Vaxcyte, Inc. (Nasdaq: PCVX) closed concurrent public offerings totaling approximately $1.15 billion in gross proceeds, the clinical-stage vaccine company announced Oct. 9, 2026.

The offerings comprised 8,584,375 shares of common stock priced at $64.00 per share, pre-funded warrants to purchase 400,000 shares at $63.999 per warrant, and $575 million in aggregate principal of 1.50% convertible senior notes due 2032. Underwriters exercised their options in full, adding 1,171,875 shares and $75 million in additional notes to cover over-allotments.

Vaxcyte said it intends to use the net proceeds primarily to fund clinical development of its VAX-31 pneumococcal conjugate vaccine candidate, which is currently in a Phase 3 adult program and a Phase 2 infant study. Planned uses include ongoing adult trials evaluating concomitant administration with a seasonal influenza vaccine and administration in patients who previously received a pneumococcal vaccine, as well as a manufacturing consistency study.

Additional proceeds are earmarked for manufacturing scale-up and inventory buildup ahead of a potential U.S. commercial launch of VAX-31 in adults, medical affairs and commercial preparations, early-stage pipeline research, and general corporate purposes.

Jefferies, Leerink Partners, BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC, and Guggenheim Securities acted as joint book-running managers for the stock and pre-funded warrant offering. Jefferies, Leerink Partners, BofA Securities, Goldman Sachs & Co. LLC, and Evercore ISI acted as joint book-running managers for the notes offering.