The computation of self and mutual inductances of coils is a classic problem of electrical engineering. The accurate modeling of coupled coils has received renewed interest with the spread of wireless power transfer systems. This problem has been quite well addressed for coplanar or perfectly coaxial coils but it is known that the misalignment conditions easily lead to a sharp decrease in the efficiency. Hence, it is crucial to take misalignment into account in order to properly design the overall wireless power transfer system. This work presents a study to compute analytically the mutual inductance of non-coaxial pancake coils with parallel axes. The accuracy of the proposed methodology is tested by comparison with the numerical results obtained using the tool Fast-Henry. Then, a wireless power transfer system, comprising a full bridge inverter is considered, showing the impact of the misalignment on the coupling between two pancake coils and, thus, between the source and the load.