$PCVX
Vaxcyte, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023018835 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.46M $26.09M $13.77M
YoY Change -13.04% 89.45% 133.84%
% of Gross Profit
Research & Development $72.69M $58.08M $31.68M
YoY Change 88.96% 83.34% 83.56%
% of Gross Profit
Depreciation & Amortization $750.0K $712.0K $582.0K
YoY Change 23.15% 22.34% 67.72%
% of Gross Profit
Operating Expenses $87.15M $71.19M $39.22M
YoY Change 81.99% 81.52% 69.47%
Operating Profit -$87.15M -$71.19M -$39.22M
YoY Change 81.99% 81.52% 69.47%
Interest Expense $0.00 $10.08M $75.00K
YoY Change -100.0% 13334.67% -96.09%
% of Operating Profit
Other Income/Expense, Net $18.81M $10.73M $235.0K
YoY Change -3011.46% 4465.96% -87.78%
Pretax Income -$68.34M -$60.46M -$38.99M
YoY Change 40.81% 55.09% 83.72%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$68.34M -$60.46M -$38.99M
YoY Change 40.81% 55.09% 83.72%
Net Earnings / Revenue
Basic Earnings Per Share -$0.70 -$0.70 -$0.68
Diluted Earnings Per Share -$0.70 -$0.70 -$677.5K
COMMON SHARES
Basic Shares Outstanding 93.71M 80.03M 56.31M
Diluted Shares Outstanding 98.06M 86.21M 57.55M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.287B $822.0M $334.6M
YoY Change 263.07% 145.65% 4.22%
Cash & Equivalents $531.0M $380.5M $201.7M
Short-Term Investments $756.0M $441.6M $132.9M
Other Short-Term Assets $23.25M $18.64M $7.582M
YoY Change 152.04% 145.79% 110.61%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.310B $840.7M $342.2M
YoY Change 260.25% 145.65% 5.4%
LONG-TERM ASSETS
Property, Plant & Equipment $16.42M $15.21M $10.14M
YoY Change 61.36% 49.98% 103.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $153.7M $127.8M $17.70M
YoY Change 2140.25% 622.24% -64.46%
Other Assets $3.479M $3.940M $5.667M
YoY Change -35.92% -30.47% 198.26%
Total Long-Term Assets $192.5M $167.5M $60.49M
YoY Change 301.93% 176.87% 4.84%
TOTAL ASSETS
Total Short-Term Assets $1.310B $840.7M $342.2M
Total Long-Term Assets $192.5M $167.5M $60.49M
Total Assets $1.503B $1.008B $402.7M
YoY Change 265.1% 150.34% 5.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.27M $11.62M $4.801M
YoY Change 131.08% 141.93% -84.95%
Accrued Expenses $19.18M $18.35M $7.744M
YoY Change 93.85% 136.97% 34.12%
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 $60.22M $52.75M $27.25M
YoY Change 97.64% 93.57% -50.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.000K $7.000K $93.00K
YoY Change -94.57% -92.47% -76.75%
Total Long-Term Liabilities $5.000K $7.000K $93.00K
YoY Change -94.57% -92.47% -76.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.22M $52.75M $27.25M
Total Long-Term Liabilities $5.000K $7.000K $93.00K
Total Liabilities $69.44M $63.39M $43.17M
YoY Change 53.91% 46.83% -22.07%
SHAREHOLDERS EQUITY
Retained Earnings -$650.9M -$582.6M -$337.6M
YoY Change 68.56% 72.55%
Common Stock $2.087B $1.527B $698.0M
YoY Change 176.93% 118.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.433B $944.8M $359.5M
YoY Change
Total Liabilities & Shareholders Equity $1.503B $1.008B $402.7M
YoY Change 265.1% 150.34% 5.31%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$68.34M -$60.46M -$38.99M
YoY Change 40.81% 55.09% 83.72%
Depreciation, Depletion And Amortization $750.0K $712.0K $582.0K
YoY Change 23.15% 22.34% 67.72%
Cash From Operating Activities -$62.74M -$47.69M -$27.70M
YoY Change 60.36% 72.15% 109.78%
INVESTING ACTIVITIES
Capital Expenditures -$2.140M $5.609M $2.920M
YoY Change 128.14% 92.09% 134.35%
Acquisitions
YoY Change
Other Investing Activities -$335.7M -$442.5M $52.59M
YoY Change -1338.62% -941.46% -130.55%
Cash From Investing Activities -$333.6M -$448.1M $49.67M
YoY Change -1374.85% -1002.23% -128.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.115M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 547.0M 41.56M 111.0M
YoY Change 996.61% -62.56% 22696.51%
NET CHANGE
Cash From Operating Activities -62.74M -47.69M -27.70M
Cash From Investing Activities -333.6M -448.1M 49.67M
Cash From Financing Activities 547.0M 41.56M 111.0M
Net Change In Cash 150.7M -454.2M 132.8M
YoY Change 308.1% -442.14% -171.22%
FREE CASH FLOW
Cash From Operating Activities -$62.74M -$47.69M -$27.70M
Capital Expenditures -$2.140M $5.609M $2.920M
Free Cash Flow -$60.60M -$53.30M -$30.62M
YoY Change 58.69% 74.05% 111.9%

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<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></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 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 valuation of deferred tax assets and income taxes. 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>
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CY2023Q1 us-gaap Concentration Risk Credit Risk
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<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, 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 condensed balance sheets. For example, on March 10, 2023, the California Department of Financial Protection and Innovation took control of Silicon Valley Bank (“SVB”) and appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. While SVB was our primary bank at the time, we maintained banking relationships with other major banks. The substantial majority of funds we held at SVB, which included cash, cash equivalents and investments were held in custodial accounts of a third-party institution for which SVB Asset Management was the advisor (“SVB Custodial Accounts”). On March 12, 2023, the FDIC confirmed that depositors of SVB would have access to all of their money and, as a result, we regained access to all of our funds deposited with SVB. The FDIC subsequently transferred SVB’s deposits and loans to a newly created bridge bank, named Silicon Valley Bridge Bank, N.A. (“Silicon Valley Bridge Bank”). On March 26, 2023, the FDIC announced that First Citizens Bank &amp; Trust Company (“First Citizens Bank”) had agreed to purchase and assume all deposits and loans of Silicon Valley Bridge Bank. Management believes that we are not exposed to significant credit risk as our deposits are held at First Citizens Bank, and our investments are held under separate financial institution custodial accounts, each of which management continues to believe to be of high credit quality. We have not experienced any losses on these deposits or investments as a result of this market event. While we were able to recover all deposited amounts from SVB, and continue to have access to all investments held in the SVB Custodial Accounts, there can be no assurance that our current or future banks will not face similar risks as SVB or that we will be able to recover in full our deposits in the event of similar closures. 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 Quarterly Report on Form 10-Q.</span></p>
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DefinedBenefitPlanNetPeriodicBenefitCost
200000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-60462000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-38986000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86206817
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86206817
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57547808
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57547808
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.70
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.68
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.68
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10074607
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7233242
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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