Q3 FY2026
Filed Oct 28, 2026Q3 2026 total net product sales increased 24% to $69.8 million, while total operating expenses decreased 18% compared to Q2 2026 and net loss was $22.6 million.
Revenue growth accelerated sequentially and operating expenses declined from Q2, but Vanda remained loss-making, nine-month operating expenses increased 15%, and cash, cash equivalents and marketable securities decreased by $29.5 million during Q3 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenuesGAAP | $69.8M | 38% increase | 24% increase |
| Q3 2026 total operating expensesGAAP | $93.3M | 18% decrease | 7% increase |
| Q3 2026 cost of goods sold excluding amortizationGAAP | $4.15M | – | – |
| Q3 2026 research and development expenseGAAP | $27.62M | – | – |
| Q3 2026 selling, general and administrative expenseGAAP | $59.58M | – | – |
| Q3 2026 intangible asset amortizationGAAP | $1.99M | – | – |
| Q3 2026 loss from operationsGAAP | −$23.52M | – | – |
| Q3 2026 other income, netGAAP | $1.13M | – | – |
| Q3 2026 loss before income taxesGAAP | $22.4M | – | – |
| Q3 2026 provision (benefit) for income taxesGAAP | $174K | – | – |
| Q3 2026 net lossGAAP | $22.6M | – | – |
| Q3 2026 basic loss per shareGAAP | $ (0.37) | – | – |
| Q3 2026 diluted loss per shareGAAP | $0.37 | – | – |
| Q3 2026 weighted average shares outstanding, basicGAAP | 60,465,170 | – | – |
| Q3 2026 weighted average shares outstanding, dilutedGAAP | 60,465,170 | – | – |
| First nine months of 2026 total revenuesGAAP | $172.1M | – | 8% increase |
| First nine months of 2026 total operating expensesGAAP | $309.6M | – | 15% increase |
| First nine months of 2026 loss from operationsGAAP | −$137.6M | – | – |
| First nine months of 2026 loss before income taxesGAAP | $133.2M | – | – |
| First nine months of 2026 net lossGAAP | $133.6M | – | – |
| First nine months of 2026 basic loss per shareGAAP | $ (2.23) | – | – |
| First nine months of 2026 diluted loss per shareGAAP | $2.23 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Fanapt net product sales, Q3 2026Continued Fanapt momentum; total prescriptions were up 25% and new-to-brand prescriptions were up 18% versus Q3 2025. | $38.8M | 8% increase | 24% increase |
| HETLIOZ net product sales, Q3 2026Includes orders totaling approximately $7.0 million in revenue that were shipped on June 29, 2026 and arrived on July 1, 2026. | $21.7M | 289% increase | 21% increase |
| PONVORY net product sales, Q3 2026No additional driver was quantified. | $7.7M | 2% decrease | 10% increase |
| NEREUS net product sales, Q3 2026Vanda launched NEREUS commercially in the U.S. in Q2 2026 and began sales force promotion in Q3 2026. | $1.6M | 60% increase | – |
| Fanapt net product sales, first nine months of 2026Commercial expansion followed approval of bipolar disorder. | $104.3M | – | 24% increase |
| HETLIOZ net product sales, first nine months of 2026No additional driver was quantified. | $43.2M | – | 21% decrease |
| PONVORY net product sales, first nine months of 2026No additional driver was quantified. | $21.9M | – | 11% increase |
| NEREUS net product sales, first nine months of 2026Vanda launched NEREUS commercially in the U.S. in Q2 2026. | $2.6M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full year 2026 outlook
- Revenuegreater than $240 million
What drove it
- Total net product sales included approximately $7.0 million of HETLIOZ revenue for orders shipped on June 29, 2026 that arrived on July 1, 2026.
- Certain Phase III and launch-preparation activities began concluding in Q3 2026, contributing to lower operating expenses compared with Q2 2026.
- BYSANTI received FDA approval for bipolar I disorder and schizophrenia in Q1 2026 and is expected to launch in Q4 2026.
- Positive Phase III results were announced for NEREUS for prevention of vomiting associated with GLP-1 receptor agonist therapy and for HETLIOZ in adults with Delayed Sleep-Wake Phase Disorder.
Concerns
- Total operating expenses increased 7% compared to Q3 2025 and increased 15% in the first nine months of 2026 compared to the first nine months of 2025.
- Net loss was $22.6 million in Q3 2026, and net loss was $133.6 million in the first nine months of 2026.
- HETLIOZ net product sales in the first nine months of 2026 decreased 21% compared to the first nine months of 2025.
- PONVORY net product sales decreased 2% compared to Q2 2026.
- Cash, cash equivalents and marketable securities decreased by $29.5 million in Q3 2026 and by $123.4 million compared to December 31, 2025.
- The Quimilza BLA, NEREUS and HETLIOZ supplemental regulatory paths, and litigation or hearing proceedings remain subject to FDA and court outcomes.
What to watch
- BYSANTI commercial launch expected in Q4 2026.
- FDA PDUFA target action date of December 12, 2026 for the Quimilza BLA in Generalized Pustular Psoriasis.
- HETLIOZ jet lag disorder administrative hearing scheduled from December 14, 2026 to December 18, 2026.
- BYSANTI Phase III adjunctive major depressive disorder study results expected in the first half of 2027; the study has enrolled 55% of the 500 patient enrollment target.
- Future operating-expense reduction as the remaining Phase III and launch-preparation activities conclude.
- FDA discussions and planned sNDA submissions for NEREUS in GLP-1-induced vomiting and HETLIOZ in Delayed Sleep-Wake Phase Disorder.
Balance sheet and cash flow
- Cash, cash equivalents and marketable securities totaled $140.5 million as of September 30, 2026, representing a decrease to Cash of $29.5 million in Q3 2026.
- Cash, cash equivalents and marketable securities totaled $140.5 million as of September 30, 2026, representing a decrease to Cash of $123.4 million compared to December 31, 2025.
- Cash and cash equivalents were $ 61,933 (in thousands) as of September 30, 2026, compared with $ 84,851 (in thousands) as of December 31, 2025.
- Marketable securities were $ 78,561 (in thousands) as of September 30, 2026, compared with $ 178,996 (in thousands) as of December 31, 2025.
- Accounts receivable, net were $ 60,316 (in thousands) as of September 30, 2026, compared with $ 54,578 (in thousands) as of December 31, 2025.
- Inventory was $ 1,528 (in thousands) as of September 30, 2026, compared with $ 1,852 (in thousands) as of December 31, 2025.
- Total current assets were $ 238,467 (in thousands) as of September 30, 2026, compared with $ 347,262 (in thousands) as of December 31, 2025.
- Total assets were $ 382,327 (in thousands) as of September 30, 2026, compared with $ 488,948 (in thousands) as of December 31, 2025.
- Total current liabilities were $ 154,980 (in thousands) as of September 30, 2026, compared with $ 145,162 (in thousands) as of December 31, 2025.
- Total liabilities were $ 182,469 (in thousands) as of September 30, 2026, compared with $ 161,762 (in thousands) as of December 31, 2025.
- Total stockholders’ equity was $ 199,858 (in thousands) as of September 30, 2026, compared with $ 327,186 (in thousands) as of December 31, 2025.
Analysis
Vanda reported Q3 2026 total net product sales of $69.8 million, up 24% compared with Q3 2025 and 38% compared with Q2 2026. Fanapt sales increased 24% to $38.8 million, HETLIOZ sales increased 21% to $21.7 million, PONVORY sales increased 10% to $7.7 million, and NEREUS generated $1.6 million. The Q3 total included approximately $7.0 million of HETLIOZ revenue from orders shipped on June 29, 2026 and received on July 1, 2026.
Expense progression improved sequentially. Total operating expenses were $93.3 million, down 18% from $114.3 million in Q2 2026, as certain Phase III and launch-preparation activities began concluding. Expenses nevertheless remained 7% above Q3 2025, and first-nine-month operating expenses increased 15% to $309.6 million. The company reported a Q3 loss from operations of $ (23,521) (in thousands), a loss before income taxes of $22.4 million, and a net loss of $22.6 million.
Product mix remains led by Fanapt, which accounted for $38.8 million of Q3 sales and whose total prescriptions and new-to-brand prescriptions were up 25% and 18%, respectively, versus Q3 2025. HETLIOZ provided a material sequential sales contribution, including the approximately $7.0 million shipment-timing item. NEREUS sales increased 60% compared with Q2 2026 following its Q2 U.S. launch and Q3 sales-force promotion. PONVORY grew year over year but decreased 2% sequentially.
Liquidity declined during the period. Cash, cash equivalents and marketable securities totaled $140.5 million at September 30, 2026, decreasing by $29.5 million in Q3 2026 and by $123.4 million compared with December 31, 2025. Total assets were $382,327 (in thousands), while total liabilities were $182,469 (in thousands) and total stockholders’ equity was $199,858 (in thousands) at September 30, 2026.
Vanda updated full-year 2026 revenue guidance to greater than $240 million and did not provide gross margin, operating-expense, or tax-rate guidance. Near-term execution centers on the expected Q4 2026 launch of BYSANTI and the December 12, 2026 PDUFA target action date for Quimilza. The company also cited positive Phase III results supporting planned FDA discussions for NEREUS in GLP-1-induced vomiting and HETLIOZ in Delayed Sleep-Wake Phase Disorder, alongside its expectation that operating expenses will decrease further as remaining activities conclude.
Management, verbatim
We are pleased with the strong revenue growth in the third quarter, increasing 24% year-over-year, driven by continued Fanapt momentum and the early contribution from our NEREUS commercial launch, while operating expenses decreased 18% compared to the second quarter as key Phase III and launch-preparation activities conclude.
Mihael H. Polymeropoulos, M.D., President, CEO and Chairman of the Board
Looking ahead, with the commercial launch of BYSANTI expected in the fourth quarter, the Quimilza BLA under FDA review with a December PDUFA date, and positive Phase III results supporting potential expansions for NEREUS in GLP-1-induced vomiting and HETLIOZ in Delayed Sleep-Wake Phase Disorder, we are focused on further moderating costs and driving revenue growth from our current portfolio and planned launches to support sustainable long-term value.
Mihael H. Polymeropoulos, M.D., President, CEO and Chairman of the Board
Not in the filing
stated, not guessed- Prior financial guidance was not provided, so no comparison of actual results with prior guidance is available.
- Gross profit and gross margin were not reported.
- Non-GAAP financial measures were not reported.
- Operating cash flow and free cash flow were not reported.
- Share repurchases, dividends, and other capital-return activity were not reported.
- Debt was not reported as a separate balance-sheet line item.
- Q3 2026 prior-quarter figures were not reported for individual operating-expense line items, loss from operations, other income, income-tax provision, or weighted average shares.
- First-nine-month individual expense-component comparisons were not included in key_metrics; the filing table reports them but does not provide percentage changes for those line items.
- Guidance for gross margin, operating expenses, tax rate, and other financial measures was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.