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DewDiligence

09/05/24 1:24 PM

#253044 RE: DewDiligence #253018

PCVX sells 14.5M* shares_&prefunded_warrants @$103.00—a_7% discount to_Monday’s_closing_price:

https://www.globenewswire.com/news-release/2024/09/05/2941023/0/en/Vaxcyte-Announces-Pricing-of-1-3-Billion-Public-Offering.html

Net proceeds after underwriting fees will be ~$1.4B*. When these proceeds are added to the ~$1.4B of PCVX’s net current assets on the 6/30/24 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001649094/000164909424000052/pcvx-20240630.htm ), PCVX will have a colossal amount of liquidity.

As noted in #msg-175027716 I consider PCVX shares somewhat overvalued. The stock has some buyout vig, but the buyout vig at the current valuation is modest (IMO).

*Assuming exercise of underwriter’s option.