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Vanda Pharmaceuticals Reports First Quarter 2013 Results
Date:5/9/2013

llion. The total revenues for the first quarter of 2013 and 2012 each included $1.5 million in Fanapt® royalties received from Novartis.

Total operating expenses for the first quarter of 2013 were $12.3 million, compared to $16.5 million for the first quarter of 2012.  The primary driver of the lower expenses in the first quarter of 2013 was the completion of the tasimelteon Non-24 and Major Depressive Disorder efficacy studies.

Vanda recorded a net loss of $4.2 million for the first quarter of 2013, compared to a net loss of $8.0 million for the same period in 2012.  Diluted net loss per share for the first quarter of 2013 was $0.15, compared to a diluted net loss per share of $0.28 for the first quarter of 2012.

Cash decreased by $9.5 million in the first quarter of 2013, compared to decreases of $10.6 million in the first quarter of 2012 and $14.0 million in the fourth quarter of 2012.  Vanda's Cash as of March 31, 2013 totaled $110.9 million.First Quarter 2013 Key Financial Figures1Three Months EndedMarch 31December 31(in thousands, except per share amounts)  20132012  Change ($)Change (%)Total revenues

$
8,068$
7,920$
482%Research & development  expenses

7,96010,617(2,657)(25%)General & administrative expenses

3,9583,22573323%Non-cash stock-based compensation2

952923293%Net loss

(4,173)(6,369)2,19634%Diluted net loss per share

$
(0.15)$
(0.23)$
.0835% Select Cash Flow Data1 Three Months EndedMarch 31March 31(in thousands)20132012Net cash provided by (used in)  Operating activities

$
(9,125)$
(8,690)  Investing activities

30,47728,861Financing activities

(193)- Select Balance Sheet Data1 March 31December 31March 31(in thousands)201320122012Total cash and marketable securities$
,932$
20,403$

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SOURCE Vanda Pharmaceuticals Inc.
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