$PCVX
Vaxcyte, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021026529 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.890M $3.280M
YoY Change 79.57% 148.48%
% of Gross Profit
Research & Development $17.26M $24.32M
YoY Change -29.02% 92.55%
% of Gross Profit
Depreciation & Amortization $347.0K $384.0K
YoY Change -9.64% 32.41%
% of Gross Profit
Operating Expenses $23.14M $27.60M
YoY Change -16.14% 97.91%
Operating Profit -$23.14M -$27.60M
YoY Change -16.14% 97.91%
Interest Expense $1.920M $7.000K
YoY Change 27328.57% -86.0%
% of Operating Profit
Other Income/Expense, Net $1.923M $454.0K
YoY Change 323.57% 66.3%
Pretax Income -$21.22M -$27.14M
YoY Change -21.81% 98.54%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$21.22M -$27.14M
YoY Change -21.82% 98.54%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$414.7K -$560.9K
COMMON SHARES
Basic Shares Outstanding 51.33M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $321.1M $154.8M
YoY Change 107.43%
Cash & Equivalents $199.8M $154.8M
Short-Term Investments $122.2M
Other Short-Term Assets $3.600M $3.800M
YoY Change -5.26%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $324.7M $158.6M
YoY Change 104.73%
LONG-TERM ASSETS
Property, Plant & Equipment $4.994M $3.300M
YoY Change 51.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $49.80M
YoY Change
Other Assets $1.900M $600.0K
YoY Change 216.67%
Total Long-Term Assets $57.70M $3.900M
YoY Change 1379.49%
TOTAL ASSETS
Total Short-Term Assets $324.7M $158.6M
Total Long-Term Assets $57.70M $3.900M
Total Assets $382.4M $162.5M
YoY Change 135.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.90M $2.700M
YoY Change 1081.48%
Accrued Expenses $5.774M $21.90M
YoY Change -73.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $55.00M $24.50M
YoY Change 124.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $600.0K
YoY Change -100.0%
Other Long-Term Liabilities $400.0K $200.0K
YoY Change 100.0%
Total Long-Term Liabilities $400.0K $800.0K
YoY Change -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.00M $24.50M
Total Long-Term Liabilities $400.0K $800.0K
Total Liabilities $55.40M $25.30M
YoY Change 118.97%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $326.9M -$133.0M
YoY Change
Total Liabilities & Shareholders Equity $382.4M $162.5M
YoY Change 135.32%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$21.22M -$27.14M
YoY Change -21.82% 98.54%
Depreciation, Depletion And Amortization $347.0K $384.0K
YoY Change -9.64% 32.41%
Cash From Operating Activities -$13.21M -$13.63M
YoY Change -3.14% 39.54%
INVESTING ACTIVITIES
Capital Expenditures $1.246M $349.0K
YoY Change 257.02% -1845.0%
Acquisitions
YoY Change
Other Investing Activities -$172.2M
YoY Change
Cash From Investing Activities -$173.4M -$349.0K
YoY Change 49582.23% 1645.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 487.0K 109.8M
YoY Change -99.56% -137346.25%
NET CHANGE
Cash From Operating Activities -13.21M -13.63M
Cash From Investing Activities -173.4M -349.0K
Cash From Financing Activities 487.0K 109.8M
Net Change In Cash -186.4M 95.82M
YoY Change -294.53% -1070.77%
FREE CASH FLOW
Cash From Operating Activities -$13.21M -$13.63M
Capital Expenditures $1.246M $349.0K
Free Cash Flow -$14.45M -$13.98M
YoY Change 3.35% 43.41%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 and commercial paper. 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. 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 and commercial paper, 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.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are subject to supplier concentration risk from our suppliers. We source our critical raw materials from a sole source supplier, Sutro Biopharma, Inc. (“Sutro Biopharma”). We also use one contract manufacturing organization (“CMO”), Lonza Ltd. (“Lonza”), to handle most of our manufacturing activities. If we were to experience disruptions in raw materials supplied by Sutro Biopharma, 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.  </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 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.</p>
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4444000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4097000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4994000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3272000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
300000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000
CY2021Q1 us-gaap Capital Leases Income Statement Amortization Expense
CapitalLeasesIncomeStatementAmortizationExpense
0
CY2020Q1 us-gaap Capital Leases Income Statement Amortization Expense
CapitalLeasesIncomeStatementAmortizationExpense
0
CY2021Q1 pcvx Accrued Preclinical Studies Current
AccruedPreclinicalStudiesCurrent
4178000
CY2020Q4 pcvx Accrued Preclinical Studies Current
AccruedPreclinicalStudiesCurrent
2844000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
925000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
490000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
671000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
432000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5774000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3766000
CY2021Q1 pcvx Number Of Operating Lease
NumberOfOperatingLease
2
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
223000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1028000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
833000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
295000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0650
CY2021Q1 pcvx Lessee Operating Lease Liability Payments Net Of Lease Incentives Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsNetOfLeaseIncentivesRemainderOfFiscalYear
251000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
487000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
379000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
388000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
398000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1401000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
273000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1128000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
742000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
190000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
932000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
51338801
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
51338801
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
51071593
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
51071593
CY2021Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock is entitled to one vote.
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
66982
CY2020Q2 pcvx Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right Exercised
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRightExercised
46869
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.25
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2021Q1 pcvx Early Exercised Stock Options
EarlyExercisedStockOptions
10189
CY2020Q4 pcvx Early Exercised Stock Options
EarlyExercisedStockOptions
15056
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
66982
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
267208
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
43657
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.82
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.94
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.70
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.58
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
6400000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.014
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21220000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27142000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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51174978
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4049848
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-6.70
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4863399
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32172202
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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