# EDGAR Filing Document

**Accession Number:** 0001347178
**File Stem:** 0001628280-25-036843
**Filing Date:** 2025-7
**Character Count:** 25528
**Document Hash:** 2c9d69ad8bab243a6d46d9edfbf3f35e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-036843.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001628280-25-036843

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250731

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vanda Pharmaceuticals Inc.
- **CENTRAL INDEX KEY:** 0001347178
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 030491827
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34186
- **FILM NUMBER:** 251169443

**BUSINESS ADDRESS:**
- **STREET 1:** 2200 PENNSYLVANIA AVE NW
- **STREET 2:** SUITE 300E
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20037
- **BUSINESS PHONE:** 202-734-3400

**MAIL ADDRESS:**
- **STREET 1:** 2200 PENNSYLVANIA AVE NW
- **STREET 2:** SUITE 300E
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20037

?xml version='1.0' encoding='ASCII'? vnda-20250731

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 31, 2025** 

**VANDA PHARMACEUTICALS INC.**

**(Exact name of Registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34186** | **03-0491827** |
| **(State or other jurisdiction of incorporation)** | **(Commission File No.)** | **(IRS Employer Identification No.)** |

---

**2200 Pennsylvania Avenue NW**

**Suite 300E**

**Washington, DC 20037**

**(Address of principal executive offices and zip code)**

**Registrant's telephone number, including area code: (202) 734-3400**

---

| |
|:---|
| **Not Applicable** |
| **(Former Name or Former Address, if Changed Since Last Report)** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| **Common Stock, par value $0.001 per share** | **VNDA** | **The Nasdaq Global Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On July 31, 2025, Vanda Pharmaceuticals Inc. ("Vanda") issued a press release and is holding a conference call regarding its results of operations and financial condition for the quarter ended June 30, 2025 (the "Earnings Call"). The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Various statements to be made during the Earnings Call are "forward-looking statements" under the securities laws, including, but not limited to, statements regarding Vanda's commercial products, plans and opportunities, as well as statements about Vanda's products in development and the related clinical development and regulatory timelines and commercial potential for such products. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "project," "target," "goal," "likely," "will," "would," and "could," or the negative of these terms and similar expressions or words, identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are based upon current expectations and assumptions that involve risks, changes in circumstances and uncertainties.

Important factors that could cause actual results to differ materially from those reflected in Vanda's forward-looking statements include, among others, Vanda's assumptions regarding the strength of its business in the U.S. and Vanda's ability to complete the clinical development of, and obtain regulatory approval for, the products in its pipeline. Therefore, no assurance can be given that the actual results or developments anticipated by Vanda will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Vanda. Forward-looking statements made during the Earnings Call should be evaluated together with the various risks and uncertainties that affect Vanda's business and market, particularly those identified in the "Cautionary Note Regarding Forward-Looking Statements", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Vanda's most recent Annual Report on Form 10-K, as updated by Vanda's subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov.

All written and verbal forward-looking statements attributable to Vanda or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. The information contained in this Current Report on Form 8-K is intended to be considered in the context of Vanda's filings with the SEC and other public announcements that Vanda makes, by press release or otherwise, from time to time. Vanda cautions investors not to rely too heavily on the forward-looking statements Vanda makes or that are made on its behalf. The information conveyed on the Earnings Call will be provided only as of the date thereof, and Vanda undertakes no obligation, and specifically declines any obligation, to update or revise publicly any forward-looking statements made during the Earnings Call after the date thereof, whether as a result of new information, future events or otherwise, except as required by law.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press release of Vanda Pharmaceuticals Inc. dated July 31, 2025.](vnda8-k7312025exhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| Dated: | July 31, 2025 | VANDA PHARMACEUTICALS INC. | VANDA PHARMACEUTICALS INC. |
|  |  | By: | /s/ Timothy Williams |
|  |  | Name: | Timothy Williams |
|  |  | Title: | Senior Vice President, General Counsel and Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![vandaq32019earningsca_imaga.jpg](vandaq32019earningsca_imaga.jpg)

**Vanda Pharmaceuticals Reports Second Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;*• Fanapt*<sup>®</sup> *Q2 2025 net product sales increased by 27% to $29.3 million compared to Q2 2024*

&nbsp;&nbsp;&nbsp;&nbsp;*• Bysanti*<sup>TM</sup> *(milsaperidone) NDA for bipolar I disorder and schizophrenia accepted for filing; PDUFA target action date of February 21, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;*• Tradipitant NDA for motion sickness accepted for filing; PDUFA target action date of December 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;*• Imsidolimab BLA in generalized pustular psoriasis expected to be submitted in 2025*

**WASHINGTON** – July 31, 2025 – Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the second quarter ended June 30, 2025.

"We have witnessed accelerated growth of Fanapt revenue coinciding with the expansion of our sales efforts alongside a broad direct to consumer brand awareness campaign and we expect this trend to continue in the coming quarters," said Mihael H. Polymeropoulos, M.D., Vanda's President, CEO and Chairman of the Board. "Significant regulatory and clinical milestones are expected in the coming months which have the potential to strengthen our commercial portfolio and advance our deep clinical pipeline."

**Financial Highlights**

**<u>Second Quarter of 2025</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• Total net product sales from Fanapt<sup>®</sup>, HETLIOZ<sup>®</sup> and PONVORY<sup>®</sup> were $52.6 million in the second quarter of 2025, a 4% increase compared to $50.5 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• Fanapt<sup>®</sup> net product sales were $29.3 million in the second quarter of 2025, a 27% increase compared to $23.2 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• HETLIOZ<sup>®</sup> net product sales were $16.2 million in the second quarter of 2025, a 13% decrease compared to $18.7 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• PONVORY<sup>®</sup> net product sales were $7.1 million in the second quarter of 2025, an 18% decrease compared to $8.6 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• Net loss was $27.2 million in the second quarter of 2025 compared to net loss of $4.5 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents and marketable securities (Cash) was $325.6 million as of June 30, 2025, representing a decrease to Cash of $15.4 million compared to March 31, 2025.

**<u>First Six Months of 2025</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• Total net product sales from Fanapt<sup>®</sup>, HETLIOZ<sup>®</sup> and PONVORY<sup>®</sup> were $102.6 million in the first six months of 2025, a 5% increase compared to $97.9 million in the first six months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• Fanapt<sup>®</sup> net product sales were $52.8 million in the first six months of 2025, a 21% increase compared to $43.7 million in the first six months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• HETLIOZ<sup>®</sup> net product sales were $37.1 million in the first six months of 2025, a 4% decrease compared to $38.8 million in the first six months of 2024.

------

&nbsp;&nbsp;&nbsp;&nbsp;• PONVORY<sup>®</sup> net product sales were $12.7 million in the first six months of 2025, an 18% decrease compared to $15.4 million in the first six months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• Net loss was $56.7 million in the first six months of 2025 compared to net loss of $8.7 million in the first six months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash was $325.6 million as of June 30, 2025, representing a decrease to Cash of $49.1 million compared to December 31, 2024.

**Key Operational Highlights – Commercial**

&nbsp;&nbsp;&nbsp;&nbsp;• Fanapt<sup>®</sup> experienced significant growth with total prescriptions (TRx)<sup>1</sup> increasing by approximately 24% and Fanapt<sup>®</sup> net product sales increasing by 27% in the second quarter of 2025 as compared to the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• A direct to consumer campaign that started in the first quarter of 2025 continued in the second quarter of 2025, elevating brand awareness of the company and the key products Fanapt<sup>®</sup> and PONVORY<sup>®</sup>.

**Key Operational Highlights – Regulatory & Clinical Development**

&nbsp;&nbsp;&nbsp;&nbsp;• Bysanti™ New Drug Application (NDA) for bipolar I disorder and schizophrenia is under review by the U.S. Food and Drug Administration (FDA) with a Prescription Drug User Fee Act (PDUFA) target action date of February 21, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• Tradipitant NDA for motion sickness is under review by the FDA with a PDUFA target action date of December 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• A Bysanti™ Phase III clinical study for use as a once-daily adjunctive treatment for major depressive disorder (MDD) is enrolling patients and results are expected in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• Imsidolimab Biologics License Application (BLA) in generalized pustular psoriasis (GPP) expected to be submitted to the FDA in 2025.

**GAAP Financial Results**

Net loss was $27.2 million in the second quarter of 2025 compared to net loss of $4.5 million in the second quarter of 2024. Diluted net loss per share was $0.46 in the second quarter of 2025 compared to diluted net loss per share of $0.08 in the second quarter of 2024.

Net loss was $56.7 million in the first six months of 2025 compared to net loss of $8.7 million in the first six months of 2024. Diluted net loss per share was $0.96 in the first six months of 2025 compared to diluted net loss per share of $0.15 in the first six months of 2024.

**2025 Financial Guidance**

Vanda is reiterating its 2025 financial guidance and expects to achieve the following financial objectives in 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Full Year 2025<br>Financial Objectives | &nbsp;&nbsp;&nbsp;&nbsp;Full Year 2025<br>Guidance |
| &nbsp;&nbsp;&nbsp;Total revenues | &nbsp;&nbsp;&nbsp;&nbsp;$210 to $250 million |
| &nbsp;&nbsp;&nbsp;Year-end 2025 Cash | &nbsp;&nbsp;&nbsp;&nbsp;$280 to $320 million |

---

**HHS Request for Information and Vanda Response**

On May 14, 2025, the U.S. Department of Health and Human Services (HHS) issued a Request for Information (RFI) entitled "Ensuring Lawful Regulation and Unleashing Innovation To Make American Healthy Again." On July 14, 2025, Vanda submitted a public response to the RFI. Vanda's response proposed (1) that FDA repeal unlawful regulations that delay and overburden the drug approval process, and (2) that FDA repeal its 1990s-era guidance mandating lethal animal testing. The original RFI is available on the Federal Register website, under document number 2025-08384. Our full response with exhibits is available under the documents section of the Vanda website and on regulations.gov, under comment ID AHRQ-2025-0001-0962.

------

**Conference Call**

Vanda has scheduled a conference call for today, Thursday, July 31, 2025, at 8:00 AM ET. During the call, Vanda's management will discuss the second quarter 2025 financial results and other corporate activities. Investors can call 1-800-715-9871 (domestic) or 1-646-307-1963 (international) and use passcode number 9430387. A replay of the call will be available on Thursday, July 31, 2025, beginning at 11:00 AM ET and will be accessible until Thursday, August 7, 2025 at 11:59 PM ET. The replay call-in number is 1-800-770-2030 for domestic callers and 1-609-800-9909 for international callers. The passcode number is 9430387.

The conference call will be broadcast simultaneously on Vanda's website, www.vandapharma.com. Investors should click on the Investors tab and are advised to go to the website at least 15 minutes early to register, download, and install any necessary software or presentations. The call will also be archived on Vanda's website for a period of 30 days.

**References**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.IQVIA Prescription Data

**About Vanda Pharmaceuticals Inc.**

Vanda is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. For more on Vanda Pharmaceuticals Inc., please visit www.vandapharma.com and follow us on X @vandapharma.

**<u>CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS</u>**

Various statements in this press release, including, but not limited to, the guidance provided under "2025 Financial Guidance" above and statements regarding Vanda's plans for pursuit of FDA approval of Bysanti<sup>TM</sup> for the acute treatment of bipolar I disorder and the treatment of schizophrenia, tradipitant for the treatment of motion sickness, and imsidolimab for the treatment of GPP, and the related timelines; Vanda's near-term revenue expectations for Fanapt<sup>®</sup>; the potential commercial availability of Bysanti™ and tradipitant; and Vanda's clinical development plans and expected timelines for Bysanti<sup>TM</sup> for the treatment of MDD; are "forward-looking statements" under the securities laws. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are based upon current expectations and assumptions that involve risks, changes in circumstances and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Vanda's forward-looking statements include, among others, Vanda's ability to continue to grow its business; the FDA's ability to complete its reviews of, and reach decisions with respect to, the NDAs for Bysanti™ and tradipitant by their respective PDUFA target action dates; Vanda's ability to complete and submit the BLA for imsidolimab in 2025; Vanda's ability to increase market awareness of Fanapt<sup>®</sup> for the acute treatment of bipolar I disorder and continue to drive Fanapt<sup>®</sup> revenue growth; Vanda's ability to obtain FDA approval of Bysanti™ and tradipitant and successfully execute their commercial launches; and Vanda's ability to complete the Phase III clinical study for Bysanti<sup>TM</sup> for MDD and receive results in 2026. Therefore, no assurance can be given that the results or developments anticipated by Vanda will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Vanda. Forward-looking statements in this press release should be evaluated together with the various risks and uncertainties that affect Vanda's business and market, particularly those identified in the "Cautionary Note Regarding Forward-Looking Statements", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Vanda's most recent Annual Report on Form 10-K, as updated by Vanda's subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov.

All written and verbal forward-looking statements attributable to Vanda or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Vanda cautions investors not to rely too heavily on the forward-looking statements Vanda makes or that are made on its behalf. The information in this press release is provided only as of the date of this press release, and Vanda undertakes no obligation, and specifically declines any obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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**VANDA PHARMACEUTICALS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

***(in thousands, except for share and per share amounts)***

***(unaudited)***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30<br>2025** | **June 30<br>2024** | **June 30<br>2025** | **June 30<br>2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fanapt<sup>®</sup> net product sales | $29294 | $23150 | $52839 | $43729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HETLIOZ<sup>®</sup> net product sales | 16192 | 18708 | 37064 | 38761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PONVORY<sup>®</sup> net product sales | 7104 | 8616 | 12728 | 15446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 52590 | 50474 | 102631 | 97936 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold excluding amortization | 2736 | 2733 | 6257 | 6173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 21990 | 16661 | 57702 | 37815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 64616 | 39474 | 114700 | 69559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible asset amortization | 1751 | 1752 | 3503 | 3770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 91093 | 60620 | 182162 | 117317 |
| Loss from operations | (38503) | (10146) | (79531) | (19381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 3616 | 4630 | 7276 | 9201 |
| Loss before income taxes | (34887) | (5516) | (72255) | (10180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit for income taxes | (7680) | (998) | (15554) | (1516) |
| Net loss | $(27207) | $(4518) | $(56701) | $(8664) |
| <br>Net loss per share, basic | $(0.46) | $(0.08) | $(0.96) | $(0.15) |
| Net loss per share, diluted | $(0.46) | $(0.08) | $(0.96) | $(0.15) |
| <br>Weighted average shares outstanding, basic | 58993990 | 58220838 | 58762358 | 57990890 |
| Weighted average shares outstanding, diluted | 58993990 | 58220838 | 58762358 | 57990890 |

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**VANDA PHARMACEUTICALS INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

***(in thousands)***

***(unaudited)***

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| | | |
|:---|:---|:---|
| | **June 30<br>2025** | **December 31<br>2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $80983 | $102316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 244567 | 272327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 44993 | 47101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 2169 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 22209 | 15420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 394921 | 438890 |
| Property and equipment, net | 2420 | 2132 |
| Operating lease right-of-use assets | 4804 | 5602 |
| Finance lease right-of-use assets | 5244 | 4943 |
| Intangible assets, net | 110593 | 114096 |
| Deferred tax assets | 97143 | 81440 |
| Non-current inventory and other | 9621 | 9101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $624746 | $656204 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $57119 | $39086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product revenue allowances | 64370 | 60895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 121489 | 99981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease non-current liabilities | 3877 | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease non-current liabilities | 3083 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 9968 | 9587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 138417 | 117658 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 59 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 716867 | 712706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 396 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (230993) | (174292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 486329 | 538546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $624746 | $656204 |

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**<u>Corporate Contact:</u>**

Kevin Moran

Senior Vice President, Chief Financial Officer and Treasurer

Vanda Pharmaceuticals Inc.

202-734-3400

pr@vandapharma.com

Jim Golden / Jack Kelleher / Dan Moore

Collected Strategies

VANDA-CS@collectedstrategies.com

Follow us on X @vandapharma

SOURCE Vanda Pharmaceuticals Inc.

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