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SEC Filings


8-K
VANDA PHARMACEUTICALS INC. filed this Form 8-K on 08/01/2018
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    A tradipitant clinical study for the treatment of gastroparesis is ongoing. Results are expected by the end of 2018.

VTR-297 (histone deacetylase (HDAC) inhibitor)

    A VTR-297 Phase I study (1101) in patients with hematologic malignancies is expected to begin by the end of 2018.

Cash, cash equivalents and marketable securities (Cash) were $231.2 million as of June 30, 2018. During the second quarter of 2018, Cash decreased by $17.6 million and included a $25.0 million milestone payment based on cumulative HETLIOZ® net product sales.

Non-GAAP Financial Results

For the second quarter of 2018, Non-GAAP net income was $7.7 million, or $0.15 per share, compared to Non-GAAP net income of $1.6 million, or $0.03 per share, for the second quarter of 2017.

Vanda provides Non-GAAP financial information, which it believes can enhance an overall understanding of its financial performance when considered together with GAAP figures. Refer to the sections of this press release entitled “Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information.”

2018 Financial Guidance

Vanda reiterates its prior 2018 net product sales guidance and provides an update to Non-GAAP Operating Expenses and Year-End 2018 Cash guidance and expects to achieve the following financial objectives in 2018:

 

   

Full Year 2018

Financial Objectives

  

Full Year 2018

Guidance

   

Combined net product sales from both HETLIOZ®

and Fanapt®

   $180 to $200 million
   
HETLIOZ® net product sales    $108 to $118 million
   
Fanapt® net product sales    $72 to $82 million
   

Non-GAAP Operating expenses, excluding

Cost of goods sold(1)

  

$153 to $163 million

as compared to prior guidance of $163 to $173 million

   
Intangible asset amortization    $1.7 million
   
Stock-based compensation    $11 to $15 million
   
Year-end 2018 Cash   

$225 to $235 million

as compared to prior guidance of $215 to $225 million

(1) Non-GAAP Operating expenses, excludes Cost of goods sold, intangible asset amortization and stock-based compensation.

 

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