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Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2009 Results
Date:2/16/2010

n, compared to $28.9 million for 2008.  The year-over-year decrease in G&A expenses is primarily due to decreased commercial and marketing expenses relating to Fanapt™.
  • Employee stock-based compensation expense recorded in the fourth quarter of 2009 totaled $2.4 million.  Of these non-cash charges, $0.5 million was recorded as R&D expense and $1.9 million was recorded as G&A expense.  For the third quarter of 2009 and the fourth quarter of 2008, total stock-based compensation expense was $3.3 million and $0.7 million, respectively.  The decrease in stock-based compensation expense in the fourth quarter of 2009 relative to the third quarter of 2009 is the result of the full vesting of non-qualified options issued at a higher fair market value.  The increase in stock-based compensation expense in the fourth quarter of 2009 relative to the fourth quarter of 2008 is primarily due to a lower stock-based compensation expense resulting from the workforce reduction in the fourth quarter of 2008.  For the full year of 2009, total stock-based compensation was $10.8 million, compared to $13.4 million for 2008.  

  • Cash and marketable securities increased by $184.6 million during the fourth quarter of 2009.  Changes included $9.2 million of net losses, the payment of the $5.0 million balance due to Novartis for the milestone payment relating to the FDA's approval of the NDA for Fanapt™ and increases in other working capital of $1.9 million'/>"/>

SOURCE Vanda Pharmaceuticals Inc.
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