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Item 7. Management’s Discussion and Analysis

2026-02-24 compared with 2025-02-25 · 298 added, 156 removed, 290 unchanged (61% of the section changed)

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We are a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases.

We are developing broad-spectrum conjugate and novel protein vaccines to prevent or treat bacterial infectious diseases.

We are re-engineering the way highly complex vaccines are made through modern synthetic techniques, including advanced chemistry and the XpressCF™ cell-free protein synthesis platform, exclusively licensed from Sutro Biopharma, Inc.

(“Sutro Biopharma”).

Unlike conventional cell-based approaches, our system for producing difficult-to-make proteins and antigens is intended to accelerate our ability to efficiently create and deliver high-fidelity vaccines with enhanced immunological benefits.

We are re-engineering the way highly complex vaccines are made through the XpressCF™ cell-free protein synthesis platform.

Unlike conventional cell-based approaches, our system for producing difficult-to-make proteins and antigens is intended to develop and deliver high-fidelity vaccines with enhanced immunological benefits that are beyond the capabilities of conventional approaches.

Our pipeline includes:

• Pneumococcal conjugate vaccine (“PCV”) candidates that we believe are among the broadest-spectrum PCV candidates currently in development, targeting the approximately $8 billion global pneumococcal vaccine market.

Pneumococcal disease is an infection caused by Streptococcus pneumoniae bacteria.

It can result in invasive pneumococcal disease (“IPD”), including meningitis and bacteremia, and non-invasive pneumococcal disease, including pneumonia, otitis media and sinusitis.

Our broad-spectrum, carrier-sparing PCV candidates, VAX-31 and VAX-24, are designed to improve upon the standard-of-care PCVs for both adults and children by covering the serotypes that are responsible for a significant portion of IPD in circulation and are associated with high case-fatality rates, antibiotic resistance and meningitis, while maintaining coverage of previously circulating strains that are currently contained through continued vaccination practice.

• PCV candidates that we believe are among the broadest-spectrum PCV candidates currently in development, targeting the approximately $8 billion global pneumococcal vaccine market.

Pneumococcal disease ("PD") is an infection caused by Streptococcus pneumoniae bacteria.

It can result in invasive pneumococcal disease (“IPD”), including meningitis and bacteremia, and non-invasive PD, including pneumonia, otitis media and sinusitis.

Our broad-spectrum, carrier-sparing PCV candidates, VAX-31, VAX-24 and VAX-XL, are designed to improve upon standard-of-care PCVs for both adults and children by covering the serotypes that are responsible for increasing portions of IPD in circulation and are associated with high case-fatality rates, antibiotic resistance and meningitis, while maintaining coverage of previously circulating strains that are currently contained through continued vaccination.

◦ PCV Franchise Adult Indication:

▪ VAX-31 is a 31-valent, broad-spectrum, carrier-sparing investigational PCV being developed for the prevention of IPD.

▪ VAX-31 is a 31-valent, broad-spectrum, carrier-sparing investigational PCV being developed for the prevention of IPD and pneumonia.

VAX-31 is the broadest-spectrum PCV in the clinic, and has the potential to provide protection against both currently circulating and historically prevalent serotypes.

VAX-31 was designed to increase coverage, in a single vaccine, to more than 95% of IPD circulating in adults in the United States aged 50 and older, with the potential to provide an incremental 12-40% of coverage over current standard-of-care adult PCVs.

VAX-31 was designed to increase coverage, in a single vaccine, to approximately 95% of IPD and approximately 88% of pneumococcal pneumonia circulating in adults in the United States aged 50 and older, with the potential to provide an incremental 14-34% of coverage for IPD and an incremental 19-31% of coverage for pneumococcal pneumonia over current standard-of-care adult PCVs.

• In September 2024, we announced positive topline results from a Phase 1/2 study of VAX-31 in adults.

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For all 11 incremental serotypes unique to VAX-31, and not in PCV20, all three doses met the superiority criteria.

Based on these positive results, we selected VAX-31 to advance to an adult Phase 3 program, and plan to select the dose prior to the initiation of such program.

Following an FDA End-of-Phase 2 meeting, we plan to initiate a Phase 3 pivotal, non-inferiority study by mid-2025 and announce topline safety, tolerability and immunogenicity data from this study in 2026.

We plan to initiate the remaining Phase 3 studies in 2025 and 2026 and announce data from those studies in 2026 and 2027.

• In November 2024, we announced that the FDA granted a breakthrough therapy designation ("BTD") for VAX-31 in adults.

Based on these positive results, we selected the High Dose of VAX-31 to advance to an adult Phase 3 program.

• In November 2024, we announced that the FDA granted breakthrough therapy designation ("BTD") for VAX-31 for the prevention of IPD in adults and, in August 2025, we announced that the FDA expanded the BTD for VAX-31 to include the prevention of pneumonia caused by Streptococcus pneumoniae .

• In December 2025, following an FDA End-of-Phase 2 meeting, we announced that the first participants were dosed in a Phase 3 pivotal, non-inferiority trial evaluating VAX-31 for the prevention of IPD and pneumonia in adults compared to standard-of-care PCVs ("OPUS-1").

We expect to announce topline safety, tolerability and immunogenicity data from this study in the fourth quarter of 2026.

• In January 2026, we announced the initiation of an additional Phase 3 trial evaluating VAX-31 when administered concomitantly with a licensed, high-dose seasonal influenza vaccine in pneumococcal-naïve adults aged 50 years and older (“OPUS-2”).

In February 2026, we announced the initiation of a separate Phase 3 study evaluating VAX-31 in adults previously vaccinated with a lower-valency pneumococcal vaccine (“OPUS-3”).

We expect to report safety, tolerability and immunogenicity data from the OPUS-2 and OPUS-3 studies in the first half of 2027.

We are also planning for a manufacturing consistency study (e.g., a lot-to-lot study).

◦ PCV Franchise Pediatric Indication:

▪ VAX-24 is a 24-valent, broad-spectrum, carrier-sparing investigational PCV being developed for the prevention of IPD in infants, and it covers more serotypes than any pneumococcal infant vaccine on the market today.

• In March 2023, we announced that the first participants were dosed in the first stage of a Phase 2 study of VAX-24 in healthy infants.

The Phase 2 infant study is being conducted in two stages and compares VAX-24 to the broadest-spectrum standard-of-care PCVs currently available.

Stage 1 of the study evaluated the safety and tolerability of a single injection of VAX-24 at three dose levels, 1.1mcg, 2.2mcg and 2.2mcg/4.4mcg, and compared to VAXNEUVANCE TM (“PCV15”), the broadest-spectrum standard-of-care PCV at that time, in 48 infants in a dose-escalation approach.

• In July 2023, we announced that the Phase 2 study of VAX-24 in healthy infants had advanced to the second and final stage of the study.

An independent data safety monitoring board ("DSMB") approved advancing to the second stage of the study following the review of the safety and tolerability results from the first stage.

Additionally, in agreement with the FDA, we amended the study protocol for Stage 2 of the study, changing the study comparator to PCV20, which became the broadest-spectrum PCV recommended by the Advisory Committee on Immunization Practices (“ACIP”) in June 2023.

This Phase 2 study is evaluating the safety, tolerability and immunogenicity of VAX-24 in healthy infants at the same three dose levels, 1.1mcg, 2.2mcg and 2.2mcg/4.4mcg, that were evaluated in Stage 1.

Per ACIP guidelines, the primary immunization series includes three doses given at two months, four months and six months of age, followed by a booster dose at 12-15 months of age.

• In March 2024, we announced the completion of enrollment in the VAX-24 Phase 2 study in infants.

A total of 802 healthy infants (48 from stage 1 and 754 from Stage 2) were enrolled.

We expect to announce topline safety, tolerability and immunogenicity data from the Phase 2 primary three-dose immunization series by the end of the first quarter 2025, followed by topline data from the booster dose by the end of 2025.

▪ VAX-31 is a 31-valent, broad-spectrum, carrier-sparing investigational PCV being developed for the prevention of IPD in not only adults, but also in children.

VAX-31 is the broadest-spectrum PCV in the clinic designed to cover approximately 94% of IPD and 93% of acute otitis media due to streptococcus pneumonia in children under five years of age in the United States .

• In December 2024, we announced that the first participants were dosed in the first stage of a Phase 2 study of VAX-31 in infants.

▪ VAX-31 is a 31-valent, broad-spectrum, carrier-sparing investigational PCV also being developed for the prevention of IPD in children.

VAX-31 is the broadest-spectrum PCV in the clinic designed to cover approximately 92% of IPD in U.S.

children under five years of age and approximately 96% of otitis media due to Streptococcus pneumoniae in U.S.

children five years of age or under.

▪ In December 2024, we announced that the first participants were dosed in the first stage of a Phase 2, randomized, dose-finding study of VAX-31 in infants.

Stage 1 of the study evaluated the safety and tolerability of VAX-31 at three dose levels (Low, Middle and High) and compared to PCV20 in 48 infants in a dose-escalation approach.

In the Low, Middle and High Doses, all serotypes were dosed at 1.1mcg, 2.2mcg and 3.3mcg, respectively, except serotypes 1, 5 and 22F, which were dosed at 1.65mcg, 3.3mcg, and 4.4mcg, respectively.

Participants who received VAX-31 in Stage 1 will continue the standard dosing regimen as part of Stage 2 and will be included in the safety, tolerability and immunogenicity analysis of the study.

• In February 2025, we announced that the Phase 2 study of VAX-31 in healthy infants had advanced to the second and final stage of the study.

Stage 2 of the study is evaluating the safety, tolerability and immunogenicity of VAX-31 at the same three dose levels evaluated in Stage 1 and compared to PCV20 in approximately 750 infants.

In line with recommendations from the ACIP, the study design includes a primary immunization series consisting of three doses given at two months, four months and six months of age, followed by a subsequent booster dose at 12-15 months of age.

We expect to share topline data from the primary three-dose immunization series of the study in mid-2026, followed by topline data from the booster dose approximately nine months later.

Participants who received VAX-31 in Stage 1 continued the standard dosing regimen as part of Stage 2.

▪ In February 2025, we announced that the Phase 2, randomized, dose-finding study of VAX-31 in healthy infants had advanced to the second stage of the study.

Stage 2 of the study is evaluating the safety, tolerability and immunogenicity of VAX-31 at the same three dose levels evaluated in Stage 1 and compared to PCV20.

recommendations from the ACIP, the study design includes a primary immunization series consisting of three doses given at two months, four months and six months of age, followed by a subsequent booster dose at 12-15 months of age.

▪ In September 2025, we announced advancement of the VAX-31 infant Phase 2 randomized, dose-finding study to the third and final stage following modifications to the protocol to add a new dose arm to evaluate a VAX-31 Optimized Dose (majority of serotypes dosed at 4.4mcg and the balance dosed at 3.3mcg) and discontinue enrollment in the Low Dose arm.

The Middle and High Dose arms continued as planned.

▪ The modified study is evaluating the safety, tolerability and immunogenicity of VAX-31 and compared to PCV20 in 900 participants, including the 100 participants previously enrolled in the Low Dose arm.

▪ In January 2026, we announced that we completed enrollment of this study.

We expect to announce topline safety, tolerability and immunogenicity data from the primary three-dose immunization series and booster dose either sequentially or together by the end of the first half of 2027.

▪ Pending the VAX-31 Phase 2 infant study readout, we plan to initiate a Phase 3 program in infants with an Optimized Dose formulation of VAX-24 or VAX-31.

• In March 2025, we announced positive topline, interim data from the VAX-24 infant Phase 2 study, a randomized, observer-blind, dose-finding two-stage clinical study evaluating the safety, tolerability and immunogenicity of VAX-24 in healthy infants that enrolled 803 participants.

• In November 2025, we announced final safety, tolerability, and immunogenicity results from the VAX-24 infant Phase 2 study that were consistent with the positive interim data reported in March 2025 and showed that VAX-24 elicited robust, dose-dependent immune responses, with little to no evidence of carrier suppression observed.

The final data analysis included full 6-month safety results and complete post-dose 3 (primary immunization series) and post-dose 4 (booster dose) IgG and OPA results.

The key immunogenicity endpoints included an assessment of immune responses for each of the VAX-24 dose levels (Low, Mid, Mixed) in comparison with PCV20 for the 20 common and 4 unique serotypes in VAX-24.

At 1-month post-dose 3 and post-dose 4, immune responses were assessed based on serotype-specific IgG seroconversion rates (IgG threshold value of ≥0.35mcg/mL).

IgG GMRs were also assessed at 1-month post-dose 3 and post-dose 4, along with other key immunogenicity endpoints, including OPA.

In this study, VAX-24 was well-tolerated and demonstrated a safety profile similar to PCV20 across all doses studied.

Post-dose 3 and post-dose 4, all VAX-24 doses evaluated demonstrated robust IgG and OPA immunogenicity responses.

• Post-dose 3, all VAX-24 doses met target precedent Phase 2 non-inferiority criteria on relative seroconversion rates (lower limit of the 95% confidence interval for the difference between the proportion of participants achieving the pre-defined seroconversion rate (IgG concentration ≥0.35 mcg/mL) is > -15% for each serotype) for the highest circulating serotypes, as defined by the percentage of IPD caused in individuals <5 yrs of age in the U.S.

in 2023 based on the U.S.

Center for Disease Control ("CDC") active bacterial core ("ABC") surveillance data, contained in VAX-24.

The Low and Mid doses met the seroconversion rate criteria for 20 of 24 serotypes overall and the Mixed Dose met such criteria for 19 of 24 serotypes.

The Mid and Mixed Doses met the target Phase 2 IgG GMR point estimate of >0.6 for 21 of 24 serotypes.

• Post-dose 4, all VAX-24 doses met our target Phase 2 IgG GMR point estimate of >0.6 for the three highest circulating serotypes contained in VAX-24.

The Mixed Dose met this target for 19 of 24 serotypes overall and the Mid dose met this target for 18 of 24 serotypes.

Post-dose 4, VAX-24 elicited robust memory responses across all doses for all serotypes.

• Additionally, the four incremental serotypes unique to VAX-24 that provide expanded serotype coverage relative to PCV20 elicited robust immune responses and met all target criteria across all endpoints at all doses evaluated.

• The final positive data from the VAX-24 infant Phase 2 dose-finding study further validated our rationale for exploring higher doses in the ongoing VAX-31 infant Phase 2 study.

◦ VAX-XL is a third-generation PCV candidate designed to provide the broadest coverage of any PCV currently in development.

• VAX-A1, a novel conjugate vaccine candidate designed to prevent disease caused by Group A Streptococcus (“Group A Strep”).

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We believe we have demonstrated preclinical proof of concept for VAX-A1, the data for which were published in December 2020.

We nominated the final vaccine candidate for VAX-A1 in the first quarter of 2021 and initiated Investigational New Drug ("IND")-enabling activities in the second half of 2021.

We continue to advance the development of VAX-A1 and we intend to provide further information about the anticipated timing of an IND application as the program progresses.

• VAX-PG, a novel protein vaccine candidate targeting the keystone pathogen responsible for periodontitis, a chronic oral inflammatory disease affecting an estimated 65 million adults in the United States.

We believe we have generally demonstrated preclinical proof of concept for a periodontitis protein vaccine, the data for which was published in February 2019.

We nominated a final vaccine candidate for VAX-PG in 2022 and are conducting large-animal confirmatory studies prior to advancing the program to potential IND-enabling activities.

Our initial goal is to develop a therapeutic vaccine to slow or stop disease progression;

however, the results from clinical trials may inform the potential adoption of prophylactic immunization.

We plan to initiate a Phase 1 adult study for VAX-A1 in 2026, with the primary objective of assessing safety and tolerability.

• VAX-GI, a novel preclinical vaccine candidate being developed as a preventative treatment for dysentery and shigellosis, which is caused by Shigella bacteria.

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VAX-GI is being developed in collaboration with the University of Maryland, Baltimore as well as with partial funding from two research grants awarded by the National Institutes of Health (“NIH”).

As part of our continued focus on strategic capital deployment and in order to prioritize our resources towards our PCV franchise, we announced in August 2025 that we had paused the advancement, beyond preclinical development, of VAX-GI while remaining confident in its potential and preserving the option to advance the program in the future.

• Other discovery-stage programs that leverage our cell-free protein synthesis platform, which, if proven successful in preclinical studies, could also be advanced into IND-enabling activities and clinical studies.

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PCV Franchise Adult Indication:

• Reported Positive Topline Data from Phase 1/2 Study of VAX-31 in Adults Aged 50 and Older:

In September 2024, we announced positive topline results from the Phase 1/2 clinical study evaluating the safety, tolerability and immunogenicity of VAX-31 in 1,015 healthy adults aged 50 and older.

Based on the strength of the results from this study, we selected VAX-31 to exclusively advance to an adult Phase 3 program and plan to determine the VAX-31 dose prior to the initiation of the adult Phase 3 program.

Following an FDA VAX-31 End-of-Phase 2 meeting, we plan to initiate a Phase 3 pivotal, non-inferiority study by mid-2025 and announce topline safety, tolerability and immunogenicity data in 2026.

We plan to initiate remaining VAX-31 Phase 3 studies in 2025 and 2026 and announce data from these studies in 2026 and 2027.

• VAX-31 Granted Breakthrough Therapy Designation from the FDA for the Prevention of IPD in Adults :

In November 2024, we announced that the FDA granted Breakthrough Therapy designation ("BTD") for VAX-31 for the prevention of IPD in adults.

With BTD, Vaxcyte has access to all the elements of the FDA’s Fast Track program, as well as the ability to receive guidance and support from the FDA on an efficient drug development program and an organizational commitment from senior managers within the FDA.

• Positive Results from VAX-24 Phase 2 Study in Adults Aged 65 and Older Published in the Journal Vaccine Adds to Body of Evidence Validating the Potential of Our Carrier-Sparing Platform:

In July 2024, the safety, tolerability and immunogenicity results from the VAX-24 Phase 2 study in adults aged 65 and older were published in the journal Vaccine .

• FDA Expanded VAX-31 Adult BTD to Include Prevention of Pneumonia Caused by Streptococcus Pneumoniae in Addition to IPD:

In May 2025, the FDA expanded the adult BTD for VAX-31 to include the prevention of pneumonia caused by Streptococcus pneumoniae in addition to the prevention of IPD based on the positive topline results from the VAX-31 adult Phase 1/2 study, indicating that VAX-31 may demonstrate substantial improvement over existing therapies.

• Advanced Comprehensive Phase 3 Clinical Program to Support Planned BLA Submission and Validate VAX-31 as Potential New Standard-of-Care Adult PCV to Prevent IPD and Pneumonia:

In August 2025, we announced that through a series of interactions with the FDA, including an End-of-Phase 2 meeting, regarding the VAX-31 adult Phase 3 clinical program, the FDA provided input on the adult commercial licensure requirements, including the approximate number of study participants in the Phase 3 program;

key immunogenicity and safety endpoints for the pivotal, non-inferiority study;

and a continued indication that the scale of the planned immunogenicity and safety assessments are in line with precedent requirements and will be sufficient to support potential licensure.

Additionally, as part of ongoing discussions granted under the VAX-31 adult BTD, the FDA provided input on the chemistry, manufacturing and controls (“CMC”) licensure requirements in support of our

path to delivering a BLA submission.

The VAX-31 High Dose (all serotypes dosed at 3.3mcg or 4.4mcg) has been selected to advance into Phase 3.

• Initiated Phase 3 OPUS-1 Trial:

In December 2025 we announced we dosed the first participants in the OPUS-1 trial, with topline data expected in the fourth quarter of 2026.

This trial is evaluating the safety, tolerability and immune responses of VAX-31 in approximately 3,560 adults aged 50 and older through direct, head-to-head comparisons with both Capvaxive ® ("PCV21") and PCV20, the current standard-of-care PCVs, with the objective of establishing a best-in-class profile for VAX-31.

The trial is also evaluating the safety, tolerability and immune responses of VAX-31 in approximately 440 adults aged 18-49.

OPUS-1 is being conducted at approximately 50 sites in the United States.

• Initiated Phase 3 OPUS-2 and OPUS-3 Trials:

In January 2026, we dosed the first participants in OPUS-2, a Phase 3 descriptive study designed to evaluate the safety, tolerability and immunogenicity of VAX-31 when administered concomitantly with, or one month following, a licensed, high-dose seasonal influenza vaccine in approximately 1,300 pneumococcal-naïve adults aged 50 years and older (defined as having no known prior history of IPD, pneumococcal pneumonia, or receipt of any licensed or investigational pneumococcal vaccine).

OPUS-2 is being conducted at approximately 25 sites in the United States.

In February 2026, we dosed the first participants in OPUS-3, a Phase 3 descriptive study evaluating the safety, tolerability and immunogenicity of a single dose of VAX-31 in approximately 720 adults aged 50 years and older who have previously received lower-valency pneumococcal vaccines.

OPUS-3 is being conducted at approximately 30 sites in the United States.

We expect to report safety, tolerability and immunogenicity data from the OPUS-2 and OPUS-3 studies in the first half of 2027.

We are also planning for a manufacturing consistency study (e.g.

a lot-to-lot study).

• Advancing Toward BLA Submission:

Subject to the results of the Phase 3 studies, which are expected to read out in 2026 and 2027, we plan to submit a BLA shortly following the completion of the last Phase 3 study.

PCV Franchise Infant Indication:

• Completed Enrollment of Phase 2 Study Evaluating VAX-24 for the Prevention of IPD in Infants:

In March 2024, we announced the completion of enrollment in the Phase 2 clinical study evaluating VAX-24 in healthy infants.

We plan to announce topline safety, tolerability and immunogenicity data from the primary three-dose immunization series of the Phase 2 study, which is fully enrolled with 802 healthy infants, by the end of the first quarter 2025, followed by topline data from the booster dose by the end of 2025.

• Initiated Phase 2 Study Evaluating VAX-31 for the Prevention of IPD in Infants:

In December 2024, we announced the initiation of the Phase 2 study of VAX-31 in healthy infants and that the first study participants have been dosed.

In February 2025, we announced that the Phase 2 study of VAX-31 in healthy infants had advanced to the second and final stage of the study.

We plan to announce topline safety, tolerability and immunogenicity data from the ongoing VAX-31 infant Phase 2 study primary three-dose immunization series in mid-2026, followed by topline data from the booster dose approximately nine months later.

• Completed Enrollment of Ongoing VAX-31 Infant Phase 2 Dose-Finding Study:

In August 2025, we announced that we had modified the ongoing VAX-31 infant Phase 2 randomized, dose-finding study to add a new dose arm to evaluate a VAX-31 Optimized Dose with the majority of serotypes dosed at 4.4mcg and the balance dosed at 3.3mcg.

Both the Middle Dose and High Dose VAX-31 arms in the study are proceeding as planned while we elected to discontinue enrollment in the Low Dose arm.

In September 2025, we announced that the first participants had received the Optimized Dose and subsequently announced in January 2026 that we had completed enrollment of the study.

The modified study will evaluate VAX-31 in 900 dosed participants, including the 100 participants previously enrolled in the Low Dose arm.

• Reported Positive Interim and Final VAX-24 Infant Phase 2 Dose-Finding Study Data:

In March 2025, we announced positive topline, interim data from the VAX-24 infant Phase 2 study that enrolled 803 participants.

In November 2025, we announced the final safety, tolerability, and immunogenicity results from the study, which were consistent with the positive interim data reported in March 2025 and showed that VAX-24 elicited robust, dose-dependent immune responses, with little to no evidence of carrier suppression observed.

The final data analysis included full 6-month safety results and complete post-dose 3 (primary immunization series) and post-dose 4 (booster dose) IgG and OPA results.

The totality of data from this study affirms the Company’s strategy to include the higher doses that are being evaluated in the ongoing VAX-31 infant Phase 2 dose-finding study.

Other Pipeline Programs:

• Advancing VAX-A1, a Vaccine Candidate Designed to Prevent Disease Caused by Group A Strep, Into the Clinic:

In February 2026, we announced we are planning to initiate a Phase 1 adult study for VAX-A1, a prophylactic vaccine candidate designed to prevent disease caused by Group A Strep, in 2026 with the primary objective of assessing safety and tolerability.

Group A Strep remains a major global cause of morbidity and mortality in adults and children and is a leading driver of antibiotic use, underscoring the significant public health burden.

• Introduced Development of VAX-XL, Third-Generation PCV Candidate Designed to Further Expand Disease and Serotype Coverage:

In March 2025, we announced VAX-XL, our third-generation PCV candidate designed to provide the broadest coverage of any PCV currently in development for infants or adults.

Equity Financing:

Completed two Follow-On Financings Totaling $2.4 Billion in Gross Proceeds

• In February 2024, we completed an underwritten public offering of 12,695,312 shares of our common stock, which included the full exercise of the underwriters’ option to purchase an additional 1,757,812 shares, at a public offering price of $64.00 per share and pre-funded warrants to purchase 781,250 shares of our common stock at a public offering price of $63.999 per underlying share.

The aggregate gross proceeds to us from the offering were $862.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by us, and excluding the exercise of any pre-funded warrants.

• In September 2024, we completed an underwritten public offering of 12,087,378 shares of our common stock, which included the full exercise of the underwriters’ option to purchase an additional 1,893,203 shares, at a public offering price of $103.00 per share and pre-funded warrants to purchase 2,427,184 shares of our common stock at a public offering price of $102.999 per pre-funded warrant.

The aggregate gross proceeds to us from the offering

were $1.5 billion, before deducting underwriting discounts and commissions and other estimated offering expenses payable by us, and excluding the exercise of any pre-funded warrants.

• Completed Public Offering Generating Gross Proceeds of $632.5 million:

In February 2026, we completed an underwritten public offering of 12,650,000 shares of common stock, which included the full exercise of the underwriters' option to purchase an additional 1,650,000 shares, at a public offering price of $50.00 per share.

The aggregate gross proceeds to us from this offering were $632.5 million, before deducting underwriting discounts and commissions and other offering expenses payable by us.

Other Business:

• National Institute of Allergy and Infectious Diseases ( “ NIAID ” ) Grant Awarded for Preclinical Chlamydia Vaccine Development Program:

In July 2024, the NIAID awarded a five-year, $9.5 million grant to the University of North Carolina at Chapel Hill, Vaxcyte and the University of Chicago to develop a vaccine candidate for the prevention of Chlamydia.

There is a significant need for a vaccine to protect against Chlamydia.

It is the most common bacterial sexually transmitted infection worldwide, with nearly 130 million new cases per year.

While it is treatable when detected early, it can cause permanent damage to the female reproductive system, potentially leading to complications such as infertility and ectopic pregnancy.

• Appointed John Furey to Board of Directors:

In July 2024, we appointed John Furey to our Board of Directors.

Furey is an accomplished biopharmaceutical executive with over 30 years of experience developing and implementing operational strategies and leading commercial and technical teams, including senior leadership roles in the U.S., Europe and Asia.

He currently serves as Chief Executive Officer of Imvax, a clinical-stage biotechnology company developing novel immunotherapies for cancer.

• Appointed Dr.

Olivier Brandicourt to our Board of Directors:

In May 2025, we appointed Dr.

Olivier Brandicourt to our Board of Directors.

Brandicourt is a veteran biopharmaceutical industry executive and the former Chief Executive Officer of Sanofi S.A.

and Bayer HealthCare AG.

He brings a wealth of expertise, with significant experience in commercial strategy and execution within the global vaccine market.

Brandicourt is currently a Senior Advisor at Blackstone Life Sciences and serves on the boards of Alnylam Pharmaceuticals, Inc., AvenCell Therapeutics, Inc., BeOne Medicines Ltd.

and Dewpoint Therapeutics, Inc.

• Appointed Chris Griffith as Chief Business and Strategy Officer:

In July 2025, Chris Griffith joined Vaxcyte as Chief Business and Strategy Officer.

With more than 20 years of experience spanning corporate and business development, portfolio strategy and business operations, Mr.

Griffith brings deep expertise to this newly expanded role.

His leadership will help ensure strong cross-functional alignment and execution as we advance our late-stage programs and prepare for the next phase of growth.

• Announced Plan to Establish Fill-Finish Manufacturing in North Carolina as Key Element of Long-Term U.S.

Commercial Supply Strategy Representing Up to $1 Billion in Manufacturing and Services:

In September 2025, we announced a new agreement with Patheon Manufacturing Services, LLC, part of Thermo Fisher Scientific (collectively, "Thermo Fisher") to provide custom commercial fill-finish capacity for our broad-spectrum PCVs at Thermo Fisher's Greenville, North Carolina facility.

The initiative, which includes both manufacturing and related services, represents a long-term U.S.

commercial manufacturing commitment of up to $1 billion.

• Appointed Mike Mullette as Chief Commercial Officer to Lead Commercialization Strategy and Execution:

In October 2025, Michael Mullette joined Vaxcyte as Chief Commercial Officer, bringing more than 20 years of global experience in vaccines and biopharmaceuticals, including senior leadership roles at Moderna, Sanofi Pasteur and Lykos Therapeutics.

As part of our strategy to prepare for future commercialization of our PCV programs, Mr.

Mullette will lead the continued development and execution of global commercialization, including pre-launch planning and cross-functional readiness.

He brings extensive launch leadership, having led Moderna’s first ever commercial organization in North America during the COVID-19 pandemic and launched multiple vaccines at Sanofi Pasteur across the U.S., France, Japan, Australia and Canada.

Since our inception in November 2013, we have devoted substantially all of our resources to performing research and development, undertaking preclinical studies, advancing our vaccine candidates through clinical trials, enabling manufacturing activities in support of our product development efforts, acquiring and developing our technology and vaccine candidates, organizing and staffing our company, performing business planning, establishing our intellectual property portfolio and raising capital to support and expand such activities.

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We have incurred net losses in each year since inception and expect to continue to incur net losses in the foreseeable future.

Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending in large part on the timing of our preclinical studies, clinical trials and manufacturing activities, and our expenditures on other research and development activities.

Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending in large part on the timing of our clinical trials and manufacturing activities, and our expenditures on other research and development activities.

Our net losses were $766.6 million, $463.9 million, and $402.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, we had an accumulated deficit of $2,154.9 million and cash, cash equivalents and investments of $2,442.6 million.

We believe our cash, cash equivalents and investments will be sufficient to fund our operating expenses and capital expenditure requirements through at least 12 months from the filing date of this Annual Report on Form 10-K.

We believe our cash, cash equivalents and investments will be sufficient to fund our

operating expenses and capital expenditure requirements through at least 12 months from the filing date of this Annual Report on Form 10-K.

We do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our vaccine candidates, which we expect will take a number of years.

We expect our expenses and capital expenditures will increase substantially in connection with our ongoing activities, as we:

We expect our expenses will increase substantially in connection with our ongoing activities, as we:

• advance our vaccine candidates through preclinical studies and clinical trials;

• progress in the scale-up of our manufacturing capabilities, in particular to prepare for the potential commercial launches of VAX-31 in the adult population and VAX-31 and/or VAX-24 in the pediatric population;

• progress in the scale-up of our manufacturing capabilities, in particular to prepare for the potential commercial launches of VAX-31 in the adult population and VAX-31 or VAX-24 in the pediatric population;

• incur additional costs that may be required for secondary supply sources;

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• pursue regulatory approval of our vaccine candidates;

• establish additional manufacturing capacity to meet potential incremental supply requirements following the potential initial commercial launch of VAX-31 in adults;

• establish additional manufacturing capacity to meet potential incremental supply requirements following the potential commercial launches of VAX-31 in the adult population and VAX-31 or VAX-24 in the pediatric population;

• hire additional personnel;

• scale medical affairs and commercial infrastructure to support anticipated product launches;

• expand our facilities to support our growing workforce and lab activities;

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We have no internal manufacturing capabilities, and we will continue to rely on third parties, of which the main suppliers are single-source suppliers, for our preclinical and clinical trial materials.

Given our stage of development, we do not yet have a marketing or sales organization or commercial infrastructure.

Given our stage of development, we do not yet have a marketing or sales organization and have a limited commercial infrastructure.

Accordingly, if we obtain regulatory approval for any of our vaccine candidates, we also would expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution.

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Pursuant to the 2022 Lonza DMSA, Lonza is obligated to perform services, including manufacturing process development and clinical manufacture and supply of our proprietary PCV candidates.

Subject to the terms and conditions set forth in the 2022 Lonza DMSA, Lonza has granted to us a non-exclusive, worldwide, fully paid-up, irrevocable, transferable license, including the right to grant sublicenses, under the New General Application Intellectual Property, to research, develop, make, have made, use, sell and import the Product.

Unless earlier terminated, the 2022 Lonza DMSA shall remain in place for a period of five years.

Either party may terminate the 2022 Lonza DMSA for any reason on prior written notice to the other party, provided that Lonza may not exercise such right until a specified future date.

In addition, either party may terminate the 2022 Lonza DMSA (i) within a given time period upon any material breach that is left uncured by the other party, or (ii) immediately if the other party becomes insolvent.

We may also terminate the 2022 Lonza DMSA upon an extended force majeure event.

Upon expiration and/or termination of the 2022

Lonza DMSA and/or any purchase order, we will pay Lonza for all service rendered, all costs incurred, all unreimbursed capital equipment and any cancellation fees (each term as defined in the 2022 Lonza DMSA).

In February 2023, we entered into another non-exclusive development and manufacturing services agreement with Lonza effective as of March 1, 2023 (the “2023 Lonza DMSA”).

Pursuant to the 2023 Lonza DMSA, Lonza will perform manufacturing process development and the manufacture of components for VAX-31 and VAX-24, including the polysaccharide antigens, our proprietary eCRM protein carrier and conjugated drug substances.

Pursuant to the 2023 Lonza DMSA, Lonza will perform manufacturing process development and the manufacture of components for our PCV candidates, including the polysaccharide antigens, our proprietary eCRM protein carrier and conjugated drug substances.

Subject to the terms and conditions set forth in the 2023 Lonza DMSA, Lonza has granted to us a non-exclusive, worldwide, fully paid-up, transferable license, including the right to grant sublicenses (subject to the prior written consent of Lonza), under the New General Application Intellectual Property, to use, sell and import the Product manufactured under the 2023 Lonza DMSA (but no other products).

Unless earlier terminated, the 2023 Lonza DMSA shall remain in place for a period of five years and shall automatically renew for one additional two-year period unless either party provides written notice of non-renewal at least two years prior to the fifth anniversary of the effective date.

We may terminate the 2023 Lonza DMSA for any reason on prior written notice to the other party on a Project Plan-by-Project Plan basis.

Either party may terminate the 2023 Lonza DMSA (i) within a given time period upon any material breach that is left uncured by the other party, (ii) immediately if the other party becomes insolvent, is dissolved or liquidated, makes a general assignment for the benefit of its creditors, or files or has filed against it, a petition in bankruptcy or has a receiver appointed for a substantial part of its assets, (iii) upon an extended force majeure event, or (iv) if it becomes apparent to either party at any stage in the provision of the Services that it will be impossible to complete the Services for scientific or technical reasons despite exercise of best commercial efforts by both parties.

Pursuant to the reason for termination and the party initiating the termination, we will pay Lonza for some combination of services rendered, costs incurred, unreimbursed capital equipment and/or any cancellation fees.

Upon an extended force majeure event, neither party shall have any further liability to the other party (each term as defined in the 2023 Lonza DMSA).

Under each of the 2022 Lonza DMSA and 2023 Lonza DMSA (collectively, the “Lonza Agreements”), we pay Lonza agreed-upon fees for their performance of development and manufacturing services and pass-through expenses incurred by Lonza for raw materials, as well as customary procurement and handling fees.

Under each Lonza Agreement, we own all rights, title and interest in and to any and all New Customer Intellectual Property (as defined in each Lonza Agreement), and Lonza owns all rights, title and interest in New General Application Intellectual Property (as defined in each Lonza Agreement).

For additional information about the Lonza Agreements, see “Manufacturing and Supply— Lonza Agreements—Development and Manufacturing Services Agreements ” included in Part I, Item 1.

Business of this Annual Report on Form 10-K.

Commercial Manufacturing and Supply Agreement

In October 2023, we entered into a pre-commercial services and commercial manufacturing supply agreement with Lonza (the “Commercial Manufacturing and Supply Agreement”), pursuant to which Lonza will (i) construct and build out a dedicated suite (the “Suite”) at Lonza’s facilities in Visp, Switzerland to manufacture certain key components (including drug substance) for our proprietary PCV franchise and any other products or intermediates we may choose (collectively, the “Products”) and (ii) maintain and operate the Suite (utilizing Lonza’s employees) to manufacture the Products as a service provided to us, including conducting related quality control and quality assurance operations.

Pursuant to the Commercial Manufacturing and Supply Agreement, Lonza will be a preferred, non-exclusive, supplier of the Products to us, and we retain the right to procure the Products from one or more alternate and/or backup manufacturers of the Products (including at our own facilities).

For additional details regarding our relationship with Lonza and the Commercial Manufacturing and Supply Agreement, see “Manufacturing and Supply— Lonza Agreements—Commercial Manufacturing and Supply Agreement ” included in Part I, Item 1.

Business of this Annual Report on Form 10-K, Note 7, “Commitments and Contingencies,” and Note 4, “Commercial Manufacturing and Supply Agreement” to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

On October 13, 2023, we entered into a pre-commercial services and commercial manufacturing supply agreement with Lonza (the “Lonza Commercial Manufacturing and Supply Agreement”).

Pursuant to the Lonza Commercial Manufacturing and Supply Agreement, Lonza will (i) construct and build out a dedicated suite (the “Suite”) at Lonza’s facilities in Visp, Switzerland to manufacture certain key components (including drug substance) for our proprietary PCV franchise and any other products or intermediates we may choose (collectively, the “Products”) and (ii) maintain and operate the Suite (utilizing Lonza’s employees) to manufacture the Products as a service provided to us, including conducting related quality control and quality assurance operations.

Lonza will be a preferred, non-exclusive, supplier of the Products to us, and we retain the right to procure the Products from one or more alternate and/or backup manufacturers of the Products (including at our own facilities).

Under the Lonza Commercial Manufacturing and Supply Agreement, prior to completion of construction and certification of the Suite for commercial operation, we will contribute to the capital expenditure costs to construct the Suite (and will own certain equipment in the Suite to be purchased or otherwise acquired by us), and will pay Lonza a fixed-rate monthly service fee for Lonza’s pre-commercial services prior to commencement of commercial operations (which monthly service fee amount is subject to increases in subsequent years).

Following commencement of commercial operations of the Suite to manufacture the Products, we will pay Lonza (i) Suite fees based on allocations of certain of Lonza’s costs to maintain the facility in which the Suite is located and to provide shared services to us and Lonza’s other customers in such facility, (ii) service fees based upon Lonza’s actual full-time equivalent employee (“FTE”) costs to operate the Suite to manufacture the Products, and (iii) certain other pass-through costs, including for raw materials.

In addition, we may be obligated to pay or reimburse Lonza for certain other fees and expenses under the Lonza Commercial Manufacturing and Supply Agreement.

Lonza will be eligible for certain financial bonuses, and subject to certain financial penalties, as incentives for the timely completion of certain scale-up activities, receipt of certain regulatory approvals for the Suite and manufacture of the Products in accordance with our commercial requirements.

Unless earlier terminated, the Lonza Commercial Manufacturing and Supply Agreement will remain in effect until December 31, 2038, subject to automatic renewal for up to three additional renewal periods of five years each, unless we elect not to renew (with 24 months advanced notice to Lonza).

We are permitted to terminate the Lonza Commercial Manufacturing and Supply Agreement prior to expiration, subject to applicable termination fees.

Within 30 days of the

Effective Date, we paid Lonza a repurposing fee (the “Repurposing Fee”) of CHF 27.0 million that will be credited back to us over a 10-year period starting upon commencement of commercial production.

2026 Development and Manufacturing Services Agreement

On February 18, 2026, we entered into a development and manufacturing services agreement with Lonza, effective as of January 1, 2026, pursuant to which Lonza will perform manufacturing process development and commercial manufacture and supply of certain key components for our proprietary PCV franchise.

Under the agreement, we will pay Lonza for development and manufacturing services, in addition to paying for certain raw material and other costs.

We will be required to purchase, and Lonza will be required to supply, the components pursuant to the relevant purchase orders under the agreement.

In consideration of the commercial supply services and Lonza’s other obligations under the agreement, we will pay Lonza a daily fee for Lonza’s operation of the facility solely to actively manufacture the components.

With respect to such commercial supply, and subject to termination rights, we and Lonza have agreed to a mutually binding percentage of annual facility capacity that shall be utilized by Lonza fully and exclusively for Lonza’s performance of services thereunder, which percentages may be adjusted under certain circumstances.

Unless earlier terminated, the agreement will remain in effect until December 31, 2038, subject to automatic renewal for up to three additional renewal periods of five years each, unless we elect not to renew.

We may terminate the agreement for convenience, and the agreement contains customary for-cause termination rights for each party.

If the Agreement is terminated (i) by us for convenience, or (ii) by Lonza for our uncured failure to pay material, undisputed amounts of money due to Lonza, then we shall pay Lonza certain cancellation fees as specified in the agreement.

Sutro Biopharma

Amended and Restated License Agreement with Sutro Biopharma

Amended and Restated License Agreement

We are party to an amended and restated license agreement with Sutro Biopharma, dated October 12, 2015, which was subsequently amended on May 9, 2018, May 29, 2018, September 28, 2023 and November 21, 2023 (as amended, the “Sutro Biopharma License Agreement”).

Under the Sutro Biopharma License Agreement, we received an exclusive, worldwide, royalty-bearing, sublicensable license under Sutro Biopharma’s patents and know-how relating to cell-free expression of proteins to (i) research, develop, use, sell, offer for sale, export, import and otherwise exploit specified vaccine compositions, such rights being sublicensable, for the treatment or prophylaxis of infectious diseases, excluding cancer vaccines, and (ii) manufacture, or have manufactured by an approved contract manufacturing organization, such vaccine compositions from extracts supplied by Sutro Biopharma pursuant to the Sutro Biopharma Supply Agreement (as described below).

We are obligated to use commercially reasonable efforts to develop, obtain regulatory approval for and commercialize the vaccine compositions.

In consideration of the rights granted under the Sutro Biopharma License Agreement, we are obligated to pay Sutro Biopharma a 4% royalty on worldwide aggregate annual net sales of our vaccine products for human health and a 2% royalty on such net sales of vaccine products for animal health.

Such royalty rates are subject to specified reductions, including standard reductions for third-party payments and for expiration of relevant patent claims.

We are also obligated to pay Sutro Biopharma any royalties due to Stanford University (the upstream licensor of Sutro Biopharma), to the extent the royalties payable by Sutro Biopharma to Stanford University are greater than the royalties payable by us to Sutro Biopharma.

Royalties are payable on a vaccine composition-by-vaccine composition and country-by-country basis until the later of expiration of the last valid claim in the licensed patents covering such vaccine composition in such country and 10 years after the first commercial sale of such vaccine composition.

The latest expiration date of a licensed Sutro Biopharma patent application, if issued, would be 2036, subject to any adjustment or extension of patent term that may be available in a particular country.

In addition, we are obligated to pay Sutro Biopharma a percentage of net sublicensing revenue received in the low teen percentages.

In addition, in the event we sublicense our non-manufacturing rights under the Sutro Biopharma License Agreement before a specified date, we are obligated to pay Sutro Biopharma a percentage, in the low double-digits, of the sublicensing revenue we receive under such agreement.

On September 28, 2023, we and Sutro Biopharma amended certain terms of the Sutro Biopharma License Agreement, including with respect to (i) royalty reduction provisions applicable in the event of expiration of relevant patent claims, which would result in lower royalties payable by us to Sutro Biopharma under certain circumstances, (ii) the ownership, prosecution, maintenance and enforcement of certain intellectual property rights licensed or arising under the Sutro Biopharma License Agreement (including as agreed to be amended in the Option Agreement (as defined below)), and (iii) the timing and form for financial reporting of royalty payment calculations.

For additional information about the Sutro Biopharma License Agreement, see “Manufacturing and Supply— Sutro Biopharma Agreements — Amended and Restated License Agreement with Sutro Biopharma ” included in Part I, Item 1.

Business of this Annual Report on Form 10-K.

Supply Agreement with Sutro Biopharma

The Sutro Biopharma License Agreement will remain in effect until terminated.

The agreement may be terminated by either party for the other party’s material breach uncured within 60 days’ notice, by us at will with 60 days’ notice, or by Sutro Biopharma if we challenge Sutro Biopharma’s patents or if we undergo a change of control with a specified competitor of Sutro Biopharma.

Supply Agreement

In May 2018, we entered into a supply agreement with Sutro Biopharma, which was subsequently amended on February 22, 2021 and November 21, 2023 (as amended, the “Sutro Biopharma Supply Agreement”) pursuant to which we purchase from Sutro Biopharma extract and custom reagents for use in manufacturing non-clinical and certain clinical supply of vaccine compositions utilizing the technology licensed under the Sutro Biopharma License at prices not to exceed a specified percentage above Sutro Biopharma’s fully burdened manufacturing cost.

If any extracts or custom reagents do not meet the specifications and warranties provided, then we will not have an obligation to pay for the non-conforming product, and Sutro Biopharma will be obligated to replace the non-conforming product within the shortest possible time with conforming product at our cost.

The term of the Sutro Biopharma Supply Agreement is from execution until the later of (i) July 31, 2022, or (ii) the date that we and Sutro Biopharma enter into the Phase 3/Commercial Supply Agreement and Sutro Biopharma is supplying to us each Product under the Phase 3/Commercial Supply Agreement (each term as defined in the Sutro Biopharma Supply Agreement).

The Sutro Biopharma Supply Agreement may be terminated by either party for the other party’s material breach uncured within 60 days’ notice, by us at will with 60 days’ notice, or by mutual agreement of the parties.

In December 2019, we exercised our right to require Sutro Biopharma to establish a second supplier for extract and custom reagents to support our anticipated clinical and commercial needs.

For additional information about the Sutro Biopharma Supply Agreement, see “Manufacturing and Supply— Sutro Biopharma Agreements — Supply Agreement with Sutro Biopharma ” included in Part I, Item 1.

Business of this Annual Report on Form 10-K.

Option Agreement with Sutro Biopharma

Option Agreement

In December 2022, we entered into an option grant agreement with Sutro Biopharma (the “Option Agreement”).

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We and Sutro Biopharma agreed to negotiate the terms and conditions of a form definitive agreement to be entered into in the event we exercise the Option, which would include the terms and conditions set forth in an executed term sheet between us (the “Term Sheet”) and such terms that were necessary to give effect to each of the terms and conditions set forth in the Term Sheet (the “Form Definitive Agreement”).

On September 28, 2023, we and Sutro Biopharma mutually agreed in writing upon the Form Definitive Agreement to become effective in the event that we exercise the Option, and on October 2, 2023, we paid the $5.0 million accrued commitment.

On November 21, 2023 (the “Option Exercise Date”), we exercised the Option by submitting written notice thereof to Sutro Biopharma and concurrently paid Sutro Biopharma $50.0 million in cash as the first of two installment payments for the Option exercise price, followed by the second and final installment of $25.0 million in cash on May 13, 2024.

As consideration for the Option and other rights and authorizations granted to us under the Option Agreement, we paid Sutro Biopharma upfront consideration of $22.5 million, consisting of (i) $10.0 million in cash and $7.5 million worth of shares of our common stock (the number of shares calculated based on the arithmetic average of the daily volume weighted average price of our common stock as traded on Nasdaq in the three consecutive trading days immediately prior to the issuance thereof) in December 2022, and (ii) $5.0 million in October 2023 within five business days after we and Sutro Biopharma mutually agree in writing upon the Form Definitive Agreement on September 28, 2023.

The 167,780 shares of common stock issued was recorded at fair value of $8.0 million on the date of settlement, December 22, 2022.

We determined there was no current alternative future use of the acquired manufacturing rights from the Option Agreement and, as a result, the amounts paid were expensed as incurred.

Upon the occurrence of certain regulatory milestones, certain additional milestone payments may total up to $60.0 million in cash.

In the event that we undergo a change of control, certain rights and payments may be accelerated.

For additional information about the Option Agreement, see “Manufacturing and Supply— Sutro Biopharma Agreements — Option Agreement with Sutro Biopharma ” included in Part I, Item 1.

Business of this Annual Report on Form 10-K.

Manufacturing Rights Agreement with Sutro Biopharma

Manufacturing Rights Agreement

Concurrent with the payment of the first installment of the Option exercise price pursuant to the Option Agreement, on November 21, 2023, the manufacturing rights agreement (in the form of the Form Definitive Agreement) between us and Sutro Biopharma (the “Manufacturing Rights Agreement”) became effective.

Pursuant to the Manufacturing Rights Agreement, we obtained exclusive rights to independently, or through certain third parties, develop, improve and manufacture cell-free extract for use in connection with our vaccine candidates.

For additional details regarding our relationship with Sutro Biopharma and the Manufacturing Rights Agreement, see “Manufacturing and Supply— Sutro Biopharma Agreements — Manufacturing Rights Agreement with Sutro Biopharma ” included in Part I, Item 1.

Business of this Annual Report on Form 10-K and Note 7, “Commitments and Contingencies,” to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

Under the Manufacturing Rights Agreement, we received an exclusive (except as to Sutro Biopharma), perpetual (subject to termination), worldwide license, for no additional royalty (i.e., royalty-free, other than any royalties due under the Sutro Biopharma License Agreement), under Sutro Biopharma’s relevant patents and know-how, to manufacture or have manufactured extract and improvements to extract (in any form) solely for use in the research, development, use, production, sale, offering for sale, export, import, commercialization or other exploitation of Vaccine Compositions (as defined in the Sutro Biopharma License Agreement) as well as certain rights with respect to certain regulatory matters related to extract and its use in connection with such Vaccine Compositions.

We have the right to extend our rights and obligations under the Manufacturing Rights Agreement to our affiliates and to sublicense our rights to manufacture extract and improvements to extract to certain third-party CMOs and other contractors (for our benefit and not for such third party’s independent commercial use).

For clarity, we are

not permitted to manufacture extract for sale to third parties for the independent use of such third parties.

Under the Manufacturing Rights Agreement, we have the obligation to protect the confidentiality of the extract manufacturing technology, and Sutro Biopharma has certain audit rights in connection therewith.

Under the Manufacturing Rights Agreement, upon our request and at our cost, Sutro Biopharma will support up to two technology transfers to us (or to an affiliate of ours or certain third-party CMOs designated by us) of certain Sutro Biopharma know-how, materials and information to enable us to manufacture or have manufactured extract.

Under certain circumstances, Sutro Biopharma may source extract from us or certain third-party CMOs, subject to reimbursement for technology transfer costs.

The Manufacturing Rights Agreement contains certain terms with respect to the ownership, prosecution, maintenance and enforcement of certain intellectual property rights licensed or arising under the Manufacturing Rights Agreement, which are generally consistent with the Sutro Biopharma License Agreement.

Unless earlier terminated, the Manufacturing Rights Agreement will remain in effect in perpetuity.

Sutro Biopharma may only terminate the Manufacturing Rights Agreement in the event of our (i) uncured, intentional, material breach of certain confidentiality provisions resulting in actual, material harm to Sutro Biopharma’s business, (ii) uncured, intentional material breach of certain provisions relating to the use of certain of Sutro Biopharma’s know-how outside of the Vaccine Field, (iii) unintentional, material breach of certain provisions relating to the use of certain of Sutro Biopharma’s know-how outside of the Vaccine Field that we do not use reasonable best efforts to cease and (to the extent reasonably curable) cure in a timely fashion, or (iv) uncured failure to pay the Option exercise price or any undisputed milestone payment under the Option Agreement when due.

We may terminate the Manufacturing Rights Agreement at our discretion upon 60 days’ written notice, and both parties may terminate the Manufacturing Rights Agreement upon mutual written consent.

Thermo Fisher Scientific

Commercial Manufacturing and Supply Agreement

On September 24, 2025, we entered into a master services agreement with Patheon Manufacturing Services LLC, part of Thermo Fisher Scientific (collectively, “Thermo Fisher”), pursuant to which Thermo Fisher will formulate, fill, inspect, package, label, test, manufacture and supply drug product for us at Thermo Fisher's facility in Greenville, North Carolina (the "Thermo Fisher Commercial Manufacturing and Supply Agreement").

Pursuant to the Thermo Fisher Commercial Manufacturing and Supply Agreement, we have agreed to order drug product from Thermo Fisher based on certain binding forecast periods and established prices.

In addition, we will also pay Thermo Fisher for technology transfer activities and reimburse Thermo Fisher for certain out-of-pocket capital expenditures under the terms of the agreement.

The Thermo Fisher Commercial Manufacturing and Supply Agreement has an initial term of 15 years and will automatically renew for additional three-year periods unless either party provides notice of non-renewal before the end of the then existing term, subject to completion of ongoing services.

We are permitted to terminate the Thermo Fisher Commercial Manufacturing and Supply Agreement prior to expiration, subject to the payment of applicable termination fees, plus certain capital expenditure commitments.

Impact of Certain Trends and Macroeconomic Environment

The Company operates in an industry that is subject to significant government regulation.

The Company’s operations are subject to significant risk and uncertainties, including financial, operational, technological, regulatory and political.

We operate in an industry that is subject to significant government regulation.

Our operations are subject to significant risk and uncertainties, including financial, operational, technological, regulatory and political risks.

Such factors include, but are not necessarily limited to, the results of clinical testing and trial activities;

our ability to adequately demonstrate sufficient safety and immunogenicity or efficacy of our vaccine candidates;

our ability to adequately demonstrate sufficient safety, tolerability and immunogenicity or efficacy of our vaccine candidates;

our ability to enroll subjects in our ongoing and future clinical trials;

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the ability to obtain favorable licensing, manufacturing or other agreements;

the political and regulatory environment with the change in the U.S.

administration in 2025;

the political and regulatory environment;

general and market conditions;

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Inflationary factors, such as increases in the cost of our clinical trial materials and supplies, fluctuating interest rates and increases in overhead costs may adversely affect our operating results.

Fluctuating interest rates and rising inflation rates have in the past and may in the future present a challenge impacting the U.S.

Fluctuating interest rates and rising inflation rates also present a challenge impacting the U.S.

economy and could make it more difficult for us to obtain traditional financing on acceptable terms, if at all, in the future.

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Research and development expenses represent costs incurred in performing research, development and manufacturing activities in support of our own product development efforts.

These include internal personnel-related costs (including salaries, employee benefits and stock-based compensation) for our personnel in research and development functions, and external costs related to (i) acquiring, developing and manufacturing supplies for preclinical studies, clinical trials and other studies, including fees paid to CMOs;

(ii) agreements with contract research organizations (“CROs”), investigative sites and consultants to conduct non-clinical and preclinical studies and clinical trials;

(iii) professional and consulting services;

(iv) research and development consumables;

(v) laboratory supplies and equipment;

and (vi) facility and other allocated shared services.

Our research and development expenses include internal personnel-related costs (including salaries, employee benefits and stock-based compensation) for our personnel in research and development functions, and external costs including (i) product manufacturing costs, primarily related to acquiring, developing and manufacturing supplies for clinical trials and to prepare for potential future commercial launches, including fees paid to contract manufacturing organizations;

(ii) clinical costs related to agreements with contract research organizations , investigative sites and consultants to conduct non-clinical and preclinical studies and clinical trials;

(iii) research and development consumables, laboratory supplies and equipment costs;

(iv) facility and other allocated shared services;

and (v) other expenses primarily including professional and consulting services costs.

Our PCV programs include VAX-31, VAX-24 and VAX-XL, and our non-PCV programs include VAX-A1, VAX-GI, and other discovery-stage programs.

In August 2025, we announced that we paused the advancement, beyond preclinical development, of VAX-A1 and VAX-GI while remaining confident in their potential and preserving the option to advance the programs in the future.

The majority of our external costs relate to our PCV programs compared to the costs related to non-PCV programs.

Most of the external costs associated with our vaccine candidates, particularly our PCV programs, are common in nature, and can be deployed across multiple candidates or redeployed as our vaccine development strategy evolves;

as a result, we do not track external costs by candidate, program or project.

We do not allocate internal personnel-related costs by program or project because several of our departments support multiple vaccine candidate programs and the hours are not tracked separately by program.

VAX-31 and VAX-24 are in the clinical stages, and VAX-XL and our non-PCV programs are in preclinical stages.

The majority of our external costs relate to our clinical-stage programs compared to the costs related to our preclinical-stage programs.

Costs associated with preclinical programs are relatively small and insignificant to the overall financial statements.

Further, several expenses are shared among various vaccine programs and, as such, we do not separately track external costs by clinical and preclinical stages.

Research and development expenses, including costs related to acquired manufacturing rights, are expensed as incurred if it is determined there is no alternative future use.

Non-refundable advance payments for services that will be used or rendered for future research and development activities are recorded as prepaid expenses and recognized as expenses as the related services are performed.

We do not allocate all of our costs by vaccine candidates, as our research and development expenses include internal costs, such as payroll and other personnel expenses, which are not tracked by vaccine candidate.

In particular, with respect to internal costs, several of our departments support multiple vaccine candidate research and development programs.

We expect our research and development expenses to increase substantially as we advance our vaccine candidates into and through preclinical studies and clinical trials, manufacture drug product for our clinical trials, scale up our manufacturing activities, establish additional manufacturing capacity to meet potential incremental supply requirements following the potential initial commercial launch of VAX-31 for adults, pursue regulatory approval of our vaccine candidates and expand our pipeline of vaccine candidates.

We expect our research and development expenses to increase in absolute dollars for the foreseeable future as we advance our vaccine candidates into and through preclinical studies and clinical trials, manufacture drug product for our clinical trials and to support the potential initial commercial launch of VAX-31 in the adult population, scale up our manufacturing activities, establish additional manufacturing capacity to meet potential incremental supply requirements following the potential commercial launches of VAX-31 in the adult population and VAX-31 or VAX-24 in the pediatric population, pursue regulatory approval of our vaccine candidates and expand our pipeline of vaccine candidates.

The process of conducting the necessary preclinical and clinical research and completing the manufacturing requirements to obtain regulatory approval is costly and time-consuming.

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There may be instances in which payments made to our vendors exceed the level of services provided and result in a prepayment of the research and development expense.

Advance payments for goods and services to be used in future research and development activities are expensed when the activity has been performed or when the goods have been received.

Advance payments for goods and services to be used in future research and development activities are expensed when the

activity has been performed or when the goods have been received.

We make significant judgments and estimates in determining accrued research and development liabilities as of each reporting period based on the estimated time period over which services will be performed and the level of effort to be expended.

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• the phase of development of our vaccine candidates;

• the costs of establishing additional manufacturing capacity to meet potential incremental supply requirements following the potential initial commercial launch of VAX-31 for adults;

• the costs of establishing additional manufacturing capacity to meet potential incremental supply requirements following the potential commercial launches of VAX-31 in the adult population and VAX-31 or VAX-24 in the pediatric population;

• the costs that may be required for secondary supply sources;

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and facility and other allocated shared costs not otherwise included in research and development expenses.

We expect our general and administrative expenses to continue to increase as we increase our headcount and expand our services to support our continued research and development activities and grow our business.

We expect our general and administrative expenses to continue to increase in absolute dollars for the foreseeable future as we increase our headcount and expand our services to support our continued research and development activities and grow our business.

Other Income (Expense), Net

Other income (expense), net includes interest income earned from our cash and cash equivalents and investments, grant income, foreign currency transaction gains (losses) related to our Swiss Franc and Euro cash and liability balances, loss on disposals of fixed assets and interest expense.

Other income (expense), net includes interest income earned from our cash, cash equivalents and investments, grant income and foreign currency transaction gains (losses) related to our Swiss Franc and Euro cash and liability balances, loss on disposals of fixed assets and interest expense.

Interest Income

Interest income is earned from our cash and cash equivalent balances and short- and long-term investments.

Interest income is earned from our cash and cash equivalents balances and short- and long-term investments.

The cost of investment securities is adjusted for amortization of premiums and accretion of discounts to maturity.

Such amortization and accretion are included in other income (expense), net.

Realized gains and losses are also included in other income (expense), net.

Such amortization and accretion are included in other income, net.

Realized gains and losses are also included in other income, net.

When the fair value of a debt security declines below its amortized cost basis, any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the security, is recognized in our consolidated statements of operations.

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In June 2023, we received another grant from the NIH that provides for potential funding up to five years totaling approximately $4.6 million.

We have received and expect to continue to receive funding under each of these grants.

We recognized $1.0 million, $4.8 million and $1.9 million in grant income for funding research and development under these awards during the years ended December 31, 2024, 2023 and 2022, respectively.

Grant income is included as a component of Other income (expense), net in the consolidated statements of operations.

As of December 31, 2025, we have received and expect to continue to receive funding under each of these grants.

We are currently working on a discovery program with the University of North Carolina at Chapel Hill and the University of Chicago to develop a vaccine candidate for the prevention of Chlamydia, which is funded in part by a grant from the NIAID that provides potential funding up to five years totaling approximately $9.5 million.

As of December 31, 2024, we have not yet received funding under this award.

As of December 31, 2025, we have received and expect to continue to receive funding under this grant.

Income from grants is recognized in the period during which the related specified expenses are incurred, provided

that the conditions under which the grants were provided have been met.

We recognized $0.5 million, $1.0 million and $4.8 million in grant income for funding research and development under these awards during the years ended December 31, 2025, 2024 and 2023, respectively.

Grant income is included as a component of Other income, net in the consolidated statements of operations.

Results of Operations

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Acquired manufacturing rights

— — 75,000 — — (75,000) (100.0 %)

General and administrative 129,369 92,902 60,700 36,467 39.3 % 32,202 53.1 %

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Other income, net:

Interest expense

— — (2) — — 2 (100.0 %)

Interest income

119,718 109,994 62,907 9,724 8.8 % 47,087 74.9 %

Other income (expense) 37,329 (4,375) 2,868 41,704 (953.2 %) (7,243) (252.5 %)

Total other income, net 157,047 105,619 65,775 51,428 48.7 % 39,844 60.6 %

105,619 65,775 8,771 39,844 60.6 % 57,004 649.9 %

Net loss $ (766,628) $ (463,927) $ (402,266) $ (302,701) 65.2 % $ (61,661) 15.3 %

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Research and Development Expenses

Year Ended December 31,

2025 2024 2023 $

(in thousands)

External costs:

Product Manufacturing Cost $ 403,215 $ 173,329 $ 177,398 $ 229,886 132.6 % $ (4,069) (2.3) %

Clinical trials related expenses 83,817 66,475 15,459 17,342 26.1 % 51,016 330.0 %

Research Expense 66,423 74,450 46,039 (8,027) (10.8) % 28,411 61.7 %

Facility and other allocated expenses 31,219 24,393 14,100 6,826 28.0 % 10,293 73.0 %

Other External Costs 16,016 10,863 8,988 5,153 47.4 % 1,875 20.9 %

Total external costs 600,690 349,510 261,984 251,180 71.9 % 87,526 33.4 %

Internal costs:

Personnel-related expenses 193,616 127,134 70,357 66,482 52.3 % 56,777 80.7 %

Total research and development expenses

$ 794,306 $ 476,644 $ 332,341 $ 317,662 66.6 % $ 144,303 43.4 %

Research and development expenses increased by $317.7 million, or 66.6%, in 2025 compared to 2024.

The increase was driven by (i) external costs, which grew by $87.5 million largely due to increased development and manufacturing activities in connection with the adult and infant PCV programs, including to support the potential future commercial launches, and (ii) internal personnel-related costs, which grew by $56.8 million largely due to headcount growth.

The increase was driven by external costs, which grew by $251.2 million largely due to increased development and manufacturing activities in connection with the adult and infant PCV programs, including to support the potential future commercial launches.

Product manufacturing costs increased by $229.9 million, clinical trials related expenses increased by $17.3 million, facility and other allocated expenses increased by $6.8 million, and other external costs increased by $5.2 million compared to the prior period which, were partially offset by a $8.0 million decrease in research expenses.

The increase in research and development expenses was further driven by internal personnel-related costs, which grew by $66.5 million largely due to headcount growth.

Acquired Manufacturing Rights

In December 2022, we entered into the Option Agreement with Sutro Biopharma, pursuant to which we acquired the Option.

As consideration for the Option and other rights and authorizations granted to us under the Option Agreement, we paid Sutro Biopharma upfront consideration of $22.5 million, consisting of (i) $10.0 million in cash and $7.5 million worth of shares of our common stock (the number of shares to be calculated based on the arithmetic average of the daily volume weighted average price of our common stock as traded on Nasdaq in the three consecutive trading days immediately prior to the issuance thereof) in December 2022, and (ii) $5.0 million on October 2, 2023 within five business days after we and Sutro Biopharma mutually agree in writing upon the Form Definitive Agreement on September 28, 2023.

The 167,780 shares of common stock issued was recorded at fair value of $8.0 million on the date of settlement, December 22, 2022.

In November 2023, we exercised the Option by submitting written notice thereof to Sutro Biopharma and concurrently paid Sutro Biopharma $50.0 million in cash as the first of two installment payments for the Option exercise price, followed by the second and final installment of $25.0 million in cash in May 2024.

We determined there was no current alternative future use of the acquired manufacturing rights from the Option Agreement and, as a result, the amounts paid were expensed as incurred.

No additional cost was incurred in the year ended December 31, 2024.

We determined there was no current alternative future use of the acquired manufacturing rights from the Option Agreement and, as a result, the amounts paid were expensed as incurred in the year ended December 31, 2023.

No additional costs were incurred in the years ended December 31, 2025 or 2024.

Upon the occurrence of certain regulatory milestones, we would be obligated to pay Sutro Biopharma certain additional milestone payments totaling up to $60.0 million in cash.

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General and administrative expenses increased by $36.5 million, or 39.3%, in 2025 compared to 2024.

The increase was due to primarily (i) personnel-related costs, which grew by $24.9 million largely due to headcount growth, and (ii) professional and consulting services, which grew by $4.6 million.

Other Income (expense), Net

Other income (expense), net increased by $39.8 million, or 60.6%, in 2024 compared to 2023.

The increase was primarily attributable to a $47.1 million increase in interest income as a result of higher cash and investment balances resulting from our follow-on equity and ATM financings combined with increases in interest rates resulting from a longer average investment portfolio duration, partially offset by a decrease in grant income and an increase in foreign currency losses.

The increase was due to primarily (i) personnel-related costs, which grew by $25.8 million largely due to headcount growth, (ii) professional and consulting services, which grew by $6.2 million, and (iii) a $3.0 million increase in facility and other allocated expenses.

Other Income, Net

Other income, net increased by $51.4 million , or 48.7%, in 2025 compared to 2024.

The increase was primarily attributable to a $42.7 million increase in unrealized and realized foreign currency gains due to the weakening of the U.S.

Dollar relative to the Swiss Franc.

Additionally, interest income increased by $9.7 million which was driven by (i) higher average cash and investment balances in the year ended December 31, 2025 as a result of proceeds from our follow-on equity and ATM financings during the year ended December 31, 2024 and (ii) an increased average duration of our investment portfolio in the year ended December 31, 2025.

Liquidity and Capital Resources

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The material terms and conditions of the Original ATM Sales Agreement otherwise remain unchanged.

As of December 31, 2024, we have sold 4,211,367 shares of our common stock under the Amended ATM Sales Agreement at a weighted average price of $64.19 per share for aggregate gross proceeds of $270.3 million, or $264.2 million net of commissions and offering expenses, with $129.7 million remaining for future sales under the Amended ATM Sales Agreement.

We will pay Jefferies a commission of up to 3.0% of the gross sales proceeds of any common stock sold through Jefferies under the Amended ATM Sales Agreement;

however, we are not obligated to make any sales of common stock.

As of December 31, 2025, we have sold 4,211,367 shares of our common stock under the Amended ATM Sales Agreement at a weighted average price of $64.19 per share for aggregate gross proceeds of $270.3 million ($264.2 million net of commissions and offering expenses) with $129.7 million remaining for future sales under the Amended ATM Sales Agreement.

We have made no sales under the Amended ATM Sales Agreement since August 2024.

Underwritten Follow-on Public Offerings

In January 2022, we completed an underwritten public offering in which we issued 2,500,000 shares of common stock at a price of $20.00 per share and pre-funded warrants to purchase 2,500,000 shares of our common stock at a price of $19.999 per underlying share.

per underlying share.

In February 2022, the underwriters exercised their option to purchase an additional 750,000 shares of common stock.

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In February 2024, we completed an underwritten public offering of 12,695,312 shares of our common stock, which included the full exercise of the underwriters’ option to purchase an additional 1,757,812 shares, at a price of $64.00 per share and pre-funded warrants to purchase 781,250 shares of our common stock at a price of $63.999 per underlying share.

In aggregate, we received approximately $816.5 million in net proceeds after deducting underwriting discounts and commissions and other estimated offering expenses payable by us, and excluding the exercise of any pre-funded warrants.

In aggregate, we received $816.5 million in net proceeds after deducting underwriting discounts and commissions and other estimated offering expenses payable by us, and excluding the exercise of any pre-funded warrants.

In September 2024, we completed an underwritten public offering of 12,087,378 shares of our common stock, which included the full exercise of the underwriters’ option to purchase an additional 1,893,203 shares, at a price of $103.00 per share and pre-funded warrants to purchase 2,427,184 shares of our common stock at a price of $102.999 per underlying share.

In aggregate, we received $1.4 billion in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by us, and excluding the exercise of any pre-funded warrants.

The pre-funded warrants are exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and payment of the exercise price.

No fractional shares of common stock will be issued in connection with the exercise of a pre-funded warrant.

The holders of the pre-funded warrants may also satisfy their obligation to pay the exercise price through a “cashless exercise,” in which the holder receives the net value of the pre-funded warrant in shares of common stock determined according to the formula set forth in the pre-funded warrant.

The pre-funded warrants will not expire until they are fully exercised.

However, we may not effect the exercise of any pre-funded warrants, and a holder will not be entitled to exercise any portion of any pre-funded warrants that, upon giving effect to such exercise, would cause:

(i) the aggregate number of shares of our common stock beneficially owned by such holder (together with affiliates) to exceed 4.99% or 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as applicable;

or (ii) the combined voting power of our securities beneficially owned by such holder (together with its affiliates) to exceed 4.99% or 9.99% of the combined voting power of all of our securities outstanding immediately after giving effect to the exercise, as applicable, as such percentage ownership is determined in accordance with the terms of the pre-funded warrants.

However, any holder of a pre-funded warrant may increase or decrease such percentage to any other percentage not in excess of 19.99% upon at least 61 days' prior notice for the holder to us.

In January 2025, 1,000,000 shares and 2,500,000 shares underlying the pre-funded warrants from the January 2022 and October 2022 offerings, respectively, were exercised to receive 999,988 shares and 2,499,971 shares of common stock, net of exercise costs, respectively.

In June 2025, 640,705 shares underlying pre-funded warrants from the February 2024 offering were exercised to receive 640,685 shares of common stock, net of exercise costs.

In October 2025, 853,936 shares underlying pre-funded warrants from the February 2024 and September 2024 offering were exercised to receive 853,914 shares of common stock, net of exercise costs.

As of December 31, 2025, no other shares underlying the pre-funded warrants have been exercised.

In February 2026, we completed an underwritten public offering of 12,650,000 shares of our common stock, which included the full exercise of the underwriters' option to purchase an additional 1,650,000 shares, at a price of $50.00 per share.

In aggregate, we received approximately $600.2 million in net proceeds after deducting underwriting discounts and commissions and other estimated offering expenses payable by us.

Future Funding Requirements

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• the timing, scope, progress, results and costs of research and development, testing, screening, manufacturing, preclinical development and clinical trials;

• the costs of establishing additional manufacturing capacity to meet potential incremental supply requirements following the potential initial commercial launch of VAX-31 for adults;

• the outcome, timing and cost of seeking and obtaining regulatory approvals from the FDA and comparable foreign regulatory authorities, which may require more studies than those that we currently expect or change their requirements regarding the data required to support a marketing application;

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Net cash used in operating activities $ (655,577) $ (452,627) $ (296,790)

Net cash (used in) provided by investing activities (2,005,666) (773,311) 74,585

Net cash provided by (used in) investing activities

437,354 (2,005,666) (773,311)

Net cash provided by financing activities 2,014 2,448,508 639,813

Effect of exchange rate changes on cash and cash equivalents 2,439 426 (6,686)

Net (decrease) increase in cash and cash equivalents

Net decrease in cash and cash equivalents

$ (213,770) $ (9,359) $ (436,974)

Cash Flows from Operating Activities

Net Cash Flows from Operating Activities

Cash used in operating activities for the year ended December 31, 2025 was $655.6 million, an increase of $203.0 million compared to 2024.

The increase was primarily due to higher cash expenditures to support our business growth and increased development and manufacturing activities in connection with the adult and infant PCV programs, including support for the potential future commercial launches, as well as timing of payments.

Cash Flows from Investing Activities

Cash used in investing activities for the year ended December 31, 2024 was $2,005.7 million, an increase of $1,232.4 million compared to 2023.

The increase was primarily due to an increase of $1,756.8 million in purchases of investments and $44.9 million in payments related to manufacturing facility build-out and equipment construction-in-progress, partially offset by an increase of $521.4 million in maturities of investments and $54.4 million in sales of investments in 2024.

Cash Flows from Financing Activities

Cash provided by financing activities for the year ended December 31, 2024 was $2,448.5 million, an increase of $1,808.7 million compared to 2023.

The increase was primarily due to an increase in (i) net proceeds from our follow-on public offerings of $1,694.4 million, (ii) net proceeds from Amended ATM Sales Agreement of $105.2 million, and (iii) proceeds from the issuance of shares through employee equity incentive plans of $19.5 million, partially offset by taxes paid related to the net share settlement of equity awards of $10.4 million.

The increase in cash used was partially offset by the timing of payments for manufacturing and accrued expenses in 2025.

Net Cash Flows from Investing Activities

Cash provided by investing activities for the year ended December 31, 2025 was $437.4 million, an increase of $2,443.0 million compared to 2024.

The increase was primarily due to decreases of $1,875.2 million in investment purchases and $53.5 million in payments related to manufacturing facility build-out and equipment construction-in-progress compared to 2024, partially offset by a $397.9 million increase in proceeds from maturities of investments and a $107.7 million increase in sales of investments in 2025.

Net Cash Flows from Financing Activities

Cash provided by financing activities for the year ended December 31, 2025 was $2.0 million, a decrease of $2,446.5 million compared to 2024.

The decrease was primarily due to a decrease in (i) net proceeds from our follow-on public offerings of $2,239.7 million, (ii) net proceeds from the Amended ATM Sales Agreement of $195.9 million, and (iii) proceeds from the issuance of shares through employee equity incentive plans of $14.1 million, partially offset by a decrease in taxes paid related to the net share settlement of equity awards of $3.3 million.

Contractual Obligations and Commitments

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On an ongoing basis, we evaluate our estimates and judgments, including those related to accrued research and development expenses, stock-based compensation and leases.

We base our estimates on historical experience, known trends and events and various other factors 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.

We base our estimates on historical experience, known trends and events and various other factors 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 from these estimates under different assumptions or conditions.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis