2023 Q1 Form 10-K Financial Statement

#000095017023004654 Filed on February 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $26.09M $23.33M $73.59M
YoY Change 89.45% 95.71% 72.19%
% of Gross Profit
Research & Development $58.08M $40.24M $169.5M
YoY Change 83.34% 124.54% 116.11%
% of Gross Profit
Depreciation & Amortization $712.0K $702.0K $2.577M
YoY Change 22.34% 52.94% 43.17%
% of Gross Profit
Operating Expenses $71.19M $63.58M $232.3M
YoY Change 81.52% 113.02% 124.03%
Operating Profit -$71.19M -$232.3M
YoY Change 81.52% 124.03%
Interest Expense $10.08M $7.642M $2.000K
YoY Change 13334.67% 1937.87% -71.43%
% of Operating Profit
Other Income/Expense, Net $10.73M $925.0K $8.771M
YoY Change 4465.96% 1.87% 144.11%
Pretax Income -$60.46M -$78.05M -$223.5M
YoY Change 55.09% 173.26% 123.31%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$60.46M -$78.05M -$223.5M
YoY Change 55.09% 173.26% 123.31%
Net Earnings / Revenue
Basic Earnings Per Share -$0.70 -$3.44
Diluted Earnings Per Share -$0.70 -$0.99 -$3.44
COMMON SHARES
Basic Shares Outstanding 80.03M 78.98M 64.88M
Diluted Shares Outstanding 86.21M 64.88M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $822.0M $931.4M $931.4M
YoY Change 145.65% 278.65% 278.65%
Cash & Equivalents $380.5M $834.7M $834.7M
Short-Term Investments $441.6M $96.72M $96.72M
Other Short-Term Assets $18.64M $11.18M $11.18M
YoY Change 145.79% 7.72% 7.72%
Inventory
Prepaid Expenses $5.312M
Receivables
Other Receivables
Total Short-Term Assets $840.7M $942.6M $942.6M
YoY Change 145.65% 267.69% 267.69%
LONG-TERM ASSETS
Property, Plant & Equipment $15.21M $10.36M $31.65M
YoY Change 49.98% 30.25% -11.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $127.8M $26.55M $26.55M
YoY Change 622.24% -2.09% -2.09%
Other Assets $3.940M $4.555M $5.426M
YoY Change -30.47% 11.4% 9.4%
Total Long-Term Assets $167.5M $63.62M $63.62M
YoY Change 176.87% -6.42% -6.42%
TOTAL ASSETS
Total Short-Term Assets $840.7M $942.6M $942.6M
Total Long-Term Assets $167.5M $63.62M $63.62M
Total Assets $1.008B $1.006B $1.006B
YoY Change 150.34% 210.23% 210.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.62M $9.795M $9.795M
YoY Change 141.93% 44.94% 44.94%
Accrued Expenses $18.35M $15.38M $30.73M
YoY Change 136.97% 74.97% 39.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.75M $40.53M $40.53M
YoY Change 93.57% 41.12% 41.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.000K $9.000K $12.04M
YoY Change -92.47% -90.63% 3.77%
Total Long-Term Liabilities $7.000K $9.000K $12.04M
YoY Change -92.47% -90.63% 3.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.75M $40.53M $40.53M
Total Long-Term Liabilities $7.000K $9.000K $12.04M
Total Liabilities $63.39M $52.57M $52.57M
YoY Change 46.83% 30.37% 30.37%
SHAREHOLDERS EQUITY
Retained Earnings -$582.6M -$522.1M
YoY Change 72.55% 74.83%
Common Stock $1.527B $1.476B
YoY Change 118.81% 153.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $944.8M $953.6M $953.6M
YoY Change
Total Liabilities & Shareholders Equity $1.008B $1.006B $1.006B
YoY Change 150.34% 210.23% 210.23%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$60.46M -$78.05M -$223.5M
YoY Change 55.09% 173.26% 123.31%
Depreciation, Depletion And Amortization $712.0K $702.0K $2.577M
YoY Change 22.34% 52.94% 43.17%
Cash From Operating Activities -$47.69M -$65.22M -$170.6M
YoY Change 72.15% 27.65% 40.53%
INVESTING ACTIVITIES
Capital Expenditures $5.609M $1.147M $5.848M
YoY Change 92.09% -183.0% -10.79%
Acquisitions
YoY Change
Other Investing Activities -$442.5M -$34.80M $80.43M
YoY Change -941.46% -2477.39% -139.09%
Cash From Investing Activities -$448.1M -$35.95M $74.59M
YoY Change -1002.23% -43943.9% -135.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $97.30M
YoY Change 600.19%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 41.56M 656.6M 861.5M
YoY Change -62.56% 7400.95% 4741.24%
NET CHANGE
Cash From Operating Activities -47.69M -65.22M -170.6M
Cash From Investing Activities -448.1M -35.95M 74.59M
Cash From Financing Activities 41.56M 656.6M 861.5M
Net Change In Cash -454.2M 555.5M 765.7M
YoY Change -442.14% -1414.48% -342.04%
FREE CASH FLOW
Cash From Operating Activities -$47.69M -$65.22M -$170.6M
Capital Expenditures $5.609M $1.147M $5.848M
Free Cash Flow -$53.30M -$66.37M -$176.4M
YoY Change 74.05% 33.51% 37.9%

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CY2021 us-gaap Profit Loss
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2020 us-gaap Depreciation Depletion And Amortization
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CY2022 us-gaap Share Based Compensation
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CY2021 us-gaap Share Based Compensation
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CY2020 us-gaap Share Based Compensation
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CY2021 pcvx Non Cash Payments For Acquire Manufacturing Rights
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CY2020 pcvx Non Cash Payments For Acquire Manufacturing Rights
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CY2022 pcvx Change In Fair Value Of Redeemable Convertible Preferred Stock Tranche Liabilities
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CY2021 pcvx Change In Fair Value Of Redeemable Convertible Preferred Stock Tranche Liabilities
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CY2020 pcvx Change In Fair Value Of Redeemable Convertible Preferred Stock Tranche Liabilities
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CY2022 us-gaap Gain Loss On Disposition Of Assets1
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CY2021 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
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CY2020 us-gaap Gain Loss On Disposition Of Assets1
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CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2020 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2020 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2022 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2021 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2020 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Other Operating Assets
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CY2020 us-gaap Increase Decrease In Other Operating Assets
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CY2022 pcvx Increase Decrease In Operating Lease Liabilities
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CY2021 pcvx Increase Decrease In Operating Lease Liabilities
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CY2020 pcvx Increase Decrease In Operating Lease Liabilities
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2020 us-gaap Increase Decrease In Accounts Payable
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CY2022 pcvx Increase Decrease In Accrued Compensation
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CY2021 pcvx Increase Decrease In Accrued Compensation
IncreaseDecreaseInAccruedCompensation
3170000
CY2020 pcvx Increase Decrease In Accrued Compensation
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CY2022 pcvx Increase Decrease In Accrued Manufacturing Expenses
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CY2021 pcvx Increase Decrease In Accrued Manufacturing Expenses
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CY2020 pcvx Increase Decrease In Accrued Manufacturing Expenses
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2020 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 pcvx Increase Decrease In Deferred Rent And Other Long Term Liabilities
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0
CY2021 pcvx Increase Decrease In Deferred Rent And Other Long Term Liabilities
IncreaseDecreaseInDeferredRentAndOtherLongTermLiabilities
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CY2020 pcvx Increase Decrease In Deferred Rent And Other Long Term Liabilities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2020 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2021 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2020 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2022 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2021 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2020 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2020 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 pcvx Payments Of Capital Lease Obligations
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CY2021 pcvx Payments Of Capital Lease Obligations
PaymentsOfCapitalLeaseObligations
0
CY2020 pcvx Payments Of Capital Lease Obligations
PaymentsOfCapitalLeaseObligations
61000
CY2022 pcvx Proceeds From Initial Public Offering Net Of Underwriters Commissions And Discounts
ProceedsFromInitialPublicOfferingNetOfUnderwritersCommissionsAndDiscounts
0
CY2021 pcvx Proceeds From Initial Public Offering Net Of Underwriters Commissions And Discounts
ProceedsFromInitialPublicOfferingNetOfUnderwritersCommissionsAndDiscounts
0
CY2020 pcvx Proceeds From Initial Public Offering Net Of Underwriters Commissions And Discounts
ProceedsFromInitialPublicOfferingNetOfUnderwritersCommissionsAndDiscounts
264007000
CY2022 pcvx Proceeds From Issuance Of Common Stock And Pre Funded Warrants From Follow On Offerings Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockAndPreFundedWarrantsFromFollowOnOfferingsNetOfIssuanceCosts
759181000
CY2021 pcvx Proceeds From Issuance Of Common Stock And Pre Funded Warrants From Follow On Offerings Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockAndPreFundedWarrantsFromFollowOnOfferingsNetOfIssuanceCosts
0
CY2020 pcvx Proceeds From Issuance Of Common Stock And Pre Funded Warrants From Follow On Offerings Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockAndPreFundedWarrantsFromFollowOnOfferingsNetOfIssuanceCosts
0
CY2022 us-gaap Proceeds From Issuance Of Common Stock
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97299000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2022 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
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0
CY2021 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
0
CY2020 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
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CY2022 us-gaap Proceeds From Stock Options Exercised
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4895000
CY2021 us-gaap Proceeds From Stock Options Exercised
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3012000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
635000
CY2022 pcvx Proceeds From Issuance Of Common Stock Related To Early Exercised Stock Options
ProceedsFromIssuanceOfCommonStockRelatedToEarlyExercisedStockOptions
0
CY2021 pcvx Proceeds From Issuance Of Common Stock Related To Early Exercised Stock Options
ProceedsFromIssuanceOfCommonStockRelatedToEarlyExercisedStockOptions
0
CY2020 pcvx Proceeds From Issuance Of Common Stock Related To Early Exercised Stock Options
ProceedsFromIssuanceOfCommonStockRelatedToEarlyExercisedStockOptions
36000
CY2022 us-gaap Proceeds From Stock Plans
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CY2021 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
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CY2020 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
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CY2022 pcvx Release Of Restricted Stock Units Value
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CY2021 pcvx Release Of Restricted Stock Units Value
ReleaseOfRestrictedStockUnitsValue
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CY2020 pcvx Release Of Restricted Stock Units Value
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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87000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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765672000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
327224000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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69856000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
386200000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58976000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
835528000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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69856000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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386200000
CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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CY2020 us-gaap Interest Paid Net
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2022 pcvx Issuance Of Common Stock For Acquired Manufacturing Rights
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7995000
CY2021 pcvx Issuance Of Common Stock For Acquired Manufacturing Rights
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CY2020 pcvx Issuance Of Common Stock For Acquired Manufacturing Rights
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CY2022 us-gaap Conversion Of Stock Amount Converted1
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CY2021 us-gaap Conversion Of Stock Amount Converted1
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0
CY2020 us-gaap Conversion Of Stock Amount Converted1
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270190000
CY2022 us-gaap Stock Issued1
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CY2021 us-gaap Stock Issued1
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CY2020 us-gaap Stock Issued1
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CY2022 pcvx Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
0
CY2021 pcvx Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
0
CY2020 pcvx Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
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134000
CY2020Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-1.6870
CY2020Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
264000000.0
CY2020Q2 pcvx Payments Of Underwriting Discounts And Commissions
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20100000
CY2020Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3400000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:9.067%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we evaluate our estimates and assumptions, including those related to stock-based compensation expense, accruals for certain research and development costs, the incremental borrowing rate, the valuation of deferred tax assets and income</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">taxes. </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Management bases our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk and Other Risks and Uncertainties</span></p><p style="text-indent:9.067%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject us to a concentration of credit risk consist primarily of cash and cash equivalents and investments. We invest in money market funds, U.S. Treasury securities, U.S. government agency securities, corporate debt, commercial paper and asset-backed securities. We maintain bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash and issuers of investments to the extent recorded on the balance sheets. Our investment policy limits investments to money market funds, certain types of debt securities issued by the U.S. Government and its agencies, corporate debt, commercial paper and asset-backed securities, and places restrictions on the credit ratings, maturities and concentration by type and issuer. We have not experienced any significant losses on our deposits of cash, cash equivalents or investments.</span></p><p style="text-indent:9.067%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">We are subject to supplier concentration risk from our suppliers. Although we are working to establish secondary sources of supply, we currently source several of our critical raw materials from single source suppliers. We also use one contract manufacturing organization (“CMO”), Lonza Ltd. (“Lonza”), to handle most of our manufacturing activities for our VAX-24 and VAX-31 programs. If we were to experience disruptions in raw materials supplied by our suppliers, or in manufacturing activities at Lonza, we may experience significant delays in our product development timelines and may incur substantial costs to secure alternative sources of raw materials or manufacturing.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:9.067%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Our future results of operations involve a number of other risks and uncertainties. Factors that could affect our future operating results and cause actual results to vary materially from expectations include, but are not limited to: our early stages of clinical vaccine development; our ability to advance vaccine candidates into, and successfully complete, clinical trials on the timelines we project; our ability to adequately demonstrate sufficient safety and immunogenicity or efficacy of our vaccine candidates; our ability to enroll subjects in our ongoing and future clinical trials; our ability to successfully manufacture and supply our vaccine candidates for clinical trials; our ability to obtain additional capital to finance our operations; our ability to obtain, maintain and protect our intellectual property rights; developments relating to our competitors and our industry, including competing vaccine candidates; general and market conditions; and other risks and uncertainties, including those more fully described in the “Risk Factors” section of this Annual Report on Form 10-K.</span></p>
CY2022 us-gaap Number Of Reportable Segments
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1
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash
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CY2021Q4 us-gaap Restricted Cash
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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835528000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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69856000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
386200000
CY2022 pcvx Number Of Finance Lease
NumberOfFinanceLease
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CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
200000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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3532000
CY2020 us-gaap Asset Impairment Charges
AssetImpairmentCharges
300000
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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0
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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96719000
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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26549000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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123268000
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16477000
CY2021Q4 us-gaap Property Plant And Equipment Gross
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11502000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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6117000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3548000
CY2022Q4 us-gaap Property Plant And Equipment Net
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10360000
CY2021Q4 us-gaap Property Plant And Equipment Net
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7954000
CY2022 us-gaap Depreciation And Amortization
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2600000
CY2021 us-gaap Depreciation And Amortization
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1800000
CY2020 us-gaap Depreciation And Amortization
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1400000
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CY2021Q4 pcvx Clinical Studies
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453000
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12446000
CY2021Q4 pcvx Other Research And Development Liabilities Current
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4676000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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1411000
CY2021Q4 us-gaap Other Accrued Liabilities Current
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3658000
CY2022Q4 us-gaap Accrued Liabilities Current
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15375000
CY2021Q4 us-gaap Accrued Liabilities Current
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8787000
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CY2021Q4 pcvx Accrued Manufacturing Rights Expenses
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5374000
CY2021 us-gaap Operating Lease Payments
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924000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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21288000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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27958000
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5910000
CY2021Q4 us-gaap Operating Lease Liability Current
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5276000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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12031000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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11507000
CY2022Q4 us-gaap Operating Lease Liability
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17941000
CY2021Q4 us-gaap Operating Lease Liability
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16783000
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P2Y9M10D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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6684000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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6850000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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20556000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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2615000
CY2022Q4 us-gaap Operating Lease Liability
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17941000
CY2021Q4 pcvx Lessee Operating Lease Liability Payments Net Of Lease Incentives Remainder Of Fiscal Year
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105000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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6639000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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6805000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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6976000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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20315000
CY2021Q4 us-gaap Operating Lease Liability
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16783000
CY2022 us-gaap Operating Lease Expense
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7900000
CY2021 us-gaap Operating Lease Expense
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3200000
CY2020 us-gaap Operating Lease Expense
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700000
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10000000.0
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CY2022Q4 pcvx Noncancelable Purchase Commitments Due In Second Year And Thereafter
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2471000
CY2022Q4 pcvx Non Cancelable Purchase Commitments
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125570000
CY2022Q4 us-gaap Common Stock Shares Authorized
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500000000
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79470670
CY2021Q4 us-gaap Common Stock Shares Issued
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CY2021Q4 us-gaap Common Stock Shares Outstanding
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53031978
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0
CY2021 us-gaap Common Stock Dividends Per Share Declared
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0
CY2022 us-gaap Common Stock Voting Rights
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36710
CY2022 pcvx Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Cancelled
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24320
CY2022 pcvx Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Granted
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26250
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0.001
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0
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P4Y
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CY2022Q4 pcvx Early Exercised Stock Options
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3705
CY2021Q4 pcvx Early Exercised Stock Options
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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36710
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1153285
CY2021 pcvx Number Of Options Exercised Excludes Options Exercised From Npln
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926514
CY2020 pcvx Number Of Options Exercised Excludes Options Exercised From Npln
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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18900000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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7800000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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581047
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
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24790
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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45052
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CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Nonvested
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26700
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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51922108
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
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CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
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CY2022Q4 pcvx Lease Liability
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CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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924000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
393000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
271000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
876000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
461000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
287000
CY2022 pcvx Unrecognized Tax Benefits Increases Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesDecreasesResultingFromPriorPeriodTaxPositions
-46000
CY2021 pcvx Unrecognized Tax Benefits Increases Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesDecreasesResultingFromPriorPeriodTaxPositions
70000
CY2020 pcvx Unrecognized Tax Benefits Increases Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesDecreasesResultingFromPriorPeriodTaxPositions
-165000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1754000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
924000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
393000

Files In Submission

Name View Source Status
pcvx-20221231_cal.xml Edgar Link unprocessable
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0000950170-23-004654-index.html Edgar Link pending
0000950170-23-004654.txt Edgar Link pending
0000950170-23-004654-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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pcvx-20221231.htm Edgar Link pending
pcvx-20221231.xsd Edgar Link pending
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pcvx-20221231_def.xml Edgar Link unprocessable
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