{"success":true,"data":{"pressRelease":{"id":"23945","rtpr_id":"nPn7DTlVNa","ticker":"VNDA","exchange":"NASDAQ","all_tickers":["VNDA"],"title":"Vanda Pharmaceuticals Reports First Quarter 2026 Financial Results","author":"PR Newswire","published_at":"2026-05-06T20:01:00.573Z","article_body":"Vanda Pharmaceuticals Reports First Quarter 2026 Financial Results\n\nPR Newswire\n\nWASHINGTON, May 6, 2026\n\n * Fanapt(® )net product sales rose 26% to $29.6 million; total prescriptions\nincreased 32% and new-to-brand prescriptions surged 76%\n * NEREUS™ (tradipitant) launched via\nnereus.us\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4682494-1&h=4268703825&u=https%3A%2F%2Fwww.nereus.us%2F&a=nereus.us)\n\n, an innovative direct-to-consumer platform – the first new prescription\nmedicine in more than 40 years for the prevention of vomiting induced by\nmotion, with convenient online ordering and rapid direct home delivery\n * Full-year 2026 revenue guidance raised to $240-$290 million, including $10-30\nmillion from newly launched NEREUS™\n * BYSANTI™ (milsaperidone) received FDA approval for bipolar I disorder and\nschizophrenia on February 20, 2026\n * Imsidolimab BLA for Generalized Pustular Psoriasis accepted for FDA review;\nPDUFA target action date of December 12, 2026\nWASHINGTON, May 6, 2026 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda)\n(Nasdaq: VNDA) today announced financial and operational results for the first\nquarter ended March 31, 2026.\n\n(https://mma.prnewswire.com/media/2090054/VandaLogo_v1.html)\n\n\"Vanda delivered strong commercial execution in the first quarter, highlighted\nby 26% growth in Fanapt sales, the groundbreaking U.S. launch of NEREUS with\nits pioneering direct-to-consumer platform at nereus.us\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4682494-1&h=4268703825&u=https%3A%2F%2Fwww.nereus.us%2F&a=nereus.us)\n, and the FDA approval of BYSANTI,\" said Mihael H. Polymeropoulos, M.D.,\nVanda's President, CEO and Chairman of the Board. \"We believe that these\nachievements, combined with meaningful pipeline progress and our raised 2026\nrevenue guidance, position the company for continued growth and value\ncreation.\"\n\nFinancial Highlights\n\n * Total net product sales reached $51.7 million in Q1 2026, a 3% increase\ncompared to $50.0 million in Q1 2025.\n * Fanapt(®) net product sales were $29.6 million, up 26% year-over-year.\n * HETLIOZ(®) net product sales were $15.9 million, down 24% year-over-year.\n * PONVORY(®) net product sales were $6.2 million, up 10% year-over-year.\n * Loss before income taxes was $48.4 million compared with $37.4 million in Q1\n2025, reflecting continued investment in new product launches and pipeline\nadvancement.\n * Cash, cash equivalents and marketable securities (Cash) totaled $202.3 million\nas of March 31, 2026, representing a decrease to Cash of $61.5 million in Q1\n2026, which included a one-time payment of a $10.0 million milestone to Eli\nLilly due upon approval of NEREUS™ (tradipitant).\nKey Commercial Highlights\n\n * Fanapt(®) saw continued strong momentum with total prescriptions (TRx)1 up\n32% and new-to-brand prescriptions (NBRx)1 up 76% versus Q1 2025. In April\n2026, weekly TRx for Fanapt(® )reached an 11-year high of over 2,600\nprescriptions for the week ending April 24, 2026.\n * NEREUS™ is now commercially available nationwide through\nnereus.us\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4682494-1&h=4268703825&u=https%3A%2F%2Fwww.nereus.us%2F&a=nereus.us)\n\n, Vanda's innovative direct-to-consumer platform. This pioneering\npatient-centric model enables convenient ordering online with rapid direct\ndelivery, eliminating traditional pharmacy barriers and providing a seamless,\nmodern access experience. As the first new prescription therapy approved for\nthe prevention of vomiting induced by motion in adults in more than 40 years,\nNEREUS™ represents a breakthrough in both science and patient access.\nKey Regulatory & Clinical Development Highlights\n\n * BYSANTI™ (milsaperidone) received U.S. Food and Drug Administration (FDA)\napproval for the treatment of bipolar I disorder and schizophrenia. BYSANTI™\nis protected by data exclusivity through February 20, 2031 and multiple\npatents, the latest of which expires on May 31, 2044.\n * Vanda's ongoing late-stage clinical studies are progressing rapidly and are\nexpected to generate topline results in 2026 or early 2027, including:\n* The Phase III study of BYSANTI™ as a once-daily adjunctive treatment for\nmajor depressive disorder (MDD), with results expected in Q1 2027.\n * The Thetis Phase III study of NEREUS™ for the prevention of vomiting in\npatients receiving GLP-1 receptor agonist therapies, with results expected in\n2026.\n * The Phase III study of VQW-765 in the treatment of adults with social anxiety\ndisorder, with results expected by the end of 2026.\n * The FDA accepted the Biologics License Application (BLA) for imsidolimab in\nGeneralized Pustular Psoriasis (GPP) with a Prescription Drug User Fee Act\n(PDUFA) target action date of December 12, 2026. The results of the pivotal\nclinical study were published in the April 28, 2026 issue of the New England\nJournal of Medicine (NEJM) Evidence(2).\nCorporate Highlight\n\n * On April 22, 2026, Vanda appointed Charles Duncan, Ph.D. to its Board of\nDirectors. The Board now consists of seven directors, six of whom are\nindependent.\nGAAP Financial Results\n\nNet loss was $48.6 million (diluted loss per share of $0.82) in Q1 2026\ncompared with a net loss of $29.5 million (diluted loss per share of $0.50) in\nQ1 2025.\n\n2026 Financial Guidance\n\nVanda is raising its full-year 2026 total revenue guidance to reflect the\ncontribution of the newly launched NEREUS(™) while maintaining prior ranges\nfor Fanapt(®) and other products:\n Full Year 2026                 Prior Full Year 2026  Revised Full Year 2026\n\nFinancial Objectives\nGuidance\nGuidance\n Total revenues                 $230 to $260 million  $240 to $290 million\n Fanapt(®) net product sales    $150 to $170 million  $150 to $170 million\n NEREUS(™) net product sales    Not provided          $10 to $30 million\n Other net product sales        $80 to $90 million    $80 to $90 million\n\nConference Call\n\nVanda has scheduled a conference call for today, Wednesday, May 6, 2026, at\n4:30 PM ET. During the call, Vanda's management will discuss the first quarter\n2026 financial results and other corporate activities. Investors can call\n1-888-596-4144 (domestic) or 1-646-968-2525 (international) and use passcode\nnumber 8051722. A replay of the call will be available on Wednesday, May 6,\n2026, beginning at 8:30 PM ET and will be accessible until Wednesday, May 13,\n2026 at 11:59 PM ET. The replay call-in number is 1-800-770-2030 for domestic\ncallers and 1-609-800-9909 for international callers. The passcode number is\n8051722.\n\nThe conference call will be broadcast simultaneously on Vanda's website,\nwww.vandapharma.com\n(file://emcvnx/GROUPS/SEC%20Reporting/2023/Q4%202023/Press%20Release/www.vandapharma.com)\n. Investors should click on the Investors tab and are advised to go to the\nwebsite at least 15 minutes early to register, download, and install any\nnecessary software or presentations. The call will also be archived on Vanda's\nwebsite for a period of 30 days.\n\nReferences\n\n 1. IQVIA Prescription Data\n 2. Smieszek, S. et al. Efficacy and Safety of Imsidolimab for Generalized\nPustular Psoriasis. NEJM Evidence 5, (2026).\nAbout Vanda Pharmaceuticals Inc.\n\nVanda is a leading global biopharmaceutical company focused on the development\nand commercialization of innovative therapies to address high unmet medical\nneeds and improve the lives of patients. For more on Vanda Pharmaceuticals\nInc., please visit www.vandapharma.com\n(file://emcvnx/GROUPS/SEC%20Reporting/2023/Q4%202023/Press%20Release/www.vandapharma.com)\nand follow us on X @vandapharma.\n\nCAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS\n\nVarious statements in this press release, including, but not limited to, the\nguidance provided under \"2026 Financial Guidance\" above and statements\nregarding Vanda's plans for pursuit of FDA approval of imsidolimab for the\ntreatment of GPP, and the related timeline for approval; Vanda's expectations\nwith respect to its continued growth and ability to create value; Vanda's\nclinical development plans and expected timelines for BYSANTI(TM) for the\ntreatment of MDD, NEREUS(TM) in the prevention of vomiting induced by GLP-1\ntherapies, and VQW-765 in the treatment of adults with social anxiety\ndisorder; and Vanda's expectations with respect to the strength of its\nbusiness are \"forward-looking statements\" under the securities laws. All\nstatements other than statements of historical fact are statements that could\nbe deemed forward-looking statements. Forward-looking statements are based\nupon current expectations and assumptions that involve risks, changes in\ncircumstances and uncertainties. Important factors that could cause actual\nresults to differ materially from those reflected in Vanda's forward-looking\nstatements include, among others, Vanda's ability to continue to grow its\nbusiness; the FDA's ability to complete its review of, and reach a decision\nwith respect to, the BLA for imsidolimab by December 12, 2026; Vanda's ability\nto successfully execute the commercial launches of NEREUS(TM) for the\nprevention of vomiting induced by motion and BYSANTI™ for the treatments of\nbipolar I disorder and schizophrenia; Vanda's ability to continue to advance\nits late-stage clinical development programs and to obtain regulatory approval\nfor, and successfully commercialize, the late-stage products in development;\nVanda's ability to complete the clinical study for BYSANTI(TM) for the\ntreatment of MDD and receive results in in the first quarter of 2027; Vanda's\nability to complete the Thetis study and receive results in 2026; and Vanda's\nability to complete the clinical study for VQW-765 in the treatment of adults\nwith social anxiety disorder and receive results by the end of 2026.\nTherefore, no assurance can be given that the results or developments\nanticipated by Vanda will be realized or, even if substantially realized, that\nthey will have the expected consequences to, or effects on, Vanda.\nForward-looking statements in this press release should be evaluated together\nwith the various risks and uncertainties that affect Vanda's business and\nmarket, particularly those identified in the \"Cautionary Note Regarding\nForward-Looking Statements\", \"Risk Factors\" and \"Management's Discussion and\nAnalysis of Financial Condition and Results of Operations\" sections of Vanda's\nmost recent Annual Report on Form 10-K, as updated by Vanda's subsequent\nQuarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings\nwith the U.S. Securities and Exchange Commission, which are available\nat www.sec.gov\n(file:///C:/Users/g3g8/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/AVX1CWCO/www.sec.gov)\n.\n\nAll written and verbal forward-looking statements attributable to Vanda or any\nperson acting on its behalf are expressly qualified in their entirety by the\ncautionary statements contained or referred to herein. Vanda cautions\ninvestors not to rely too heavily on the forward-looking statements Vanda\nmakes or that are made on its behalf. The information in this press release is\nprovided only as of the date of this press release, and Vanda undertakes no\nobligation, and specifically declines any obligation, to update or revise\npublicly any forward-looking statements, whether as a result of new\ninformation, future events or otherwise, except as required by law.\n VANDA PHARMACEUTICALS INC.\n\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n\n(in thousands, except for share and per share amounts)\n\n(unaudited)\n\n                                               Three Months Ended\n                                               March 31                              March 31\n                                               2026                                  2025\n Revenues:\n Fanapt(®) net product sales                   $         29,560                      $         23,545\n HETLIOZ(®) net product sales                  15,947                                20,872\n PONVORY(®) net product sales                  6,211                                 5,624\n Total revenues                                51,718                                50,041\n Operating expenses:\n Cost of goods sold excluding amortization     3,159                                 3,521\n Research and development                      28,435                                35,712\n Selling, general and administrative           68,361                                50,084\n Intangible asset amortization                 1,987                                 1,752\n Total operating expenses                      101,942                               91,069\n Loss from operations                          (50,224)                              (41,028)\n Other income, net                             1,800                                 3,660\n Loss before income taxes                      (48,424)                              (37,368)\n Provision (benefit) for income taxes          143                                   (7,874)\n Net loss                                      $        (48,567)                     $        (29,494)\n Net loss per share, basic                     $          (0.82)                     $          (0.50)\n Net loss per share, diluted                   $          (0.82)                     $          (0.50)\n Weighted average shares outstanding, basic    59,459,982                            58,527,775\n Weighted average shares outstanding, diluted  59,459,982                            58,527,775\n\n \n VANDA PHARMACEUTICALS INC.\n\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n(in thousands)\n\n(unaudited)\n\n                                             March 31                       December 31\n                                             2026                           2025\n ASSETS\n Current assets:\n Cash and cash equivalents                   $          54,034              $          84,851\n Marketable securities                       148,276                        178,996\n Accounts receivable, net                    56,879                         54,578\n Inventory                                   1,699                          1,852\n Prepaid expenses and other current assets   32,281                         26,985\n Total current assets                        293,169                        347,262\n Property and equipment, net                 2,245                          2,248\n Operating lease right-of-use assets         4,536                          3,923\n Finance lease right-of-use assets           7,284                          7,343\n Intangible assets, net                      115,102                        117,089\n Non-current inventory and other             11,189                         11,083\n Total assets                                $         433,525              $         488,948\n LIABILITIES AND STOCKHOLDERS' EQUITY\n Current liabilities:\n Accounts payable and accrued liabilities    $          60,620              $          68,297\n Product revenue allowances                  74,962                         76,865\n Total current liabilities                   135,582                        145,162\n Operating lease non-current liabilities     3,266                          2,991\n Finance lease non-current liabilities       3,785                          4,076\n Other non-current liabilities               10,127                         9,533\n Total liabilities                           152,760                        161,762\n Stockholders' equity:\n Common stock                                60                             59\n Additional paid-in capital                  723,826                        721,264\n Accumulated other comprehensive income      212                            629\n Accumulated deficit                         (443,333)                      (394,766)\n Total stockholders' equity                  280,765                        327,186\n Total liabilities and stockholders' equity  $         433,525              $         488,948\n\nCorporate Contact:\nKevin Moran\nSenior Vice President, Chief Financial Officer and Treasurer\nVanda Pharmaceuticals Inc.\n202-734-3400\npr@vandapharma.com (mailto:pr@vandapharma.com)\n\nJim Golden / Jack Kelleher / Dan Moore\nCollected Strategies\nVANDA-CS@collectedstrategies.com (mailto:VANDA-CS@collectedstrategies.com)\n\nFollow us on X @vandapharma\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/vanda-pharmaceuticals-reports-first-quarter-2026-financial-results-302764640.html\n(https://www.prnewswire.com/news-releases/vanda-pharmaceuticals-reports-first-quarter-2026-financial-results-302764640.html)\n\nSOURCE Vanda Pharmaceuticals Inc.\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/2090054/VandaLogo_v1.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn7DTlVNa","title":"Vanda Pharmaceuticals Reports First Quarter 2026 Financial Results","author":"PR Newswire","ticker":"VNDA","created":"2026-05-06T20:01:00.573Z","tickers":["VNDA"],"exchange":"NASDAQ","article_body":"Vanda Pharmaceuticals Reports First Quarter 2026 Financial Results\n\nPR Newswire\n\nWASHINGTON, May 6, 2026\n\n * Fanapt(® )net product sales rose 26% to $29.6 million; total prescriptions\nincreased 32% and new-to-brand prescriptions surged 76%\n * NEREUS™ (tradipitant) launched via\nnereus.us\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4682494-1&h=4268703825&u=https%3A%2F%2Fwww.nereus.us%2F&a=nereus.us)\n\n, an innovative direct-to-consumer platform – the first new prescription\nmedicine in more than 40 years for the prevention of vomiting induced by\nmotion, with convenient online ordering and rapid direct home delivery\n * Full-year 2026 revenue guidance raised to $240-$290 million, including $10-30\nmillion from newly launched NEREUS™\n * BYSANTI™ (milsaperidone) received FDA approval for bipolar I disorder and\nschizophrenia on February 20, 2026\n * Imsidolimab BLA for Generalized Pustular Psoriasis accepted for FDA review;\nPDUFA target action date of December 12, 2026\nWASHINGTON, May 6, 2026 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda)\n(Nasdaq: VNDA) today announced financial and operational results for the first\nquarter ended March 31, 2026.\n\n(https://mma.prnewswire.com/media/2090054/VandaLogo_v1.html)\n\n\"Vanda delivered strong commercial execution in the first quarter, highlighted\nby 26% growth in Fanapt sales, the groundbreaking U.S. launch of NEREUS with\nits pioneering direct-to-consumer platform at nereus.us\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4682494-1&h=4268703825&u=https%3A%2F%2Fwww.nereus.us%2F&a=nereus.us)\n, and the FDA approval of BYSANTI,\" said Mihael H. Polymeropoulos, M.D.,\nVanda's President, CEO and Chairman of the Board. \"We believe that these\nachievements, combined with meaningful pipeline progress and our raised 2026\nrevenue guidance, position the company for continued growth and value\ncreation.\"\n\nFinancial Highlights\n\n * Total net product sales reached $51.7 million in Q1 2026, a 3% increase\ncompared to $50.0 million in Q1 2025.\n * Fanapt(®) net product sales were $29.6 million, up 26% year-over-year.\n * HETLIOZ(®) net product sales were $15.9 million, down 24% year-over-year.\n * PONVORY(®) net product sales were $6.2 million, up 10% year-over-year.\n * Loss before income taxes was $48.4 million compared with $37.4 million in Q1\n2025, reflecting continued investment in new product launches and pipeline\nadvancement.\n * Cash, cash equivalents and marketable securities (Cash) totaled $202.3 million\nas of March 31, 2026, representing a decrease to Cash of $61.5 million in Q1\n2026, which included a one-time payment of a $10.0 million milestone to Eli\nLilly due upon approval of NEREUS™ (tradipitant).\nKey Commercial Highlights\n\n * Fanapt(®) saw continued strong momentum with total prescriptions (TRx)1 up\n32% and new-to-brand prescriptions (NBRx)1 up 76% versus Q1 2025. In April\n2026, weekly TRx for Fanapt(® )reached an 11-year high of over 2,600\nprescriptions for the week ending April 24, 2026.\n * NEREUS™ is now commercially available nationwide through\nnereus.us\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4682494-1&h=4268703825&u=https%3A%2F%2Fwww.nereus.us%2F&a=nereus.us)\n\n, Vanda's innovative direct-to-consumer platform. This pioneering\npatient-centric model enables convenient ordering online with rapid direct\ndelivery, eliminating traditional pharmacy barriers and providing a seamless,\nmodern access experience. As the first new prescription therapy approved for\nthe prevention of vomiting induced by motion in adults in more than 40 years,\nNEREUS™ represents a breakthrough in both science and patient access.\nKey Regulatory & Clinical Development Highlights\n\n * BYSANTI™ (milsaperidone) received U.S. Food and Drug Administration (FDA)\napproval for the treatment of bipolar I disorder and schizophrenia. BYSANTI™\nis protected by data exclusivity through February 20, 2031 and multiple\npatents, the latest of which expires on May 31, 2044.\n * Vanda's ongoing late-stage clinical studies are progressing rapidly and are\nexpected to generate topline results in 2026 or early 2027, including:\n* The Phase III study of BYSANTI™ as a once-daily adjunctive treatment for\nmajor depressive disorder (MDD), with results expected in Q1 2027.\n * The Thetis Phase III study of NEREUS™ for the prevention of vomiting in\npatients receiving GLP-1 receptor agonist therapies, with results expected in\n2026.\n * The Phase III study of VQW-765 in the treatment of adults with social anxiety\ndisorder, with results expected by the end of 2026.\n * The FDA accepted the Biologics License Application (BLA) for imsidolimab in\nGeneralized Pustular Psoriasis (GPP) with a Prescription Drug User Fee Act\n(PDUFA) target action date of December 12, 2026. The results of the pivotal\nclinical study were published in the April 28, 2026 issue of the New England\nJournal of Medicine (NEJM) Evidence(2).\nCorporate Highlight\n\n * On April 22, 2026, Vanda appointed Charles Duncan, Ph.D. to its Board of\nDirectors. The Board now consists of seven directors, six of whom are\nindependent.\nGAAP Financial Results\n\nNet loss was $48.6 million (diluted loss per share of $0.82) in Q1 2026\ncompared with a net loss of $29.5 million (diluted loss per share of $0.50) in\nQ1 2025.\n\n2026 Financial Guidance\n\nVanda is raising its full-year 2026 total revenue guidance to reflect the\ncontribution of the newly launched NEREUS(™) while maintaining prior ranges\nfor Fanapt(®) and other products:\n Full Year 2026                 Prior Full Year 2026  Revised Full Year 2026\n\nFinancial Objectives\nGuidance\nGuidance\n Total revenues                 $230 to $260 million  $240 to $290 million\n Fanapt(®) net product sales    $150 to $170 million  $150 to $170 million\n NEREUS(™) net product sales    Not provided          $10 to $30 million\n Other net product sales        $80 to $90 million    $80 to $90 million\n\nConference Call\n\nVanda has scheduled a conference call for today, Wednesday, May 6, 2026, at\n4:30 PM ET. During the call, Vanda's management will discuss the first quarter\n2026 financial results and other corporate activities. Investors can call\n1-888-596-4144 (domestic) or 1-646-968-2525 (international) and use passcode\nnumber 8051722. A replay of the call will be available on Wednesday, May 6,\n2026, beginning at 8:30 PM ET and will be accessible until Wednesday, May 13,\n2026 at 11:59 PM ET. The replay call-in number is 1-800-770-2030 for domestic\ncallers and 1-609-800-9909 for international callers. The passcode number is\n8051722.\n\nThe conference call will be broadcast simultaneously on Vanda's website,\nwww.vandapharma.com\n(file://emcvnx/GROUPS/SEC%20Reporting/2023/Q4%202023/Press%20Release/www.vandapharma.com)\n. Investors should click on the Investors tab and are advised to go to the\nwebsite at least 15 minutes early to register, download, and install any\nnecessary software or presentations. The call will also be archived on Vanda's\nwebsite for a period of 30 days.\n\nReferences\n\n 1. IQVIA Prescription Data\n 2. Smieszek, S. et al. Efficacy and Safety of Imsidolimab for Generalized\nPustular Psoriasis. NEJM Evidence 5, (2026).\nAbout Vanda Pharmaceuticals Inc.\n\nVanda is a leading global biopharmaceutical company focused on the development\nand commercialization of innovative therapies to address high unmet medical\nneeds and improve the lives of patients. For more on Vanda Pharmaceuticals\nInc., please visit www.vandapharma.com\n(file://emcvnx/GROUPS/SEC%20Reporting/2023/Q4%202023/Press%20Release/www.vandapharma.com)\nand follow us on X @vandapharma.\n\nCAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS\n\nVarious statements in this press release, including, but not limited to, the\nguidance provided under \"2026 Financial Guidance\" above and statements\nregarding Vanda's plans for pursuit of FDA approval of imsidolimab for the\ntreatment of GPP, and the related timeline for approval; Vanda's expectations\nwith respect to its continued growth and ability to create value; Vanda's\nclinical development plans and expected timelines for BYSANTI(TM) for the\ntreatment of MDD, NEREUS(TM) in the prevention of vomiting induced by GLP-1\ntherapies, and VQW-765 in the treatment of adults with social anxiety\ndisorder; and Vanda's expectations with respect to the strength of its\nbusiness are \"forward-looking statements\" under the securities laws. All\nstatements other than statements of historical fact are statements that could\nbe deemed forward-looking statements. Forward-looking statements are based\nupon current expectations and assumptions that involve risks, changes in\ncircumstances and uncertainties. Important factors that could cause actual\nresults to differ materially from those reflected in Vanda's forward-looking\nstatements include, among others, Vanda's ability to continue to grow its\nbusiness; the FDA's ability to complete its review of, and reach a decision\nwith respect to, the BLA for imsidolimab by December 12, 2026; Vanda's ability\nto successfully execute the commercial launches of NEREUS(TM) for the\nprevention of vomiting induced by motion and BYSANTI™ for the treatments of\nbipolar I disorder and schizophrenia; Vanda's ability to continue to advance\nits late-stage clinical development programs and to obtain regulatory approval\nfor, and successfully commercialize, the late-stage products in development;\nVanda's ability to complete the clinical study for BYSANTI(TM) for the\ntreatment of MDD and receive results in in the first quarter of 2027; Vanda's\nability to complete the Thetis study and receive results in 2026; and Vanda's\nability to complete the clinical study for VQW-765 in the treatment of adults\nwith social anxiety disorder and receive results by the end of 2026.\nTherefore, no assurance can be given that the results or developments\nanticipated by Vanda will be realized or, even if substantially realized, that\nthey will have the expected consequences to, or effects on, Vanda.\nForward-looking statements in this press release should be evaluated together\nwith the various risks and uncertainties that affect Vanda's business and\nmarket, particularly those identified in the \"Cautionary Note Regarding\nForward-Looking Statements\", \"Risk Factors\" and \"Management's Discussion and\nAnalysis of Financial Condition and Results of Operations\" sections of Vanda's\nmost recent Annual Report on Form 10-K, as updated by Vanda's subsequent\nQuarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings\nwith the U.S. Securities and Exchange Commission, which are available\nat www.sec.gov\n(file:///C:/Users/g3g8/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/AVX1CWCO/www.sec.gov)\n.\n\nAll written and verbal forward-looking statements attributable to Vanda or any\nperson acting on its behalf are expressly qualified in their entirety by the\ncautionary statements contained or referred to herein. Vanda cautions\ninvestors not to rely too heavily on the forward-looking statements Vanda\nmakes or that are made on its behalf. The information in this press release is\nprovided only as of the date of this press release, and Vanda undertakes no\nobligation, and specifically declines any obligation, to update or revise\npublicly any forward-looking statements, whether as a result of new\ninformation, future events or otherwise, except as required by law.\n VANDA PHARMACEUTICALS INC.\n\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n\n(in thousands, except for share and per share amounts)\n\n(unaudited)\n\n                                               Three Months Ended\n                                               March 31                              March 31\n                                               2026                                  2025\n Revenues:\n Fanapt(®) net product sales                   $         29,560                      $         23,545\n HETLIOZ(®) net product sales                  15,947                                20,872\n PONVORY(®) net product sales                  6,211                                 5,624\n Total revenues                                51,718                                50,041\n Operating expenses:\n Cost of goods sold excluding amortization     3,159                                 3,521\n Research and development                      28,435                                35,712\n Selling, general and administrative           68,361                                50,084\n Intangible asset amortization                 1,987                                 1,752\n Total operating expenses                      101,942                               91,069\n Loss from operations                          (50,224)                              (41,028)\n Other income, net                             1,800                                 3,660\n Loss before income taxes                      (48,424)                              (37,368)\n Provision (benefit) for income taxes          143                                   (7,874)\n Net loss                                      $        (48,567)                     $        (29,494)\n Net loss per share, basic                     $          (0.82)                     $          (0.50)\n Net loss per share, diluted                   $          (0.82)                     $          (0.50)\n Weighted average shares outstanding, basic    59,459,982                            58,527,775\n Weighted average shares outstanding, diluted  59,459,982                            58,527,775\n\n \n VANDA PHARMACEUTICALS INC.\n\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n(in thousands)\n\n(unaudited)\n\n                                             March 31                       December 31\n                                             2026                           2025\n ASSETS\n Current assets:\n Cash and cash equivalents                   $          54,034              $          84,851\n Marketable securities                       148,276                        178,996\n Accounts receivable, net                    56,879                         54,578\n Inventory                                   1,699                          1,852\n Prepaid expenses and other current assets   32,281                         26,985\n Total current assets                        293,169                        347,262\n Property and equipment, net                 2,245                          2,248\n Operating lease right-of-use assets         4,536                          3,923\n Finance lease right-of-use assets           7,284                          7,343\n Intangible assets, net                      115,102                        117,089\n Non-current inventory and other             11,189                         11,083\n Total assets                                $         433,525              $         488,948\n LIABILITIES AND STOCKHOLDERS' EQUITY\n Current liabilities:\n Accounts payable and accrued liabilities    $          60,620              $          68,297\n Product revenue allowances                  74,962                         76,865\n Total current liabilities                   135,582                        145,162\n Operating lease non-current liabilities     3,266                          2,991\n Finance lease non-current liabilities       3,785                          4,076\n Other non-current liabilities               10,127                         9,533\n Total liabilities                           152,760                        161,762\n Stockholders' equity:\n Common stock                                60                             59\n Additional paid-in capital                  723,826                        721,264\n Accumulated other comprehensive income      212                            629\n Accumulated deficit                         (443,333)                      (394,766)\n Total stockholders' equity                  280,765                        327,186\n Total liabilities and stockholders' equity  $         433,525              $         488,948\n\nCorporate Contact:\nKevin Moran\nSenior Vice President, Chief Financial Officer and Treasurer\nVanda Pharmaceuticals Inc.\n202-734-3400\npr@vandapharma.com (mailto:pr@vandapharma.com)\n\nJim Golden / Jack Kelleher / Dan Moore\nCollected Strategies\nVANDA-CS@collectedstrategies.com (mailto:VANDA-CS@collectedstrategies.com)\n\nFollow us on X @vandapharma\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/vanda-pharmaceuticals-reports-first-quarter-2026-financial-results-302764640.html\n(https://www.prnewswire.com/news-releases/vanda-pharmaceuticals-reports-first-quarter-2026-financial-results-302764640.html)\n\nSOURCE Vanda Pharmaceuticals Inc.\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/2090054/VandaLogo_v1.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-05-06T20:01:00.62100018Z","server_sent_at_ms":1778097660621},"received_at":"2026-05-06T20:01:00.684Z","source_url":null},"analysis":{"id":"18639","press_release_id":"23945","analysis_json":{"industry":{"label":"Pharmaceuticals, Biotechnology & Life Sciences","sector":"Health Care"},"redFlags":["Net loss widened to $48.6 million from $29.5 million year-over-year","Cash position decreased by $61.5 million in Q1 2026"],"eventType":"earnings","narrative":"Vanda Pharmaceuticals reported Q1 2026 total net product sales of $51.7 million, a 3% increase year-over-year, driven by a 26% surge in Fanapt sales to $29.6 million.\n\nThe company raised its full-year 2026 revenue guidance to $240-$290 million from $230-$260 million to include the newly launched NEREUS product, which is available via a direct-to-consumer platform.\n\nBYSANTI (milsaperidone) received FDA approval for bipolar I disorder and schizophrenia, and the FDA accepted the BLA for imsidolimab with a PDUFA date of December 12, 2026.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Strong Q1 execution and guidance raise offset by widening losses; NEREUS launch and BYSANTI approval drive 2026 growth story."},"keyFigures":{"revenue":51718000,"guidance":"Full Year 2026 total revenue $240 to $290 million, raised from $230 to $260 million","revenueYoy":"3%","customDimensions":{"cash_burn":61500000,"fanapt_sales":29600000,"cash_position":202300000,"hetlioz_sales":15947000,"ponvory_sales":6211000,"fanapt_sales_yoy":"26%","neresus_guidance":"$10 to $30 million"}},"quotedText":"Vanda delivered strong commercial execution in the first quarter, highlighted by 26% growth in Fanapt sales, the groundbreaking U.S. launch of NEREUS with its pioneering direct-to-consumer platform at nereus.us, and the FDA approval of BYSANTI","namedEntities":{"people":[{"name":"Mihael H. 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This combination of commercial execution, raised guidance, and regulatory milestones constitutes a market-moving event."},"tickerRelevance":{"others":[],"primary":"VNDA"},"globalImportance":35,"audienceRelevance":40,"eventTypeSecondary":["guidance_update","product_launch","fda_approval"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings-and-guidance-raise-plus-regulatory-milestones","sectorWeight":"biotech"}},"event_type":"earnings","event_type_secondary":["guidance_update","product_launch","fda_approval"],"sentiment":"bullish","material_impact_score":5,"narrative":"Vanda Pharmaceuticals reported Q1 2026 total net product sales of $51.7 million, a 3% increase year-over-year, driven by a 26% surge in Fanapt sales to $29.6 million.\n\nThe company raised its full-year 2026 revenue guidance to $240-$290 million from $230-$260 million to include the newly launched NEREUS product, which is available via a direct-to-consumer platform.\n\nBYSANTI (milsaperidone) received FDA approval for bipolar I disorder and schizophrenia, and the FDA accepted the BLA for imsidolimab with a PDUFA date of December 12, 2026.","key_figures":{"revenue":51718000,"guidance":"Full Year 2026 total revenue $240 to $290 million, raised from $230 to $260 million","revenueYoy":"3%","customDimensions":{"cash_burn":61500000,"fanapt_sales":29600000,"cash_position":202300000,"hetlioz_sales":15947000,"ponvory_sales":6211000,"fanapt_sales_yoy":"26%","neresus_guidance":"$10 to $30 million"}},"named_entities":{"people":[{"name":"Mihael H. 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