What is Vaxcyte, Inc.'s R&D?

Vaxcyte, Inc. (PCVX) reported R&D of $312.78M in Q1 2026.

How has Vaxcyte, Inc.'s R&D changed year-over-year?

Vaxcyte, Inc.'s R&D increased by 111.1% year-over-year, from $148.13M to $312.78M.

What is the long-term trend for Vaxcyte, Inc.'s R&D?

Over 4 years (2021 to 2025), Vaxcyte, Inc.'s R&D has grown at a 78.4% compound annual growth rate (CAGR), from $78.41M to $794.31M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Vaxcyte, Inc. (PCVX) R&D — Quarterly & Annual

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Segments

By segment

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Reportable Segment$256.43M+147%

Other financials

Income statement

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Operating income-$345.9M-91.3%

Net income-$320.6M-128%

EPS (diluted)-$2.30-121%

Balance sheet

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Cash & equivalents$262.3M-24.7%

Total debt$116.3M+33.5%

Total equity$3.0B-6.4%

Total assets$3.3B-0.9%

Cash flow

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Operating cash flow-$280.6M-68.8%

CapEx$2.1M-61.2%

Free cash flow-$282.7M-64.7%

Valuation

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Market cap$8.07B+89.7%

Enterprise value$7.93B+96.5%

Returns & leverage

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Return on equity-30.6%+37.9pp

Debt / equity0×0.0×

Current ratio7.5×-10.2×

Where this comes from

Reported directly by Vaxcyte, Inc. in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: Vaxcyte, Inc.’s 10-Q, filed May 6, 2026.

Filed: May 6, 2026, 4:12 PM EDT
Fiscal quarter: Q1 FY2026
Calendar quarter: Q1 2026
Accession: 0001649094-26-000017

Line item	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Operating expenses:
Research and development	$312,779	$148,134
General and administrative	33,071	32,659
Total operating expenses	345,850	180,793
Loss from operations	(345,850)	(180,793)
Other income, net:
Interest income	26,610	32,935
Other income (expense)	(1,382)	7,140

Item 1. Condensed Consolidated Financial Statements (unaudited)

FAQ

What is Vaxcyte, Inc.'s R&D?: Vaxcyte, Inc. (PCVX) reported R&D of $312.78M in Q1 2026.
How has Vaxcyte, Inc.'s R&D changed year-over-year?: Vaxcyte, Inc.'s R&D increased by 111.1% year-over-year, from $148.13M to $312.78M.
What is the long-term trend for Vaxcyte, Inc.'s R&D?: Over 4 years (2021 to 2025), Vaxcyte, Inc.'s R&D has grown at a 78.4% compound annual growth rate (CAGR), from $78.41M to $794.31M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.