Vaxcyte Files Preliminary Prospectus for $500M Equity Offering with Pre-Funded Warrants
PCVX sits 82% above its 52-week low of $39.87 on elevated volume (11× avg).
Summary
Vaxcyte filed the preliminary prospectus for its $500 million equity offering, formalizing the capital raise announced after positive Phase 3 VAX-31 data. The offering includes pre-funded warrants and runs concurrently with a $500 million convertible note offering.
Updates
· SEC 424B5 — The preliminary prospectus leaves the aggregate principal amount, interest rate, and conversion price blank, pending pricing.
Key Events · Financing and Capital Events · PCVX
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$500M Equity Offering Formalized
Preliminary prospectus supplement filed for the $500 million common stock and pre-funded warrant offering announced October 5, 2026, following positive Phase 3 OPUS-1 data for VAX-31.
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Pre-Funded Warrant Structure
Offering includes pre-funded warrants with a $0.001 exercise price and a 9.99% ownership blocker; warrants are exercisable until fully exercised and not listed on any exchange.
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Concurrent $500M Convertible Note Offering
Separate prospectus supplement covers a concurrent $500 million convertible senior notes offering due 2032, with a 30-day underwriter over-allotment option; neither offering is contingent on the other.
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Lock-Up and ATM Restriction
Executive officers and directors are subject to a 60-day lock-up; sales under the existing $500 million ATM program are restricted for 30 days from the prospectus date.
Analysis · PCVX · Life Sciences
Vaxcyte filed the preliminary prospectus supplement for its $500 million common stock and pre-funded warrant offering, formalizing the capital raise announced the prior evening. The offering comes immediately after positive Phase 3 OPUS-1 data for VAX-31, allowing the company to raise capital at a favorable valuation. The structure includes pre-funded warrants with a nominal $0.001 exercise price and a 9.99% ownership blocker, plus a 60-day lock-up on insiders. The company disclosed approximately $2.3 billion in cash as of September 30, 2026, so this raise is about funding the commercial launch of VAX-31 rather than survival. Dilution is real but modest relative to the company's $11 billion market cap, and the concurrent $500 million convertible note offering doubles the total capital raise to roughly $1 billion.
How filings like this one have moved
In the 30 days to Oct 6, 2026, 28.9% of the 1573 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PCVX was trading at $72.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $11B. The 52-week trading range was $39.87 to $90.75. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.