Vanda Pharmaceuticals Inc.
VNDA · Pharmaceutical Preparations · 60.1M shares · +1%/yr ↑ dilution · EDGAR filings ↗
Reference price $8.27 · est. market cap ~$497M — last insider sale, 2026-03-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Commercial pharma (Hetlioz/Fanapt) spending heavily — operating losses and large cash burn, cash-rich.
Strengths
- Marketed products and cash — current ratio 2.4 (31st)
Risks
- Operating/net losses, heavy burn — operating margin -70%, FCF -$110M
- R&D/legal spend exceeds revenue — per 10-K
- Pipeline/approval dependence — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -102.0%)
- Cash burnNegative free cash flow (-110.4M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 6 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-70.0%
Net margin
-102.0%
Return on equity
-67.4%
Return on assets
-45.1%
Revenue growth (QoQ)
-9.6%
Current ratio
2.4×
Free cash flow
-$110M
Tangible book value
$210M
Cash & investments
$85M
Cash runway
3q
Stock comp / revenue
4.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-04 | Chrousos Phaedra | Grant | 42K | — |
| 2026-06-04 | Duncan Charles Cliff | Grant | 42K | — |
| 2026-06-04 | DUGAN RICHARD W | Grant | 42K | — |
| 2026-06-04 | McGuire Daniel Patrick | Grant | 80K | — |
| 2026-06-04 | Ward Anne Sempowski | Grant | 42K | — |
| 2026-06-04 | Honore Tage | Grant | 42K | — |
| 2026-06-04 | Mitchell Stephen Ray | Grant | 42K | — |
| 2026-05-18 | Mitchell Stephen Ray | Gift | 26K | — |
| 2026-04-22 | Duncan Charles Cliff | Grant | 57K | — |
| 2026-03-02 | Moran Kevin Patrick | Sell | 42K | $8.27 |
| 2026-03-02 | Wijkstrom Joakim | Sell | 31K | $8.27 |
| 2026-03-02 | Williams Timothy | Sell | 42K | $8.27 |
| 2026-03-02 | Birznieks Gunther | Sell | 42K | $8.27 |
| 2026-03-02 | Polymeropoulos Mihael Hristos | Sell | 156K | $8.17 |
| 2026-02-23 | Honore Tage | Sell | 30K | $8.03 |
| 2026-02-18 | Wijkstrom Joakim | Grant | 125K | — |
| 2026-02-18 | Birznieks Gunther | Grant | 125K | — |
| 2026-02-18 | Williams Timothy | Grant | 125K | — |
| 2026-02-18 | Moran Kevin Patrick | Grant | 125K | — |
| 2026-02-18 | Polymeropoulos Mihael Hristos | Grant | 525K | — |
| 2025-08-07 | Polymeropoulos Mihael Hristos | Buy | 10K | $4.15 |
| 2025-06-13 | Mitchell Stephen Ray | Sell | 7.0K | $4.59 |
| 2025-06-05 | Honore Tage | Grant | 59K | — |
| 2025-06-05 | Mitchell Stephen Ray | Grant | 59K | — |
| 2025-06-05 | Chrousos Phaedra | Grant | 59K | — |
| 2025-06-05 | DUGAN RICHARD W | Grant | 59K | — |
| 2025-06-05 | Ward Anne Sempowski | Grant | 59K | — |
| 2025-05-21 | Polymeropoulos Mihael Hristos | Buy | 481 | $4.39 |
| 2025-05-21 | Polymeropoulos Mihael Hristos | Buy | 9.5K | $4.40 |
| 2025-05-16 | Polymeropoulos Mihael Hristos | Buy | 20K | $4.22 |
| 2025-03-06 | Polymeropoulos Mihael Hristos | Buy | 5.0K | $5.01 |
| 2025-03-06 | Polymeropoulos Mihael Hristos | Buy | 5.0K | $5.02 |
| 2025-03-05 | Polymeropoulos Mihael Hristos | Buy | 5.0K | $5.01 |
| 2025-03-05 | Polymeropoulos Mihael Hristos | Buy | 5.0K | $5.03 |
| 2025-03-03 | Polymeropoulos Mihael Hristos | Buy | 10K | $4.71 |
| 2025-03-01 | Williams Timothy | Tax withheld | 27K | $4.76 |
| 2025-03-01 | Wijkstrom Joakim | Tax withheld | 16K | $4.76 |
| 2025-03-01 | Birznieks Gunther | Tax withheld | 27K | $4.76 |
| 2025-03-01 | Polymeropoulos Mihael Hristos | Tax withheld | 96K | $4.76 |
| 2025-03-01 | Moran Kevin Patrick | Tax withheld | 27K | $4.76 |
| 2025-02-28 | Polymeropoulos Mihael Hristos | Buy | 10K | $4.76 |
| 2025-02-27 | Polymeropoulos Mihael Hristos | Buy | 10K | $4.76 |
| 2025-02-26 | Polymeropoulos Mihael Hristos | Buy | 5.0K | $4.75 |
| 2025-02-26 | Polymeropoulos Mihael Hristos | Buy | 5.0K | $4.78 |
| 2025-02-25 | Polymeropoulos Mihael Hristos | Buy | 10K | $4.46 |
| 2025-02-21 | Moran Kevin Patrick | Buy | 2.0K | $4.39 |
| 2025-02-18 | Wijkstrom Joakim | Grant | 125K | — |
| 2025-02-18 | Polymeropoulos Mihael Hristos | Grant | 450K | — |
| 2025-02-18 | Moran Kevin Patrick | Grant | 125K | — |
| 2025-02-18 | Birznieks Gunther | Grant | 125K | — |
| 2025-02-18 | Williams Timothy | Grant | 125K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-04 | 0001628280-26-041298 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001628280-26-031667 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001628280-26-031241 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001628280-26-026642 ↗ |
| 8-K | 2026-04-02 | 2026-03-29 | 0001628280-26-023222 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001628280-26-016516 ↗ |
| 8-K | 2026-02-23 | 2026-02-20 | 0001628280-26-010376 ↗ |
| 8-K | 2026-02-19 | 2026-02-18 | 0001628280-26-009805 ↗ |
| 10-K | 2026-02-12 | 2025-12-31 | 0001628280-26-007460 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001628280-26-007256 ↗ |
| 8-K | 2026-01-08 | 2026-01-07 | 0001628280-26-001273 ↗ |
| 8-K | 2025-12-31 | 2025-12-30 | 0001628280-25-059155 ↗ |