 FOSTER CITY, Calif., Aug. 12, 2020 GLOBE NEWSWIRE -- In a release issued earlier today under the same headline by Vaxcyte, Inc. Nasdaq: PCVX, please note that in the first bullet under Recent Highlights, the date should be June 16, 2020, not June 16, 2010. The corrected release follows:Vaxcyte, Inc., formerly known as SutroVax, a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide, today announced financial results for the second quarter ended June 30, 2020 and provided a business update.Despite the pandemic, the first half of 2020 was marked by significant progress across all aspects of our business, culminating with our successful initial public offering, said Grant Pickering, Chief Executive Officer and Co-founder of Vaxcyte. With key additions to our leadership team and the completion of both our Series D financing and IPO in the past several months, we are well positioned to execute our strategy and advance our pipeline of novel vaccine candidates, led by VAX-24, our 24-valent investigational pneumococcal conjugate vaccine.Recent Highlights Completed Upsized Initial Public Offering IPO: On June 16, 2020, Vaxcyte completed its IPO of 17,968,750 shares of common stock, which included the full exercise of the underwriters option to purchase 2,343,750 additional shares, at a public offering price of 16.00 per share, resulting in aggregate net proceeds of 264.1 million. Achieved VAX-24 Manufacturing Milestones: Vaxcyte achieved several key manufacturing milestones for VAX-24, its lead vaccine candidate, including release of the good manufacturing practices GMP batches of the eCRM protein carrier, completion of the GMP batches of the 24 polysaccharide antigens and initiation of the GMP batches of the conjugate drug substances. VAX-24 is the Companys 24-valent pneumococcal conjugate vaccine PCV candidate being developed for the prevention of invasive pneumococcal disease IPD. Amended CARB-X Agreement for VAX-A1 Program: In July 2020, Vaxcytes grant from CARB-X related to its VAX-A1 vaccine candidate was increased from 50 to 90 of reimbursable expenses during the initial funding period. VAX-A1 is a novel conjugate vaccine designed to provide universal protection from infections caused by Group A Strep bacteria, which include pharyngitis, toxic shock syndrome and necrotizing fasciitis. Strengthened Executive Leadership and Board: In May 2020, Vaxcyte appointed Andrew Guggenhime as Chief Financial Officer and Chief Business Officer, bringing more than two decades of financial and strategic leadership experience in healthcare. In April 2020, Vaxcyte appointed Halley Gilbert to its board of directors, bringing over 20 years of biotechnology leadership experience.Anticipated Milestones VAX-24: Vaxcyte expects to submit an Investigational New Drug IND application for VAX-24 to the U.S. Food and Drug Administration FDA and initiate its Phase 12 clinical proof-of-concept study in the second half of 2021. Vaxcyte expects to announce topline data from this study in 2022. VAX-A1: Vaxcyte expects to nominate a final vaccine candidate for VAX-A1 in 2021. VAX-PG: Vaxcyte expects to nominate a final vaccine candidate for VAX-PG, its novel therapeutic vaccine designed to treat periodontal disease, in 2021.Second Quarter 2020 Financial Results Cash Position: Cash and cash equivalents were 410.0 million as of June 30, 2010, compared to 59.0 million as of December 31, 2019, an increase due to Vaxcytes IPO in June 2020 and Series D financing in March 2020. Research Development RD Expenses: RD expenses were 18.2 million for the three months ended June 30, 2020 as compared to 10.0 million for the same period in 2019. The increase was due primarily to an increase in manufacturing expenses related to the Companys VAX-24 program. General Administrative GA Expenses: GA expenses were 3.0 million for the three months ended June 30, 2020 as compared to 2.3 million for the same period in 2019. The increase was due primarily to an increase in personnel-related expenses. Net Loss: For the three months ended June 30, 2020, net loss was 20.3 million, compared to 10.7 million for the three months ended June 30, 2019.About Vaxcyte Vaxcyte is a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide. The Companys cell-free protein synthesis platform, comprising the XpressCFTM platform, exclusively licensed from Sutro Biopharma, Inc., together with Vaxcytes proprietary know-how, enables the design and production of protein carriers and antigens, the critical building blocks of vaccines, in ways that the Company believes conventional vaccine technologies currently cannot. Vaxcytes lead vaccine candidate, VAX-24, is a preclinical, 24-valent broad-spectrum pneumococcal conjugate vaccine PCV being developed for the prevention of invasive pneumococcal disease IPD. Vaxcytes pipeline also includes VAX-XP, a PCV with an expanded breadth of coverage of at least 30 strains, including newly emerging strains responsible for IPD and antibiotic resistance; VAX-A1, a prophylactic vaccine candidate designed to prevent Group A Strep infections; and VAX-PG, a therapeutic vaccine candidate designed to slow or stop the progression of periodontal disease by targeting the keystone pathogen responsible for this chronic, oral inflammatory disease. For more information, visit Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to the process and timing of anticipated future development of Vaxcytes vaccine candidates, including VAX-24, VAX-XP, VAX-A1 and VAX-PG. The words anticipate, believe, continue, could, estimate, expect, intend, may, plan, potential, predict, project, should, target, will, would and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Vaxcytes current expectations and actual results and timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties, including, without limitation, risks related to Vaxcytes product development programs, including development timelines, success and timing of chemistry, manufacturing and controls and related manufacturing activities, potential delays or inability to obtain and maintain required regulatory approvals for its vaccine candidates, and the risks and uncertainties inherent with preclinical and clinical development processes; the success, cost and timing of all development activities and clinical trials; and sufficiency of cash and other funding to support Vaxcytes development programs and other operating expenses. These and other risks are described more fully in Vaxcytes filings with the Securities and Exchange Commission SEC, including its Quarterly Report on Form 10-Q filed with the SEC on August 12, 2020, its prospectus dated June 11, 2020 filed with the SEC on June 15, 2020 or in other documents Vaxcyte subsequently files with or furnishes to the SEC. Vaxcyte undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations. Readers should not rely upon the information in this press release as current or accurate after its publication date.Investor Contact: Andrew Guggenhime, Chief Financial Officer Chief Business Officer Vaxcyte, Inc. 650-837-0111 Vaxcyte, Inc. Condensed Statements of Operations in thousands, except share and per share amounts unaudited Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Operating expenses: Research and development 1 18,178 9,968 42,493 22,595 General and administrative 1 3,046 2,264 6,327 3,580 Total operating expenses 21,224 12,232 48,820 26,175 Loss from operations 21,224 12,232 48,820 26,175 Other income expense, net Interest expense 11 7 24 Interest income 44 181 179 418 Grant income 1,036 1,365 Foreign currency transaction losses 176 53 179 231 Change in fair value of the redeemable convertible preferred stock tranche liability 1,450 1,676 Total other income expense, net 904 1,567 1,358 1,839 Net loss and comprehensive loss 20,320 10,665 47,462 24,336 Net loss per share, basic and diluted 1.72 2.90 5.99 6.62 Weighted-average shares outstanding, basic and diluted 11,803,778 3,682,897 7,926,818 3,677,032 1 Amounts include stock-based compensation expense as follows: Research and development 374 87 523 175 General and administrative 915 191 1,138 370 Total stock-based compensation expense 1,289 278 1,661 545 Vaxcyte, Inc. 