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% | |
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