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income, net 1,299,076 516,287 5,978,564 2,197,821
Loss before tax
provision (20,748,597) (11,890,926) (74,059,811) (63,510,619)
Income tax
provision (191) 549 9,879 549
Net loss $ (20,748,406) $ (11,891,475) $ (74,069,690) $ (63,511,168)
Basic and
diluted net
loss per
common share $ (0.78) $ (0.54) $ (2.81) $ (3.97)
Shares used in
calculation of
basic and
diluted
net loss
per common
share 26,644,540 21,932,730 26,360,177 16,001,815
VANDA PHARMACEUTICALS INC.
(A Development Stage Enterprise)
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
December 31, 2007 December 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $41,929,533 $30,928,895
Marketable securities 43,243,960 941,981
Prepaid expenses, deposits and
other current assets 1,781,881 1,949,466
Total current assets 86,955,374 33,820,342
Marketable securities, long-term 7,979,331 -
Property and equipment, net 1,345,845 1,859,704
Deposits 150,000 150,000
Restricted cash 430,230 430,230
Total assets $96,860,780 $36,260,276
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,988,069 $2,783,249
Accrued expenses 9,789,738 6,322,808
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