The following is a summary of the Vanda Pharmaceuticals, Inc. (VNDA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Vanda Pharmaceuticals posted total revenues of $47.5 million for Q1 2024, representing a 24% decrease from the $62.5 million reported for Q1 2023.

• The company recorded a net loss of $4.1 million, compared to a net income of $3.3 million in the first quarter of 2023.

• Vanda's product, PONVORY accounted for net product sales of $6.8 million in the first quarter of 2024.

• As of March 31, 2024, Vanda had $394.1 million in cash, cash equivalents, and marketable securities.

Business Progress:

• Vanda's drug, Fanapt was approved as a first-line therapy for the acute treatment of manic or mixed episodes associated with Bipolar I disorder in adults, with an NDA for psychiatric disorders expected to be submitted by early 2025.

• The company initiated clinical programs for Fanapt and Milsaperidone in the treatment of depressive symptoms, with a plan to have Fanapt LAI (long-acting injectable) formulation on the U.S. market post-2026.

• Vanda acquired PONVORY, a once-a-day oral treatment for people with multiple sclerosis in December 2023, with a focus on preparing for U.S. commercial launch and evaluating its potential application for psoriasis and ulcerative colitis.

• Tradipitant, another product by Vanda is under FDA review for the treatment of gastroparesis with an action date set in September 2024, and a filing expected for motion sickness by the end of the year.

• The company plans to increase awareness of PONVORY as a potential treatment for multiple sclerosis and exploit its application in autoimmune disorders.

• Despite the current business conditions, Vanda remains open to evaluating any and all potential acquisitions, and remains committed to its mission as a standalone company with three commercial assets and a robust late-stage pipeline.

More details: Vanda Pharmaceuticals IR

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