[Form 4] Vanda Pharmaceuticals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Mihael H. Polymeropoulos, identified as President and CEO (also listed as a director and chairman), reported a purchase of 10,000 shares of Vanda Pharmaceuticals common stock on 08/07/2025 at $4.15 per share. After this purchase he beneficially owns 2,335,731 shares. The Form 4 discloses a direct insider buy by the company’s chief executive, increasing his reported stake.

Positive

• Insider purchase: Acquisition of 10,000 common shares reported
• Purchase price disclosed: $4.15 per share
• Increased beneficial ownership: Holdings rose to 2,335,731 shares
• Reporting person holds multiple leadership roles: President and CEO, director, and chairman (as listed)

Negative

• None.

Insights

Financial Analyst

TL;DR: CEO purchased 10,000 VNDA shares at $4.15, raising beneficial holdings to 2,335,731 — a modestly positive insider buy.

The reported transaction is a straightforward open-market acquisition of 10,000 shares at $4.15, resulting in reported beneficial ownership of 2,335,731 shares. From a market-signaling perspective, insider purchases by a CEO typically register as a confidence indicator, though the absolute size of this trade versus the reported stake is modest. No derivatives or disposals were reported in the filing.

Corporate Governance Expert

TL;DR: CEO and board member increased direct ownership, reinforcing alignment between management and shareholders.

The filing names Mihael H. Polymeropoulos as President and CEO and indicates director and chairman roles. The addition of 10,000 shares to reach 2,335,731 in beneficial ownership documents a further personal stake in the company. This transparent disclosure via Form 4 fulfills Section 16 reporting requirements and provides investors with a clear record of insider activity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Polymeropoulos Mihael Hristos

(Last) (First) (Middle)

2200 PENNSYLVANIA AVENUE NW

SUITE 300E

(Street)

WASHINGTON DC 20037

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Vanda Pharmaceuticals Inc. [ VNDA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	President and CEO		Chairman of the Board

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/07/2025		P		10,000	A	$4.15	2,335,731	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Mihael H. Polymeropoulos	08/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did the VNDA insider report?

The report discloses a purchase of 10,000 Vanda (VNDA) common shares on 08/07/2025.

Who filed the Form 4 for VNDA?

Mihael H. Polymeropoulos, listed as President and CEO and identified as a director and chairman, is the reporting person.

What price was paid and how many shares does the insider now own?

The purchase price was $4.15 per share and the filing shows 2,335,731 shares beneficially owned after the transaction.

Were any derivative transactions reported for VNDA in this filing?

No derivative transactions are reported in Table II of the Form 4.

What form was used to disclose this insider transaction for VNDA?

The transaction was disclosed on a Form 4, the required statement of changes in beneficial ownership.