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Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Vanda Pharmaceuticals
Vanda Pharmaceuticals (VNDA) investor relations material
Vanda Pharmaceuticals Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary6 May, 2026
Executive summary
Q1 2026 net product sales reached $51.7 million, up 3% year-over-year, driven by 26% FanaptⓇ sales growth and the launch of NEREUS™, while BYSANTI™ received FDA approval for bipolar I disorder and schizophrenia with exclusivity through 2031 and patents to 2044.
NEREUS™ launched as the first new prescription therapy for motion sickness prevention in over 40 years, leveraging a direct-to-consumer platform.
Net loss widened to $48.6 million (diluted loss per share of $0.82) from $29.5 million (diluted loss per share of $0.50) in Q1 2025, reflecting higher SG&A and milestone payments.
Late-stage clinical pipeline progressing, with multiple Phase III readouts for BYSANTI™, NEREUS™, and VQW-765 expected in 2026–2027.
Financial highlights
Q1 2026 revenues were $51.7 million, a 3% increase year-over-year, with FanaptⓇ net sales at $29.6 million (+26%), HETLIOZⓇ at $15.9 million (-24%), and PONVORYⓇ at $6.2 million (+10%).
Operating expenses increased to $101.9 million, mainly due to higher SG&A and launch preparations.
Cash, cash equivalents, and marketable securities were $202.3 million as of March 31, 2026, down $61.5 million from year-end 2025, including a $10 million milestone payment to Eli Lilly for NEREUS™ approval.
Cost of goods sold was $3.2 million, representing 6% of revenue; R&D expenses dropped to $28.4 million.
Net cash used in operating activities was $50.2 million for Q1 2026, up from $33.1 million in Q1 2025.
Outlook and guidance
Full-year 2026 revenue guidance raised to $240–$290 million, with FanaptⓇ expected to contribute $150–$170 million and NEREUS™ $10–$30 million.
Guidance assumes further HETLIOZⓇ decline and modest PONVORYⓇ growth; NEREUS™ guidance based on market modeling, not actual sales data.
2026 cash burn expected to exceed 2025 levels; significant working capital needs anticipated through 2026 and beyond.
Cash and equivalents projected to be sufficient for at least the next 12 months.
BYSANTI switch strategy ahead of Fanapt LOE
Explain the scaling of the NEREUS DTC platform
Update on LAI iloperidone study design changes
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Latest events from Vanda Pharmaceuticals
- Proxy covers director elections, compensation, auditor ratification, and equity plan amendment.VNDA
Proxy filing23 Apr 2026 - Key votes include director elections, auditor ratification, and equity plan amendment.VNDAProxy filing23 Apr 2026
- BYSANTI and Nereus launches in 2026 drive growth amid expanding late-stage pipeline.VNDAThe Citizens Life Sciences Conference 20261 Apr 2026
- Poised for major 2026 growth with new approvals, strong pipeline, and rising prescription demand.VNDACorporate presentation11 Mar 2026
- Shelf registration allows up to $200M in securities for growth and R&D in specialty pharma.VNDARegistration Filing12 Feb 2026
- 2025 revenues rose 9% to $216.1M, led by Fanapt and Nereus approval; 2026 guidance is $230–$260M.VNDAQ4 202511 Feb 2026
- Q2 2024 revenue up 10% to $50.5M, but net loss widened on higher SG&A and lower HETLIOZ sales.VNDAQ2 20242 Feb 2026
- Expanding indications and new launches drive growth, supported by strong cash reserves.VNDAJefferies 2024 Global Healthcare Conference1 Feb 2026
- Product launches, pipeline progress, and strong cash position drive growth outlook.VNDA2024 Wells Fargo Healthcare Conference21 Jan 2026
Next Vanda Pharmaceuticals earnings date
H.C. Wainwright 4th Annual BioConnect Investor Conference19 May, 2026
Vanda Pharmaceuticals
Next Vanda Pharmaceuticals earnings date
H.C. Wainwright 4th Annual BioConnect Investor Conference19 May, 2026
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@ankurshah47_ x.com
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Amina0781App Store
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@theshortbearx.com
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