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Vanda Pharmaceuticals Reports Third Quarter 2008 Results
Date:10/30/2008

G&A expenses in the third quarter of 2008 relative to the second quarter of 2008 is primarily due to lower iloperidone pre-commercial launch expenses. The decrease in G&A expenses in the third quarter of 2008 relative to the third quarter of 2007 is primarily due to lower employee stock-based compensation expense and lower iloperidone pre-commercial launch expenses.

-- Employee stock-based compensation expense recorded in the third quarter of 2008 totaled $3.6 million. Of these non-cash charges, $0.5 million was recorded as R&D expense and $3.1 million was recorded as G&A expense. In the second quarter of 2008 and the third quarter of 2007, total stock-based compensation was $4.0 million and $5.2 million, respectively. The decrease in stock-based compensation in the third quarter of 2008 relative to the second quarter of 2008 and the third quarter of 2007 is primarily due to the lower fair market value of options granted in 2008.

-- Net loss for the third quarter of 2008 was $10.9 million, compared to a net loss of $13.5 million for the second quarter of 2008 and $21.9 million for the third quarter of 2007.

-- Net loss per common share for the third quarter of 2008 was $0.41, compared to $0.51 for the second quarter of 2008 and $0.82 for the third quarter of 2007.

-- Cash and marketable securities decreased by $13.9 million during the third quarter of 2008. Changes included $10.9 million of net losses, decreases in accrued R&D expenses and accounts payable of $5.2 million, net increases in prepaid expenses of $0.9 million, fixed asset purchases of $0.5 million offset by $3.7 million in non-cash depreciation, amortization, and stock-based compensation expenses and net increases in other working capital of $0.1 million.

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

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SOURCE Vanda Pharmaceuticals Inc.
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