Vanda Pharmaceuticals(VNDA) - 2025 Q2 - Quarterly Results

Financial Performance - Fanapt Q2 2025 net product sales increased by 27% to $29.3 million compared to Q2 2024[6] - Total net product sales from Fanapt, HETLIOZ, and PONVORY were $52.6 million in Q2 2025, a 4% increase compared to $50.5 million in Q2 2024[7] - Net loss was $27.2 million in Q2 2025, compared to a net loss of $4.5 million in Q2 2024[9] - Vanda expects total revenues for 2025 to be between $210 million and $250 million[11] - HETLIOZ net product sales were $16.2 million in Q2 2025, a 13% decrease compared to $18.7 million in Q2 2024[7] - PONVORY net product sales were $7.1 million in Q2 2025, an 18% decrease compared to $8.6 million in Q2 2024[7] - Fanapt experienced a 24% increase in total prescriptions (TRx) in Q2 2025 compared to Q2 2024[13] Assets and Liabilities - Cash, cash equivalents, and marketable securities were $325.6 million as of June 30, 2025, a decrease of $15.4 million compared to March 31, 2025[7] - Total assets decreased from $656,204 million in December 2024 to $624,746 million in June 2025, a decline of approximately 4.5%[22] - Total current assets fell from $438,890 million to $394,921 million, representing a decrease of about 10%[22] - Total liabilities increased from $117,658 million to $138,417 million, an increase of approximately 17.6%[22] - Total stockholders' equity decreased from $538,546 million to $486,329 million, a decline of about 9.7%[22] - Accounts payable and accrued liabilities rose significantly from $39,086 million to $57,119 million, an increase of approximately 46.2%[22] - Cash and cash equivalents decreased from $102,316 million to $80,983 million, a decline of approximately 20.7%[22] - Inventory increased from $1,726 million to $2,169 million, representing an increase of about 25.7%[22] - Deferred tax assets rose from $81,440 million to $97,143 million, an increase of approximately 19.2%[22] - Accumulated deficit increased from $(174,292) million to $(230,993) million, reflecting a worsening of approximately 32.5%[22] Regulatory Updates - Bysanti NDA for bipolar I disorder and schizophrenia has a PDUFA target action date of February 21, 2026[6] - Tradipitant NDA for motion sickness has a PDUFA target action date of December 30, 2025[6]