Vanda Pharmaceuticals Files Q2 2024 10-Q

TL;DR

**Vanda Pharma Q2 10-Q filed. Financials for H1 2024 detailed.**

AI Summary

Vanda Pharmaceuticals Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the first six months of 2024, detailing financial performance and operational updates. Specific financial figures for revenue, expenses, and net income/loss for the quarter and year-to-date periods are presented.

Why It Matters

This filing provides investors with the latest financial health and operational performance of Vanda Pharmaceuticals, crucial for investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details within can reveal significant risks or opportunities.

Key Numbers

• 2024-06-30 — Period End Date (Indicates the end of the reporting quarter and fiscal year-to-date.)
• 2024-08-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Vanda Pharmaceuticals Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 2024-08-01 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — ich Registered Common Stock, par value $0.001 per share VNDA The Nasdaq Global Market

Filing Documents

• vnda-20240630.htm (10-Q) — 1048KB
• vndaex311630202410q.htm (EX-31.1) — 10KB
• vndaex312630202410q.htm (EX-31.2) — 10KB
• vndaex321630202410q.htm (EX-32.1) — 7KB
• 0001628280-24-033866.txt ( ) — 5862KB
• vnda-20240630.xsd (EX-101.SCH) — 47KB
• vnda-20240630_cal.xml (EX-101.CAL) — 63KB
• vnda-20240630_def.xml (EX-101.DEF) — 207KB
• vnda-20240630_lab.xml (EX-101.LAB) — 546KB
• vnda-20240630_pre.xml (EX-101.PRE) — 395KB
• vnda-20240630_htm.xml (XML) — 746KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (Unaudited)

ITEM 1 Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 7 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3 Quantitative and Qualitative Disclosures about Market Risk 35

Controls and Procedures

ITEM 4 Controls and Procedures 36

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

ITEM 1 Legal Proceedings 36

Risk Factors

ITEM 1A Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults Upon Senior Securities

ITEM 3 Defaults Upon Senior Securities 37

Mine Safety Disclosures

ITEM 4 Mine Safety Disclosures 37

Other Information

ITEM 5 Other Information 37

Signatures

Signatures 39 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q (Quarterly Report) contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). 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. Forward-looking statements are based upon current expectations and assumptions that involve risks, changes in circumstances and uncertainties. If the risks, changes in circumstances or uncertainties materialize or the assumptions prove incorrect, the results of Vanda Pharmaceuticals Inc. (we, our, the Company or Vanda) may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The forward-looking statements in this Quarterly Report may include, but are not limited to, statements about: our ability to commercialize Fanapt (iloperidone) oral tablets for the acute treatment of manic or mixed episodes associated with bipolar I disorder; our ability to continue to generate United States (U.S.) sales of Fanapt oral tablets for the treatment of schizophrenia; our ability to continue to commercialize HETLIOZ (tasimelteon) capsules for the treatment of Non-24-Hour Sleep-Wake Disorder (Non-24) in the U.S., in light of existing and potential generic competition, and Europe and HETLIOZ capsules and oral suspension (HETLIOZ LQ ) for the treatment of nighttime sleep disturbances in Smith-Magenis Syndrome (SMS) in the U.S.; our ability to obtain approval from the U.S. Food and Drug Administration (FDA) for

— FINANCIAL INFORMATION

Part I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

ITEM 1 Financial Statements (Unaudited) VANDA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except for share and per share amounts) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 102,953 $ 135,821 Marketable securities 284,723 252,443 Accounts receivable, net 41,864 34,155 Inventory 1,469 1,357 Prepaid expenses and other current assets 8,171 9,170 Total current assets 439,180 432,946 Property and equipment, net 2,303 2,037 Operating lease right-of-use assets 6,375 7,103 Intangible assets, net 117,599 121,369 Deferred tax assets 76,559 75,000 Non-current inventory and other 9,355 9,985 Total assets $ 651,371 $ 648,440 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 39,598 $ 38,460 Product revenue allowances 54,193 49,237 Total current liabilities 93,791 87,697 Operating lease non-current liabilities 6,005 7,006 Other non-current liabilities 9,059 8,827 Total liabilities 108,855 103,530 Commitments and contingencies (Notes 9 and 14) Stockholders' equity: Preferred stock, $ 0.001 par value; 20,000,000 shares authorized, and no shares issued or outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 150,000,000 shares authorized; 58,287,308 and 57,534,499 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 58 58 Additional paid-in capital 706,844 700,274 Accumulated other comprehensive loss ( 330 ) ( 30 ) Accumulated deficit ( 164,056 ) ( 155,392 ) Total stockholders' equity 542,516 544,910 Total liabilities and stockholders' equity $ 651,371 $ 648,440 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Table of Contents VANDA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended (in thousands, except for shar

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