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Jun 30, 2020
Vaxcyte Q2 2020 Earnings Report
Vaxcyte reported financial results for the second quarter of 2020 and provided a business update.
Key Takeaways
Vaxcyte reported a net loss of $20.3 million for the second quarter of 2020. The company's cash and cash equivalents increased to $410.0 million due to the IPO and Series D financing.
Completed an upsized initial public offering (IPO) resulting in aggregate net proceeds of $264.1 million.
Achieved key manufacturing milestones for VAX-24, its lead vaccine candidate.
Amended CARB-X agreement for VAX-A1 program, increasing the grant from 50% to 90% of reimbursable expenses during the initial funding period.
Strengthened executive leadership and board with key appointments.
Vaxcyte
Vaxcyte
Forward Guidance
Vaxcyte anticipates several milestones for its vaccine candidates.
Positive Outlook
- VAX-24: Expects to submit an Investigational New Drug (IND) application to the FDA and initiate its Phase 1/2 clinical proof-of-concept study in the second half of 2021.
- VAX-24: Expects to announce topline data from this study in 2022.
- VAX-A1: Expects to nominate a final vaccine candidate for VAX-A1 in 2021.
- VAX-PG: Expects to nominate a final vaccine candidate for VAX-PG in 2021.
- Pipeline: Advancing pipeline of novel vaccine candidates.
Challenges Ahead
- Potential delays or inability to obtain and maintain required regulatory approvals for its vaccine candidates.
- Risks and uncertainties inherent with preclinical and clinical development processes.
- Success, cost and timing of all development activities and clinical trials are uncertain.
- Sufficiency of cash and other funding to support Vaxcyte’s development programs and other operating expenses is a risk.
- Forward-looking statements are based on Vaxcyte’s current expectations and actual results and timing of events could differ materially.