Vanda Pharmaceuticals Inc.
VNDA evidence brief
What we can confirm
- BioSniper Score:
- 8.8 / 10
- Market Cap:
- $304.7M
- Lead Asset:
- bysanti (Approved)
What it means
What to watch
Prepared research question
What matters most for VNDA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · VNDA
Vanda Pharmaceuticals Inc. (VNDA) is a biopharmaceutical company with five approved products and a pipeline of new indications and early-stage programs, facing declining revenue and a limited cash runway.
Key risk: Cash runway
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 5 pipeline candidates · 31 clinical trials · 4 catalysts · 6 FDA decisions for Vanda Pharmaceuticals Inc..
Vanda Pharmaceuticals Inc. (VNDA) is a biopharmaceutical company with five approved products and a pipeline of new indications and early-stage programs, facing declining revenue and a limited cash runway.
- Commercial portfolio includes Fanapt, HETLIOZ, PONVORY, NEREUS, and BYSANTI [sec_mda · as of 2026-08-06].
- Cash & equivalents $55.9M as of 2026-06-30 [sec]; net loss of $62.5M for the same period [sec].
- NEREUS (tradipitant) approved in the U.S. in December 2025 for motion-induced vomiting [sec · filed 2026-04-23].
- BLA for imsidolimab (Quimilza) submitted in December 2025 for GPP [sec · filed 2026-04-23].
- Phase III program ongoing for BYSANTI (MDD) and PONVORY (ulcerative colitis, psoriasis) [sec · filed 2026-04-23].
What works
- Five approved products generating revenue, including Fanapt ($117.3M in 2025) and HETLIOZ ($71.4M in 2025) [sec · filed 2026-04-23].
- NEREUS (tradipitant) received FDA approval in December 2025, adding a new commercial asset [sec · filed 2026-04-23].
- BLA for imsidolimab submitted with request for priority review, targeting a high-need indication (GPP) [sec · filed 2026-04-23].
- Broad pipeline includes early-stage programs (VQW-765, ASO platform) and life-cycle management for existing products [sec · filed 2026-04-23].
What to weigh
- Net loss of $62.5M for H1 2026 and cash & equivalents of only $55.9M as of 2026-06-30, indicating a short cash runway [sec].
- Revenue declined from $215.7M in 2025 (sum of product sales) to $50.5M in H1 2026, suggesting a significant drop [sec].
- HETLIOZ faces generic competition, as noted in a 2026-10-01 news report [news · published 2026-10-01].
- Ongoing litigation with FDA over a partial clinical hold on HETLIOZ, creating regulatory uncertainty [sec_mda · as of 2026-08-06].
From the filings
Quoted directly from source documents.
NEREUS approval in December 2025
“In December 2025, the FDA granted approval of NEREUS TM for the prevention of vomiting induced by motion.”
SEC filings · April 23, 2026
BLA submission for imsidolimab in December 2025
“In December 2025, we submitted the Biologics License Application (BLA) for imsidolimab for the treatment of GPP and requested priority review of the BLA.”
SEC filings · April 23, 2026
Catalyst timeline
- 2031-12-28 · Patent_Expiry · ILOPERIDONE — Patent expiry for Fanapt (iloperidone) may open to generic competition.
- 2036-08-09 · Patent_Expiry · TRADIPITANT — Patent expiry for NEREUS (tradipitant) may open to generic competition.
- 2041-02-21 · Patent_Expiry · TASIMELTEON — Patent expiry for HETLIOZ (tasimelteon) may open to generic competition.
- 2042-10-10 · Patent_Expiry · PONESIMOD — Patent expiry for PONVORY (ponesimod) may open to generic competition.
Risks & what to watch (4)›
Key risks
- Cash runway — Cash & equivalents $55.9M as of 2026-06-30; net loss $62.5M in H1 2026, suggesting runway may end in 2027 [sec].
- Revenue decline — Total revenue $50.5M in H1 2026 vs. $215.7M in FY2025, a significant drop [sec].
- HETLIOZ generic competition — News report indicates HETLIOZ faces generics, threatening a key revenue stream [news · published 2026-10-01].
- FDA litigation — Lawsuit against FDA over partial clinical hold on HETLIOZ, creating regulatory and commercial uncertainty [sec_mda · as of 2026-08-06].
What to watch
- BYSANTI commercial launch for bipolar I disorder and schizophrenia, expected soon [sec_mda · as of 2026-08-06].
- FDA decision on imsidolimab (Quimilza) BLA for GPP, submitted December 2025 [sec · filed 2026-04-23].
- Outcome of lawsuit against FDA regarding HETLIOZ partial clinical hold [sec_mda · as of 2026-08-06].
- Cash runway and ability to fund operations given $55.9M cash and ongoing net losses [sec].
Sources: News · SEC filings · SEC MD&A · Generated October 12, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.87 · 0% dilution
Lead: Approved
5 candidates
4 upcoming, next in ~1901d
No insider transactions in the last 180 days
Catalysts
Pipeline
Regulatory
Financials
Short Interest
as of May 22, 2026- % of float
- 10.8%
- Days to cover
- 5.7
- Shares short
- 6,196,446
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
VNDA short interestGovernance
Frequently asked questions
What is the AI investment thesis for Vanda Pharmaceuticals Inc.?
Vanda Pharmaceuticals Inc. (VNDA) is a biopharmaceutical company with five approved products and a pipeline of new indications and early-stage programs, facing declining revenue and a limited cash runway.
What is Vanda Pharmaceuticals Inc.'s lead drug candidate?
Vanda Pharmaceuticals Inc.'s most advanced tracked candidate is bysanti (Approved).
What is Vanda Pharmaceuticals Inc.'s next catalyst?
Vanda Pharmaceuticals Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent_Expiry: NDA022192" — expected December 28, 2031.
Who is the CEO of Vanda Pharmaceuticals Inc.?
Dr. Mihael H. Polymeropoulos M.D. is the chief executive officer of Vanda Pharmaceuticals Inc. (VNDA).
Where is Vanda Pharmaceuticals Inc. headquartered?
Vanda Pharmaceuticals Inc. (VNDA) is headquartered in Washington, DC, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.