Date:2/11/2009

with the workforce reduction. The decrease in stock-based compensation in the fourth quarter of 2008 relative to the fourth quarter of 2007 is primarily due to the lower fair market value of options granted in 2008 and the reversal of cumulative amortization of deferred stock-based compensation related to the cancellation of unvested options in connection with the workforce reduction. For the full year of 2008, total stock-based compensation was $13.4 million, compared to $19.5 million for the prior year.

• Net loss for the fourth quarter of 2008 was $7.5 million, compared to a net loss of $10.9 million for the third quarter of 2008 and $20.7 million for the fourth quarter of 2007. For the full year of 2008, net loss was $51.1 million, compared to $74.1 million for the full year of 2007.

• Net loss per common share for the fourth quarter of 2008 was $0.28, compared to $0.41 for the third quarter of 2008 and $0.78 for the fourth quarter of 2007. For the full year of 2008, net loss per common share was $1.92, compared to $2.81 for the full year of 2007.

• Cash and marketable securities decreased by $5.2 million during the fourth quarter of 2008. Changes included $7.5 million of net losses, decreases in accrued R&D expenses and accounts payable of $0.6 million, offset by decreases in prepaid expenses of $1.7 million, $0.8 million in non-cash depreciation, amortization, and stock-based compensation expenses and net decreases in other working capital of $0.4 million.

• Vanda's cash, cash equivalents and marketable securities as of December 31, 2008 totaled approximately $46.5 million, compared to approximately $51.7 million as of September 30, 2008 and $93.2 million as of December 31, 2007.

FINANCIAL GUIDANC
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