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Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2008 Results
Date:2/11/2009

year of 2007. Lower R&D expenses resulted from the lower clinical trial costs and related manufacturing costs incurred in 2008.

General and administrative (G&A) expenses totaled $4.1 million for the fourth quarter of 2008, compared to $7.4 million for the third quarter of 2008 and $9.5 million for the fourth quarter of 2007. The decrease in G&A expenses in the fourth quarter of 2008 relative to the third quarter of 2008 is primarily due to lower iloperidone pre-commercial launch expenses and the decrease in stock-based compensation expense for G&A personnel due to the cancellation of unvested options in connection with the workforce reduction offset by $1.0 million of severance expense. The decrease in G&A expenses in the fourth quarter of 2008 relative to the fourth quarter of 2007 is primarily due to lower employee stock-based compensation expense and lower iloperidone pre-commercial launch expenses. For the full year of 2008, total G&A expenses were $28.9 million, compared to $32.8 million for the prior year. The year-over-year decrease in G&A expenses is primarily due to decreased stock-based compensation expense and decreased business and commercial development expenses.

Employee stock-based compensation expense recorded in the fourth quarter of 2008 totaled $0.7 million. Of these non-cash charges, $0.6 million was recorded as a reversal R&D expense and $1.3 million was recorded as G&A expense. For the third quarter of 2008 and the fourth quarter of 2007, total stock-based compensation was $3.6 million and $5.2 million, respectively. The decrease in stock-based compensation in the fourth quarter of 2008 relative to the third quarter of 2008 is the result of the net effect of stock-based compensation for the period for existing employees reduced by the reversal of stock-based compensation charges resulting from the cancellation of unvested options in connection
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SOURCE Vanda Pharmaceuticals Inc.
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