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Vanda Pharmaceuticals

VNDA Rare disease Lead: Approved 13 Biotech Distilled articles ↓ 28 filings & releases ↓ Cash $61.9M (Sep 30, 2026) ↓ 13 verdicts ↓ 7 timing quotes ↓
CardiovascularDermatologyGI/HepatologyHematologyImmunologyInfectious DiseaseNeurologyOphthalmology Nucleic AcidProteinSmall Molecule

Market cap $231M 60.5M shares (10-Q, Oct 22, 2026) × $3.82 close Nov 6, 2026

Most recent annual filing: 2026-02-13

Catalyst timeline

3 trackedQuarter catalyst calendar →
  1. Jet Lag patent litigation rulingDec 2026Jet Lag patent litigation ruling, Dec 2026, routine
  2. Imsidolimab FDA approvalDec 12, 2026Imsidolimab FDA approval, Dec 12, 2026, material
  3. Bysanti™ milsaperidone readout1H 2027Bysanti™ milsaperidone readout, 1H 2027, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (27 active programs)

Capital (as filed)

Cash
$61.9M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
−$28.4M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$141M cash, runway second half of 2027 per the update of Oct 28, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (13)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (13 calls)

Every verdict Biotech Distilled has published on Vanda Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2025-12-31 Watch FDA APPROVED Dec. 30, 2025 :: Vanda Pharmaceuticals (VNDA): Scientific Due Diligence for Tradipitant and Pipeline Products Vanda is a high-risk, event-driven play with valid science but significant commercial hurdles; wait for Q4 GLP-1 data confirmation and patent trial clarity before entering.
  2. 2026-01-10 Watch UPDATE: Vanda vs. The FDA (Round Infinity) — The Jet Lag Denial FDA rejection of HETLIOZ Jet Lag sNDA removes a key upside catalyst, but the GLP-1 sidecar thesis remains intact; stance unchanged.
  3. 2026-02-11 Hold UPDATE: Vanda Pharmaceuticals (VNDA) Expensive Victory Lap — NEREUS™ Approved, Cash Burn Accelerates Fanapt's bipolar launch is working but aggressive spending and accelerating cash burn raise the price of admission; next binary is the Feb 21 Bysanti PDUFA.
  4. 2026-02-14 Avoid UPDATE: Vanda Pharmaceuticals (VNDA) - The Dilution Gap Confirmed — Vanda Drops a $200M Shelf The $200M shelf registration confirms the dilution risk; any PDUFA pop is likely to be used by management to raise capital at shareholders' expense.
  5. 2026-02-21 Hold UPDATE: Vanda Pharmaceuticals (VNDA) - The PDUFA Pop Arrives — Now Watch for the Anvil Bysanti approval triggered a 56% after-hours pop but with a $200M shelf loaded and management already compensated, holders should consider selling into strength.
  6. 2026-02-28 Avoid UPDATE: Vanda Pharmaceuticals (VNDA) - The Narrative Machine Speeds Up Three simultaneous launches will require enormous SG&A spend that the $263M cash pile cannot sustain without tapping the $200M shelf; financial gravity is inescapable.
  7. 2026-03-07 Avoid UPDATE: Vanda's (VNDA) Litigation Moat Makes History — The 40-Year FDA Streak is Broken Historic FDA evidentiary hearing win is a cash incinerator with no near-term revenue; shareholders bear the financial risk of litigation while management benefits.
  8. 2026-03-21 Avoid UPDATE: Vanda's $30 Million "Ethics" Play — Turning the Tradipitant Roadblock into a PR War The 20% weekly stock drop signals narrative premium evaporating; Vanda's animal-rights PR is regulatory jujitsu to avoid expensive FDA requirements, not genuine advocacy.
  9. 2026-05-06 Avoid UPDATE: Vanda Pharmaceuticals (VNDA) — The Burn Rate Confession and the DTC Hail Mary Q1 burn of $61.5M annualizes to ~$200M against a $202M cash pile; the S-3 is now effective and a raise is a question of when, not if, before the Thetis GLP-1 readout.
  10. 2026-08-06 Avoid UPDATE: Vanda Pharmaceuticals (VNDA) - The HETLIOZ® Cliff Arrives HETLIOZ fell 66% to $5.6M as generics take hold, NEREUS launched to only $1M, and the 2027 runway is a management promise not arithmetic; the GLP-1 Thetis readout remains the only thesis-defining catalyst.
  11. 2026-10-15 Avoid UPDATE: Vanda Pharmaceuticals (VNDA) - The Social Anxiety Lottery Ticket Comes Up Blank VQW-765 missed its Phase III primary endpoint by a statistically null margin, removing one lottery ticket; the GLP-1 Thetis readout this quarter remains the only valuation-justifying catalyst.
  12. 2026-10-28 Watch UPDATE: Vanda Pharmaceuticals (VNDA) - The Sidecar Survives, at Half the Horsepower Thetis Phase III hit its primary endpoint retiring clinical risk on the GLP-1 mechanism, but the absolute benefit halved versus Phase II and the real-world titration question remains open; upgrading from AVOID but not to Buy pending cash figure, shelf use, and FDA titration guidance.
  13. 2026-10-29 Watch UPDATE: Vanda Pharmaceuticals (VNDA) - The Cash Figure I Asked For Q3 burn slowed to $29.5M and spending fell 18%, but revenue guidance top end was cut, NEREUS is at $2.6M YTD, and the MDD readout slipped; one of three entry triggers resolved neutrally while shelf use and FDA titration view remain open.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (7 quotes from 6 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (28)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

11 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)