Vaxcyte is a clinical-stage vaccine company developing broad-spectrum bacterial vaccines, with no approved products or revenue. The company's core focus is pneumococcal conjugate vaccines (PCVs) — vaccines that protect against Streptococcus pneumoniae, a bacteria responsible for meningitis, bacteremia, and pneumonia, and the leading cause of vaccine-preventable deaths in children under five globally. Vaxcyte's lead candidate, VAX-31, is a 31-valent PCV targeting adults aged 50+ and infants, designed to cover approximately 95% of invasive pneumococcal disease in U.S. adults and 92% in U.S. children under five. Phase 3 trials are underway, with topline data expected in 2026-2027 and a BLA submission planned thereafter. Vaxcyte also has VAX-24, a 24-valent PCV in Phase 2 for infants, and earlier-stage programs targeting Group A Strep (VAX-A1) and Shigella (VAX-GI, currently paused). Vaxcyte's technology is built around the XpressCF cell-free protein synthesis platform, licensed from Sutro Biopharma, which enables site-specific conjugation of antigens to protein carriers — a key differentiator over conventional random conjugation chemistry, which can dampen immune responses as more serotypes are added. Vaxcyte outsources manufacturing to Lonza for drug substance and Thermo Fisher for fill-finish. If VAX-31 is approved, Vaxcyte would sell directly into U.S. adult and pediatric immunization markets, where commercial success is heavily driven by ACIP recommendations. Vaxcyte is pre-revenue and funded entirely through equity capital.