Vanda Pharmaceuticals(VNDA) - 2025 Q1 - Quarterly Results

Financial Performance - Total net product sales from Fanapt, HETLIOZ, and PONVORY were $50.0 million in Q1 2025, a 5% increase compared to $47.5 million in Q1 2024[7]. - Fanapt net product sales were $23.5 million in Q1 2025, a 14% increase compared to $20.6 million in Q1 2024[7]. - Total revenues for the three months ended March 31, 2025, were $50,041,000, an increase of 5.3% compared to $47,462,000 for the same period in 2024[29]. - Net product sales for Fanapt reached $23,545,000, up from $20,579,000, representing an increase of 9.5% year-over-year[29]. - HETLIOZ net product sales increased to $20,872,000 from $20,053,000, reflecting a growth of 4.1%[29]. - PONVORY net product sales decreased to $5,624,000 from $6,830,000, a decline of 17.6%[29]. Expenses and Losses - Net loss was $29.5 million in Q1 2025, compared to a net loss of $4.1 million in Q1 2024, reflecting increased expenses related to a $15.0 million license agreement[7][20]. - Total operating expenses rose significantly to $91,069,000, compared to $56,697,000, marking an increase of 60.7%[29]. - The net loss for the quarter was $29,494,000, compared to a net loss of $4,146,000 in the prior year, indicating a substantial increase in losses[29]. - Net loss per share, basic and diluted, was $(0.50), compared to $(0.07) for the same period in 2024[29]. Cash and Assets - Cash, cash equivalents, and marketable securities were $340.9 million as of March 31, 2025, a decrease of $33.7 million compared to December 31, 2024[7]. - Cash and cash equivalents as of March 31, 2025, were $111,796,000, an increase from $102,316,000 at the end of 2024[31]. - Total assets decreased to $631,936,000 from $656,204,000, reflecting a decline of 3.7%[31]. - Stockholders' equity decreased to $511,417,000 from $538,546,000, a reduction of 5.0%[31]. Future Expectations - Vanda expects total revenues for 2025 to be between $210 million and $250 million[21]. - The company anticipates year-end 2025 cash to be between $280 million and $320 million[21]. Workforce - Vanda's workforce has surpassed 400 employees, marking a 22-year high[3]. Regulatory Updates - Tradipitant NDA for motion sickness has a PDUFA target action date of December 30, 2025[13]. - Bysanti NDA for bipolar I disorder and schizophrenia has a PDUFA target action date of February 21, 2026[6].