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VNDA

Vanda Pharmaceuticals Inc.

VNDA

Vanda Pharmaceuticals Inc. • NASDAQ
$5.36 ▲ 1.13% (+0.06)
Market Cap $316.74 M
52w High $5.70
52w Low $3.81
Dividend Yield 0%
P/E -3.72
Volume 576.53K
Outstanding Shares 59.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $56.258M ▲ $84.588M ▼ $-22.586M ▲ -40.147% ▲ $-0.38 ▲ $-29.231M ▲
Q2-2025 $52.59M ▲ $86.606M ▼ $-27.207M ▲ -51.734% ▲ $-0.46 ▲ $-32.869M ▼
Q1-2025 $50.041M ▼ $91.069M ▲ $-29.494M ▼ -58.94% ▼ $-0.5 ▼ $-31.115M ▼
Q4-2024 $53.185M ▲ $60.874M ▲ $-4.912M ▲ -9.236% ▲ $-0.085 ▲ $-8.306M ▲
Q3-2024 $47.651M $56.1M $-5.324M -11.173% $-0.091 $-9.033M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $293.752M ▼ $601.14M ▼ $135.141M ▼ $465.999M ▼
Q2-2025 $325.55M ▼ $624.746M ▼ $138.417M ▲ $486.329M ▼
Q1-2025 $340.908M ▼ $631.936M ▼ $120.519M ▲ $511.417M ▼
Q4-2024 $374.643M ▼ $656.204M ▲ $117.658M ▲ $538.546M ▼
Q3-2024 $376.261M $645.115M $103.892M $541.223M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-22.586M ▲ $-31.626M ▼ $21.362M ▲ $-517K ▼ $-10.961M ▲ $-31.787M ▼
Q2-2025 $-27.207M ▲ $-15.252M ▲ $-15.27M ▼ $-425K ▲ $-30.813M ▼ $-15.551M ▲
Q1-2025 $-29.494M ▼ $-33.147M ▼ $43.902M ▲ $-1.324M ▼ $9.48M ▲ $-33.583M ▼
Q4-2024 $-4.912M ▲ $-1.817M ▲ $3.993M ▼ $-155K ▼ $1.819M ▲ $-2.031M ▲
Q3-2024 $-5.324M $-14.581M $12.057M $0 $-2.456M $-14.742M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fanapt
Fanapt
 $30.00M ▲$20.00M ▼$30.00M ▲$30.00M ▲
Hetlioz
Hetlioz
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Vanda’s income statement shows a business that has shifted from modest profitability to a small loss. Revenue has eased down from its earlier peak and only recently stabilized, suggesting its current products are not growing strongly. Margins are still reasonably healthy in gross terms, but spending on research, development, and commercialization has pushed operating results into the red. Net income has moved from clear profits a few years ago to roughly break-even and then to a small loss, signaling that the company is in an investment-heavy phase where future growth is being prioritized over near‑term earnings. Overall, the income profile looks transitional rather than stable.

Balance Sheet

Balance Sheet The balance sheet is a relative strength. Total assets and shareholder equity have steadily built up over time, while debt remains very small. This points to a conservative capital structure and limited financial leverage. Cash levels, however, have come down from their recent highs, reflecting the shift to negative cash flow. The company still appears to have a solid asset base and low obligations, but the cushion of excess cash is thinner than before, increasing the importance of either returning to positive cash generation or accessing new funding on reasonable terms.

Cash Flow

Cash Flow Vanda’s cash flow picture mirrors the income statement shift. A few years ago, the business generated consistent positive cash from operations; more recently, that cash flow has weakened and turned slightly negative. Because capital spending is minimal, changes in operating cash flow flow almost directly through to free cash flow, which is now also modestly negative. In practical terms, the company has moved from self‑funding its activities to relying on its cash balance to cover operations and R&D. If current trends continue, management will eventually need either stronger product cash flows, external capital, or cost adjustments.

Competitive Edge

Competitive Edge Competitively, Vanda operates in specialized corners of neuroscience and rare disorders rather than broad, crowded markets. This focus on niche and orphan indications, combined with personalized medicine approaches, gives it some protection from large-scale competitors and pricing pressure. Its core marketed products and pipeline are supported by a well-defended patent portfolio and past litigation successes, which help preserve exclusivity. At the same time, Vanda is still a small player versus large pharmaceutical companies, with a narrow product base and dependence on a few key brands. That creates concentration risk: setbacks in one major product or indication could have an outsized effect on the company’s overall position.

Innovation and R&D

Innovation and R&D 'Innovation-heavy' is an accurate description of Vanda. The company leans on personalized medicine, particularly pharmacogenomics, to tailor drug dosing to an individual’s genetic profile, as seen with Fanapt. It is also building newer technologies, such as antisense oligonucleotides for genetically defined diseases, which could open up new treatment areas but carry considerable scientific and regulatory risk. The pipeline is varied: label expansions for existing drugs, new formulations like long‑acting injectables, entirely new indications such as motion sickness and gastroparesis, and early-stage platforms for gene-related disorders. This breadth offers multiple shots on goal, but success is uncertain and timelines can be long, meaning sustained R&D spending with no guarantee that enough programs will reach the market.

Summary

Vanda looks like a specialized biotech moving through a transition: from a period of modest profitability based on a small set of niche CNS and rare-disease drugs toward a more R&D‑intensive phase aimed at broadening its portfolio. The financials show a company with a strong, low‑debt balance sheet but softening revenue, shrinking profits, and a recent shift to slightly negative cash flow. Strategically, its strengths lie in personalized medicine, orphan and niche indications, and a robust intellectual property stance, all of which can support pricing power and reduce head‑to‑head competition. The main risks are concentration in a few key assets, ongoing cash burn, and the usual uncertainties of drug development and regulation. Future performance will hinge on whether new approvals and label expansions—especially for assets like tradipitant, Fanapt lifecycle extensions, and the ASO platform—are able to offset maturing existing products and restore durable cash generation.

NEWS

November 28, 2025 · 7:00 AM UTC

Vanda Pharmaceuticals Provides Regulatory Update on Tradipitant for Motion Sickness

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November 17, 2025 · 6:37 PM UTC

Vanda Pharmaceuticals Reports Positive Results for Tradipitant in Preventing GLP-1 Induced Nausea and Vomiting

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November 5, 2025 · 5:00 PM UTC

Vanda Pharmaceuticals Announces Participation in the Stifel 2025 Healthcare Conference

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October 29, 2025 · 4:01 PM UTC

Vanda Pharmaceuticals Reports Third Quarter 2025 Financial Results

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October 22, 2025 · 4:30 PM UTC

Vanda Pharmaceuticals to Announce Third Quarter 2025 Financial Results on October 29, 2025

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