Vanda Pharmaceuticals Inc.

Vanda Pharmaceuticals Inc. (VNDA) reported FY 2025 total revenues of $216.1 million from net product sales, with a significant operating loss of $151.2 million driven by high selling, general and administrative expenses of $238.0 million and research and development costs of $109.3 million. Total operating expenses reached $367.3 million, resulting in a net loss of $220.5 million or $4 per basic and diluted share. Despite the loss, other income of $12.5 million partially offset the pre-tax loss of $138.6 million, though a $81.8 million tax provision widened the net loss. Balance sheet remains solid with $84.9 million in cash and equivalents, $179.0 million in marketable securities, and total current assets of $347.3 million against $145.2 million current liabilities, yielding total assets of $488.9 million and stockholders' equity of $327.2 million. Operating cash flow was negative at -$109.4 million, offset by $94.9 million from investing activities, leading to a $17.5 million net decrease in cash, ending at $135.5 million. No prior year figures disclosed limits YoY analysis, but strong liquidity supports ongoing operations amid elevated SG&A spend.

Key Takeaways