ROCKVILLE, Md., Nov. 3, 2010 /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 third quarter and nine
months ended September 30, 2010.
Key Highlights:
- Vanda records year-to-date revenue of $28.0 million including year-to-date royalties of
$2.6 million.
- Fanapt® prescriptions continued to increase month-over-month
during the third quarter of 2010. Monthly prescriptions of Fanapt®,
as reported by IMS, increased from over 4,000 in June of 2010 to
over 6,000 in September of 2010.
- Enrollment began in tasimelteon Study VP-VEC-162-3201, in
the treatment of Non-24-Hour Sleep/Wake Disorder in blind
individuals with no light perception. Top-line results are expected
in late 2011.
- On October 29, 2010, Vanda
received certification for qualified research and development
investments under the Internal Revenue Service's Therapeutic
Discovery Project Credit Program and will receive a cash payment of
approximately $0.5 million.
Total revenue for the third quarter of 2010 was $7.2 million, compared to $8.3 million for the second quarter of 2010 and
$0 for the third quarter of 2009. Total operating expenses for the
third quarter of 2010 were $6.5
million, compared to $7.1
million for the second quarter of 2010 and $7.7 million for the third quarter of 2009. Net
income was $3.2 million for the third
quarter of 2010, compared to net income of $1.3 million for the second quarter of 2010 and a
net loss of $7.7 million for the
third quarter of 2009.
Vanda's cash, cash equivalents, and marketable securities as of
September 30, 2010 totaled
approximately $202.1 million.
Approximately 28.0 million shares of Vanda common stock were
outstanding as of September 30, 2010.
Basic and diluted net income per common share for the third quarter
of 2010 was $0.11, compared to basic
and diluted net income per common share of $0.05 and $0.04,
respectively, for the second quarter of 2010 and basic and diluted
net loss per common share of $0.28
for the third quarter of 2009.
Year-to-date September 30,
2010 Key Financial Figures(1)
|
|
|
YTD 9/30/10($)
|
YTD 9/30/09($)
|
Change ($)
|
Change (%)
|
|
Total revenues
|
27,957,000
|
-
|
27,957,000
|
N/A
|
|
R&D expenses
|
8,516,000
|
11,621,000
|
(3,105,000)
|
-27%
|
|
G&A expenses
|
7,385,000
|
14,479,000
|
(7,094,000)
|
-49%
|
|
Employee non-cash stock-based
compensation
|
3,530,000
|
8,320,000
|
(4,790,000)
|
-58%
|
|
Net income (loss) before tax
provision
|
8,336,000
|
(26,621,000)
|
34,957,000
|
-131%
|
|
Tax provision
|
3,343,000
|
-
|
3,343,000
|
N/A
|
|
Net income (loss)
|
4,993,000
|
(26,621,000)
|
31,614,000
|
-119%
|
|
Basic and diluted net income per
share attributable to common stockholders
|
0.18
|
(0.99)
|
1.17
|
-118%
|
|
|
|
|
|
|
Third
Quarter 2010 Key Financial
Figures(1)
|
|
|
Q3 2010
($)
|
Q2 2010
($)
|
Change
($)
|
Change
(%)
|
|
Total revenues
|
7,246,000
|
8,290,000
|
(1,044,000)
|
-13%
|
|
R&D expenses
|
4,072,000
|
2,404,000
|
1,668,000
|
69%
|
|
G&A expenses
|
2,054,000
|
2,842,000
|
(788,000)
|
-28%
|
|
Employee non-cash stock-based
compensation
|
797,000
|
1,644,000
|
(847,000)
|
-52%
|
|
Net income before tax
provision
|
899,000
|
1,242,000
|
(343,000)
|
-28%
|
|
Tax benefit
|
(2,285,000)
|
(38,000)
|
(2,247,000)
|
N/A
|
|
Net income
|
3,184,000
|
1,279,000
|
1,905,000
|
149%
|
|
Basic net income per share
attributable to common stockholders
|
0.11
|
0.05
|
0.06
|
120%
|
|
Diluted net income per share
attributable to common stockholders
|
0.11
|
0.04
|
0.07
|
175%
|
|
|
|
|
|
|
|
Total cash and marketable
securities
|
202,060,000
|
207,117,000
|
(5,057,000)
|
-2%
|
|
|
|
|
|
|
|
|
(1) Unaudited
OPERATIONAL HIGHLIGHTS
Year-to-date net sales of Fanapt® were reported by Novartis to
be approximately $26.3 million,
comprised of $20.7 million in the
first quarter of 2010, $0.7 million
in the second quarter of 2010 and $4.9
million in the third quarter of 2010. Vanda is
encouraged by the continuing growth in the total number of monthly
prescriptions, as reported by IMS. According to IMS, monthly
prescriptions of Fanapt® increased from over 4,000 in June of 2010
to over 6,000 in September of 2010.
The development of the iloperidone depot formulation is ongoing
with Vanda retaining the rights for commercialization outside the
U.S. and Canada. On
October 28, 2010, the U.S. Patent and
Trademark Office (USPTO) informed Vanda that it has granted an
additional patent term adjustment of 59 days, making the total
extension 664 days and making the patent expiration date
August 25, 2023.
Vanda continues to explore the regulatory path and commercial
opportunity for Fanapt® oral formulation outside of the U.S. and
Canada. On November 1, 2010, Australia's Department of Health and Ageing --
Therapeutic Goods Administration, accepted for evaluation Vanda's
application for marketing approval.
Enrollment has begun in Study VP-VEC-162-3201, a 160-patient
randomized controlled trial of tasimelteon versus placebo in the
treatment of Non-24-Hour Sleep/Wake Disorder (N24HSWD) in blind
individuals with no light perception. Top-line results are expected
in late 2011. The trial has a 6-month treatment period and
includes 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 has also initiated a one-year safety study of tasimelteon
for the treatment of N24HSWD. This is 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.
On October 29, 2010, Vanda
received certification for qualified research and development
investments under the Internal Revenue Service's Therapeutic
Discovery Project Credit Program and will receive a cash payment of
approximately $0.5 million.
FINANCIAL DETAILS
-
|
Revenues decreased by $1.1
million from $8.3 million for the third quarter of 2010 due to an
increase of $0.4 million in royalty revenue offset by a decrease of
$1.5 million in product revenue. During the second quarter of
2010, the company sold the remaining Fanapt® inventory to Novartis.
|
|
|
|
|
-
|
Cost of sales for the
third quarter of 2010 was $0.4 million resulting from the
amortization of the capitalized intangible asset related to the
milestone payment to Novartis, compared to cost of sales for the
second quarter of 2010 of $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
inventory sold to Novartis.
|
|
|
|
|
|
Research and development
(R&D) expenses were $4.1 million for the third quarter of 2010,
compared to $2.4 million for the second quarter of 2010 and $2.1
million for the third quarter of 2009. The increase in
R&D expenses in the third quarter of 2010 relative to the
second 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 $2.1 million for the third quarter of 2010,
compared to $2.8 million for the second quarter of 2010 and $5.3
million for the third quarter of 2009. The decrease in
G&A expenses in the third quarter of 2010 relative to the
second quarter of 2010 is primarily due to lower non-cash
stock-based compensation costs in the third quarter of
2010.
|
|
|
|
|
|
Employee stock-based
compensation expense recorded in the third quarter of 2010 totaled
$0.8 million, compared to
$1.6 million for the second
quarter of 2010 and $3.3 million for the third quarter of 2009.
The decrease in employee stock-based compensation expense in
the third quarter of 2010 relative to the second quarter of 2010 is
the result of the cancellation of unvested options
in the third quarter of 2010,
which reduced the third quarter 2010 expense.
|
|
|
|
|
-
|
Tax provision: Vanda
recorded a tax benefit of $2.3 million in the third quarter of
2010. The tax provision is based on a projected 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.
|
|
|
|
|
-
|
Our private letter ruling
request to the Internal Revenue Service from March of 2010 remains
pending.
|
|
|
|
|
-
|
Net income for the third
quarter of 2010 was $3.2 million, compared to net income of $1.3
million for the second quarter of 2010 and a net loss of $7.7
million for the third quarter of 2009.
|
|
|
|
|
-
|
Basic and diluted net
income per common share for the third quarter of 2010 was $0.11,
compared to basic and diluted net income per common share of $0.05
and $0.04, respectively, for the second quarter of 2010 and a basic
and diluted net loss of $0.28 for the third quarter of
2009.
|
|
|
|
CONFERENCE CALL
Vanda has scheduled a conference call for today, Wednesday, November 3, 2010, at 10:00 AM ET. During the call, Mihael H. Polymeropoulos, M.D., President and
CEO will discuss quarterly results and other corporate activities.
Investors can call 1-866-730-5768 (domestic) and
1-857-350-1592 (international) prior to the 10:00 AM start time and ask for the Vanda
Pharmaceuticals conference call hosted by Dr. Polymeropoulos
(participant passcode 11659354). A replay of the call will be
available Wednesday, November 3, 2010
at 1:00 PM ET and will be accessible
until Wednesday, November 10, 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 14475834.
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
December 3, 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 June 30,
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 September
30, 2010, which will be filed with the SEC in the fourth
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
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licensing agreement
|
|
$
|
6,752,293
|
|
$
|
-
|
|
$
|
20,036,697
|
|
$
|
-
|
|
|
Royalty revenue
|
|
|
494,028
|
|
|
-
|
|
|
2,630,107
|
|
|
-
|
|
|
Product sales
|
|
|
|
-
|
|
|
-
|
|
|
5,290,150
|
|
|
-
|
|
|
|
Total revenues
|
|
|
7,246,321
|
|
|
-
|
|
|
27,956,954
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales - licensing
agreement
|
|
376,792
|
|
|
376,792
|
|
|
1,118,089
|
|
|
606,143
|
|
|
Cost of sales -
product
|
|
|
-
|
|
|
-
|
|
|
2,890,746
|
|
|
-
|
|
|
Research and
development
|
|
|
4,072,189
|
|
|
2,091,984
|
|
|
8,516,382
|
|
|
11,620,918
|
|
|
General and
administrative
|
|
|
2,053,584
|
|
|
5,266,434
|
|
|
7,384,502
|
|
|
14,478,786
|
|
|
|
Total operating
expenses
|
|
|
6,502,565
|
|
|
7,735,210
|
|
|
19,909,719
|
|
|
26,705,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
743,756
|
|
|
(7,735,210)
|
|
|
8,047,235
|
|
|
(26,705,847)
|
|
Interest income
|
|
|
|
155,739
|
|
|
9,842
|
|
|
288,574
|
|
|
84,391
|
|
Income (loss) before income tax
provision
|
|
899,495
|
|
|
(7,725,368)
|
|
|
8,335,809
|
|
|
(26,621,456)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax provision
(benefit)
|
|
|
(2,284,987)
|
|
|
-
|
|
|
3,342,621
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
3,184,482
|
|
$
|
(7,725,368)
|
|
$
|
4,993,188
|
|
$
|
(26,621,456)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
0.11
|
|
$
|
(0.28)
|
|
$
|
0.18
|
|
$
|
(0.99)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculation of
net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
28,003,453
|
|
|
27,196,694
|
|
|
27,872,542
|
|
|
26,920,742
|
|
|
Diluted
|
|
|
|
28,466,532
|
|
|
27,196,694
|
|
|
28,429,223
|
|
|
26,920,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VANDA
PHARMACEUTICALS INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, 2010
|
|
December 31,
2009
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
102,467,982
|
|
$
|
205,295,488
|
|
|
|
Marketable securities
|
|
99,592,086
|
|
|
-
|
|
|
|
Accounts receivable
|
|
494,028
|
|
|
3,163,898
|
|
|
|
Inventory
|
|
-
|
|
|
2,398,517
|
|
|
|
Prepaid expenses, deposits and
other current assets
|
|
1,901,682
|
|
|
2,092,581
|
|
|
|
Deferred tax, current
portion
|
|
1,554,099
|
|
|
-
|
|
|
|
|
Total current assets
|
|
206,009,877
|
|
|
212,950,484
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
1,015,363
|
|
|
1,316,302
|
|
|
Restricted cash
|
|
430,230
|
|
|
430,230
|
|
|
Intangible asset, net
|
|
9,898,976
|
|
|
11,017,065
|
|
|
|
|
Total assets
|
$
|
217,354,446
|
|
$
|
225,714,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
$
|
295,478
|
|
$
|
2,423,877
|
|
|
|
Accrued expenses
|
|
1,776,046
|
|
|
2,321,301
|
|
|
|
Accrued income taxes
|
|
3,234,732
|
|
|
-
|
|
|
|
Deferred revenue, short
term
|
|
26,788,991
|
|
|
26,788,991
|
|
|
|
|
Total current
liabilities
|
|
32,095,247
|
|
|
31,534,169
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Deferred rent
|
|
494,370
|
|
|
506,852
|
|
|
|
Deferred revenue, long
term
|
|
150,605,505
|
|
|
170,642,202
|
|
|
|
|
Total liabilities
|
|
183,195,122
|
|
|
202,683,223
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Common stock
|
|
28,012
|
|
|
27,569
|
|
|
|
Additional paid-in
capital
|
|
289,919,532
|
|
|
283,836,642
|
|
|
|
Accumulated other comprehensive
income
|
|
51,945
|
|
|
-
|
|
|
|
Accumulated deficit
|
|
(255,840,165)
|
|
|
(260,833,353)
|
|
|
|
|
Total stockholders'
equity
|
|
34,159,324
|
|
|
23,030,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
217,354,446
|
|
$
|
225,714,081
|
|
|
|
|
|
|
|
|
|
|
VANDA
PHARMACEUTICALS INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities:
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
4,993,188
|
|
$
|
(26,621,456)
|
|
|
Adjustments to reconcile net
income (loss) to net cash used
|
|
|
|
|
|
|
|
|
in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
257,903
|
|
|
346,785
|
|
|
|
Employee and non-employee
stock-based compensation
|
|
3,646,529
|
|
|
8,708,726
|
|
|
|
Gain on disposal of
assets
|
|
(23,185)
|
|
|
-
|
|
|
|
Amortization of
premium/discounts on investments
|
|
(11,731)
|
|
|
122,963
|
|
|
|
Amortization of intangible
assets
|
|
1,118,089
|
|
|
606,143
|
|
|
|
Deferred tax benefit
|
|
(1,554,099)
|
|
|
-
|
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other
current assets
|
|
190,899
|
|
|
(1,345,383)
|
|
|
|
|
Accounts receivable
|
|
2,669,870
|
|
|
-
|
|
|
|
|
Inventory
|
|
2,398,517
|
|
|
(1,758,427)
|
|
|
|
|
Accounts payable
|
|
(2,128,399)
|
|
|
833,854
|
|
|
|
|
Accrued expenses
|
|
(545,255)
|
|
|
(852,389)
|
|
|
|
|
Accrued income taxes
|
|
3,234,732
|
|
|
-
|
|
|
|
|
Other liabilities
|
|
(12,482)
|
|
|
3,061
|
|
|
|
|
Deferred revenue
|
|
(20,036,697)
|
|
|
-
|
|
|
|
|
|
Net cash used in operating
activities
|
|
(5,802,121)
|
|
|
(19,956,123)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
|
Acquisition of intangible
asset
|
|
-
|
|
|
(7,000,000)
|
|
|
Proceeds from sales of property
and equipment
|
|
66,221
|
|
|
-
|
|
|
Purchases of
investments
|
|
(124,028,410)
|
|
|
(11,365,815)
|
|
|
Proceeds from sales of
investments
|
|
-
|
|
|
126,547
|
|
|
Proceeds from maturities of
investments
|
|
24,500,000
|
|
|
15,250,000
|
|
|
|
|
|
Net cash used in investing
activities
|
|
(99,462,189)
|
|
|
(2,989,268)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
|
Excess tax benefits from
exercise of stock options
|
|
1,661,988
|
|
|
-
|
|
|
Proceeds from exercise of stock
options
|
|
774,816
|
|
|
1,283,734
|
|
|
|
|
|
Net cash provided by financing
activities
|
|
2,436,804
|
|
|
1,283,734
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash
equivalents
|
|
(102,827,506)
|
|
|
(21,661,657)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
beginning of period
|
|
205,295,488
|
|
|
39,079,304
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end
of period
|
$
|
102,467,982
|
|
$
|
17,417,647
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of
non-cash investing activities
|
|
|
|
|
|
|
Intangible asset
acquisition included in accounts payable
|
$
|
-
|
|
$
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Vanda Pharmaceuticals Inc.