Here are the 10-Q quarterly reports from Vanda Pharmaceuticals Inc. (VNDA) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow VNDA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full VNDA filings page.
Vanda Pharmaceuticals Inc. (VNDA) reported third-quarter revenue of $69.8 million, compared with $56.3 million a year earlier, and a net loss of $22.6 million. Third-quarter sales included $38.8 million from Fanapt, $21.7 million from HETLIOZ, $7.7 million from PONVORY and $1.6 million from NEREUS.
For the first nine months, revenue was $172.1 million, versus $158.9 million, while net loss widened to $133.6 million from $79.3 million. Net cash used in operating activities was $109.7 million, compared with $80.0 million. Fanapt nine-month sales rose to $104.3 million from $84.1 million; HETLIOZ sales declined to $43.2 million from $55.0 million. Vanda cited generic competition and elevated specialty-pharmacy inventory as factors affecting HETLIOZ sales.
At September 30, 2026, Vanda had $61.9 million in cash and cash equivalents and $78.6 million in marketable securities, compared with $84.9 million and $179.0 million, respectively, at December 31, 2025. Based on its operating plans, Vanda said it believes those resources plus cash from product sales will be sufficient for at least the next 12 months.
Vanda Pharmaceuticals Inc. reported Q1 2026 revenue of $51.7 million, up slightly from $50.0 million a year earlier, driven mainly by stronger Fanapt and PONVORY sales. Net loss widened to $48.6 million from $29.5 million as selling, general and administrative expenses rose to $68.4 million and research and development remained high at $28.4 million.
Cash and cash equivalents were $54.0 million with a further $148.3 million in marketable securities, and management believes this liquidity plus product sales can fund operations for at least 12 months. HETLIOZ sales declined amid U.S. generic competition, while Fanapt prescriptions grew strongly. The company highlighted FDA approval of milsaperidone for bipolar I disorder and schizophrenia, U.S. launch of NEREUS for motion-induced vomiting, and acceptance of a BLA for imsidolimab in generalized pustular psoriasis with a PDUFA date of December 12, 2026.
Vanda Pharmaceuticals (VNDA) reported a larger quarterly loss despite higher sales. Net product sales were $56.3 million in Q3 2025, up from $47.7 million a year ago. Sales by product: Fanapt $31.2 million, HETLIOZ $18.0 million, and PONVORY $7.0 million.
Operating expenses rose sharply, with selling, general and administrative at $60.3 million (from $37.6 million) and research and development at $22.6 million (from $16.8 million). Loss from operations was $31.3 million; net loss was $22.6 million, or $0.38 per share. For the nine months, revenue reached $158.9 million with a net loss of $79.3 million. Operating cash flow was an outflow of $80.0 million year-to-date.
Liquidity remained significant: cash and cash equivalents were $70.0 million and marketable securities were $223.7 million as of September 30, 2025. Total assets were $601.1 million and stockholders’ equity was $466.0 million. The company noted HETLIOZ sales may be variable and could decline in future periods related to generic competition. Shares outstanding were 59,096,630 as of October 23, 2025.