VNDA on Nasdaq
Vanda Pharmaceuticals Inc.
American pharmaceutical preparations company based in Washington.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with Amarin Corporation, Ideaya Biosciences (United States) or Puma Biotechnology, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-70.0%Operating margin3
-102.0%Net margin3
8.7%Revenue growth, 20253
-67.4%Return on equity3
-$110.4MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Fanapt brought in 54% of the revenue Vanda Pharmaceuticals Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fanapt | $90.9M | $94.3M | $117.3M |
| Hetlioz | $100.2M | $76.7M | $71.4M |
| Ponvory | $1.6M | $27.8M | $27.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development25¢$109.3M
- Selling, general and admin55¢$238.0M
- Income tax19¢$81.8M
Out of $216.1M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net product sales | $216.1M | $198.8M | $192.6M |
| Total revenues | $216.1M | $198.8M | $192.6M |
| Cost of goods sold excluding amortization | $13.0M | $11.3M | $14.8M |
| Research and development | $109.3M | $74.4M | $76.8M |
| Selling, general and administrative | $238.0M | $146.4M | $112.9M |
| Intangible asset amortization | $7.0M | $7.3M | $2.1M |
| Total operating expenses | $367.3M | $239.4M | $206.6M |
| Loss from operations | -$151.2M | -$40.7M | -$14.0M |
| Other income, net | $12.5M | $17.7M | $20.3M |
| Income (loss) before income taxes | -$138.6M | -$22.9M | $6.3M |
| Provision (benefit) for income taxes | $81.8M | -$4.0M | $3.8M |
| Net income (loss) | -$220.5M | -$18.9M | $2.5M |
| Basic (in dollars per share) | -$3.74 | -$0.33 | $0.04 |
| Diluted (in dollars per share) | -$3.74 | -$0.33 | $0.04 |
| Basic (in shares) | 58.9M shares | 58.1M shares | 57.4M shares |
| Diluted (in shares) | 58.9M shares | 58.1M shares | 57.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $84.9M | $102.3M | ||
| Marketable securities | $179.0M | $272.3M | ||
| Accounts receivable, net | $54.6M | $47.1M | ||
| Inventory | $1.9M | $1.7M | ||
| Prepaid expenses and other current assets | $27.0M | $15.4M | ||
| Total current assets | $347.3M | $438.9M | ||
| Property and equipment, net | $2.2M | $2.1M | ||
| Operating lease right-of-use assets | $3.9M | $5.6M | ||
| Finance lease right-of-use assets | $7.3M | $4.9M | ||
| Intangible assets, net | $117.1M | $114.1M | ||
| Deferred tax assets | $0 | $81.4M | ||
| Non-current inventory and other | $11.1M | $9.1M | ||
| Total assets | $488.9M | $656.2M | ||
| Accounts payable and accrued liabilities | $68.3M | $39.1M | ||
| Product revenue allowances | $76.9M | $60.9M | ||
| Total current liabilities | $145.2M | $100.0M | ||
| Operating lease non-current liabilities | $3.0M | $4.9M | ||
| Finance lease non-current liabilities | $4.1M | $3.1M | ||
| Other non-current liabilities | $9.5M | $9.6M | ||
| Total liabilities | $161.8M | $117.7M | ||
| Preferred stock, $0.001 par value; 20,000,000 shares authorized, and no shares issued or outstanding at December 31, 2025 and 2024, respectively | $0 | $0 | ||
| Common stock, $0.001 par value; 150,000,000 shares authorized; 59,101,630 and 58,310,644 shares issued and outstanding at December 31, 2025 and 2024, respectively | $59.0K | $58.0K | ||
| Additional paid-in capital | $721.3M | $712.7M | ||
| Accumulated other comprehensive income | $629.0K | $74.0K | ||
| Accumulated deficit | -$394.8M | -$174.3M | ||
| Total stockholders equity | $327.2M | $538.5M | $544.9M | $527.2M |
| Total liabilities and stockholders equity | $488.9M | $656.2M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 20.0M shares | 20.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 150.0M shares | 150.0M shares | ||
| Common stock, shares issued (in shares) | 59.1M shares | 58.3M shares | ||
| Common stock, shares outstanding (in shares) | 59.1M shares | 58.3M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $84.9M | $102.3M | ||
| Marketable securities | $179.0M | $272.3M | ||
| Accounts receivable, net | $54.6M | $47.1M | ||
| Inventory | $1.9M | $1.7M | ||
| Prepaid expenses and other current assets | $27.0M | $15.4M | ||
| Total current assets | $347.3M | $438.9M | ||
| Property and equipment, net | $2.2M | $2.1M | ||
| Operating lease right-of-use assets | $3.9M | $5.6M | ||
| Finance lease right-of-use assets | $7.3M | $4.9M | ||
| Intangible assets, net | $117.1M | $114.1M | ||
| Deferred tax assets | $0 | $81.4M | ||
| Non-current inventory and other | $11.1M | $9.1M | ||
| Total assets | $488.9M | $656.2M | ||
| Accounts payable and accrued liabilities | $68.3M | $39.1M | ||
| Product revenue allowances | $76.9M | $60.9M | ||
| Total current liabilities | $145.2M | $100.0M | ||
| Operating lease non-current liabilities | $3.0M | $4.9M | ||
| Finance lease non-current liabilities | $4.1M | $3.1M | ||
| Other non-current liabilities | $9.5M | $9.6M | ||
| Total liabilities | $161.8M | $117.7M | ||
| Preferred stock, $0.001 par value; 20,000,000 shares authorized, and no shares issued or outstanding at December 31, 2025 and 2024, respectively | $0 | $0 | ||
| Common stock, $0.001 par value; 150,000,000 shares authorized; 59,101,630 and 58,310,644 shares issued and outstanding at December 31, 2025 and 2024, respectively | $59.0K | $58.0K | ||
| Additional paid-in capital | $721.3M | $712.7M | ||
| Accumulated other comprehensive income | $629.0K | $74.0K | ||
| Accumulated deficit | -$394.8M | -$174.3M | ||
| Total stockholders equity | $327.2M | $538.5M | $544.9M | $527.2M |
| Total liabilities and stockholders equity | $488.9M | $656.2M | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 20.0M shares | 20.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 150.0M shares | 150.0M shares | ||
| Common stock, shares issued (in shares) | 59.1M shares | 58.3M shares | ||
| Common stock, shares outstanding (in shares) | 59.1M shares | 58.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$220.5M | -$18.9M | $2.5M |
| Depreciation of property and equipment | $1.1M | $859.0K | $920.0K |
| Stock-based compensation | $9.5M | $12.4M | $14.0M |
| Amortization of premiums and accretion of discounts on marketable securities | -$2.1M | -$7.0M | -$8.8M |
| Loss on sales of marketable securities | $0 | $0 | $655.0K |
| Intangible asset amortization | $7.0M | $7.3M | $2.1M |
| Right-of-use asset amortization | $3.8M | $1.7M | $1.3M |
| Deferred income taxes | $81.4M | -$6.5M | -$1.3M |
| Other non-cash adjustments, net | $1.9M | $946.0K | $2.1M |
| Accounts receivable | -$7.5M | -$13.0M | -$707.0K |
| Prepaid expenses and other assets | -$12.1M | -$6.8M | $8.5M |
| Inventory | -$3.5M | -$29.0K | -$771.0K |
| Accounts payable and other liabilities | $15.8M | $1.7M | -$11.0M |
| Product revenue allowances | $15.5M | $11.6M | $3.2M |
| Net cash provided by (used in) operating activities | -$109.4M | -$15.8M | $12.8M |
| Asset acquisition | $0 | -$4.2M | -$100.7M |
| Purchases of property and equipment | -$998.0K | -$490.0K | -$383.0K |
| Purchases of marketable securities | -$112.4M | -$364.8M | -$512.6M |
| Sales and maturities of marketable securities | $208.2M | $352.1M | $601.6M |
| Net cash provided by (used in) investing activities | $94.9M | -$17.4M | -$12.1M |
| Principal payments on finance leases | -$2.0M | -$155.0K | $0 |
| Tax obligations paid in connection with settlement of restricted stock units | -$915.0K | $0 | $0 |
| Net cash provided by (used in) financing activities | -$2.9M | -$155.0K | $0 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $23.0K | -$163.0K | $47.0K |
| Net change in cash, cash equivalents and restricted cash | -$17.5M | -$33.5M | $792.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Vanda Pharmaceuticals Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
2010201520202025
- Chief executive officerMihael Hristos Polymeropoulos Apr 12, 2006 to now11
- ChairArgeris N. Karabelas Apr 12, 2006 to Dec 14, 200612
- PresidentMihael Hristos Polymeropoulos Jan 5, 2010 to now13
- Chief financial officerKevin Patrick Moran Mar 24, 2020 to now14
- Chief financial officerStephanie Rast Irish Jan 20, 2009 to Feb 23, 201015
- Chief financial officerSteven A. Shallcross Apr 12, 2006 to Jan 8, 200816
Board members and other officers (29)
- Senior VP, Medical DirectorChristos Vasilios Mihael Polymeropoulos Apr 13, 2026 to now17
- SVP, GC and SecretaryDaniel Patrick McGuire Jun 8, 2026 to now18
- Chief Corp. Affairs OfficerAranthan Jones Ii. Aug 21, 2019 to Sep 17, 202119
- SVP, Chief Marketing OfficerJoakim Wijkstrom Aug 21, 2019 to now20
- SVP, Business DevelopmentGunther Birznieks Mar 31, 2017 to now21
- SVP, General Manager EuropeGian Piero Reverberi Sep 9, 2015 to Mar 4, 202022
- SVP & Chief Commercial OfficerRobert Repella Oct 25, 2011 to Nov 21, 201323
- Sr.VP,Chief Commercial OfficerAlbert W. Gianchetti Oct 29, 2007 to Jan 8, 200824
- VP of ManufacturingDeepak Shripad Phadke Apr 12, 2006 to Dec 13, 200625
- VP of Regulatory AffairsThomas Lyle Copmann Apr 12, 2006 to Apr 12, 200626
- Chief Medical OfficerPaolo Baroldi Jul 7, 2006 to Jan 5, 201727
- Board memberCharles Cliff Duncan Apr 24, 2026 to now28
- Board memberTage Honore Mar 17, 2023 to now29
- Board memberPhaedra Chrousos Apr 24, 2019 to now30
- Board memberAnne Sempowski Ward Oct 28, 2019 to now31
- Board memberKenneth Bate Dec 21, 2015 to Jun 19, 201732
- Board memberMichael F. Cola Jun 18, 2012 to Jun 17, 201933
- Board memberVincent Milano Apr 22, 2010 to Jun 15, 201834
- Board memberSteven K. Galson Jul 2, 2010 to May 27, 201435
- Board memberArgeris N. Karabelas Feb 22, 2007 to Jun 17, 201136
- Board memberHoward H. Pien Jun 7, 2007 to Jun 22, 201537
- Board memberBrian K. Halak Apr 12, 2006 to Mar 30, 201038
- Board memberDavid Russ Ramsay Apr 12, 2006 to Dec 16, 200939
- Board memberJames B. Tananbaum Apr 12, 2006 to May 18, 200740
- Board memberMihael Hristos Polymeropoulos Apr 12, 2006 to now11
- Board memberRichard W. Dugan Apr 12, 2006 to now41
- Board memberWayne T. Hockmeyer Apr 12, 2006 to Apr 18, 200642
- Board memberThomas Watkins Sep 12, 2006 to Jun 3, 202243
- General counselRichard L. Gulino Sep 15, 2015 to Mar 2, 201844
Timeline
- Apr 12, 2006New chief executive Mihael Hristos Polymeropoulos becomes CEO11
Filings
283 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 69 major events, 109 insider forms, 32 large holders, 53 other. The latest 20:
- Oct 9, 2026SCHEDULE 13G/A EDGAR
- Aug 19, 2026SCHEDULE 13G EDGAR
- Aug 13, 2026SCHEDULE 13G EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 5, 20268-K EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20264 EDGAR
- Jun 8, 20263 EDGAR
- Jun 5, 2026S-8 EDGAR
- Jun 5, 20268-K EDGAR
- May 20, 20264 EDGAR
- May 12, 2026SCHEDULE 13G EDGAR
- May 7, 202610-Q EDGAR
- May 6, 20268-K EDGAR
- May 5, 2026EFFECT EDGAR
The 283 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 32 such filings since October 2021, the latest 10:
- Oct 9, 2026SCHEDULE 13G/A
- Aug 19, 2026SCHEDULE 13G
- Aug 13, 2026SCHEDULE 13G
- May 12, 2026SCHEDULE 13G
- Apr 29, 2026SCHEDULE 13G/A
- Mar 27, 2026SCHEDULE 13G/A
- Jan 21, 2026SCHEDULE 13G/A
- Jan 9, 2026SCHEDULE 13G/A
- Jul 1, 2025SCHEDULE 13G
- Apr 15, 2025SCHEDULE 13G
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 7,653,737 | $46.8M | 0.0% | +377,749 |
| State Street Corp | 3,516,405 | $21.5M | 0.0% | +500,843 |
| Aqr Capital Management LLC | 3,497,695 | $21.4M | 0.0% | +1,894,119 |
| Renaissance Technologies LLC | 3,441,361 | $21.1M | 0.0% | −318,198 |
| Vanguard Capital Management LLC | 2,524,040 | $15.4M | 0.0% | +42,549 |
| AIGH Capital Management LLC | 2,044,169 | $12.5M | 1.1% | −705,831 |
| Dimensional Fund Advisors LP | 1,727,349 | $10.6M | 0.0% | −44,244 |
| Millennium Management LLC | 1,602,813 | $9.8M | 0.0% | −278,188 |
| Geode Capital Management, LLC | 1,483,787 | $9.1M | 0.0% | +40,822 |
| Two Sigma Investments, LP | 1,349,072 | $8.3M | 0.0% | −49,129 |
| Marshall Wace, Llp | 1,225,996 | $7.5M | 0.0% | +629,994 |
| Jacobs Levy Equity Management, Inc | 1,213,326 | $7.4M | 0.0% | +44,645 |
| Vanguard Portfolio Management LLC | 1,131,034 | $6.9M | 0.0% | +116,512 |
| Goldman Sachs Group Inc | 1,036,260 | $6.3M | 0.0% | +198,027 |
| Citadel Advisors LLC | 758,302 | $4.6M | 0.0% | +124,948 |
| Qube Research & Technologies Ltd | 729,212 | $4.5M | 0.0% | New |
| Federated Hermes, Inc. | 714,278 | $4.4M | 0.0% | +138,889 |
| Charles Schwab Investment Management Inc | 646,256 | $4.0M | 0.0% | +94,486 |
| Northern Trust Corp | 600,619 | $3.7M | 0.0% | +149,638 |
| Morgan Stanley | 477,974 | $2.9M | 0.0% | +37,180 |
| Lionhunter Capital Management, LLC | 400,245 | $2.4M | 1.1% | New |
| Vanguard Fiduciary Trust Co | 399,817 | $2.4M | 0.0% | +11,853 |
| Jump Financial, LLC | 339,907 | $2.1M | 0.0% | +141,040 |
| Quantinno Capital Management LP | 313,788 | $1.9M | 0.0% | −13,405 |
| Point72 Asset Management, L.P. | 311,362 | $1.9M | 0.0% | +149,766 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 12SEC EDGARArgeris N. Karabelas, Chair
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- 27SEC EDGARPaolo Baroldi, Chief Medical Officer
- 28SEC EDGARCharles Cliff Duncan, Board member
- 29SEC EDGARTage Honore, Board member
- 30SEC EDGARPhaedra Chrousos, Board member
- 31SEC EDGARAnne Sempowski Ward, Board member
- 32SEC EDGARKenneth Bate, Board member
- 33SEC EDGARMichael F. Cola, Board member
- 34SEC EDGARVincent Milano, Board member
- 35SEC EDGARSteven K. Galson, Board member
- 36SEC EDGARArgeris N. Karabelas, Board member
- 37SEC EDGARHoward H. Pien, Board member
- 38SEC EDGARBrian K. Halak, Board member
- 39SEC EDGARDavid Russ Ramsay, Board member
- 40SEC EDGARJames B. Tananbaum, Board member
- 41SEC EDGARRichard W. Dugan, Board member
- 42SEC EDGARWayne T. Hockmeyer, Board member
- 43SEC EDGARThomas Watkins, Board member
- 44SEC EDGARRichard L. Gulino, General counsel