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VNDA — Vanda Pharmaceuticals Inc.

VNDA (Vanda Pharmaceuticals Inc.) stock: $3.82, $231.0M market cap, $140.5M cash, $90.5M EV, $263.6M fully diluted market cap. Lead program: Iloperidone (Schizophrenia), Phase 4. Data from Fully Diluted's biotech stocks database.

What they do

We strive to advance novel approaches to bring important new medicines to market through responsible innovation. We are committed to the use of technologies that support sound science, including genetics and genomics, in drug discovery, clinical trials and the commercial positioning of our products.

Source: 10-K FY2025 via SEC EDGAR

Share price
$3.82
Market cap
$231.0M
Cash
$140.5M
Enterprise value
$90.5M

Balance sheet

Cash$140.5M
Debt$0.0M
Net cash$140.5M
Enterprise value$90.5M
Basic shares60.5M shares
Fully diluted shares69.0M shares
Fully diluted market cap$263.6M
Cash per share$2.32
Quarterly burn$31.1M
Cash runway5.5 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common
60.5M
Pre-funded warrants
0.0M
Options
4.2M
RSUs
4.4M
Warrants
0.0M
Converts
0.0M
Conv preferred
0.0M
ESPP reserve
—
FDSO
69.0M

Cap table as of 2026-07-30.

Price history

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Next catalyst

Trichostatin A · Now - Nov 24, 2026 Now · Phase 2 · Onychomycosis of Toenail

Recently reported

Tradipitant Phase 3 Positive · 2026-10-27
VP-VLY-686-3601 · nausea and vomiting, obesity
Primary: Any vomiting (incidence of vomiting) in Study 3601 after a single 1 mg semaglutide dose without titration — 43.0% (61/142) on NEREUS (tradipitant) vs 58.5% (96/164) on placebo (p=0.006, adjusted for site), a 27% relative reduction
· Key secondary (any vomiting with worst nausea >=3): 33.1% (47/142) vs 50.6% (83/164) on placebo (p=0.002), a 35% relative reduction
· Frequent multi-day vomiting (>2 episodes on more than one day): 6.3% (9/142) vs 15.9% (26/164) (p=0.008), a 60% relative reduction (post hoc/supportive)
· Extreme vomiting (>10 total episodes): 2.8% (4/142) vs 14.6% (24/164) (p=0.0003), an 81% relative reduction (post hoc/supportive)
· Study design: Phase 3 randomized, placebo-controlled, single 1 mg semaglutide dose without titration; n=142 tradipitant, 164 placebo
· Vanda plans to discuss results with the FDA and is planning a supplemental NDA (sNDA) for prevention of vomiting associated with GLP-1 receptor agonist therapy
Safety: Generally well tolerated, safety consistent with prior studies, no new safety signals
Source release →
VQW-765 Phase 3 Missed primary · 2026-10-14
VQW-765 · social anxiety disorder (sad)
Primary: Level of distress (SUDS, 0-100) during the performance phase of the Trier Social Stress Test in the female population — No statistically significant difference vs placebo: VQW-765 LS mean 65.6 (SE 1.90) vs placebo 66.0 (SE 1.96), LS mean difference -0.4 (95% CI -5.32, 4.62), p=0.8899
· Key secondary (full male+female population) also missed: LS mean difference 0.9 (95% CI -3.00, 4.73), p=0.6605; VQW-765 64.7 vs placebo 63.8
· Randomized 546 adults aged 18 to 65 with social anxiety disorder, 1:1, single oral dose, at approximately 30 U.S. sites (Study 3201, NCT07221578)
· Results did not confirm the earlier Phase 2 Study 2201 findings in performance anxiety
· VQW-765 program is on hold pending further analysis of the full dataset
Safety: Safe and well tolerated, consistent with prior studies
Source release →
Tasimelteon Phase 3 Positive · 2026-09-29
VP-VEC-162-3502 · sleep wake disorders, sleep disorders, circadian rhythm, chronobiology disorders
Primary: Level of distress (SUDS, 0-100) during the performance phase of the Trier Social Stress Test in the female population — No statistically significant difference vs placebo: VQW-765 LS mean 65.6 (SE 1.90) vs placebo 66.0 (SE 1.96), LS mean difference -0.4 (95% CI -5.32, 4.62), p=0.8899
· Key secondary (full male+female population) also missed: LS mean difference 0.9 (95% CI -3.00, 4.73), p=0.6605; VQW-765 64.7 vs placebo 63.8
· Randomized 546 adults aged 18 to 65 with social anxiety disorder, 1:1, single oral dose, at approximately 30 U.S. sites (Study 3201, NCT07221578)
· Results did not confirm the earlier Phase 2 Study 2201 findings in performance anxiety
· VQW-765 program is on hold pending further analysis of the full dataset
Safety: Safe and well tolerated, consistent with prior studies
Source release →
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