ROCKVILLE, Md., Aug. 5 /PRNewswire-FirstCall/ -- Vanda
Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA), a biopharmaceutical
company focused on the development and commercialization of
products for central nervous system disorders, today announced
financial and operational results for the second quarter and six
months ended June 30, 2010.
Key Highlights:
- Vanda records year to date revenue of $20.7 million including year to date royalties of
$2.1 million.
- Fanapt® prescriptions continued to increase month-over-month
during the second quarter of 2010. Monthly prescriptions of
Fanapt®, as reported by IMS, increased from approximately 500 in
February 2010 (the first full month
of sales) to over 4,000 in June of 2010.
- On August 3, 2010, the U.S.
Patent and Trademark Office (USPTO) issued a patent for a
microsphere, long-acting injectable (depot) formulation of
iloperidone. The USPTO has informed Vanda that the patent term
adjustment included an additional 605 days, making the patent
expiration date June 27,
2023.
- Phase III studies of tasimelteon for the treatment of
Non-24-Hour Sleep/Wake Disorder (N24HSWD) in blind individuals with
no light perception to be initiated in the third quarter of
2010.
Total revenue for the second quarter of 2010 was $8.3 million, compared to $12.4 million for the first quarter of 2010 and
$0 for the second quarter of 2009. Total operating expenses for the
second quarter of 2010 were $7.1
million, compared to $6.3
million for the first quarter of 2010 and $12.4 million for the second quarter of 2009. Net
income was $1.3 million for the
second quarter of 2010 compared to net income of $0.5 million for the first quarter of 2010 and a
net loss of $12.4 million for the
second quarter of 2009.
Vanda's cash, cash equivalents, and marketable securities as of
June 30, 2010 totaled approximately
$207.1 million. Approximately
28.0 million shares of Vanda common stock were outstanding as of
June 30, 2010. Basic and diluted net
income per common share for the second quarter of 2010 were
$0.05 and $0.04, respectively, compared to basic and
diluted net income per common share of $0.02 for the first quarter of 2010 and a basic
and diluted net loss per common share of $0.46 for the second quarter of 2009.
Year to date June 30, 2010
Key Financial
Figures(1)
|
|
|
YTD 6/30/10($)
|
YTD 6/30/09($)
|
Change ($)
|
Change (%)
|
|
Total revenues
|
20,711,000
|
-
|
20,711,000
|
N/A
|
|
R&D expenses
|
4,444,000
|
9,529,000
|
(5,085,000)
|
-53%
|
|
G&A expenses
|
5,331,000
|
9,212,000
|
(3,881,000)
|
-42%
|
|
Employee non-cash stock-based
compensation
|
2,733,000
|
5,057,000
|
(2,324,000)
|
-46%
|
|
Net income (loss) before tax
provision
|
7,436,000
|
(18,896,000)
|
N/A
|
N/A
|
|
Tax provision
|
5,628,000
|
-
|
5,628,000
|
N/A
|
|
Net income (loss)
|
1,809,000
|
(18,896,000)
|
-
|
N/A
|
|
Basic net income per share
attributable to common stockholders
|
0.07
|
(0.71)
|
-
|
N/A
|
|
Diluted net income per share
attributable to common stockholders
|
0.06
|
(0.71)
|
-
|
N/A
|
|
|
|
|
|
|
|
|
Second Quarter 2010 Key
Financial Figures(1)
|
|
|
Q2 2010 ($)
|
Q1 2010 ($)
|
Change ($)
|
Change (%)
|
|
Total revenues
|
8,290,000
|
12,421,000
|
(4,131,000)
|
-33%
|
|
R&D expenses
|
2,404,000
|
2,041,000
|
363,000
|
18%
|
|
G&A expenses
|
2,842,000
|
2,489,000
|
353,000
|
14%
|
|
Employee non-cash stock-based
compensation
|
1,644,000
|
1,089,000
|
555,000
|
51%
|
|
Net income before tax
provision
|
1,242,000
|
6,195,000
|
(4,953,000)
|
-80%
|
|
Tax (benefit)
provision
|
(38,000)
|
5,665,000
|
N/A
|
N/A
|
|
Net income
|
1,279,000
|
529,000
|
750,000
|
142%
|
|
Basic net income per share
attributable to common stockholders
|
0.05
|
0.02
|
0.03
|
150%
|
|
Diluted net income per share
attributable to common stockholders
|
0.04
|
0.02
|
0.02
|
100%
|
|
|
|
|
|
|
|
Total cash and marketable
securities
|
207,117,000
|
202,424,000
|
4,693,000
|
2%
|
|
(1) Unaudited
|
|
|
|
|
|
|
OPERATIONAL HIGHLIGHTS
Year-to-date net sales of Fanapt® were reported by Novartis to
be approximately $21.4 million
comprised of $20.7 million in the
first quarter of 2010 and $0.7
million in the second quarter of 2010. Vanda is
encouraged by the continuing growth in total number of monthly
prescriptions, as reported by IMS, and by the strengthened
promotional launch of Fanapt® since the approval of marketing
materials by the FDA in May 2010.
Fanapt® monthly prescriptions, as reported by IMS, increased
from approximately 500 in February
2010 (the first full month of sales) to over 4,000 in June
of 2010.
On February 23, 2010, the USPTO
issued a notice of allowance for Vanda's patent application of a
microsphere, long-acting injectable (depot) formulation of
iloperidone. Subsequently, on August 3,
2010, the USPTO informed Vanda that the patent has been
issued with a patent term adjustment of an additional 605 days,
extending the patent expiration date to June
27, 2023. Novartis is responsible for the further
development of the depot formulation in the U.S. and Canada. Vanda has retained the rights for the
development and commercialization of the iloperidone depot
formulation outside the U.S. and Canada. Vanda also continues to explore the
regulatory path and commercial opportunity for Fanapt® oral
formulation outside of the U.S. and Canada.
With respect to tasimelteon, Vanda is prepared to initiate an
efficacy and safety study of tasimelteon in the third quarter for
the treatment of Non-24-Hours Sleep/Wake Disorder (N24HSWD) in
blind individuals with no light perception. This trial will
be a randomized, double-blind, placebo-controlled study with an
enrollment of approximately 160 patients with N24HSWD. The
trial will have a 6-month treatment period and will include
measures of both nighttime and daytime sleep, as well as laboratory
measures of the synchronization between the internal body clock and
the 24-hour environmental light/dark cycle.
Vanda is also prepared to initiate a one-year safety study of
tasimelteon for the treatment of N24HSWD. This will be an
open-label safety study that will enroll approximately 140 patients
with N24HSWD. Vanda plans to conduct additional clinical
trials over the next one to two years to support U.S. and European
regulatory submissions. Tasimelteon was granted orphan drug
designation by the FDA on January 19,
2010. The application for orphan designation from the
European Medicines Agency is pending.
FINANCIAL DETAILS
- Revenues decreased by $4.1
million from $12.4 million to $8.3
million for the second quarter of 2010 due to decreases of
$2.1 million in product revenue for
inventory sold to Novartis and $2.0
million in royalty revenue. Vanda sold the remaining
Fanapt® inventory to Novartis in the second quarter of 2010.
Despite a significant growth of Fanapt® prescription demand
in the second quarter, royalty revenue decreased from the first
quarter due to stocking of pharmacies in the first quarter.
- Cost of sales for the second quarter of 2010 was $1.9 million, consisting of $0.4 million resulting from the amortization of
the capitalized intangible asset related to the milestone payment
to Novartis and $1.5 million for the
inventory sold to Novartis, compared to cost of sales for the first
quarter of 2010 of $1.8 million,
consisting of $0.4 million resulting
from the amortization of the capitalized intangible asset related
to the milestone payment to Novartis and $1.4 million for inventory sold to Novartis.
Research and development (R&D) expenses were $2.4 million for the second quarter of 2010,
compared to $2.0 million for the
first quarter of 2010 and $7.2
million for the second quarter of 2009. The increase
in R&D expenses in the second quarter of 2010 relative to the
first quarter of 2010 is primarily due to costs incurred in
connection with the preparation of the Phase III trials for
tasimelteon in N24HSWD.
General and administrative (G&A) expenses were $2.8 million for the second quarter of 2010,
compared to $2.5 million for the
first quarter of 2010 and $5.0
million for the second quarter of 2009. The increase
in G&A expenses in the second quarter of 2010 relative to the
first quarter of 2010 is primarily due to the higher non-cash
stock-based compensation costs in the second quarter of 2010.
Employee stock-based compensation expense recorded in the second
quarter of 2010 totaled $1.6 million,
compared to $1.1 million for the
first quarter of 2010 and $2.8
million for the second quarter of 2009. The increase
in employee stock-based compensation expense in the second quarter
of 2010 relative to the first quarter of 2010 is the result of the
cancellation of unvested options in the first quarter of 2010,
which reduced the first quarter 2010 expense.
- Tax provision: Vanda recorded a tax benefit of $38,000 in the second quarter of 2010. The tax
provision is based on an annualized effective tax rate for 2010
applied to the year to date pre-tax book income with the addition
or subtraction of discrete items. The quarterly tax provision
is not indicative of estimated quarterly cash tax payments. The tax
provision rate applied in 2010 was determined primarily based upon
a net increase in valuation allowance for excess of the deferred
revenue recorded from the $200.0
million upfront milestone payment received from Novartis at
the end of 2009 over the existing tax attributes utilized. The
provision also includes the impact of tax credits relating to the
orphan drug designation for tasimelteon. Vanda will continue to
evaluate its qualified expenses for the orphan drug tax credit and,
to the extent that actual qualified expenses vary significantly
from Vanda's estimates, Vanda's effective tax rate will increase or
decrease accordingly.
- Vanda's cash, cash equivalents and marketable securities as of
June 30, 2010 totaled approximately
$207.1 million, compared to
approximately $202.4 million as of
March 31, 2010. Cash, cash
equivalents and marketable securities increased by $4.7 million during the second quarter of 2010.
Changes included: $1.3 million of net
income, an increase in non-cash items of $2.0 million, the receipt of $5.4 million in amounts due from Novartis for the
remaining finished product and royalty revenue, a decrease in
inventory of $1.5 million for the
final inventory sold to Novartis, a decrease of $6.7 million in the deferred revenue related to
the upfront payment received from Novartis in December 2009, an increase in other working
capital of $0.5 million and
$0.7 million received in financing
activities from the exercise of stock options.
- Net income for the second quarter of 2010 was $1.3 million, compared to net income of
$0.5 million for the first quarter of
2010 and a net loss of $12.4 million
for the second quarter of 2009.
- Basic and diluted net income per common share for the second
quarter of 2010 were $0.05 and
$0.04, respectively, compared to
basic and diluted net income per common share of $0.02 for the first quarter of 2010 and a basic
and diluted net loss of $0.46 for the
second quarter of 2009.
CONFERENCE CALL
Vanda has scheduled a conference call for today, Thursday, August 5, 2010, at 10:00 AM ET. During the call, Mihael H. Polymeropoulos, M.D., President and
CEO, and Stephanie Irish, Acting
CFO, will discuss quarterly results and other corporate activities.
Investors can call 1-866-788-0544 (domestic) and
1-857-350-1682 (international) prior to the 10:00 AM start time and ask for the Vanda
Pharmaceuticals conference call hosted by Dr. Polymeropoulos
(participant passcode 57802480). A replay of the call will be
available Thursday, August 5, 2010 at
1:00 PM ET and will be accessible
until Thursday, August 12, 2010, at
5:00 PM ET. The replay call-in
number is 1-888-286-8010 for domestic callers and 1-617-801-6888
for international callers. The access number is 89391430.
The conference call will be broadcast simultaneously on Vanda's
website, http://www.vandapharma.com. Investors should click
on the Investor Relations tab and are advised to go to the website
at least 15 minutes early to register, download, and install any
necessary software or presentations. The call will also be
archived on Vanda's website for a period of 30 days, through
September 4, 2010.
ABOUT VANDA PHARMACEUTICALS INC.:
Vanda Pharmaceuticals Inc. is a biopharmaceutical company
focused on the development and commercialization of products for
central nervous system disorders. For more on Vanda
Pharmaceuticals Inc., please visit http://www.vandapharma.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Various statements in this release are "forward-looking
statements" under the securities laws. Words such as, but not
limited to, "believe," "expect," "anticipate," "estimate,"
"intend," "plan," "targets," "likely," "will," "would," and
"could," and similar expressions or words, identify forward-looking
statements. Forward-looking statements are based upon current
expectations that involve risks, changes in circumstances,
assumptions and uncertainties. Important factors that could cause
actual results to differ materially from those reflected in the
company's forward-looking statements include, among others: the
extent and effectiveness of the development, sales and marketing
and distribution support Fanapt® receives; Vanda's inability to
utilize a substantial portion of its prior net operating losses and
research and development credits; Vanda's ability to successfully
commercialize Fanapt® outside of the U.S. and Canada; delays in the completion of Vanda's
clinical trials; a failure of Vanda's products to be demonstrably
safe and effective; Vanda's failure to obtain regulatory approval
for its products or to comply with ongoing regulatory requirements
for its products; a lack of acceptance of Vanda's products in the
marketplace, or a failure to become or remain profitable; Vanda's
expectations regarding trends with respect to its costs and
expenses; Vanda's inability to obtain the capital necessary to fund
additional research and development activities; Vanda's failure to
identify or obtain rights to new products; Vanda's failure to
develop or obtain sales, marketing and distribution resources and
expertise or to otherwise manage its growth; a loss of any of
Vanda's key scientists or management personnel; losses incurred
from product liability claims made against Vanda; a loss of rights
to develop and commercialize Vanda's products under its license and
sublicense agreements and other factors that are described in the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of Vanda's
annual report on Form 10-K for the fiscal year ended December 31, 2009 and quarterly report on Form
10-Q for the fiscal quarter ended March 31,
2010, which are on file with the SEC and available on the
SEC's website at www.sec.gov. Additional information will also be
set forth in those sections of Vanda's quarterly report on Form
10-Q for the fiscal quarter ended June 30,
2010, which will be filed with the SEC in the third quarter
of 2010. In addition to the risks described above and in Vanda's
annual report on Form 10-K and quarterly reports on Form 10-Q,
other unknown or unpredictable factors also could affect Vanda's
results. There can be no assurance that the actual results or
developments anticipated by Vanda will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, Vanda. Therefore, no assurance can
be given that the outcomes stated in such forward-looking
statements and estimates will be achieved.
All written and verbal forward-looking statements attributable
to Vanda or any person acting on its behalf are expressly qualified
in their entirety by the cautionary statements contained or
referred to herein. Vanda cautions investors not to rely too
heavily on the forward-looking statements Vanda makes or that are
made on its behalf. The information in this release is provided
only as of the date of this release, and Vanda undertakes no
obligation, and specifically declines any obligation, to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
VANDA PHARMACEUTICALS
INC.
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licensing agreement
|
$
|
6,678,899
|
|
$
|
-
|
|
$
|
13,284,404
|
|
$
|
-
|
|
|
Royalty revenue
|
|
69,331
|
|
|
-
|
|
|
2,136,079
|
|
|
-
|
|
|
Product sales
|
|
1,541,581
|
|
|
-
|
|
|
5,290,150
|
|
|
-
|
|
|
|
Total revenues
|
|
8,289,811
|
|
|
-
|
|
|
20,710,633
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales - licensing
agreement
|
|
372,696
|
|
|
229,352
|
|
|
741,297
|
|
|
229,352
|
|
|
Cost of sales -
product
|
|
1,515,428
|
|
|
-
|
|
|
2,890,746
|
|
|
-
|
|
|
Research and
development
|
|
2,403,545
|
|
|
7,195,595
|
|
|
4,444,193
|
|
|
9,528,934
|
|
|
General and
administrative
|
|
2,841,947
|
|
|
4,988,317
|
|
|
5,330,918
|
|
|
9,212,351
|
|
|
|
Total operating
expenses
|
|
7,133,616
|
|
|
12,413,264
|
|
|
13,407,154
|
|
|
18,970,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
1,156,195
|
|
|
(12,413,264)
|
|
|
7,303,479
|
|
|
(18,970,637)
|
|
Interest income
|
|
85,433
|
|
|
21,163
|
|
|
132,835
|
|
|
74,549
|
|
Income (loss) before income tax
provision
|
|
1,241,628
|
|
|
(12,392,101)
|
|
|
7,436,314
|
|
|
(18,896,088)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax provision
(benefit)
|
|
(37,713)
|
|
|
-
|
|
|
5,627,608
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
1,279,341
|
|
$
|
(12,392,101)
|
|
$
|
1,808,706
|
|
$
|
(18,896,088)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.05
|
|
$
|
(0.46)
|
|
$
|
0.07
|
|
$
|
(0.71)
|
|
|
Diluted
|
$
|
0.04
|
|
$
|
(0.46)
|
|
$
|
0.06
|
|
$
|
(0.71)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculation of
net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
27,896,889
|
|
|
26,900,841
|
|
|
27,802,298
|
|
|
26,777,159
|
|
|
Diluted
|
|
28,438,118
|
|
|
26,900,841
|
|
|
28,383,142
|
|
|
26,777,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VANDA PHARMACEUTICALS
INC.
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2010
|
|
December 31, 2009
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
145,650,740
|
|
$
|
205,295,488
|
|
|
|
Marketable securities
|
|
61,466,528
|
|
|
-
|
|
|
|
Accounts receivable
|
|
654,931
|
|
|
3,163,898
|
|
|
|
Inventory
|
|
-
|
|
|
2,398,517
|
|
|
|
Prepaid expenses, deposits and
other current assets
|
|
1,519,894
|
|
|
2,092,581
|
|
|
|
Deferred tax, current
portion
|
|
1,794,384
|
|
|
-
|
|
|
|
|
Total current assets
|
|
211,086,477
|
|
|
212,950,484
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
1,094,550
|
|
|
1,316,302
|
|
|
Restricted cash
|
|
430,230
|
|
|
430,230
|
|
|
Intangible asset, net
|
|
10,275,768
|
|
|
11,017,065
|
|
|
|
|
Total assets
|
$
|
222,887,025
|
|
$
|
225,714,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
$
|
1,019,643
|
|
$
|
2,423,877
|
|
|
|
Accrued expenses
|
|
1,407,984
|
|
|
2,321,301
|
|
|
|
Accrued income taxes
|
|
5,763,798
|
|
|
-
|
|
|
|
Deferred revenue, short
term
|
|
26,788,991
|
|
|
26,788,991
|
|
|
|
|
Total current
liabilities
|
|
34,980,416
|
|
|
31,534,169
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Deferred rent
|
|
498,530
|
|
|
506,852
|
|
|
|
Deferred revenue, long
term
|
|
157,357,798
|
|
|
170,642,202
|
|
|
|
|
Total liabilities
|
|
192,836,744
|
|
|
202,683,223
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Common stock
|
|
28,000
|
|
|
27,569
|
|
|
|
Additional paid-in
capital
|
|
288,990,733
|
|
|
283,836,642
|
|
|
|
Accumulated other comprehensive
income
|
|
56,195
|
|
|
-
|
|
|
|
Accumulated deficit
|
|
(259,024,647)
|
|
|
(260,833,353)
|
|
|
|
|
Total stockholders'
equity
|
|
30,050,281
|
|
|
23,030,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
222,887,025
|
|
$
|
225,714,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VANDA PHARMACEUTICALS
INC.
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities:
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
1,808,706
|
|
$
|
(18,896,088)
|
|
|
Adjustments to reconcile net
income (loss) to net cash used
|
|
|
|
|
|
|
|
|
in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
178,716
|
|
|
239,669
|
|
|
|
Employee and non-employee
stock-based compensation
|
|
2,759,808
|
|
|
5,279,366
|
|
|
|
Gain on disposal of
assets
|
|
(23,185)
|
|
|
-
|
|
|
|
Amortization of
premium/discounts on investments
|
|
(32,933)
|
|
|
96,599
|
|
|
|
Amortization of intangible
assets
|
|
741,297
|
|
|
229,352
|
|
|
|
Deferred tax benefit
|
|
(1,794,384)
|
|
|
-
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
current assets
|
|
572,687
|
|
|
158,206
|
|
|
|
|
Accounts receivable
|
|
2,508,967
|
|
|
-
|
|
|
|
|
Inventory
|
|
2,398,517
|
|
|
(1,272,240)
|
|
|
|
|
Accounts payable
|
|
(1,404,234)
|
|
|
1,404,519
|
|
|
|
|
Accrued expenses
|
|
(913,317)
|
|
|
1,516,814
|
|
|
|
|
Accrued income taxes
|
|
5,763,798
|
|
|
-
|
|
|
|
|
Other liabilities
|
|
(8,322)
|
|
|
2,041
|
|
|
|
|
Deferred revenue
|
|
(13,284,404)
|
|
|
-
|
|
|
|
|
|
Net cash used in operating
activities
|
|
(728,283)
|
|
|
(11,241,762)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
|
Acquisition of intangible
asset
|
|
-
|
|
|
(7,000,000)
|
|
|
Proceeds from sales of property
and equipment
|
|
66,221
|
|
|
-
|
|
|
Purchases of
investments
|
|
(63,877,400)
|
|
|
(8,082,729)
|
|
|
Proceeds from sales of
investments
|
|
-
|
|
|
126,547
|
|
|
Proceeds from maturities of
investments
|
|
2,500,000
|
|
|
10,250,000
|
|
|
|
|
|
Net cash used in investing
activities
|
|
(61,311,179)
|
|
|
(4,706,182)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
|
Excess tax benefits from
exercise of stock options
|
|
1,658,194
|
|
|
-
|
|
|
Proceeds from exercise of stock
options
|
|
736,520
|
|
|
882,843
|
|
|
|
|
|
Net cash provided by financing
activities
|
|
2,394,714
|
|
|
882,843
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash
equivalents
|
|
(59,644,748)
|
|
|
(15,065,101)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
beginning of period
|
|
205,295,488
|
|
|
39,079,304
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end
of period
|
$
|
145,650,740
|
|
$
|
24,014,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Vanda Pharmaceuticals Inc.
Copyright g. 5 PR Newswire