$VNDA
Vanda Pharmaceuticals Inc.

2013 Q1 Form 10-Q Financial Statement

#000119312513212435 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $8.068M $8.141M
YoY Change -0.9% 8.53%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.153M $3.910M
YoY Change 6.21% 36.71%
% of Gross Profit
Research & Development $8.111M $12.18M
YoY Change -33.41% 185.25%
% of Gross Profit
Depreciation & Amortization $107.0K $331.0K
YoY Change -67.67% -33.8%
% of Gross Profit
Operating Expenses $12.26M $12.18M
YoY Change 0.69% 62.62%
Operating Profit -$4.565M -$8.317M
YoY Change -45.11% -118914.29%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $50.00K $360.0K
YoY Change -86.11% 157.14%
Pretax Income -$4.519M -$7.962M
YoY Change -43.24% -5787.14%
Income Tax
% Of Pretax Income
Net Earnings -$4.519M -$7.962M
YoY Change -43.24% -5954.41%
Net Earnings / Revenue -56.01% -97.8%
Basic Earnings Per Share -$0.15 -$0.28
Diluted Earnings Per Share -$0.15 -$0.28
COMMON SHARES
Basic Shares Outstanding 28.35M shares 28.23M shares
Diluted Shares Outstanding 28.35M shares 28.23M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.9M $157.3M
YoY Change -29.48% -19.17%
Cash & Equivalents $109.9M $108.1M
Short-Term Investments $1.001M $49.20M
Other Short-Term Assets $3.700M $2.600M
YoY Change 42.31% 44.44%
Inventory $21.00K
Prepaid Expenses
Receivables $1.462M $1.500M
Other Receivables $0.00 $0.00
Total Short-Term Assets $116.1M $161.3M
YoY Change -28.01% -18.25%
LONG-TERM ASSETS
Property, Plant & Equipment $2.264M $2.500M
YoY Change -9.44% 177.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $600.0K $1.100M
YoY Change -45.45% -47.62%
Total Long-Term Assets $9.027M $11.30M
YoY Change -20.12% -5.83%
TOTAL ASSETS
Total Short-Term Assets $116.1M $161.3M
Total Long-Term Assets $9.027M $11.30M
Total Assets $125.1M $172.6M
YoY Change -27.5% -17.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.113M $800.0K
YoY Change 39.13% 0.0%
Accrued Expenses $3.874M $5.100M
YoY Change -24.04% 142.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.97M $32.70M
YoY Change -2.22% 2.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $86.70M $113.0M
YoY Change -23.27% -17.94%
Total Long-Term Liabilities $86.70M $113.0M
YoY Change -23.27% -17.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.97M $32.70M
Total Long-Term Liabilities $86.70M $113.0M
Total Liabilities $118.7M $145.7M
YoY Change -18.56% -14.19%
SHAREHOLDERS EQUITY
Retained Earnings -$295.3M
YoY Change
Common Stock $301.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.481M $26.90M
YoY Change
Total Liabilities & Shareholders Equity $125.1M $172.6M
YoY Change -27.5% -17.53%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$4.519M -$7.962M
YoY Change -43.24% -5954.41%
Depreciation, Depletion And Amortization $107.0K $331.0K
YoY Change -67.67% -33.8%
Cash From Operating Activities -$9.125M -$8.690M
YoY Change 5.01% 163.33%
INVESTING ACTIVITIES
Capital Expenditures $23.00K $1.845M
YoY Change -98.75%
Acquisitions
YoY Change
Other Investing Activities $30.50M $30.70M
YoY Change -0.65% 132.58%
Cash From Investing Activities $30.48M $28.86M
YoY Change 5.6% 118.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -193.0K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -9.125M -8.690M
Cash From Investing Activities 30.48M 28.86M
Cash From Financing Activities -193.0K 0.000
Net Change In Cash 21.16M 20.17M
YoY Change 4.9% 103.75%
FREE CASH FLOW
Cash From Operating Activities -$9.125M -$8.690M
Capital Expenditures $23.00K $1.845M
Free Cash Flow -$9.148M -$10.54M
YoY Change -13.17% 219.24%

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CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28345555 shares
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
944000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4173000
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5750679 shares
CY2013Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-10000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-4173000
CY2013Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P8Y
CY2013Q1 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
6606000
CY2013Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></p> </div>
CY2013Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2000
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
369000
CY2013Q1 us-gaap License And Services Revenue
LicenseAndServicesRevenue
6606000
CY2013Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-120000
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1313000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.25
CY2013Q1 vnda Optional Lease Termination Year
OptionalLeaseTerminationYear
2023
CY2013Q1 vnda Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Installment Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableInstallmentPeriod
P3Y
CY2013Q1 vnda Allowance For Tenant Improvements
AllowanceForTenantImprovements
1900000
CY2013Q1 vnda Fair Value Of Indemnification Agreements
FairValueOfIndemnificationAgreements
Minimal
CY2013Q1 vnda Initial Stock Options Granted To Directors Vesting And Exercisable Period
InitialStockOptionsGrantedToDirectorsVestingAndExercisablePeriod
P4Y
CY2013Q1 vnda Landlord Contributions For Tenant Improvements
LandlordContributionsForTenantImprovements
1800000
CY2013Q1 vnda Patent Extension Received Under Hatch Waxman Extension
PatentExtensionReceivedUnderHatchWaxmanExtension
P5Y
CY2013Q1 vnda Patent Protection Extension Period For Drug Components
PatentProtectionExtensionPeriodForDrugComponents
P6M
CY2013Q1 vnda Patent Protection Period For Drug Components
PatentProtectionPeriodForDrugComponents
P5Y
CY2013Q1 vnda Period Of Exercisable
PeriodOfExercisable
P4Y
CY2013Q1 vnda Potential Pediatric Extension
PotentialPediatricExtension
P6M
CY2013Q1 vnda Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Share Subject To Option Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfShareSubjectToOptionAwards
0.25 pure
CY2013Q1 vnda Share Based Compensation Arrangement By Share Based Payment Award Remaining Percentage Of Share Subject To Option Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainingPercentageOfShareSubjectToOptionAwards
0.75 pure
CY2013Q1 vnda Subsequent Stock Options Granted To Directors Vesting And Exercisable Period
SubsequentStockOptionsGrantedToDirectorsVestingAndExercisablePeriod
P1Y
CY2013Q1 vnda Payment Of Payroll Taxes Relating To Vesting Of Restricted Stock
PaymentOfPayrollTaxesRelatingToVestingOfRestrictedStock
195000
CY2013Q1 vnda Receipt Of Common Stock Delivered In Payment Of Payroll Taxes
ReceiptOfCommonStockDeliveredInPaymentOfPayrollTaxes
195000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.73 pure
CY2012Q1 us-gaap Costs And Expenses
CostsAndExpenses
16458000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0111 pure
CY2012Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-361000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8317000
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-216000
CY2012Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7956000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2012Q1 us-gaap Other Income
OtherIncome
355000
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
331000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1402000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2012Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
59900000
CY2012Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
29194000
CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
shares
CY2012Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y11D
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8690000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
28861000
CY2012Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-6606000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1845000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
20171000
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3909000
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-435000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28226743 shares
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
8141000
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-83000
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12180000
CY2012Q1 us-gaap Royalty Revenue
RoyaltyRevenue
1535000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28226743 shares
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1391000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-7962000
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5203788 shares
CY2012Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
6000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-7962000
CY2012Q1 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
6606000
CY2012Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1400000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2012Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
369000
CY2012Q1 us-gaap License And Services Revenue
LicenseAndServicesRevenue
6606000
CY2012Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-117000
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1990000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.41
CY2012Q1 vnda Landlord Contributions For Tenant Improvements
LandlordContributionsForTenantImprovements
-1728000

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