Vanda Pharmaceuticals(VNDA) - 2024 Q4 - Annual Results

Revenue Performance - Q4 2024 total revenues reached $53.2 million, representing a 17% increase compared to Q4 2023[5] - Full year 2024 total revenues were $198.8 million, a 3% increase from $192.6 million in 2023[10] - Fanapt net product sales for Q4 2024 were $26.6 million, an 18% increase compared to Q4 2023[6] - HETLIOZ net product sales decreased by 23% to $76.7 million for the full year 2024 due to generic competition[10] - Full year 2025 revenue is expected to grow to between $210 million and $250 million[5] - Psychiatry portfolio revenue is projected to exceed $750 million by 2030[5] - Fanapt® net product sales increased to $26,649,000 in Q4 2024 from $22,599,000 in Q4 2023, representing a growth of 9.1%[26] - HETLIOZ® net product sales decreased to $20,044,000 in Q4 2024 from $21,072,000 in Q4 2023, a decline of 4.9%[26] - PONVORY® net product sales surged to $6,492,000 in Q4 2024 from $1,600,000 in Q4 2023, marking a significant increase of 304.5%[26] - Total revenues for Q4 2024 reached $53,185,000, up from $45,271,000 in Q4 2023, reflecting a growth of 17.5%[26] Expenses and Losses - Operating expenses for Q4 2024 totaled $63,464,000, compared to $52,365,000 in Q4 2023, an increase of 21.2%[26] - Vanda's net loss for Q4 2024 was $4.9 million, compared to a net loss of $2.4 million in Q4 2023[14] - Net loss for Q4 2024 was $4,912,000, compared to a net loss of $2,400,000 in Q4 2023, indicating a worsening of 104.2%[26] Cash and Assets - Cash and cash equivalents totaled $374.6 million as of December 31, 2024, a decrease of $1.6 million from the previous quarter[10] - Cash and cash equivalents decreased to $102,316,000 as of December 31, 2024, down from $135,821,000 as of December 31, 2023[28] - Total assets increased to $656,204,000 as of December 31, 2024, compared to $648,440,000 as of December 31, 2023[28] - Stockholders' equity decreased to $538,546,000 as of December 31, 2024, down from $544,910,000 as of December 31, 2023[28] - The company reported a total accumulated deficit of $174,292,000 as of December 31, 2024, compared to $155,392,000 as of December 31, 2023[28] Future Plans - Vanda submitted a New Drug Application (NDA) for Bysanti for bipolar disorder and schizophrenia expected in Q1 2025[5] - The company plans to submit a Biologics License Application (BLA) for imsidolimab in 2025 for generalized pustular psoriasis[11]