Vanda Pharmaceuticals Inc.

Listed Company

VNDACIK 0001347178NasdaqAcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$216.10M

Net Income

$-220.47M

Total Assets

$488.95M

Equity

$327.19M

Shares Out

59.11M

Op. Cash Flow

$-109.44M

Business

Vanda Pharmaceuticals Inc. is a global biopharmaceutical company that develops and commercializes therapies to address high unmet medical needs using pharmacogenetics and pharmacogenomics. Its main products include Fanapt® (iloperidone) for schizophrenia and bipolar I disorder, HETLIOZ® (tasimelteon) for Non‑24 and Smith‑Magenis syndrome, and PONVORY® (ponesimod) for relapsing multiple sclerosis, alongside a pipeline of small molecules, biologics and antisense oligonucleotides. The company operates commercial, research and development, licensing and patent/proprietary‑rights functions and relies on third‑party manufacturing and CRO relationships. Vanda markets and distributes products primarily in the United States, with approvals and launches in Europe and Canada and sales through specialty pharmacies, wholesalers and distributors.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net product sales	216	199	193	254	269
Total revenues	216	199	193	254	269
Cost of goods sold excluding amortization	13	11	15	24	26
Research and development	109	74	77	86	75
Selling, general and administrative	238	146	113	136	124
Intangible asset amortization	7	7	2	2	1
Total operating expenses	367	239	207	248	227
Loss from operations	−151	−41	−14	6	42
Other income, net	13	18	20	5	199,000
Income (loss) before income taxes	−139	−23	6	11	42
Provision (benefit) for income taxes	82	−4	4	5	9
Net income (loss)	−220	−19	3	6	33
Basic (in dollars per share)	−3.74	−0.33	0.04	0.11	0.6
Diluted (in dollars per share)	−3.74	−0.33	0.04	0.11	0.58
Basic (in shares)	59	58	57	56	56
Diluted (in shares)	59	58	58	57	57

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	85	102	136	135	52
Marketable securities	179	272	252	332	381
Accounts receivable, net	55	47	34	34	32
Inventory	2	2	1	1	1
Prepaid expenses and other current assets	27	15	9	18	12
Total current assets	347	439	433	519	478
Property and equipment, net	2	2	2	3	3
Operating lease right-of-use assets	4	6	7	8	9
Finance lease right-of-use assets	7	5	0	—	—
Intangible assets, net	117	114	121	19	20
Deferred tax assets	0	81	75	74	75
Non-current inventory and other	11	9	10	11	8
Total assets	489	656	648	634	594
Accounts payable and accrued liabilities	68	39	38	46	34
Product revenue allowances	77	61	49	46	40
Total current liabilities	145	100	88	91	74
Operating lease non-current liabilities	3	5	7	9	10
Finance lease non-current liabilities	4	3	0	—	—
Other non-current liabilities	10	10	9	7	4
Total liabilities	162	118	104	107	89
Commitments and contingencies (Notes 11 and 18)	—	—	—	—	—
Preferred stock, $0.001 par value; 20,000,000 shares authorized, and no shares issued or outstanding at December 31, 2025 and 2024, respectively	0	0	0	0	0
Common stock, $0.001 par value; 150,000,000 shares authorized; 59,101,630 and 58,310,644 shares issued and outstanding at December 31, 2025 and 2024, respectively	59,000	58,000	58,000	57,000	56,000
Additional paid-in capital	721	713	700	686	669
Accumulated other comprehensive income	629,000	74,000	−30,000	−1	−175,000
Accumulated deficit	−395	−174	−155	−158	−164
Total stockholders equity	327	539	545	527	505
Total liabilities and stockholders equity	489	656	648	634	594

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of property and equipment	1	900,000	900,000	1	1
Stock-based compensation	9	12	14	16	15
Amortization of premiums and accretion of discounts on marketable securities	−2	−7	−9	−3	2
Loss on sales of marketable securities	0	0	655,000	0	−12,000
Right-of-use asset amortization	4	2	1	—	—
Deferred income taxes	81	−6	−1	1	7
Other non-cash adjustments, net	2	946,000	2	2	2
Accounts receivable	−7	−13	−707,000	−1	−2
Prepaid expenses and other assets	−12	−7	9	−6	−1
Inventory	−3	−29,000	−771,000	−4	−2
Accounts payable and other liabilities	16	2	−11	12	3
Product revenue allowances	15	12	3	6	6
Net cash provided by (used in) operating activities	−109	−16	13	32	64
Asset acquisition	0	−4	−101	0	0
Purchases of property and equipment	−998,000	−490,000	−383,000	−679,000	−552,000
Purchases of marketable securities	−112	−365	−513	−349	−420
Sales and maturities of marketable securities	208	352	602	400	344
Net cash provided by (used in) investing activities	95	−17	−12	50	−77
Principal payments on finance leases	−2	−155,000	0	0	—
Tax obligations paid in connection with settlement of restricted stock units	−915,000	0	0	—	—
Net cash provided by (used in) financing activities	−3	−155,000	0	734,000	4
Effect of exchange rate changes on cash, cash equivalents and restricted cash	23,000	−163,000	47,000	265,000	−91,000
Net change in cash, cash equivalents and restricted cash	−17	−34	792,000	83	−9

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