Why Did Vanda Pharmaceuticals Stock Slide 7% Pre-Market Today?

The company filed a new shelf registration statement with the U.S. Securities and Exchange Commission (SEC) on Thursday to raise up to $200 million.

• Certain debt securities or warrants could be converted into equity, while preferred shares may also be exchangeable for common stock.
• In the fourth-quarter, total net product revenue reached $57.2 million, up 8% year-on-year, with a loss per share (EPS) of $2.39.
• For 2026, Vanda projects total revenue between $230 million and $260 million.

Vanda Pharmaceuticals Inc. (VNDA) said it may raise up to $200 million through future securities offerings, giving the biotechnology company flexibility to tap capital markets when conditions allow.

The company filed a new shelf registration statement with the U.S. Securities and Exchange Commission (SEC) on Thursday, outlining plans to issue preferred shares, common stock, debt instruments, or warrants.

Offering Structure

The filing allows for a range of structures. Certain debt securities or warrants could be converted into equity, while preferred shares may also be exchangeable for common stock. The company capped the total initial offering value under the shelf registration at $200 million.

Following the announcement, Vanda Pharmaceuticals’ stock traded over 7% lower in Thursday’s premarket. On Stocktwits, retail sentiment around the stock jumped to ‘extremely bullish’ from ‘bearish’ territory the previous day. Message volum,e shifted to ‘extremely high’ from ‘normal’ levels in 24 hours. 

Q4 Financial Performance And Outlook

In the fourth-quarter, total net product revenue from Fanapt, HETLIOZ and PONVORY reached $57.2 million, up 8% year-on-year, with a loss per share (EPS) of $2.39. Both metrics came in below analysts’ consensus estimates of $59.28 million and a loss of $1.32, according to Fiscal AI data. 

The company also booked a $103.2 million tax provision, largely reflecting a $113.7 million valuation allowance against deferred tax assets, a non-cash charge.

For 2026, Vanda projects total revenue between $230 million and $260 million. The company expects Fanapt sales in the range of $150 million to $170 million, with other products contributing between $80 million and $90 million.

VNDA stock has gained over 56% in the last 12 months. 

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