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Mar 31, 2024
Vaxcyte Q1 2024 Earnings Report
Vaxcyte reported financial results for Q1 2024 and provided a business update, highlighting the completion of enrollment in the VAX-31 adult Phase 1/2 study and the VAX-24 infant Phase 2 study.
Key Takeaways
Vaxcyte reported a net loss of $95.0 million for the first quarter of 2024. The company's cash, cash equivalents, and investments totaled $1,899.8 million as of March 31, 2024, including $816.5 million in net proceeds from a February public offering. Enrollment was completed in both the VAX-31 adult Phase 1/2 study and the VAX-24 infant Phase 2 study.
Completed enrollment of Phase 1/2 study evaluating VAX-31 for the prevention of IPD in adults aged 50 and older.
Completed enrollment of Phase 2 study evaluating VAX-24 for the prevention of IPD in infants.
Completed successful $862.5 million follow-on financing.
Anticipates topline safety, tolerability and immunogenicity data from VAX-31 adult Phase 1/2 study in Q3 2024.
Forward Guidance
Vaxcyte is advancing the clinical development of its PCV programs with several anticipated key upcoming milestones.
Positive Outlook
- Announce topline safety, tolerability and immunogenicity data from VAX-31 adult Phase 1/2 study in the third quarter of 2024.
- Following VAX-31 data, advance either VAX-24 or VAX-31 to an adult Phase 3 program.
- Initiate Phase 3 pivotal, non-inferiority study in adults aged 50 and older in the second half of 2024 and announce topline safety, tolerability and immunogenicity data in the second half of 2025 if VAX-24 is advanced.
- Initiate balance of expected Phase 3 studies in 2025 and 2026 if VAX-24 is advanced.
- Initiate full complement of expected Phase 3 studies in 2025 and 2026 if VAX-31 is advanced.
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