Vaxcyte, Inc. Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||||||||||||||
| Fair Value Hierarchy Level | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
| Assets | (in thousands) | ||||||||||||||||||||||||||||
| Cash and cash equivalents: | |||||||||||||||||||||||||||||
| Cash | Level 1 | $ | 85,417 | $ | — | $ | — | $ | 85,417 | ||||||||||||||||||||
| Money market funds | Level 1 | 52,302 | — | — | 52,302 | ||||||||||||||||||||||||
U.S. Treasury securities | Level 1 | — | — | — | — | ||||||||||||||||||||||||
| Commercial paper | Level 2 | 36,245 | — | (5) | 36,240 | ||||||||||||||||||||||||
| Total cash and cash equivalents | 173,964 | — | (5) | 173,959 | |||||||||||||||||||||||||
| Investments: | |||||||||||||||||||||||||||||
| U.S. Treasury securities | Level 1 | 945,072 | 1,969 | (40) | 947,001 | ||||||||||||||||||||||||
| Commercial paper | Level 2 | 28,763 | 3 | — | 28,766 | ||||||||||||||||||||||||
| Corporate debt | Level 2 | 897,564 | 2,862 | (30) | 900,396 | ||||||||||||||||||||||||
| Asset backed securities | Level 2 | 152,164 | 249 | (27) | 152,386 | ||||||||||||||||||||||||
| U.S. government agency securities | Level 2 | 219,854 | 289 | (28) | 220,115 | ||||||||||||||||||||||||
| Certificate of Deposit | Level 2 | 20,000 | — | — | 20,000 | ||||||||||||||||||||||||
| Total investments | 2,263,417 | 5,372 | (125) | 2,268,664 | |||||||||||||||||||||||||
| Total assets measured at fair value | $ | 2,437,381 | $ | 5,372 | $ | (130) | $ | 2,442,623 | |||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
| Fair Value Hierarchy Level | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
| Assets | (in thousands) | ||||||||||||||||||||||||||||
| Cash and cash equivalents: | |||||||||||||||||||||||||||||
| Cash | Level 1 | $ | 60,531 | $ | — | $ | — | $ | 60,531 | ||||||||||||||||||||
| Money market funds | Level 1 | 73,566 | — | — | 73,566 | ||||||||||||||||||||||||
U.S. Treasury securities | Level 1 | 8,983 | 2 | — | — | 8,985 | |||||||||||||||||||||||
| Commercial paper | Level 2 | 244,833 | 1 | (38) | 244,796 | ||||||||||||||||||||||||
| Total cash and cash equivalents | 387,913 | 3 | (38) | 387,878 | |||||||||||||||||||||||||
| Investments: | |||||||||||||||||||||||||||||
| U.S. Treasury securities | Level 1 | 1,463,329 | 1,533 | (5,305) | 1,459,557 | ||||||||||||||||||||||||
| Commercial paper | Level 2 | 182,308 | 48 | (18) | 182,338 | ||||||||||||||||||||||||
| Corporate debt | Level 2 | 691,972 | 888 | (1,331) | 691,529 | ||||||||||||||||||||||||
| Asset backed securities | Level 2 | 195,801 | 309 | (72) | 196,038 | ||||||||||||||||||||||||
| U.S. government agency securities | Level 2 | 217,617 | 243 | (482) | 217,378 | ||||||||||||||||||||||||
| Total investments | 2,751,027 | 3,021 | (7,208) | 2,746,840 | |||||||||||||||||||||||||
| Total assets measured at fair value | $ | 3,138,940 | $ | 3,024 | $ | (7,246) | $ | 3,134,718 | |||||||||||||||||||||
| December 31, 2025 | |||||
| Fair Value | |||||
| Due in less than one year | $ | 1,387,000 | |||
| Due in one to five years | 881,664 | ||||
| Total | $ | 2,268,664 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 29, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.