000 | 0 | 0 | -17,575,000 | -45,324,000 | ||||||||||||||||||
other assets | -16,876,000 | -11,539,000 | -11,316,000 | -10,477,000 | -6,554,000 | -4,459,000 | -6,925,000 | -6,546,000 | -8,581,000 | -34,370,000 | 286,000 | 462,000 | 615,000 | 69,000 | 802,000 | 241,000 | -1,577,000 | -509,000 | -3,074,000 | 485,000 | -441,000 | -108,000 | -11,000 |
operating lease liabilities | -1,285,000 | 33,137,000 | -1,401,000 | -1,364,000 | 15,999,000 | 43,151,000 | 2,378,000 | -1,839,000 | -1,804,000 | 15,416,000 | -1,400,000 | -1,376,000 | -1,356,000 | -1,840,000 | -1,423,000 | -1,205,000 | 5,619,000 | -12,781,000 | 232,000 | -202,000 | -105,000 | ||
accounts payable | -269,000 | 21,667,000 | 17,877,000 | 9,525,000 | -29,163,000 | 31,309,000 | 8,311,000 | -10,708,000 | 5,672,000 | 6,479,000 | 694,000 | 2,263,000 | 1,789,000 | 3,471,000 | -1,354,000 | 2,712,000 | -1,933,000 | -18,071,000 | 1,498,000 | 1,918,000 | 2,185,000 | 18,772,000 | 8,129,000 |
accrued compensation | -15,018,000 | 6,226,000 | 5,948,000 | 4,546,000 | -14,418,000 | 8,343,000 | 5,767,000 | 3,375,000 | -7,968,000 | 4,131,000 | 2,510,000 | 2,536,000 | 699,000 | -2,271,000 | 1,391,000 | 790,000 | -2,185,000 | 1,379,000 | 665,000 | 403,000 | 723,000 | -1,206,000 | 758,000 |
accrued contract manufacturing expenses | 54,852,000 | -32,145,000 | 19,987,000 | 35,129,000 | 8,088,000 | ||||||||||||||||||
accrued expenses | -15,571,000 | 7,296,000 | 65,000 | 2,999,000 | -4,393,000 | -9,319,000 | 8,635,000 | -30,615,000 | -4,354,000 | 36,806,000 | -2,737,000 | -812,000 | 3,038,000 | 1,694,000 | 3,919,000 | 2,295,000 | -737,000 | -3,817,000 | 4,927,000 | 2,379,000 | 1,142,000 | 791,000 | -576,000 |
net cash from operating activities | -280,625,000 | -224,832,000 | -143,305,000 | -121,166,000 | -166,274,000 | -111,401,000 | -60,708,000 | -121,394,000 | -159,124,000 | -128,810,000 | -57,548,000 | -62,742,000 | -47,690,000 | -65,221,000 | -38,548,000 | -39,126,000 | -27,702,000 | -51,093,000 | -28,415,000 | -28,680,000 | -13,205,000 | -10,768,000 | -13,055,000 |
capital expenditures | 4,236,000 | -684,000 | -1,727,000 | -2,229,000 | -1,535,000 | 3,629,000 | -4,697,000 | -16,221,000 | 8,041,000 | 2,823,000 | -11,068,000 | 6,245,000 | -5,552,000 | -1,178,000 | -1,231,000 | -1,073,000 | -2,256,000 | -887,000 | -1,923,000 | -3,270,000 | 291,000 | -377,000 | -29,000 |
free cash flows | -276,389,000 | -225,516,000 | -145,032,000 | -123,395,000 | -167,809,000 | -107,772,000 | -65,405,000 | -137,615,000 | -151,083,000 | -125,987,000 | -68,616,000 | -56,497,000 | -53,242,000 | -66,399,000 | -39,779,000 | -40,199,000 | -29,958,000 | -51,980,000 | -30,338,000 | -31,950,000 | -12,914,000 | -11,145,000 | -13,084,000 |
cash flows from investing activities: | |||||||||||||||||||||||
purchases of property and equipment | -2,107,000 | -2,654,000 | -3,824,000 | -1,811,000 | -5,424,000 | -4,021,000 | -4,947,000 | -7,781,000 | -5,678,000 | -5,254,000 | -7,339,000 | 2,140,000 | -5,609,000 | -1,147,000 | -843,000 | -938,000 | -2,920,000 | -1,382,000 | -1,719,000 | -2,208,000 | -1,246,000 | -722,000 | -29,000 |
purchases of manufacturing facility build-out and equipment construction-in-progress | -12,687,000 | -5,767,000 | -8,222,000 | -7,944,000 | -21,327,000 | ||||||||||||||||||
purchases of investments | -584,129,000 | -292,649,000 | -255,315,000 | -349,050,000 | -314,485,000 | -815,215,000 | -1,233,140,000 | -350,649,000 | -687,697,000 | -203,610,000 | -209,673,000 | -432,834,000 | -483,779,000 | -71,285,000 | -17,591,000 | -6,897,000 | -6,972,000 | -41,062,000 | -66,748,000 | -56,386,000 | -172,145,000 | ||
maturities of investments | 340,631,000 | 347,972,000 | 350,200,000 | 394,476,000 | 438,488,000 | 263,547,000 | 327,700,000 | 299,670,000 | 242,318,000 | 242,957,000 | 232,920,000 | 95,839,000 | 40,160,000 | 32,500,000 | 46,140,000 | 30,500,000 | 59,551,000 | 42,500,000 | 37,000,000 | ||||
sales of investments | 24,882,000 | 68,223,000 | 38,331,000 | 42,071,000 | 26,065,000 | 24,527,000 | 26,501,000 | 0 | 12,998,000 | ||||||||||||||
net cash from investing activities | -233,410,000 | 115,125,000 | -557,168,000 | -917,019,000 | -80,406,000 | -451,073,000 | -13,926,000 | 22,280,000 | -333,564,000 | -448,101,000 | -35,952,000 | 34,706,000 | 26,165,000 | 49,666,000 | 82,000 | -18,469,000 | -20,530,000 | -173,391,000 | -722,000 | 21,000 | |||
cash flows from financing activities: | |||||||||||||||||||||||
proceeds from issuance of shares through employee equity incentive plans | 9,032,000 | 3,415,000 | 306,000 | ||||||||||||||||||||
proceeds from issuance of common stock from follow-on offering, net of issuance costs | 601,846,000 | 816,478,000 | 0 | 0 | |||||||||||||||||||
taxes paid related to the net share settlement of equity awards | -9,295,000 | -1,007,000 | -3,977,000 | -717,000 | -5,290,000 | ||||||||||||||||||
net cash from financing activities | 601,583,000 | 2,408,000 | -3,671,000 | 2,518,000 | 759,000 | 4,907,000 | 1,515,037,000 | 110,368,000 | 818,196,000 | 2,735,000 | 48,550,000 | 546,966,000 | 41,562,000 | 656,633,000 | 44,017,000 | 49,878,000 | 111,019,000 | 8,754,000 | 7,599,000 | 956,000 | 487,000 | 555,000 | 36,000 |
effect of exchange rate changes on cash and cash equivalents | -664,000 | 176,000 | 291,000 | 800,000 | 1,172,000 | 1,350,000 | -5,576,000 | -1,410,000 | 6,062,000 | -7,682,000 | 1,051,000 | -78,000 | 23,000 | 796,000 | 53,000 | -485,000 | -227,000 | -802,000 | 333,000 | 311,000 | -281,000 | ||
net increase in cash, cash equivalents and restricted cash | 86,884,000 | -25,515,000 | -40,106,000 | -41,026,000 | -662,312,000 | 531,734,000 | -92,842,000 | 214,061,000 | -147,683,000 | 14,333,000 | 150,582,000 | -454,206,000 | 556,256,000 | 40,228,000 | 36,432,000 | 132,756,000 | -43,059,000 | -38,952,000 | -47,943,000 | -186,390,000 | |||
cash, cash equivalents and restricted cash, beginning of period | 175,425,000 | 0 | 0 | 0 | 389,195,000 | 0 | 0 | 0 | 398,554,000 | 0 | 0 | 0 | 835,528,000 | 0 | 0 | 0 | 69,856,000 | 0 | 0 | 0 | 386,200,000 | ||
cash, cash equivalents and restricted cash, end of period | 262,309,000 | -107,123,000 | -25,515,000 | -40,106,000 | 348,169,000 | -662,312,000 | 531,734,000 | -92,842,000 | 612,615,000 | -147,683,000 | 14,333,000 | 150,582,000 | 381,322,000 | 556,256,000 | 40,228,000 | 36,432,000 | 202,612,000 | -43,059,000 | -38,952,000 | -47,943,000 | 199,810,000 | ||
reconciliation of cash, cash equivalents and restricted cash: | |||||||||||||||||||||||
cash and cash equivalents | 260,843,000 | -107,121,000 | -25,664,000 | -40,106,000 | 346,850,000 | ||||||||||||||||||
restricted cash | 1,466,000 | -2,000 | 149,000 | 0 | 1,319,000 | ||||||||||||||||||
cash, cash equivalents and restricted cash | 262,309,000 | -107,123,000 | -25,515,000 | -40,106,000 | 348,169,000 | ||||||||||||||||||
supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||||||||||
purchases of property and equipment recorded in accounts payable and accrued expenses | 6,343,000 | 1,970,000 | 2,097,000 | -418,000 | 3,889,000 | 7,650,000 | 250,000 | -8,440,000 | 13,719,000 | 8,077,000 | -3,729,000 | 4,105,000 | 57,000 | -31,000 | -388,000 | -135,000 | 664,000 | 495,000 | -204,000 | -1,062,000 | 1,537,000 | 345,000 | |
proceeds from issuance of common stock and pre-funded warrants from follow-on offerings, net of issuance costs | |||||||||||||||||||||||
proceeds from issuance of common stock under at-the-market offering, net of issuance costs | |||||||||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | |||||||||||||||||||||||
supplemental disclosures of non-cash investing and financing activities: | |||||||||||||||||||||||
unrealized foreign exchange gain | -789,000 | ||||||||||||||||||||||
proceeds from issuance of common stock from at-the-market offerings, net of issuance costs | |||||||||||||||||||||||
proceeds from issuance of common stock from follow-on offerings, net of issuance costs | 1,423,176,000 | ||||||||||||||||||||||
net cash provided (used) in investing activities | 77,742,000 | 123,317,000 | |||||||||||||||||||||
proceeds from issuance of common stock from at-the-market offering, not yet received | |||||||||||||||||||||||
proceeds from exercise of common stock options | 6,049,000 | 11,737,000 | 2,744,000 | 5,024,000 | 2,067,000 | 2,155,000 | 884,000 | 502,000 | 2,532,000 | 1,757,000 | 324,000 | 282,000 | 1,568,000 | 491,000 | 466,000 | 487,000 | 181,000 | 108,000 | |||||
supplemental disclosure of non-cash investing activities: | |||||||||||||||||||||||
non-cash payments for acquired manufacturing rights | |||||||||||||||||||||||
issuance of common stock for acquired manufacturing rights | |||||||||||||||||||||||
unrealized foreign exchange gains | |||||||||||||||||||||||
accrued manufacturing expenses | 16,240,000 | 35,546,000 | -51,840,000 | 10,887,000 | 27,511,000 | -586,000 | 6,689,000 | -2,004,000 | 5,440,000 | -2,026,000 | 2,416,000 | -2,593,000 | -366,000 | -8,138,000 | 2,525,000 | -11,528,000 | -1,744,000 | ||||||
purchases related to manufacturing facility and equipment construction-in-progress | -33,133,000 | ||||||||||||||||||||||
proceeds from issuance of common stock related to at-the-market offerings, net of issuance costs | 89,460,000 | ||||||||||||||||||||||
release of restricted stock units | -9,336,000 | -565,000 | -3,306,000 | -330,000 | -2,605,000 | -214,000 | -727,000 | 0 | |||||||||||||||
proceeds from issuance of common stock under employee stock purchase plan | 0 | 1,021,000 | 0 | ||||||||||||||||||||
manufacturing facility and equipment construction-in-progress | -6,394,000 | ||||||||||||||||||||||
sale of investments | 6,378,000 | 6,372,000 | 1,291,000 | 1,127,000 | 7,000,000 | ||||||||||||||||||
proceeds from issuance of common stock related to at-the-market offering, net of issuance costs | 49,000,000 | 0 | 41,787,000 | 3,115,000 | |||||||||||||||||||
loss on disposal of assets | 2,000 | 16,000 | |||||||||||||||||||||
asset impairment charges | 0 | 0 | 156,000 | 57,000 | 0 | 0 | |||||||||||||||||
net amortization of premium (discounts) on investments | |||||||||||||||||||||||
proceeds from sales of property and equipment | |||||||||||||||||||||||
proceeds from issuance of common stock under atm sales program, net of issuance costs | |||||||||||||||||||||||
supplemental disclosure of cash flow information: | |||||||||||||||||||||||
cash paid for interest | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
stock issued for payment of accounts payable | 1,000 | 0 | |||||||||||||||||||||
net amortization of premiums on investments | -14,572,000 | -11,844,000 | -5,990,000 | -1,175,000 | -238,000 | 145,000 | 321,000 | 496,000 | 429,000 | 330,000 | 151,000 | ||||||||||||
loss on disposal of fixed assets | 0 | 0 | 44,000 | ||||||||||||||||||||
proceeds from sale of property and equipment | 0 | 0 | 7,000 | 0 | |||||||||||||||||||
amortization of operating right-of-use assets | 1,651,000 | 1,630,000 | 1,670,000 | 1,564,000 | 1,787,000 | 346,000 | 384,000 | 180,000 | |||||||||||||||
deferred offering costs included in accounts payable and accrued expenses | -22,000 | 23,000 | |||||||||||||||||||||
change in fair value of redeemable convertible preferred stock warrant | 0 | 0 | |||||||||||||||||||||
deferred rent and other long-term liabilities | -3,000 | -5,000 | |||||||||||||||||||||
payments of capital lease obligations | 0 | 0 | |||||||||||||||||||||
proceeds from initial public offering, net of issuance costs | |||||||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 0 | 0 | |||||||||||||||||||||
proceeds from issuance of common stock related to early exercised stock options | 0 | 0 | |||||||||||||||||||||
proceeds from issuance of common stock under the employee stock purchase plan | 483,000 | 0 | 398,000 | 0 | |||||||||||||||||||
conversion of convertible preferred stock into common stock | 0 | 0 | |||||||||||||||||||||
proceeds from issuance of common stock related to at-the-market offering, net of commissions and offering expenses | 43,121,000 | ||||||||||||||||||||||
proceeds from issuance of common stock through atm facility not yet received | |||||||||||||||||||||||
net income | |||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||
proceeds from follow-on public offering, net of underwriters' commissions and discounts | 107,622,000 | ||||||||||||||||||||||
change in fair value of redeemable convertible preferred stock tranche liabilities | |||||||||||||||||||||||
proceeds from initial public offering, net of underwriters' commissions and discounts | 0 | 0 | |||||||||||||||||||||
payment of issuance costs for initial public offering | 0 | -72,000 | |||||||||||||||||||||
payments of deferred offering costs | |||||||||||||||||||||||
issuance costs for initial public offering included in accounts payable and accrued expenses | -1,492,000 | ||||||||||||||||||||||
deferred offering costs included in accrued expenses | |||||||||||||||||||||||
expense on issuance of redeemable convertible preferred stock warrant | |||||||||||||||||||||||
accrued legal settlement | |||||||||||||||||||||||
net increase in cash and cash equivalents | -10,848,000 | -12,998,000 | |||||||||||||||||||||
cash and cash equivalents, beginning of period | 0 | 0 | |||||||||||||||||||||
cash and cash equivalents, end of period | -10,848,000 | -12,998,000 | |||||||||||||||||||||
purchases of property and equipment recorded in accounts payable |