$PCVX · Vaxcyte, Inc.

Vaxcyte closed concurrent equity and convertible debt offerings on October 9, 2026, raising approximately $1.103 billion in combined net proceeds. The equity offering sold 7,412,500 shares at $64.00/share plus 400,000 pre-funded warrants, while the debt offering issued $575M in 1.50% Convertible Senior Notes due 2032 with an initial conversion price of ~$89.60 per share. Both overallotment options were exercised in full.

Stock closed regular session at $71.38 (+9.79%), with extended-hours last trade at $71.12 (-0.36% vs close). The equity offering priced at $64.00 — a discount to the pre-deal price — yet shares rallied sharply, suggesting the market views the capital raise as funding a credible pipeline catalyst rather than dilutive distress.

A $1.1B dual raise by a pre-revenue biotech signals both strong institutional demand and an imminent need for substantial clinical/manufacturing capital — the scale implies pivotal data or commercial-

Pre-revenue biotechs continue tapping convertible debt markets to fund late-stage pipelines at low coupon rates. Vaxcyte's 1.50% coupon on 2032 notes reflects strong investor demand for its vaccine platform despite no commercial revenue.

The Notes are senior unsecured obligations; in a bankruptcy event, principal and accrued interest become immediately due. Conversion and redemption mechanics could create future dilution if the stock trades above the $89.60 conversion threshold.