The balance sheet shows signs of structural deterioration, with total assets contracting from $656.2 million in 2024Q4 to $433.5 million in 2026Q1 alongside a growing accumulated deficit of $443.3 million.
Vanda Pharmaceuticals Inc. (VNDA) balance sheet — 22-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Current Assets | 264.48M | 347.26M | 438.89M | 432.95M | 519.29M | 478.3M | 409.14M | 354.14M | 299.13M | 169.86M | 174.18M | 166.55M | 141.73M | 135.61M | 125.97M | 153.5M | 202.21M | 212.95M | 47.75M | 86.96M | 33.82M | 33.37M | 16.45M |
| Cash & Short-Term Investments | 170.03M | 263.85M | 374.64M | 388.26M | 466.86M | 432.81M | 367.74M | 312.13M | 257.36M | 143.41M | 141.34M | 143.18M | 129.82M | 130.35M | 120.4M | 148.88M | 198.04M | 205.3M | 46.46M | 85.17M | 31.87M | 31.15M | 16.26M |
| Cash Only | 55.88M | 84.85M | 102.32M | 135.82M | 135.03M | 52.07M | 61.03M | 45.07M | 61.01M | 33.63M | 40.43M | 50.84M | 60.9M | 64.76M | 88.77M | 87.92M | 42.56M | 205.3M | 39.08M | 41.93M | 30.93M | 21.01M | 16.26M |
| Short-Term Investments | 114.15M | 179M | 272.33M | 252.44M | 331.83M | 380.74M | 306.71M | 267.06M | 196.35M | 109.79M | 100.91M | 92.34M | 68.92M | 65.59M | 31.63M | 60.96M | 155.48M | 0 | 7.38M | 43.24M | 941.98K | 10.14M | 0 |
| Accounts Receivable | 59.69M | 54.58M | 47.1M | 34.16M | 33.51M | 32.47M | 30.04M | 26.37M | 28.78M | 17.6M | 20.27M | 16.33M | 3.65M | 2.03M | 1.17M | 1.73M | 511K | 3.32M | 0 | 0 | 1.03M | 0 | 0 |
| Days Sales Outstanding | 93.77 | 92.18 | 86.49 | 64.71 | 48.08 | 44.11 | 44.18 | 42.36 | 54.4 | 38.92 | 50.66 | 54.23 | 26.59 | 21.88 | 13.03 | 20.24 | 5.3 | 266.07 | - | - | - | - | - |
| Inventory | 1.68M | 1.85M | 1.73M | 1.36M | 1.19M | 1.02M | 1.28M | 1.14M | 994K | 840K | 779K | 1.29M | 5.17M | 530K | 57K | 0 | 1.64M | 2.4M | 0 | 717.93K | 924.02K | 0 | 0 |
| Days Inventory Outstanding | 42.82 | 51.82 | 55.68 | 33.48 | 17.95 | 14.6 | 20 | 16.99 | 17.69 | 17.18 | 11.51 | 20.13 | 1.19K | - | 161.28 | - | 136.4 | 302.13 | - | - | - | - | - |
| Other Current Assets | 0 | 26.98M | 15.42M | 9.17M | 17.73M | 0 | 0 | 14.5M | 0 | 8M | 3.98M | 5.74M | 154K | 658K | 649K | 244K | 815K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 147.98M | 141.69M | 217.31M | 215.49M | 114.95M | 115.49M | 124.31M | 129.61M | 33M | 35.57M | 36.2M | 46.5M | 29.97M | 7.74M | 9.48M | 29.12M | 10.89M | 12.76M | 2.19M | 9.91M | 2.44M | 2.38M | 1.3M |
| Property, Plant & Equipment | 23.95M | 13.51M | 12.68M | 9.14M | 10.97M | 12.38M | 14.6M | 15.04M | 4.42M | 5.31M | 5.01M | 4.57M | 2.44M | 2.2M | 2.35M | 964K | 937K | 1.32M | 1.76M | 1.35M | 1.86M | 1.11M | 1.25M |
| Fixed Asset Turnover | 13.60x | 15.99x | 15.68x | 21.08x | 23.18x | 21.69x | 17.00x | 15.10x | 43.72x | 31.11x | 29.12x | 24.05x | 20.58x | 15.41x | 13.94x | 32.44x | 37.59x | 3.45x | - | - | - | - | 0.03x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 113.11M | 117.09M | 114.1M | 121.37M | 18.57M | 20.08M | 21.56M | 23.04M | 24.54M | 26.07M | 27.82M | 38.75M | 26.72M | 5.04M | 6.53M | 8.03M | 9.52M | 11.02M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 366K | 0 | 0 | 0 | 0 | 0 | 0 | 578K | 600K | 0 | 800K | 0 | 0 | 0 | 0 | 19.01M | -1.64M | 0 | 0 | 7.98M | 0 | 0 | 0 |
| Other Non-Current Assets | 10.92M | 11.08M | 9.1M | 9.98M | 11.38M | 8.15M | 6.64M | 3.27M | 4.04M | 4.19M | 2.46M | 3.18M | 813K | 500K | 600K | 1.11M | 430K | 430.23K | 430.23K | 580.23K | 580.23K | 1.27M | 50K |
| Total Assets | 412.47M | 488.95M | 656.2M | 648.44M | 634.25M | 593.79M | 533.46M | 483.75M | 332.13M | 205.43M | 210.37M | 213.05M | 171.7M | 143.35M | 135.45M | 182.62M | 213.1M | 225.71M | 49.93M | 96.86M | 36.26M | 35.75M | 17.75M |
| Asset Turnover | 0.45x | 0.44x | 0.30x | 0.30x | 0.40x | 0.45x | 0.47x | 0.47x | 0.58x | 0.80x | 0.69x | 0.52x | 0.29x | 0.24x | 0.24x | 0.17x | 0.17x | 0.02x | - | - | - | - | 0.00x |
| Asset Growth % | -97.68% | -25.49% | 1.2% | 2.24% | 6.81% | 11.31% | 10.28% | 45.65% | 61.68% | -2.35% | -1.26% | 24.08% | 19.78% | 5.83% | -25.83% | -14.3% | -5.59% | 352.03% | -48.45% | 167.13% | 1.42% | 101.4% | - |
| Total Current Liabilities | 164.03M | 145.16M | 99.98M | 87.7M | 91.44M | 74.42M | 65.94M | 59.51M | 53.02M | 70.36M | 50.32M | 51.32M | 7.79M | 32.85M | 32.26M | 31.62M | 31.03M | 31.53M | 3.41M | 12.78M | 9.11M | 5.06M | 1.62M |
| Accounts Payable | 69.99M | 4.94M | 3.5M | 7.14M | 12.69M | 925K | 1.05M | 5.9M | 0 | 0 | 0 | 0 | 835K | 661K | 287K | 996K | 648K | 2.42M | 512.38K | 2.99M | 2.78M | 2.25M | 718.61K |
| Days Payables Outstanding | 486.18 | 138.23 | 112.85 | 176.26 | 190.75 | 13.17 | 16.39 | 88 | - | - | - | - | 192.53 | - | 812.05 | - | 53.93 | 305.32 | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 142.46K | 173.93K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 174K | 26.79M | 26.79M | 27.24M | 26.79M | 26.79M | 0 | 0 | 129.95M | 129.95K | 689.43K |
| Other Current Liabilities | 94.03M | 87.19M | 69.36M | 69.33M | 34.01M | 27.68M | 45.38M | 44.86M | 41.48M | 50.03M | -3.42M | 0 | 214K | 397K | 127K | 3.28M | 62K | 2.22M | 0 | 0 | 0 | 8.13K | 375.15K |
| Current Ratio | 1.61x | 2.39x | 4.39x | 4.94x | 5.68x | 6.43x | 6.21x | 5.95x | 5.64x | 2.41x | 3.46x | 3.25x | 18.20x | 4.13x | 3.90x | 4.85x | 6.52x | 6.75x | 14.00x | 6.81x | 3.71x | 6.59x | 10.14x |
| Quick Ratio | 1.60x | 2.38x | 4.37x | 4.92x | 5.67x | 6.41x | 6.19x | 5.93x | 5.62x | 2.40x | 3.45x | 3.22x | 17.54x | 4.11x | 3.90x | 4.85x | 6.46x | 6.68x | 14.00x | 6.75x | 3.61x | 6.59x | 10.14x |
| Cash Conversion Cycle | -349.58 | 5.77 | 29.32 | -78.07 | -124.72 | 45.53 | 47.78 | -28.65 | - | - | - | - | 1.03K | - | -637.75 | - | 87.77 | 262.88 | - | - | - | - | - |
| Total Non-Current Liabilities | 28.26M | 16.6M | 17.68M | 15.83M | 15.61M | 14.45M | 14.25M | 13.3M | 3.69M | 3.67M | 28.72M | 28.71M | 3.1M | 66.37M | 93.28M | 117.53M | 144.34M | 171.15M | 502.77K | 354.04K | 397.35K | 24.43K | 185.9K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 142.49K |
| Capital Lease Obligations | 20.34M | 7.07M | 8.09M | 7.01M | 8.81M | 10.05M | 11.5M | 12.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.04K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 28.26M | 9.53M | 9.59M | 8.83M | 6.8M | 4.39M | 2.76M | 843K | 3.69M | 3.67M | 28.72M | 28.71M | 3.1M | 2.89M | 3M | 0 | 490K | 0 | 0 | 354.04K | 397.35K | 24.43K | 30.37K |
| Total Liabilities | 192.28M | 161.76M | 117.66M | 103.53M | 107.05M | 88.86M | 80.19M | 72.8M | 56.71M | 74.04M | 79.04M | 80.02M | 10.89M | 99.22M | 125.54M | 149.14M | 175.37M | 202.68M | 3.91M | 13.13M | 9.5M | 5.09M | 1.81M |
| Total Debt | 0 | 12.62M | 12.36M | 9.4M | 11.14M | 12.37M | 13.61M | 14.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 142.46K | 366.7K |
| Net Debt | -55.88M | -72.23M | -89.96M | -126.42M | -123.89M | -39.7M | -47.42M | -30.47M | -61.01M | -33.63M | -40.43M | -50.84M | -60.9M | -64.76M | -88.77M | -87.92M | -42.56M | -205.3M | -39.08M | -41.93M | -30.93M | -20.87M | -15.89M |
| Debt / Equity | 0.00x | 0.04x | 0.02x | 0.02x | 0.02x | 0.02x | 0.03x | 0.04x | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.00x | 0.02x |
| Debt / EBITDA | -0.00x | - | - | - | 1.23x | 0.27x | 0.45x | 0.57x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.32x | - | - | - | -13.67x | -0.88x | -1.58x | -1.19x | -2.47x | - | - | - | -2.73x | - | - | - | -4.18x | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -370597.94x | - | - | -13140.03x | - | - |
| Total Equity | 220.19M | 327.19M | 538.55M | 544.91M | 527.2M | 504.93M | 453.27M | 410.94M | 275.42M | 131.39M | 131.33M | 133.03M | 160.82M | 44.12M | 9.9M | 33.47M | 37.73M | 23.03M | 46.02M | 83.73M | 26.76M | 30.66M | 15.94M |
| Equity Growth % | -152.97% | -39.25% | -1.17% | 3.36% | 4.41% | 11.4% | 10.3% | 49.21% | 109.63% | 0.04% | -1.28% | -17.28% | 264.47% | 345.47% | -70.41% | -11.28% | 63.82% | -49.95% | -45.04% | 212.92% | -12.74% | 92.33% | - |
| Book Value per Share | 3.66 | 5.55 | 9.26 | 9.47 | 9.25 | 8.87 | 8.21 | 7.49 | 5.19 | 2.94 | 3.02 | 3.15 | 4.38 | 1.45 | 0.35 | 1.19 | 1.32 | 0.85 | 1.73 | 3.18 | 1.06 | 0.07 | 0.03 |
| Total Shareholders' Equity | 220.19M | 327.19M | 538.55M | 544.91M | 527.2M | 504.93M | 453.27M | 410.94M | 275.42M | 131.39M | 131.33M | 133.03M | 160.82M | 44.12M | 9.9M | 33.47M | 37.73M | 23.03M | 46.02M | 83.73M | 26.76M | 30.66M | 15.94M |
| Common Stock | 60K | 59K | 58K | 58K | 57K | 56K | 55K | 54K | 52K | 45K | 44K | 43K | 41K | 33K | 28K | 28K | 28K | 27.57K | 26.65K | 26.65K | 22.13K | 15.89K | 3 |
| Retained Earnings | -505.85M | -394.77M | -174.29M | -155.39M | -157.9M | -164.18M | -197.33M | -220.66M | -336.22M | -361.43M | -345.86M | -327.85M | -287.98M | -311.36M | -291.11M | -263.44M | -253.64M | -260.83M | -224.97M | -173.91M | -99.84M | -36.33M | -12.45M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 38K | 629K | 74K | -30K | -1.19M | -175K | 239K | 249K | 1K | -34K | 58K | 39K | 16K | 21K | 10K | 21K | 2K | 0 | -20.03K | 12.18K | -3.27K | -18.78M | -2.58K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying VNDA stock.
As of 2025, Vanda Pharmaceuticals Inc. (VNDA) had total assets of $488.9M including $347.3M in current assets.
Vanda Pharmaceuticals Inc. (VNDA) carries total debt of $12.6M, offset by $263.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vanda Pharmaceuticals Inc. (VNDA) has total shareholders' equity (book value) of $327.2M ($5.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vanda Pharmaceuticals Inc. (VNDA) reported a current ratio of 2.39x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Rapid Cash Reserve Depletion
Metrics are mathematically derived from official filings.
Asset Base Erosion Accelerates Downward
According to quarterly financial statements, Vanda's total assets have contracted from $656.2 million in 2024Q4 to $433.5 million by 2026Q1, a significant decline that reflects the ongoing consumption of resources to fund operations and legal defense in the absence of consistent, profitable revenue growth.
The consistent reduction in total assets suggests that the company is liquidating its balance sheet strength to sustain its current business model. Investors should monitor whether this trajectory indicates a structural inability to replace aging assets with new, high-value commercial opportunities.
Cash Runway Facing Increasing Pressure
Based on reported figures, Vanda's cash position has dwindled from $135.8 million in 2023Q4 to just $54.0 million in 2026Q1, representing a substantial reduction in the company's liquidity buffer against ongoing operational losses and the high costs associated with its aggressive patent litigation strategy.
While the current ratio of 2.16 remains technically adequate, the rapid depletion of absolute cash reserves warrants concern regarding the company's long-term financial flexibility. This trend suggests that management may soon face difficult choices regarding capital allocation if the current burn rate persists without a corresponding revenue inflection.
Accumulated Deficits Weighing On Equity
As reported in recent SEC filings, Vanda's retained earnings have deteriorated significantly, reaching a deficit of $443.3 million in 2026Q1, which highlights the persistent impact of historical operating losses on the company's overall equity quality and long-term shareholder value creation potential.
The widening deficit in retained earnings underscores the difficulty the company has faced in achieving sustained profitability despite its niche market focus. This erosion of equity suggests that the business model is currently reliant on external capital or existing reserves rather than internal value generation.
Goodwill Valuation Risks Remain Elevated
Based on the provided balance sheet data, goodwill remains a material component of total assets at $115.1 million in 2026Q1, which may be misleading if the underlying commercial value of acquired assets is impaired by generic competition or regulatory setbacks in the CNS portfolio.
The presence of significant goodwill on a shrinking balance sheet suggests a potential risk of future impairment charges, which would further pressure the company's equity position. Investors should investigate whether these intangible assets still reflect the current market reality of the company's core drug franchises.