Vanda Pharmaceuticals Inc
(NASDAQ:VNDA)

Vanda Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of therapies to address high unmet medical needs. The company's marketed products include HETLIOZ for the treatment of non-24-hour sleep-wake disorders; and Fanapt oral tablets for the treatment...

Website: https://www.vandapharma.com/

Full Time Employees: 284

Sector: Healthcare

Industry: Biotechnology

Pharmaceuticals

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Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31

revenues:
net product sales	57,216,000	56,258,000	52,590,000	50,041,000	53,185,000	47,651,000	50,474,000	47,462,000	45,271,000	38,815,000	46,056,000	62,498,000	64,482,000	65,318,000	64,390,000	60,192,000	68,019,000	70,095,000	67,899,000	62,669,000	67,653,000	60,308,000	62,207,000	58,000,000	60,930,000	59,485,000	59,060,000	47,713,000	53,041,000	49,135,000	47,350,000	43,592,000	44,276,000	41,336,000	42,056,000	37,415,000	38,244,000	38,482,000	36,029,000	33,262,000
total revenues	57,216,000	56,258,000	52,590,000	50,041,000	53,185,000	47,651,000	50,474,000	47,462,000	45,271,000	38,815,000	46,056,000	62,498,000	64,482,000	65,318,000	64,390,000	60,192,000	68,019,000	70,095,000	67,899,000	62,669,000	67,653,000	60,308,000	62,207,000	58,000,000	60,930,000	59,485,000	59,060,000	47,713,000	53,041,000	49,135,000	47,350,000	43,592,000	44,276,000	41,336,000	42,056,000	37,415,000	38,244,000	38,482,000	36,029,000	33,262,000	31,849,000	28,344,000	27,582,000	22,150,000	15,369,000	14,782,000	10,862,000	9,143,000	6,274,000	8,709,000	8,319,000	8,068,000	6,201,750	8,288,000	8,378,000	8,141,000	5,725,000	7,969,000	7,501,000	6,989,238.5	7,246,321	8,289,811	12,420,822
yoy	7.58%	18.06%	4.19%	5.43%	17.48%	22.76%	9.59%	-24.06%	-29.79%	-40.58%	-28.47%	3.83%	-5.20%	-6.82%	-5.17%	-3.95%	0.54%	16.23%	9.15%	8.05%	11.03%	1.38%	5.33%	21.56%	14.87%	21.06%	24.73%	9.45%	19.80%	18.87%	12.59%	16.51%	15.77%	7.42%	16.73%	12.49%	20.08%	35.77%	30.63%	50.17%	107.23%	91.75%	153.93%	142.26%	144.96%	69.73%	30.57%	13.32%	1.16%	5.08%	-0.70%	-0.90%	8.33%	4.00%	11.69%	16.48%	-20.99%	-3.87%	-39.61%
qoq	1.70%	6.97%	5.09%	-5.91%	11.61%	-5.59%	6.35%	4.84%	16.63%	-15.72%	-26.31%	-3.08%	-1.28%	1.44%	6.97%	-11.51%	-2.96%	3.23%	8.35%	-7.37%	12.18%	-3.05%	7.25%	-4.81%	2.43%	0.72%	23.78%	-10.05%	7.95%	3.77%	8.62%	-1.54%	7.11%	-1.71%	12.40%	-2.17%	-0.62%	6.81%	8.32%	4.44%	12.37%	2.76%	24.52%	44.12%	3.97%	36.09%	18.80%	45.73%	-27.96%	4.69%	3.11%	30.09%	-25.17%	-1.07%	2.91%	42.20%	-28.16%	6.24%	7.32%	-3.55%	-12.59%	-33.26%
operating expenses:
cost of goods sold excluding amortization	3,833,000	2,954,000	2,736,000	3,521,000	2,590,000	2,551,000	2,733,000	3,440,000	3,460,000	3,063,000	3,499,000	4,774,000	6,238,000	6,320,000	6,059,000	5,665,000	6,236,000	6,797,000	6,566,000	6,030,000	6,412,000	5,898,000	5,847,000	5,207,000	6,225,000	6,782,000	6,368,000	5,113,000	5,667,000	5,068,000
research and development	29,006,000	22,563,000	21,990,000	35,712,000	19,840,000	16,776,000	16,661,000	21,154,000	24,339,000	16,600,000	16,647,000	19,237,000	18,454,000	24,857,000	21,490,000	20,969,000	19,331,000	19,653,000	20,248,000	16,131,000	14,849,000	12,298,000	12,903,000	15,527,000	13,074,000	11,347,000	10,950,000	13,278,000	12,922,000	11,390,000	9,866,000	9,416,000	10,154,000	10,178,000	7,648,000	10,567,000	7,614,000	7,294,000	6,700,000	7,548,000	8,747,000	9,974,000	5,946,000	4,478,000	4,751,000	3,701,000	3,514,000	7,263,000	6,222,000	8,026,000	5,982,000	7,960,000	10,617,000	10,159,000	12,490,000	12,180,000	10,556,000	8,174,000	4,267,000	3,821,618	4,072,189	2,403,545	2,040,647	2,253,043	2,091,984	7,195,595	2,333,344	3,559,543	3,792,424	5,480,909	11,102,665	12,574,735	13,874,248	10,193,825	10,592,059	7,939,988	9,542,385	19,099,850	15,488,554
selling, general and administrative	62,978,000	60,273,000	64,616,000	50,084,000	39,282,000	37,573,000	39,474,000	30,085,000	23,613,000	24,767,000	28,399,000	36,104,000	32,782,000	29,854,000	33,001,000	40,848,000	33,447,000	32,456,000	28,347,000	29,797,000	35,571,000	34,001,000	33,917,000	37,021,000	37,018,000	30,221,000	31,468,000	31,029,000	24,922,000	26,047,000	27,960,000	26,822,000	31,049,000	31,124,000	31,371,000	30,297,000	23,907,000	21,908,000	24,682,000	29,290,000	28,881,000	18,458,000	18,386,000	18,806,000	17,323,000	11,290,000	28,139,000	27,893,000
intangible asset amortization	1,752,000	1,752,000	1,751,000	1,752,000	1,752,000	1,751,000	1,752,000	2,018,000	953,000	380,000	378,000	379,000	379,000	379,000	379,000	379,000	369,000	370,000	369,000	370,000	370,000	369,000	369,000	370,000	370,000	376,000	379,000	380,000	380,000	397,000	398,000	352,000	432,000	432,000	432,000	454,000	2,105,000	2,943,000	2,942,000	2,943,000	2,943,000	2,943,000	2,942,000	4,144,000	536,000	536,000	617,000	565,000	377,000	377,000	372,000	369,000	377,000	377,000	372,000	369,000	377,000	377,000	369,000
total operating expenses	97,569,000	87,542,000	91,093,000	91,069,000	63,464,000	58,651,000	60,620,000	56,697,000	52,365,000	44,810,000	48,923,000	60,494,000	57,853,000	61,410,000	60,929,000	67,861,000	59,383,000	59,276,000	55,530,000	52,328,000	57,202,000	52,566,000	53,036,000	58,125,000	56,687,000	48,726,000	49,165,000	49,800,000	43,891,000	42,902,000	43,437,000	41,150,000	46,426,000	46,259,000	43,980,000	45,321,000	38,898,000	39,135,000	40,818,000	45,737,000	46,742,000	37,885,000	33,040,000	32,443,000	-54,324,000	16,230,000	32,468,000	35,721,000	16,450,000	14,114,000	11,428,000	12,287,000	14,348,000	13,683,000	16,463,000	16,458,000	14,278,000	11,262,000	7,494,000	6,961,281	6,502,565	7,133,616	6,273,537	13,789,840	7,735,210	12,413,264	6,557,375	7,654,661	11,192,687	13,935,894	20,061,879	22,047,673	23,521,894	17,643,200	16,825,608	12,407,213	12,807,234	22,080,492	18,413,502
income from operations	-40,353,000	-31,284,000	-38,503,000	-41,028,000	-10,279,000	-11,000,000	-10,146,000	-9,235,000	-7,094,000	-5,995,000	-2,867,000	2,004,000	6,629,000	3,908,000	3,461,000	-7,669,000	8,636,000	10,819,000	12,369,000	10,341,000	10,451,000	7,742,000	9,171,000	-125,000	4,243,000	10,759,000	9,895,000	-2,087,000	9,150,000	6,233,000	3,913,000	2,442,000	-2,150,000	-4,923,000	-1,924,000	-7,906,000	-654,000	-653,000	-4,789,000	-12,475,000	-14,893,000	-9,541,000	-5,458,000	-10,293,000	69,693,000	-1,448,000	-21,606,000	-26,578,000	-7,667,000	-5,405,000	-3,109,000	-4,219,000	-6,428,000	-5,395,000	-8,085,000	-8,317,000	-5,908,000	-3,293,000	7,000	790,765	743,756	1,156,195	6,147,285	-9,242,096	-7,735,210	-12,413,264	-6,557,375	-7,654,661	-11,192,687	-13,935,894	-20,061,879	-22,047,673	-23,521,894	-17,643,200	-16,825,608	-12,407,213	-12,807,234	-22,080,492	-18,413,502
yoy	292.58%	184.40%	279.49%	344.27%	44.90%	83.49%	253.89%	-560.83%	-207.01%	-253.40%	-182.84%	-126.13%	-23.24%	-63.88%	-72.02%	-174.16%	-17.37%	39.74%	34.87%	-8372.80%	146.31%	-28.04%	-7.32%	-94.01%	-53.63%	72.61%	152.88%	-185.46%	-525.58%	-226.61%	-303.38%	-130.89%	228.75%	653.91%	-59.82%	-36.63%	-95.61%	-93.16%	-12.26%	21.20%	-121.37%	558.91%	-74.74%	-61.27%	-1009.00%	-73.21%	594.95%	529.96%	19.28%	0.19%	-61.55%	-49.27%	8.80%	63.83%	-115600.00%	-1151.77%	-894.35%	-384.81%	-99.89%	-108.56%	-109.62%	-109.31%	-193.75%	20.74%	-30.89%	-10.93%	-67.31%	-65.28%	-52.42%	-21.01%	19.23%	77.70%	83.66%	-20.10%	-8.62%
qoq	28.99%	-18.75%	-6.15%	299.14%	-6.55%	8.42%	9.86%	30.18%	18.33%	109.10%	-243.06%	-69.77%	69.63%	12.92%	-145.13%	-188.80%	-20.18%	-12.53%	19.61%	-1.05%	34.99%	-15.58%	-7436.80%	-102.95%	-60.56%	8.73%	-574.13%	-122.81%	46.80%	59.29%	60.24%	-213.58%	-56.33%	155.87%	-75.66%	1108.87%	0.15%	-86.36%	-61.61%	-16.24%	56.09%	74.81%	-46.97%	-114.77%	-4913.05%	-93.30%	-18.71%	246.65%	41.85%	73.85%	-26.31%	-34.37%	19.15%	-33.27%	-2.79%	40.78%	79.41%	-47142.86%	-99.11%	6.32%	-35.67%	-81.19%	-166.51%	19.48%	-37.69%	89.30%	-14.33%	-31.61%	-19.68%	-30.54%	-9.01%	-6.27%	33.32%	4.86%	35.61%	-3.12%	-42.00%	19.91%
operating margin %	-70.53%	-55.61%	-73.21%	-81.99%	-19.33%	-23.08%	-20.10%	-19.46%	-15.67%	-15.45%	-6.23%	3.21%	10.28%	5.98%	5.38%	-12.74%	12.70%	15.43%	18.22%	16.50%	15.45%	12.84%	14.74%	-0.22%	6.96%	18.09%	16.75%	-4.37%	17.25%	12.69%	8.26%	5.60%	-4.86%	-11.91%	-4.57%	-21.13%	-1.71%	-1.70%	-13.29%	-37.51%	-46.76%	-33.66%	-19.79%	-46.47%	453.46%	-9.80%	-198.91%	-290.69%	-122.20%	-62.06%	-37.37%	-52.29%	-103.65%	-65.09%	-96.50%	-102.16%	-103.20%	-41.32%	0.09%	11.31%	10.26%	13.95%	49.49%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%
other income	2,351,000	2,894,000	3,616,000	3,660,000	3,782,000	4,756,000	4,630,000	4,571,000	5,433,000	5,875,000	5,459,000	3,524,000	2,984,000	1,553,000	329,000	105,000	-26,000	-97,000	235,000	87,000	473,000	659,000	1,918,000	1,366,000	1,567,000	1,517,000	1,649,000	1,485,000	1,168,000	1,030,000	788,000	622,000	399,000	396,000	397,000	280,000	154,000	223,000	171,000	117,000	95,000	80,000	72,000	72,000	26,000	22,000	31,000	45,000	44,000	25,000	30,000	46,000	59,000	69,000	78,000	355,000																	71,345
income before income taxes	-38,002,000	-28,390,000	-34,887,000	-37,368,000	-6,497,000	-6,244,000	-5,516,000	-4,664,000	-1,661,000	-120,000	2,592,000	5,528,000	9,613,000	5,461,000	3,790,000	-7,564,000	8,610,000	10,722,000	12,604,000	10,428,000	10,924,000	8,401,000	11,089,000	1,241,000	5,810,000	12,276,000	11,544,000	-602,000	10,318,000	7,263,000	4,701,000	3,064,000	-1,751,000	-4,527,000	-1,527,000	-7,626,000
benefit for income taxes	-5,339,500	-5,804,000	-7,680,000	-7,874,000
net income	-141,187,000	-22,586,000	-27,207,000	-29,494,000	-4,912,000	-5,324,000	-4,518,000	-4,146,000	-2,400,000	137,000	1,520,000	3,252,000	6,861,000	3,270,000	2,574,000	-6,430,000	7,078,000	7,771,000	9,653,000	8,650,000	8,190,000	5,947,000	8,714,000	486,000	4,216,000	100,423,000	11,526,000	-612,000	10,360,000	7,171,000	4,611,000	3,066,000	-1,838,000	-4,550,000	-1,534,000	-7,645,000	-604,000	-430,000	-4,618,000	-12,358,000	-14,798,000	-9,461,000	-5,386,000	-10,221,000	69,719,000	-1,426,000	-21,575,000	-26,533,000	-7,623,000	-5,380,000	-3,079,000	-4,173,000	-6,369,000	-5,326,000	-8,007,000	-7,962,000	-5,523,000	-3,074,000	136,000	2,198,812	3,184,482	1,279,341	529,365	-6,655,364	-7,725,368	-12,392,101	-6,503,988	-7,504,019	-10,869,211	-13,494,882	-19,196,129	-20,748,406	-21,943,501	-15,985,023	-15,392,760	-11,891,475	-12,124,161	-21,373,084	-18,122,450
yoy	2774.33%	324.23%	502.19%	611.38%	104.67%	-3986.13%	-397.24%	-227.49%	-134.98%	-95.81%	-40.95%	-150.58%	-3.07%	-57.92%	-73.33%	-174.34%	-13.58%	30.67%	10.78%	1679.84%	94.26%	-94.08%	-24.40%	-179.41%	-59.31%	1300.40%	149.97%	-119.96%	-663.66%	-257.60%	-400.59%	-140.10%	204.30%	958.14%	-66.78%	-38.14%	-95.92%	-95.46%	-14.26%	20.91%	-121.23%	563.46%	-75.04%	-61.48%	-1014.59%	-73.49%	600.71%	535.83%	19.69%	1.01%	-61.55%	-47.59%	15.32%	73.26%	-5987.50%	-462.10%	-273.43%	-340.28%	-74.31%	-133.04%	-141.22%	-110.32%	-108.14%	-11.31%	-28.92%	-8.17%	-66.12%	-63.83%	-50.47%	-15.58%	24.71%	74.48%	80.99%	-25.21%	-15.06%
qoq	525.11%	-16.98%	-7.75%	500.45%	-7.74%	17.84%	8.97%	72.75%	-1851.82%	-90.99%	-53.26%	-52.60%	109.82%	27.04%	-140.03%	-190.84%	-8.92%	-19.50%	11.60%	5.62%	37.72%	-31.75%	1693.00%	-88.47%	-95.80%	771.27%	-1983.33%	-105.91%	44.47%	55.52%	50.39%	-266.81%	-59.60%	196.61%	-79.93%	1165.73%	40.47%	-90.69%	-62.63%	-16.49%	56.41%	75.66%	-47.30%	-114.66%	-4989.13%	-93.39%	-18.69%	248.07%	41.69%	74.73%	-26.22%	-34.48%	19.58%	-33.48%	0.57%	44.16%	79.67%	-2360.29%	-93.81%	-30.95%	148.92%	141.67%	-107.95%	-13.85%	-37.66%	90.53%	-13.33%	-30.96%	-19.46%	-29.70%	-7.48%	-5.45%	37.28%	3.85%	29.44%	-1.92%	-43.27%	17.94%
net income margin %	-246.76%	-40.15%	-51.73%	-58.94%	-9.24%	-11.17%	-8.95%	-8.74%	-5.30%	0.35%	3.30%	5.20%	10.64%	5.01%	4.00%	-10.68%	10.41%	11.09%	14.22%	13.80%	12.11%	9.86%	14.01%	0.84%	6.92%	168.82%	19.52%	-1.28%	19.53%	14.59%	9.74%	7.03%	-4.15%	-11.01%	-3.65%	-20.43%	-1.58%	-1.12%	-12.82%	-37.15%	-46.46%	-33.38%	-19.53%	-46.14%	453.63%	-9.65%	-198.63%	-290.20%	-121.50%	-61.78%	-37.01%	-51.72%	-102.70%	-64.26%	-95.57%	-97.80%	-96.47%	-38.57%	1.81%	31.46%	43.95%	15.43%	4.26%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%
net income per share
basic	-2.39	-0.38	-0.46	-0.5	-0.09	-0.09	-0.08	-0.07	-0.05		0.03	0.06	0.12	0.06	0.05	-0.11	0.13	0.14	0.17	0.16	0.15	0.11	0.16	0.01	0.07	1.88	0.22	-0.01	0.2	0.14	0.09	0.07																	-0.24	-0.17	-0.11	-0.15	-0.23	-0.19	-0.28	-0.28	-0.2	-0.11				0.05
diluted	-2.39	-0.38	-0.46	-0.5	-0.09	-0.09	-0.08	-0.07	-0.05		0.03	0.06	0.12	0.06	0.05	-0.11	0.12	0.14	0.17	0.15	0.14	0.11	0.16	0.01	0.08	1.84	0.21	-0.01	0.2	0.13	0.09	0.06																	-0.24	-0.17	-0.11	-0.15	-0.23	-0.19	-0.28	-0.28	-0.2	-0.11				0.04
weighted-average shares outstanding:
basic	58,930,157	59,091,478	58,993,990	58,527,775	58,149,087	58,261,961	58,220,838	57,760,940	57,380,975	57,519,031	57,453,916	57,011,396	56,461,877	56,574,503	56,508,533	56,105,239	55,548,122	55,668,156	55,582,916	55,145,789	54,427,683	54,666,128	54,501,308	53,806,317	53,137,562	53,297,298	53,101,499	52,752,774	50,859,947	52,389,012	52,172,982	46,336,430	44,735,146				43,449,441				42,250,254				34,774,163				30,351,353
diluted	58,930,157	59,091,478	58,993,990	58,527,775	58,149,087	58,261,961	58,220,838	57,760,940	57,557,911	57,595,344	57,535,615	57,400,152	56,983,171	56,969,033	56,821,024	56,105,239	56,921,836	57,040,736	56,903,340	56,505,087	55,190,802	55,209,032	55,081,397	54,870,146	54,847,060	54,541,625	54,579,982	52,752,774	53,045,257	54,709,749	53,945,640	48,225,041	44,735,146				43,449,441				42,250,254				36,686,723				30,351,353
provision for income taxes					-1,585,000	-920,000	-998,000	-518,000	739,000	-257,000	1,072,000	2,276,000	2,752,000	2,191,000	1,216,000	-1,134,000	1,532,000	2,951,000	2,951,000	1,778,000	2,734,000	2,454,000	2,375,000	755,000	1,594,000	-88,147,000	18,000	10,000	-42,000	92,000	90,000	-2,000	87,000	23,000	7,000	19,000
cost of goods sold, excluding amortization																															5,213,000	4,560,000	4,791,000	4,525,000	4,529,000	4,003,000
basic and diluted net loss per share																																	-0.078	-0.1	-0.03	-0.17	-0.1	-0.01	-0.11	-0.29	-0.15	-0.22	-0.13	-0.24	-0.365	-0.04	-0.64	-0.79
weighted-average shares outstanding, basic and diluted																																		44,885,287	44,718,597	44,398,359		43,515,404	43,202,751	43,104,462		42,435,405	41,991,578	41,744,948		33,886,845	33,874,625	33,678,706
cost of goods sold																																					4,860,000	6,990,000	6,494,000	5,956,000	6,171,000	6,510,000	5,766,000	5,015,000	682,000	703,000	198,000
product sales																																									19,519,000	28,344,000	27,582,000	22,150,000																-150		1,541,581	3,748,549
royalty revenue																																													1,583,000	1,689,000	1,539,000	1,691,000	2,031,000	1,956,000	1,641,000	1,462,000	1,168,000	1,535,000	1,700,000	1,535,000	1,618,000	1,216,000	895,000	510,893	494,028	69,331	2,066,768
licensing revenue
product revenue																																													1,722,000	5,329,000	1,559,000
licensing agreement																																													7,765,000	7,764,000	7,764,000	7,452,000	6,752,000	6,753,000	6,678,000	6,606,000	6,752,000	6,753,000	6,678,000	6,606,000	6,752,000	6,753,000	6,606,000	6,752,303	6,752,293	6,678,899	6,605,505
loss before tax benefit																																															-21,575,000	-26,533,000	-7,623,000	-5,380,000	-3,079,000	-4,173,000	-5,323,750	-5,326,000	-8,007,000
tax benefit
general and administrative																																																	9,851,000	5,711,000	5,074,000	3,958,000	3,225,000	3,147,000	3,601,000	3,909,000	3,345,000	2,711,000	2,858,000	2,762,498	2,053,584	2,841,947	2,488,971	9,245,315	5,266,434	4,988,317	4,224,031	4,095,118	7,400,263	8,454,985	8,959,214	9,472,938	9,647,646	7,449,375	6,233,549	4,467,225	3,264,849	2,980,642	2,924,948
shares used in calculations of net loss per share:
basic																																																	7,340,790.5	31,332,993	28,377,254	28,345,555	1,666	28,226,743	28,226,743	28,226,743	2,082	28,107,363	28,101,418	43,846	28,003,453	27,896,889	27,704,418
diluted																																																	7,340,790.5	31,332,993	28,377,254	28,345,555	1,666	28,226,743	28,226,743	28,226,743	2,082	28,107,363	28,936,835	105,394	28,466,532	28,438,118	28,318,754
shares used in calculation of net loss per share:
basic																																																	7,340,790.5	31,332,993	28,377,254	28,345,555	1,666	28,226,743	28,226,743	28,226,743	2,082	28,107,363	28,101,418	43,846	28,003,453	27,896,889	27,704,418
diluted																																																	7,340,790.5	31,332,993	28,377,254	28,345,555	1,666	28,226,743	28,226,743	28,226,743	2,082	28,107,363	28,936,835	105,394	28,466,532	28,438,118	28,318,754
income before tax provision																																																								-7,962,000	-5,809,000	-3,187,000	142,000	933,191	899,495	1,241,628	6,194,686
tax provision																																																									-286,000	-113,000	6,000	-1,265,621	-2,284,987	-37,713	5,665,321												806
shares used in calculation of net income per share:
basic																																																	7,340,790.5	31,332,993	28,377,254	28,345,555	1,666	28,226,743	28,226,743	28,226,743	2,082	28,107,363	28,101,418	43,846	28,003,453	27,896,889	27,704,418
diluted																																																	7,340,790.5	31,332,993	28,377,254	28,345,555	1,666	28,226,743	28,226,743	28,226,743	2,082	28,107,363	28,936,835	105,394	28,466,532	28,438,118	28,318,754
cost of sales, product
interest income																																																									99,000	106,000	135,000	142,426	155,739	85,433	47,401	4,706	9,842	21,163	53,387	150,642	323,476	441,012	865,750	1,299,076	1,514,708	1,659,781	1,433,654	421,590.75	683,469	709,033	293,861
net income per share
basic and diluted																																																												0.045	0.11		0.02
cost of sales, licensing agreement																																																												279,522.25	376,792	372,696	368,601
cost of sales, product sales																																																												722,686.5		1,515,428	1,375,318
other income:
total other income																																																														85,433	47,401	4,706	9,842	21,163	53,387	150,642	323,476	441,012	865,750	1,299,076	1,586,053	1,659,781	1,433,654	420,383.5	683,073	707,408	291,052
revenues
cost of sales																																																																151,535.75	376,792	229,352
interest expense																																																																												-1,207.25	-396	-1,625	-2,809
loss before tax provision																																																																-9,237,390	-7,725,368	-12,392,101	-6,503,988	-7,504,019	-10,869,211	-13,494,882	-19,196,129	-20,748,597	-21,935,841		-15,391,954
beneficial conversion feature — deemed dividend to preferred stockholders
net loss attributable to common stockholders																																																																-9,237,390	-7,725,368	-12,392,101	-6,503,988	-7,504,019	-10,869,211	-13,494,882	-19,196,129	-20,748,406	-21,943,501	-15,985,023	-15,392,760	-11,891,475	-12,124,161	-21,373,084	-18,122,450
basic and diluted net loss per share applicable to common stockholders																																																																-0.248	-0.28	-0.46		-0.408	-0.41	-0.51		-0.508	-0.82	-0.6	-0.61	-0.93	-0.55	-1.11	-385.61
shares used in calculation of basic and diluted net loss per share applicable to common stockholders																																																																6,730,185.5	27,196,694	26,900,841		6,662,359.75	26,650,534	26,649,439		6,555,787.75	26,612,853	26,567,160	25,340,455	3,465,653.25	21,871,542	19,183,660	46,997
revenue
basic and diluted net loss per share attributable to common stockholders																																																																			-0.24				-0.72
shares used in calculation of basic and diluted net loss per share attributable to common stockholders																																																																			26,653,478				26,648,344
revenues from services
income tax provision																																																																								2,517.5	7,660
loss before tax expense																																																																										-15,983,419		-12,904,923.25	-12,124,161	-21,373,084	-18,122,450
tax expense																																																																										1,604

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2004-12-31

assets
current assets:
cash and cash equivalents	84,851,000	70,022,000	80,983,000	111,796,000	102,316,000	100,497,000	102,953,000	125,158,000	135,821,000	183,186,000	150,031,000	354,171,000	135,029,000	49,397,000	58,226,000	66,927,000	52,071,000	50,522,000	57,242,000	72,132,000	61,031,000	56,973,000	95,305,000	64,950,000	45,072,000	39,208,000	46,543,000	34,379,000	61,005,000	60,778,000	60,891,000	155,293,000	33,627,000	22,586,000	14,232,000	20,111,000	40,426,000	32,765,000	23,194,000	38,740,000	50,843,000	46,786,000	48,337,000	32,809,000	60,901,000	15,308,000	16,994,000	43,260,000	64,764,000	142,172,000	103,633,000	109,931,000	88,772,000	104,515,000	94,388,000	108,094,000	87,923,000	60,326,000	50,386,000	52,520,000	42,559,000	102,467,982	145,650,740	169,945,639	205,295,488	17,417,647	24,014,203	33,833,465	39,079,304	41,438,719	56,503,815	56,015,493	41,929,533	59,954,473	47,630,957	64,221,338	30,928,895	31,899,979	46,439,621	12,519,964
marketable securities	178,996,000	223,730,000	244,567,000	229,112,000	272,327,000	275,764,000	284,723,000	268,984,000	252,443,000	306,672,000	339,320,000	147,325,000	331,830,000	405,394,000	382,632,000	368,249,000	380,742,000	355,446,000	339,251,000	306,030,000	306,709,000	291,575,000	244,544,000	247,376,000	267,057,000	198,577,000	233,618,000	233,457,000	196,355,000	179,801,000	170,325,000	93,541,000	109,786,000	117,295,000	122,886,000	117,645,000	100,914,000	109,814,000	112,795,000	99,590,000	92,337,000	97,529,000	98,300,000	101,520,000	68,921,000	40,781,000	46,591,000	57,142,000				1,001,000							138,013,000	142,035,000	155,478,000	99,592,086	61,466,528	32,477,895		3,265,175	5,008,623	8,810,919	7,378,798	10,224,854	6,564,684	15,028,210	51,223,291	45,474,370	72,031,191	62,698,169		11,096,506	13,731,498	7,598,580
accounts receivable	54,578,000	50,541,000	44,993,000	44,603,000	47,101,000	42,753,000	41,864,000	36,713,000	34,155,000	29,272,000	33,621,000	24,513,000	33,512,000	29,352,000	28,805,000	30,497,000	32,467,000	41,496,000	37,090,000	31,474,000	30,036,000	28,033,000	24,587,000	29,272,000	26,367,000	26,824,000	23,890,000	26,346,000	28,780,000	25,259,000	24,855,000	23,314,000	17,601,000	18,179,000	21,024,000	17,751,000	20,268,000	15,928,000	14,030,000	16,679,000	16,331,000	15,789,000	15,818,000	20,120,000	3,654,000	3,696,000	2,376,000	1,691,000	2,031,000	1,956,000	1,641,000	1,462,000	1,168,000	1,535,000	1,700,000	1,535,000	1,618,000	1,216,000	752,000	895,000	511,000	494,028	654,931	6,097,226	3,163,898
inventory	1,852,000	2,042,000	2,169,000	1,923,000	1,726,000	1,614,000	1,469,000	1,505,000	1,357,000	1,006,000	1,080,000	1,105,000	1,194,000	1,590,000	1,496,000	1,290,000	1,025,000	902,000	1,055,000	1,361,000	1,280,000	1,322,000	1,384,000	1,320,000	1,140,000	1,019,000	1,057,000	1,112,000	994,000	887,000	1,193,000	1,011,000	840,000	921,000	742,000	816,000	779,000	865,000	927,000	938,000	1,294,000	3,797,000	4,962,000	5,215,000	5,170,000	1,268,000	1,093,000	192,000					57,000	161,000	165,000									1,479,500	2,398,517	1,758,427	1,272,240
prepaid expenses and other current assets	26,985,000	21,161,000	22,209,000	20,476,000	15,420,000	11,759,000	8,171,000	7,065,000	9,170,000	16,436,000	9,452,000	6,593,000	17,727,000	21,373,000	25,736,000	25,305,000	11,996,000	13,442,000	12,014,000	10,227,000	10,089,000	11,631,000	15,041,000	17,828,000	14,500,000	14,382,000	10,694,000	11,204,000	11,998,000	12,082,000	11,838,000	9,276,000	8,003,000	10,738,000	15,725,000	12,239,000	11,788,000	11,036,000	9,430,000	6,502,000	5,742,000	9,976,000	6,956,000	2,503,000	3,084,000	3,785,000	4,166,000	3,132,000	2,703,000	2,412,000	2,651,000	3,288,000	3,910,000	3,323,000																							1,949,466	1,827,513	2,086,608	2,471,317
total current assets	347,262,000	367,496,000	394,921,000	407,910,000	438,890,000	432,387,000	439,180,000	439,425,000	432,946,000	536,572,000	533,504,000	533,707,000	519,292,000	507,106,000	496,895,000	492,268,000	478,301,000	461,808,000	446,652,000	421,224,000	409,145,000	389,534,000	380,861,000	360,746,000	354,136,000	280,010,000	315,802,000	306,498,000	299,132,000	278,807,000	269,102,000	282,435,000	169,857,000	169,719,000	174,609,000	168,562,000	174,175,000	170,408,000	160,376,000	162,449,000	166,547,000	173,877,000	174,373,000	162,167,000	141,730,000	64,838,000	71,220,000	105,517,000	135,614,000	147,070,000	108,355,000	116,112,000	125,968,000	139,853,000	149,989,000	161,349,000	153,501,000	164,719,000	191,525,000	197,251,000	200,573,000	206,009,877	211,086,477	213,662,335	212,950,484	25,074,032	31,424,260	43,763,056		54,606,276	65,098,828	72,219,882		108,868,127	122,967,701	128,758,145	33,820,342	44,823,998	62,257,727	22,589,861
property and equipment	2,248,000	2,460,000	2,420,000	2,439,000	2,132,000	2,178,000	2,303,000	2,306,000	2,037,000	2,128,000	2,164,000	2,333,000	2,573,000	2,594,000	2,746,000	2,917,000	3,113,000	3,318,000	3,631,000	3,840,000	4,136,000	3,921,000	3,744,000	3,877,000	3,864,000	4,156,000	4,240,000	4,294,000	4,417,000	4,579,000	4,800,000	5,105,000	5,306,000	5,448,000	5,709,000	5,461,000	5,015,000	4,731,000	4,246,000	4,351,000	4,570,000	4,159,000	3,869,000	3,080,000	2,437,000	2,233,000	2,312,000	2,208,000	2,198,000	2,106,000	2,208,000	2,264,000	2,348,000	2,446,000	2,533,000	2,478,000	964,000	851,000	963,000	860,000	937,000	1,015,363	1,094,550	1,179,167	1,316,302	1,411,326	1,518,442	1,635,316		1,885,775	2,021,374	1,602,025		1,444,925	1,770,566	1,829,893	1,859,704	1,848,270	1,900,330	1,328,303
operating lease right-of-use assets	3,923,000	4,368,000	4,804,000	5,208,000	5,602,000	6,016,000	6,375,000	6,742,000	7,103,000	7,428,000	7,782,000	8,097,000	8,400,000	8,262,000	8,603,000	8,945,000	9,272,000	9,580,000	9,898,000	10,194,000	10,459,000	10,306,000	10,601,000	10,875,000	11,180,000	11,436,000	11,718,000	11,994,000
finance lease right-of-use assets	7,343,000	5,071,000	5,244,000	4,828,000	4,943,000
intangible assets	117,089,000	108,841,000	110,593,000	112,344,000	114,096,000	115,848,000	117,599,000	119,351,000	121,369,000	17,428,000	17,808,000	18,186,000	18,565,000	18,944,000	19,323,000	19,702,000	20,081,000	20,450,000	20,820,000	21,189,000	21,559,000	21,929,000	22,298,000	22,667,000	23,037,000	23,407,000	23,783,000	24,162,000	24,542,000	24,922,000	25,319,000	25,717,000	26,069,000	26,501,000	26,933,000	27,365,000	27,819,000	29,924,000	32,867,000	35,809,000	38,752,000	41,695,000	44,638,000	47,580,000	26,724,000
deferred tax assets		103,073,000	97,143,000	89,147,000	81,440,000	79,363,000	76,559,000	75,341,000	75,000,000	67,772,000	70,476,000	71,747,000	74,039,000	74,529,000	72,687,000	70,798,000	74,878,000	76,105,000	78,641,000	80,355,000	81,516,000	83,858,000	85,558,000	86,641,000	87,680,000	89,072,000
non-current inventory and other	11,083,000	9,831,000	9,621,000	10,060,000	9,101,000	9,323,000	9,355,000	9,517,000	9,985,000	10,277,000	9,948,000	10,462,000	11,378,000	10,353,000	8,848,000	8,928,000	8,147,000	8,506,000	8,003,000	6,389,000	6,641,000	6,357,000	3,569,000	3,719,000	3,851,000	4,541,000	4,423,000	4,218,000	4,039,000	3,629,000	3,705,000	4,058,000	4,193,000	4,038,000	3,420,000	3,332,000	3,365,000	3,380,000	4,549,000	4,131,000	3,181,000
total assets	488,948,000	601,140,000	624,746,000	631,936,000	656,204,000	645,115,000	651,371,000	652,682,000	648,440,000	641,605,000	641,682,000	644,532,000	634,247,000	621,788,000	609,102,000	603,558,000	593,792,000	579,767,000	567,645,000	543,191,000	533,456,000	515,905,000	506,631,000	488,525,000	483,748,000	474,449,000	372,483,000	351,166,000	332,130,000	311,937,000	302,926,000	317,315,000	205,425,000	205,706,000	210,671,000	204,720,000	210,374,000	208,443,000	202,038,000	206,740,000	213,050,000	220,544,000	223,693,000	213,640,000	171,704,000	79,175,000	86,172,000	120,982,000	143,349,000	155,090,000	116,954,000	125,139,000	135,448,000	149,808,000	160,838,000	172,599,000	182,618,000	195,738,000	203,438,000	209,333,000	213,101,000	217,354,446	222,887,025	225,920,196	225,714,081	38,309,445	45,143,580	45,828,602	49,933,843	57,072,281	70,257,843	80,396,339	96,860,780	114,885,629	125,318,497	134,168,449	36,260,276	47,282,498	64,768,287	25,188,394	17,752,241
liabilities and stockholders’ equity
current liabilities:
accounts payable and accrued liabilities	68,297,000	47,619,000	57,119,000	45,279,000	39,086,000	39,304,000	39,598,000	37,773,000	38,460,000	32,595,000	31,929,000	35,092,000	45,551,000	50,125,000	50,236,000	51,394,000	34,438,000	31,820,000	31,788,000	26,105,000	31,509,000	29,086,000	28,398,000	26,045,000	27,590,000	26,992,000	29,307,000	27,423,000	21,584,000	19,046,000	18,562,000	17,242,000	20,335,000	18,921,000	19,126,000	18,025,000	16,196,000	17,572,000	17,933,000	22,664,000	15,767,000	45,889,000
product revenue allowances	76,865,000	70,251,000	64,370,000	58,644,000	60,895,000	49,786,000	54,193,000	55,569,000	49,237,000	52,242,000	55,468,000	58,702,000	45,885,000	42,498,000	38,164,000	39,348,000	39,981,000	40,177,000	40,201,000	35,679,000	34,427,000	32,273,000	33,194,000	33,177,000	31,915,000	33,004,000	33,269,000	31,852,000	31,231,000	27,196,000	26,319,000	27,713,000
total current liabilities	145,162,000	117,870,000	121,489,000	103,923,000	99,981,000	89,090,000	93,791,000	93,342,000	87,697,000	84,837,000	87,397,000	93,794,000	91,436,000	92,623,000	88,400,000	90,742,000	74,419,000	71,997,000	71,989,000	61,784,000	65,936,000	61,359,000	61,592,000	59,222,000	59,505,000	59,996,000	62,576,000	59,275,000	53,015,000	46,242,000	46,881,000	71,955,000	70,363,000	71,536,000	75,436,000	72,968,000	50,320,000	50,681,000	51,761,000	55,040,000	51,317,000	45,889,000	45,193,000	31,789,000	7,786,000	38,845,000	38,294,000	45,404,000	32,851,000	31,905,000	31,935,000	31,973,000	32,263,000	34,632,000	34,386,000	32,662,000	31,619,000	33,640,000	32,860,000	32,036,000	31,027,000	32,095,247	34,980,416	34,749,724	31,534,169	8,392,264	11,332,132	3,480,603		3,981,477	9,681,884	10,317,718		15,314,553	9,031,826	6,914,475	9,106,057	10,088,451	17,025,419	10,995,322
operating lease non-current liabilities	2,991,000	3,419,000	3,877,000	4,404,000	4,944,000	5,486,000	6,005,000	6,514,000	7,006,000	7,472,000	7,942,000	8,387,000	8,813,000	8,903,000	9,286,000	9,660,000	10,055,000	10,457,000	10,740,000	11,125,000	11,497,000	11,559,000	11,720,000	12,139,000	12,455,000	12,793,000	12,992,000	13,324,000
finance lease non-current liabilities	4,076,000	2,808,000	3,083,000	2,947,000	3,146,000
other non-current liabilities	9,533,000	11,044,000	9,968,000	9,245,000	9,587,000	9,316,000	9,059,000	8,831,000	8,827,000	6,196,000	6,445,000	6,612,000	6,800,000	4,605,000	2,867,000	1,033,000	4,390,000	3,992,000	3,696,000	2,655,000	2,757,000	2,415,000	1,735,000	778,000	843,000	753,000	221,000	162,000	3,693,000	4,278,000	4,774,000	4,216,000	3,675,000	3,701,000	3,817,000	3,610,000	3,724,000	3,597,000	3,663,000	3,688,000	3,706,000	3,718,000	3,753,000	4,378,000
total liabilities	161,762,000	135,141,000	138,417,000	120,519,000	117,658,000	103,892,000	108,855,000	108,687,000	103,530,000	98,505,000	101,784,000	108,793,000	107,049,000	106,131,000	100,553,000	101,435,000	88,864,000	86,446,000	86,425,000	75,564,000	80,190,000	75,333,000	75,047,000	72,139,000	72,803,000	73,542,000	75,789,000	72,761,000	56,708,000	50,520,000	51,655,000	76,171,000	74,038,000	75,237,000	79,253,000	76,578,000	79,044,000	79,278,000	80,424,000	83,728,000	80,023,000	74,607,000	73,946,000	61,167,000	10,887,000	78,112,000	85,287,000	99,999,000	99,225,000	105,088,000	111,928,000	118,658,000	125,543,000	134,456,000	140,754,000	145,679,000	149,144,000	158,056,000	163,900,000	169,765,000	175,370,000	183,195,122	192,836,744	199,289,111	202,683,223	8,898,095	11,836,943	3,984,394	3,913,569	4,478,251	10,172,660	10,740,125	13,131,849	15,595,208	9,285,562	7,362,644	9,503,404	10,330,866	17,200,693	11,125,668	1,808,654
commitments and contingencies
stockholders’ equity:
preferred stock, 0.001 par value...
common stock, 0.001 par value...	59,000	59,000	59,000	59,000	58,000	58,000	58,000	58,000	58,000	58,000	57,000	57,000	57,000	57,000	57,000	56,000	56,000	56,000	56,000	56,000	55,000	55,000	55,000	54,000	54,000	53,000	53,000	53,000	52,000	52,000	52,000	52,000	45,000	45,000	45,000	45,000	44,000	44,000	43,000	43,000	43,000	43,000	42,000	42,000	41,000	34,000	34,000	34,000	33,000	33,000	28,000	28,000	28,000	28,000	28,000	28,000	28,000	28,000	28,000	28,000	28,000	28,012	28,000	27,865	27,569	27,202	27,140	26,653		26,653	26,653	26,653		26,643	26,610	26,562	22,129	21,907	21,907	100
additional paid-in capital	721,264,000	718,979,000	716,867,000	714,761,000	712,706,000	709,843,000	706,844,000	703,858,000	700,274,000	697,001,000	693,835,000	690,586,000	686,235,000	681,847,000	677,955,000	674,001,000	669,223,000	664,408,000	660,086,000	656,057,000	650,300,000	645,656,000	642,398,000	635,730,000	631,307,000	625,524,000	621,559,000	615,047,000	611,587,000	607,873,000	604,889,000	599,480,000	492,802,000	489,939,000	486,400,000	481,551,000	477,087,000	474,234,000	466,272,000	463,084,000	460,794,000	458,908,000	453,269,000	450,609,000	448,744,000	358,728,000	357,119,000	355,644,000	355,432,000	353,708,000	303,357,000	301,733,000	300,974,000	300,039,000	299,463,000	298,270,000	296,868,000	295,530,000	294,271,000	292,946,000	291,342,000	289,919,532	288,990,733	286,889,940	283,836,642	280,980,068	277,149,879	273,296,804		270,279,679	266,674,962	262,706,082		252,412,208	247,232,208	242,029,862	126,578,588	124,893,956	123,386,631	6,737,148
accumulated other comprehensive income	629,000	540,000	396,000	383,000	74,000	702,000											-175,000	111,000	103,000	192,000	239,000	379,000	596,000	781,000	249,000	211,000	386,000	135,000	1,000	70,000	79,000		-34,000	73,000	11,000	50,000	58,000	142,000	124,000	92,000	39,000	37,000	27,000	27,000	16,000	4,000	10,000	8,000	21,000				10,000	23,000	5,000	27,000	21,000	44,000	85,000	99,000	2,000	51,945	56,195	17,268		43	213			-241,814	-15,155	29,874
accumulated deficit	-394,766,000	-253,579,000	-230,993,000	-203,786,000	-174,292,000	-169,380,000	-164,056,000	-159,538,000	-155,392,000	-152,992,000	-153,129,000	-154,649,000	-157,901,000	-164,762,000	-168,032,000	-170,606,000	-164,176,000	-171,254,000	-179,025,000	-188,678,000	-197,328,000	-205,518,000	-211,465,000	-220,179,000	-220,665,000	-224,881,000	-325,304,000	-336,830,000	-336,218,000	-346,578,000	-353,749,000	-358,360,000	-361,426,000	-359,588,000	-355,038,000	-353,504,000	-345,859,000	-345,255,000	-344,825,000	-340,207,000	-327,849,000	-313,051,000	-303,591,000	-298,205,000	-287,984,000	-357,703,000	-356,278,000	-334,703,000	-311,362,000	-303,739,000	-298,359,000	-295,280,000	-291,107,000	-284,738,000	-279,412,000	-271,405,000	-263,443,000	-257,920,000	-254,846,000	-253,505,000	-253,641,000	-255,840,165	-259,024,647	-260,303,988	-260,833,353
total stockholders’ equity	327,186,000	465,999,000	486,329,000	511,417,000	538,546,000	541,223,000	542,516,000	543,995,000	544,910,000	543,100,000	539,898,000	535,739,000	527,198,000	515,657,000	508,549,000	502,123,000	504,928,000	493,321,000	481,220,000	467,627,000	453,266,000	440,572,000	431,584,000	416,386,000	410,945,000	400,907,000	296,694,000	278,405,000	275,422,000	261,417,000	251,271,000	241,144,000	131,387,000	130,469,000	131,418,000	128,142,000	131,330,000	129,165,000	121,614,000	123,012,000	133,027,000	145,937,000	149,747,000	152,473,000	160,817,000	1,063,000	885,000	20,983,000	44,124,000	50,002,000	5,026,000	6,481,000	9,905,000	15,352,000	20,084,000	26,920,000	33,474,000	37,682,000	39,538,000	39,568,000	37,731,000	34,159,324	30,050,281	26,631,085	23,030,858	29,411,350	33,306,637	41,844,208	46,020,274	52,594,030	60,085,183	69,656,214	83,728,931	99,290,421	116,032,935	126,805,805	26,756,872	36,951,632	47,567,594	14,062,726	15,943,587
total liabilities and stockholders’ equity	488,948,000	601,140,000	624,746,000	631,936,000	656,204,000	645,115,000	651,371,000	652,682,000	648,440,000	641,605,000	641,682,000	644,532,000	634,247,000	621,788,000	609,102,000	603,558,000	593,792,000	579,767,000	567,645,000	543,191,000	533,456,000	515,905,000	506,631,000	488,525,000	483,748,000	474,449,000	372,483,000	351,166,000	332,130,000	311,937,000	302,926,000	317,315,000	205,425,000	205,706,000	210,671,000	204,720,000	210,374,000	208,443,000	202,038,000	206,740,000	213,050,000	220,544,000	223,693,000	213,640,000	171,704,000	79,175,000	86,172,000	120,982,000	143,349,000	155,090,000	116,954,000	125,139,000	135,448,000	149,808,000	160,838,000	172,599,000	182,618,000	195,738,000	203,438,000	209,333,000	213,101,000	217,354,446	222,887,025	225,920,196	225,714,081	38,309,445	45,143,580	45,828,602		57,072,281	70,257,843	80,396,339		114,885,629	125,318,497	134,168,449	36,260,276	47,282,498	64,768,287	25,188,394
accumulated other comprehensive loss							-330,000	-383,000	-30,000	-967,000	-865,000	-255,000	-1,193,000	-1,485,000	-1,431,000	-1,328,000																-28,000																																				-754							-7,524	-17,283	-3,269	-15,130	-16,002	-17,851
milestone obligations under license agreements																													200,000		2,000,000	27,000,000	27,000,000	27,000,000
marketable securities, non-current																										61,827,000	12,517,000																														19,012,000	19,011,000
accrued government and other rebates																																	23,028,000	25,615,000	31,310,000	29,943,000	34,124,000	33,109,000	33,828,000	32,376,000	35,550,000
milestone obligation under license agreement																																			25,000,000	25,000,000	25,000,000	25,000,000	25,000,000	25,000,000	25,000,000	25,000,000	25,000,000	25,000,000
restricted cash and other																																										813,000	813,000	813,000
accounts payable																																											1,631,000	1,490,000	835,000	547,000	248,000	953,000	661,000	369,000	1,167,000	1,113,000	287,000	1,090,000	1,689,000	780,000	996,000	1,333,000	1,337,000	834,000	648,000	295,478	1,019,643	867,806	2,423,877	6,346,236	6,916,901	1,415,384		899,035	5,825,757	1,825,933		3,446,423	2,600,433	2,010,347	2,783,249	2,112,395	5,062,970	3,378,138
accrued and other current liabilities																																											43,562,000	30,299,000
restricted cash																																																100,000							1,030,000	1,030,000	1,030,000	1,030,000	530,000	430,000	430,000	430,230	430,230	430,230	430,230	430,230	430,230	430,230		430,230	430,230	430,230		430,230	430,230	430,230	430,230	430,230	430,230	430,230
restricted cash, non-current																																													785,000	785,000	785,000	785,000	500,000	500,000	600,000	600,000	600,000	600,000
other assets, non-current																																													28,000											84,000	84,000
accrued liabilities																																													6,502,000	6,825,000	6,753,000	13,164,000	5,180,000	4,532,000	3,770,000	3,874,000	5,187,000	6,753,000	5,908,000		3,381,000	3,410,000	2,513,000	2,141,000	1,324,000	1,776,046	1,407,984	1,352,505	2,321,301	2,046,028	4,415,231	2,065,219		3,082,442	3,856,127	8,491,785					6,322,808
deferred rent																																													247,000	241,000	234,000	228,000										600,000	471,000	482,000	490,000	494,370	498,530	502,690	506,852	505,831	504,811	503,791		496,774	490,776	422,407		280,655	253,736	246,075
deferred revenues																																													174,000	31,232,000	31,059,000	31,059,000
other liabilities																																													28,000	113,000	140,000
deferred rent, non-current																																													3,101,000	2,919,000	2,853,000	2,831,000	2,888,000	2,945,000	3,002,000	3,016,000	3,005,000	2,797,000	2,588,000	2,281,000	461,000
deferred revenues, non-current																																														36,235,000	44,000,000	51,764,000	63,486,000			83,669,000	90,275,000	97,027,000	103,780,000	110,458,000	117,064,000
intangible asset																																														11,319,000	11,855,000	12,472,000	5,037,000	5,414,000	5,791,000	6,163,000	6,532,000	6,909,000	7,286,000	7,658,000	8,027,000	8,404,000	8,781,000	9,153,000	9,522,000	9,898,976	10,275,768	10,648,464	11,017,065	11,393,857	11,770,648
current assets
marketable securities, current																																																	65,586,000				31,631,000	29,889,000	50,313,000	49,156,000	60,961,000	101,122,000
restricted cash, current																																																	530,000	530,000	430,000	430,000	430,000	430,000
current liabilities
deferred rent, current																																																	221,000	215,000	209,000	197,000					453,000
deferred revenues, current																																																	26,789,000			26,789,000	26,789,000	26,789,000	26,789,000	26,789,000	26,789,000
stockholders’ equity
deferred revenue, current																																																		26,789,000	26,789,000
deferred revenue, non-current																																																		70,238,000	76,991,000
prepaid expenses, deposits and other current assets																																																							3,423,000	2,564,000	2,999,000	1,873,000	2,192,000	1,619,000	1,843,000	1,901,682	1,519,894	1,677,484	2,092,581	2,632,783	1,129,194	1,118,672		2,942,703	2,030,329	1,176,179		3,439,284	3,305,553	1,838,638
accrued liabilities, current																																																								5,093,000
accrued liabilities, non-current																																																								278,000
commitments
deferred tax, current
deferred tax, non-current
accrued income taxes																																																										2,108,000	2,221,000	2,272,000	2,266,000	3,234,732	5,763,798
deferred tax, current portion																																																										182,000	182,000		182,000
other non-current assets																																																										84,000
deferred tax, noncurrent portion																																																										1,639,000	1,639,000		1,639,000
deferred revenues, current portion																																																										26,789,000	26,789,000	26,789,000	26,789,000	26,788,991	26,788,991	26,788,991	26,788,991
deferred revenues, noncurrent portion																																																										123,816,000	130,569,000	137,247,000	143,853,000	150,605,505	157,357,798	164,036,697	170,642,202
deferred tax asset, current portion																																																												182,000		1,554,099	1,794,384	1,984,591
deferred tax asset, non-current portion																																																												1,639,000
income taxes payable																																																																5,740,422
deficit accumulated during the development stage																																																																		-251,595,963	-243,870,595	-231,478,495	-224,974,507	-217,470,488	-206,601,277	-193,106,395	-173,910,266	-153,161,860	-131,218,359	-115,233,336	-99,840,576	-87,949,101	-75,824,942	-54,451,858	-12,445,107
balance sheet data
working capital																																																																					44,334,703				74,177,567								14,827,621
convertible preferred stock																																																																																	28,308,564
marketable securities, long-term																																																																							2,557,411	5,994,202		3,992,347		3,000,181
deposits																																																																						150,000	150,000	150,000		150,000	150,000	150,000	150,000	180,000	180,000	840,000
accrued expenses																																																																										11,868,130	6,290,164	4,904,128		7,839,431	11,777,020	7,156,400
deferred grant revenue																																																																											141,229	142,411		136,251	136,501	133,738
other long-term liabilities																																																																												59,683
accumulated other comprehensive gain																																																																										13,430
short-term investments																																																																													941,981
current portion of long-term debt																																																																														374	48,928	96,282
deferred rent and credit on lease concession, current
deferred rent and other long-term liabilities																																																																													267,397	242,415	175,274	130,346
series a and series b convertible preferred stock																																																																																61,795,187
deferred stock-based compensation
deferred rent and other current liabilities																																																																																230,764
deferred compensation
cash and cash equivalents and restricted cash																																																																																	16,259,770
item 7.

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2009-03-13	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31

cash flows from operating activities
net income					-4,912,000	-5,324,000	-4,518,000	-4,146,000	-2,400,000	137,000	1,520,000	3,252,000	6,861,000	3,270,000	2,574,000	-6,430,000	7,078,000	7,771,000	9,653,000	8,650,000	8,190,000	5,947,000	8,714,000	486,000	4,216,000	100,423,000	11,526,000	-612,000	10,360,000	7,171,000	4,611,000	3,066,000																							-8,007,000	-7,962,000	-5,523,000	-3,074,000	-1,341,000	136,000	2,198,812	3,184,482	1,279,341	529,365					-6,503,988
adjustments to reconcile net income to net cash from operating activities:
depreciation of property and equipment	304,000	301,000	267,000	231,000	221,000	216,000	216,000	206,000	205,000	200,000	224,000	291,000	284,000	299,000	311,000	323,000	337,000	338,000	343,000	345,000	343,000	349,000	343,000	351,000	365,000	350,000	340,000	332,000	372,000	351,000	357,000	349,000	339,000	342,000	303,000	250,000	281,000	219,000	216,000	219,000
stock-based compensation	2,285,000	2,112,000	2,106,000	2,971,000	2,863,000	2,999,000	2,986,000	3,584,000	3,273,000	3,167,000	3,249,000	4,351,000	3,783,000	3,888,000	3,830,000	4,778,000	3,774,000	3,951,000	3,740,000	3,909,000	3,212,000	3,135,000	3,069,000	3,944,000	3,668,000	3,407,000	3,101,000	3,282,000	2,922,000	2,872,000	2,721,000	3,151,000	2,782,000	2,771,000	2,656,000	2,256,000	2,103,000	2,100,000	2,074,000	2,266,000																																									1,520,317
amortization of premiums and accretion of discounts on marketable securities	-256,000	-495,000	-553,000	-749,000	-1,515,000	-1,977,000	-2,036,000	-1,466,000	-1,746,000	-2,812,000	-1,953,000	-2,288,000	-1,803,000	-1,158,000	-79,000	77,000	198,000	435,000	526,000	490,000	354,000	245,000
loss on sales of marketable securities
intangible asset amortization	1,752,000	1,752,000	1,751,000	1,752,000	1,752,000	1,751,000	1,752,000	2,018,000	953,000	380,000	378,000	379,000	379,000	379,000	379,000	379,000	369,000	370,000	369,000	370,000	370,000	369,000	369,000	370,000	370,000	376,000	379,000	380,000	380,000	397,000	398,000	352,000	432,000	432,000	432,000	454,000	2,105,000	2,943,000	2,942,000	2,943,000	2,943,000	2,943,000	2,942,000	4,144,000	536,000	536,000	617,000	565,000
right-of-use asset amortization
deferred income taxes	103,186,000	-5,974,000	-7,972,000	-7,797,000	-1,914,000	-3,088,000	-1,234,000	-246,000	-7,484,000	2,729,000	1,455,000	2,014,000	417,000	-1,837,000	-1,867,000	4,417,000	1,313,000	2,526,000	1,746,000	1,160,000	2,396,000	1,774,000	1,140,000	879,000	1,388,000
other non-cash adjustments	-2,334,000	1,390,000	1,034,000	1,853,000	970,000	483,000	519,000	641,000	647,000	928,000	735,000	1,109,000	844,000	637,000	423,000	552,000	506,000	556,000	371,000	295,000	397,000	666,000	381,000	314,000	268,000	777,000	423,000	317,000	14,000	40,000	226,000	-113,000	188,000	189,000	77,000	133,000	163,000
changes in operating assets and liabilities:
accounts receivable	-4,075,000	-5,569,000	-353,000	2,534,000	-4,431,000	-830,000	-5,164,000	-2,587,000	-4,836,000	4,328,000	-9,100,000	8,901,000	-4,071,000	-593,000	1,618,000	1,957,000	9,015,000	-4,420,000	-5,581,000	-1,483,000	-1,993,000	-3,446,000	4,577,000	-2,905,000	428,000	-2,937,000	2,417,000	2,434,000	-3,521,000	-392,000	-1,581,000	-5,713,000	436,000	2,845,000	-3,272,000	2,516,000	-4,350,000	-2,249,000	2,649,000	-348,000	-542,000	29,000	4,302,000	-16,466,000	42,000	-1,320,000	-685,000	340,000	-75,000	-315,000	-179,000	-294,000	367,000	165,000	-165,000	83,000	-402,000	-464,000	143,000	-384,000	-16,870	160,903	5,376,073	-2,867,106
prepaid expenses and other assets	-5,944,000	703,000	-1,436,000	-5,390,000	-3,637,000	-3,662,000	-1,298,000	1,781,000	7,190,000	-7,194,000	-2,818,000	11,345,000	3,447,000	4,108,000	-331,000	-13,360,000	1,685,000	-1,378,000	-1,604,000	50,000	1,171,000	3,488,000	2,933,000	-3,524,000	192,000	-3,637,000	434,000	247,000	-322,000	-193,000	-2,480,000	-1,263,000	2,629,000	4,944,000	-3,475,000	-446,000	-760,000	-819,000	-3,096,000	-1,484,000										239,000	637,000	679,000	-587,000
inventory	-1,280,000	32,000	-368,000	-1,850,000	-107,000	-214,000	263,000	29,000	-427,000	-554,000	136,000	74,000	-1,130,000	-1,767,000	-403,000	-1,179,000	-77,000	-790,000	-1,408,000	42,000	252,000	-3,138,000	-66,000	76,000	174,000	-705,000	-147,000	-44,000	-145,000	286,000	-134,000	63,000	-164,000	-889,000	76,000	-83,000	137,000	172,000	-239,000	130,000	-986,000	1,165,000	253,000	-45,000	-942,000	-175,000	-901,000	-192,000					104,000	4,000							483	0	1,479,500	919,017	-640,090	-486,187
accounts payable and other liabilities	9,077,000	-10,223,000	11,330,000	5,636,000	-2,127,000	-469,000	3,139,000	1,165,000	3,331,000	-280,000	-3,244,000	-10,791,000	-3,277,000	1,338,000	306,000	13,426,000	2,180,000	-28,000	6,160,000	-5,272,000	2,351,000	525,000	2,678,000	-1,795,000	317,000	-1,968,000	1,652,000	3,507,000	2,564,000	-1,614,000
product revenue allowances	5,248,000	6,931,000	6,149,000	-2,844,000	11,020,000	-4,466,000	-1,553,000	6,590,000	-2,438,000	-3,079,000	-3,802,000	12,511,000	3,682,000	4,273,000	-1,076,000	-894,000	229,000	66,000	4,702,000	649,000	2,259,000	-540,000	230,000	1,184,000	-1,123,000	-154,000	1,332,000	706,000	3,474,000	490,000	-426,000	4,685,000
net cash from operating activities	-29,417,000	-31,626,000	-15,252,000	-33,147,000	-1,817,000	-14,581,000	-6,928,000	7,569,000	-3,732,000	-2,050,000	-13,220,000	31,803,000	9,416,000	12,837,000	5,685,000	4,046,000	26,607,000	9,397,000	19,017,000	9,193,000	19,302,000	9,374,000	24,006,000	-907,000	9,791,000	5,998,000	20,515,000	9,643,000	15,263,000	8,694,000	4,391,000	1,638,000	3,466,000	2,168,000	-2,260,000	-5,357,000	-1,183,000	1,241,000	-3,262,000	-4,899,000	-356,000	-4,851,000	12,101,000	5,555,000	-13,386,000	-7,599,000	-36,665,000	-23,904,000	-12,153,000	-10,271,000	-8,043,000	-9,125,000	-13,849,000	-10,164,000	-12,214,000	-8,690,000	-12,357,000	-7,170,000	-5,619,000	-3,264,000	-5,095,879	-5,073,838	4,097,546	-4,825,829	189,292,401	-8,714,361	-7,447,032	-3,794,730	-3,794,730	-5,449,755	-13,288,737	-11,107,618	-16,109,219	-16,621,508	-10,815,277	-10,799,339	-13,405,134	-11,116,256	-16,923,980	-12,860,562	-10,718,720
capital expenditures	-102,000	-161,000	-299,000	-436,000	-214,000	-161,000	-108,000	-7,000	-253,000	-24,000	-55,000	-51,000	-263,000	-148,000	-193,000	-75,000	-134,000	10,000	-298,000	-130,000	-966,000	-246,000	-210,000	-373,000	-68,000	-294,000	-264,000	-393,000	-22,000	-136,000	-75,000	-135,000	-191,000	-371,000	-624,000	-478,000	-697,000	-599,000	0		-856,000	-874,000	-156,000	-783,000	-338,000	-53,000	-243,000	-135,000	-97,000	-7,000	-49,000	-23,000	-7,000	-17,000	-148,000	-1,845,000	-77,000	-34,000	0	0	0	0	0	0	0	0	0			0	-464,078	-293,139	-186,442	-29,705	-47,045	-84,005	-118,678	-166,861	-316,070	-513,177	-358,048
free cash flows	-29,519,000	-31,787,000	-15,551,000	-33,583,000	-2,031,000	-14,742,000	-7,036,000	7,562,000	-3,985,000	-2,074,000	-13,275,000	31,752,000	9,153,000	12,689,000	5,492,000	3,971,000	26,473,000	9,407,000	18,719,000	9,063,000	18,336,000	9,128,000	23,796,000	-1,280,000	9,723,000	5,704,000	20,251,000	9,250,000	15,241,000	8,558,000	4,316,000	1,503,000	3,275,000	1,797,000	-2,884,000	-5,835,000	-1,880,000	642,000	-3,262,000		-1,212,000	-5,725,000	11,945,000	4,772,000	-13,724,000	-7,652,000	-36,908,000	-24,039,000	-12,250,000	-10,278,000	-8,092,000	-9,148,000	-13,856,000	-10,181,000	-12,362,000	-10,535,000	-12,434,000	-7,204,000	-5,619,000	-3,264,000	-5,095,879	-5,073,838	4,097,546	-4,825,829	189,292,401	-8,714,361	-7,447,032			-5,449,755	-13,752,815	-11,400,757	-16,295,661	-16,651,213	-10,862,322	-10,883,344	-13,523,812	-11,283,117	-17,240,050	-13,373,739	-11,076,768
cash flows from investing activities
asset acquisition					0	0	-1,524,000	-2,705,000
purchases of property and equipment	-102,000	-161,000	-299,000	-436,000	-214,000	-161,000	-108,000	-7,000	-253,000	-24,000	-55,000	-51,000	-263,000	-148,000	-193,000	-75,000	-134,000	10,000	-298,000	-130,000	-966,000	-246,000	-210,000	-373,000	-68,000	-294,000	-264,000	-393,000	-22,000	-136,000	-75,000	-135,000	-191,000	-371,000	-624,000	-478,000	-697,000	-599,000			-714,000	-874,000	-156,000	-783,000	-338,000	-53,000	-243,000	-135,000	-97,000	-7,000	-49,000	-23,000	-7,000	-17,000	-148,000	-1,845,000	-77,000	-34,000												0	-464,078	-293,139	-186,442	-29,705	-47,045	-84,005	-118,678	-166,861	-316,070	-513,177	-358,048
purchases of marketable securities	-2,032,000	-14,047,000	-52,971,000	-43,329,000	-92,404,000	-83,733,000	-112,630,000	-76,006,000	-54,978,000	-46,649,000	-247,934,000	-163,045,000	-4,309,000	-168,964,000	-96,851,000	-79,134,000	-105,274,000	-117,835,000	-104,292,000	-93,060,000	-82,510,000	-112,988,000	-109,724,000	-41,400,000	-103,184,000	-100,040,000	-90,490,000	-100,803,000	-80,455,000	-71,404,000	-100,103,000	-30,433,000	-38,739,000	-28,225,000	-27,704,000	-53,467,000	-34,547,000	-26,865,000	-56,682,000	-47,311,000	-65,502,000	-46,261,000	-21,458,000	-59,890,000	-52,960,000	-19,839,000	-18,225,000	-2,319,000					-10,899,000	0	-20,773,000	-29,194,000	-19,576,000	-51,061,000	-42,176,000	-47,400,000	-78,409,590	-60,151,010	-31,420,608	-32,456,792	0	-3,283,086	-3,005,073	-5,077,656	-5,077,656	-3,294,503	-9,410,456	-595,971	-1,485,150	-31,383,509	-14,330,829	-27,762,211	-65,477,330		-87,237,170	-12,436,206	-1,639,702
sales and maturities of marketable securities	47,000,000	35,570,000	38,000,000	87,667,000	96,611,000	95,951,000	99,000,000	60,500,000	112,113,000	82,000,000	57,095,000	350,390,000	80,000,000	147,335,000	82,452,000	90,075,000	79,410,000	101,237,000	70,409,000	93,261,000	66,790,000	65,389,000
net cash from investing activities	44,866,000	21,362,000	-15,270,000	43,902,000	3,993,000	12,057,000	-15,262,000	-18,218,000	-43,783,000	35,327,000	-190,894,000	187,294,000	75,428,000	-21,777,000	-14,592,000	10,866,000	-25,998,000	-16,588,000	-34,181,000	71,000	-16,686,000	-47,845,000	2,732,000	20,300,000	-6,230,000	-13,874,000	-11,754,000	-36,451,000	-15,804,000	-8,905,000	-101,263,000	16,312,000	7,485,000	5,404,000	-5,828,000	-17,168,000	8,088,000	2,368,000	-13,299,000	-7,228,000	4,414,000	-279,000	2,835,000	-33,568,000	-28,508,000	5,715,000	10,367,000	389,000	-65,696,000	-7,000	951,000	30,477,000	-1,906,000	20,291,000	-1,492,000	28,861,000	39,934,000	17,105,000	3,485,000	13,225,000	-56,159,811	-38,151,010	-28,854,387	-32,456,792	-1,750,000	1,716,914	-3,255,073	-1,451,109	-1,451,109	3,090,340	-1,776,359	11,595,940	30,178,434	-1,454,230	23,111,180	-5,771,216	-64,646,008	10,063,609	2,434,648	-6,549,383	2,272,250
cash flows from financing activities
principal payments on finance leases	-640,000	-517,000	-425,000	-409,000
tax obligations paid in connection with settlement of restricted stock units	0	0	0	-915,000																																									0	0	0	-436,000	0	0	-1,000	-195,000
net cash from financing activities	-640,000	-517,000	-425,000	-1,324,000									605,000	4,000			1,041,000	371,000	289,000	1,849,000	1,432,000	123,000	3,600,000	479,000	2,116,000	558,000	3,411,000	179,000	792,000	112,000	2,488,000	103,734,000	81,000	768,000	2,193,000	2,209,000	750,000	5,962,000	1,015,000	24,000	-1,000	3,579,000	592,000	-79,000	87,487,000	198,000	32,000	2,011,000	441,000	48,817,000	794,000	-193,000					20,000				1,347,196	42,090	461,942	1,932,772	335,440	400,891								45,464	23,589	-13,298	111,347,735	77,760	-48,552	53,331,167	-45,923
effect of exchange rate changes on cash, cash equivalents and restricted cash	20,000	-180,000	134,000	49,000	-202,000	68,000	-15,000	-14,000	150,000	-122,000	-26,000	45,000	183,000	60,000	79,000	-57,000	-101,000	39,000	-14,000	-15,000	12,000	18,000	18,000	5,000	23,000	-19,000	-7,000	2,000	-24,000			18,000
net change in cash, cash equivalents and restricted cash	14,829,000	-10,961,000	-30,813,000	9,480,000	1,819,000	-2,456,000	-22,205,000	-10,663,000	-47,365,000	33,155,000	-204,140,000	219,142,000	85,632,000	-8,876,000	-8,703,000	14,855,000	1,549,000	-6,781,000	-14,889,000	11,098,000	4,060,000	-38,330,000	30,356,000	19,877,000		-7,337,000	12,165,000	-26,627,000		-113,000	-94,402,000	121,702,000
cash, cash equivalents and restricted cash
beginning of year
end of year
net loss		-22,586,000	-27,207,000	-29,494,000																													-1,838,000	-4,550,000	-1,534,000	-7,645,000		-430,000	-4,618,000	-12,358,000		-9,460,000	-5,386,000	-10,221,000		-1,425,000	-21,575,000	-26,533,000	-7,623,000	-5,380,000	-3,079,000	-4,173,000													-9,237,390	-7,725,368	-12,392,100	-6,503,988		-7,504,019	-10,869,211	-13,494,882	-19,196,129	-20,748,406	-21,943,501	-15,985,023	-15,392,760	-11,891,475	-12,124,159	-21,373,084	-18,122,450
adjustments to reconcile net loss to net cash from operating activities:
beginning of period		0	0	102,785,000		0	0	136,290,000		0	0	135,498,000		0	0	52,590,000		0	0	61,613,000		0	0	45,650,000		0	0	61,749,000		0	0	34,335,000		0	0	40,426,000		0	0	50,843,000		0	0	60,901,000	0	0	0	64,764,000	0	0	0	88,772,000	0	0	0	87,923,000	0	0	0	42,559,000	-488	0	0	205,295,488	0	0	0	39,079,304	39,079,304	0	0	0	41,929,533	0	0	0	30,928,895	0	0	0	21,012,815
end of period		-10,961,000	-30,813,000	112,265,000		-2,456,000	-22,205,000	125,627,000		33,155,000	-204,140,000	354,640,000		-8,876,000	-8,703,000	67,445,000		-6,781,000	-14,889,000	72,711,000		-38,330,000	30,356,000	65,527,000		-7,337,000	12,165,000	35,122,000		-113,000	-94,402,000	156,037,000		8,354,000	-5,879,000	20,111,000		9,571,000	-15,546,000	38,740,000		-1,551,000	15,528,000	32,809,000	45,593,000	-1,686,000	-26,266,000	43,260,000	-77,408,000	38,539,000	-6,298,000	109,931,000	-15,743,000	10,127,000	-13,706,000	108,094,000	27,597,000	9,940,000	-2,134,000	52,520,000	-59,908,982	-43,182,758	-24,294,899	169,945,639	187,877,841	-6,596,556	-9,819,262	33,833,465	33,833,465	-2,359,415	-15,065,096	488,322	56,015,493	-18,024,940	12,323,516	-16,590,381	64,221,338	-971,084	-14,539,642	33,919,657	12,519,964
adjustments to reconcile loss to net cash from operating activities:
proceeds from exercise of stock options													605,000	4,000																												3,579,000							488,000	265,000	795,000	2,000					20,000				117,184	38,296	713,238	23,282																	294
loss on sale of marketable securities										0	0	655,000
cash and cash equivalents						-2,456,000	-22,205,000	125,158,000				354,171,000
restricted cash included in non-current inventory and other						0	0	469,000				469,000
total cash, cash equivalents and restricted cash						-2,456,000	-22,205,000	125,627,000				354,640,000
gains on sales of marketable securities
gain on sale of marketable securities																	0	0	0	-12,000	0	0
proceeds from the exercise of stock options																		371,000	289,000	1,849,000		123,000	3,600,000	479,000		558,000	3,411,000	179,000		112,000	2,686,000	2,666,000		768,000
acquisition of intangible asset																													0	0																																			-5,000,000	0
net proceeds from offering of common stock																													0	0	-198,000	101,068,000
amortization of discounts and premiums on marketable securities																								-287,000											-94,000	-53,000	-14,000	33,000	15,000	28,000	65,000	186,000	229,000	197,000	42,000	36,000	43,000	53,000	34,000	0	1,000	120,000													15,132
maturities of marketable securities																								62,073,000	97,022,000	86,460,000	79,000,000	64,745,000	64,673,000	62,635,000	23,915,000	46,880,000	46,291,000	34,000,000	22,500,000	36,777,000	43,378,000	29,832,000	43,494,000	40,083,000	70,630,000	46,856,000	23,450,000	27,105,000	24,790,000	24,857,000	27,735,000	3,500,000	-1,000	0	1,000,000	30,500,000	9,000,000	19,809,000	17,431,000	59,900,000	50,920,000	68,700,000	45,925,000	60,625,000	22,250,000	22,000,000			3,250,000	5,000,000	6,750,000	3,500,000	3,500,000	5,500,000	2,600,000	10,400,000	29,060,000	26,300,000	37,370,000	22,075,000	950,000		7,850,000	6,400,000	4,270,000
proceeds from exercise of employee stock options																																					750,000	5,962,000	1,015,000	24,000				203,000	174,000	198,000	32,000	2,447,000
net increase in cash, cash equivalents and restricted cash
amortization of discounts on marketable securities																										-779,000	-942,000	-906,000
amortization of premiums on marketable securities																															-464,000	-208,000	-152,000
accounts payable and accrued liabilities																																-2,731,000		-94,000	1,204,000	1,442,000	-1,155,000	-492,000	-4,657,000	6,879,000	-28,959,000
accrued government and other rebates																																	-2,587,000	-5,695,000	1,367,000	-4,181,000	1,015,000	-719,000	1,452,000	-3,174,000
proceeds from sale of marketable securities																																									0	0			0	750,000	1,000,000	7,198,000
other investing activities
effect of exchange rate changes on cash and cash equivalents
net decrease in cash and cash equivalents																																	11,041,000	8,354,000	-5,879,000	-20,315,000	7,661,000	9,571,000	-15,546,000	-12,103,000	4,057,000	-1,551,000	15,528,000	-28,092,000
milestone obligation under license agreement
effect of foreign currencies on cash and cash equivalents																																		14,000	16,000	1,000
proceeds from the exercise of employee stock options																																				2,209,000
deferred licensing revenues
gain on arbitration settlement with novartis pharma ag
acquisition of intangible assets																																													0	0	0	-8,000,000
change in restricted cash																																													0	0	100,000	145,000										-500,000
net proceeds from public offering of common stock																																																	-47,000
net proceeds from offering common stock to novartis pharma ag
proceeds from sales of marketable securities																																																																		0	0	126,547	126,547		5,498,175	2,085,050	2,790,026
obligations paid in connection with settlement of equity awards																																										0	0	-282,000
deferred revenues																																																												-6,606,000		-6,752,293	-6,678,899	-6,605,505
changes in assets and liabilities:
prepaid expenses and other current assets																																									4,334,000	-3,020,000	-4,453,000	581,000	792,000	381,000	-1,034,000	-429,000																														-120,814	259,101	385,124	-252,666
non-cash investing and financing activities
acquisition of intangible asset accrued in non-current liabilities																																									0
intangible asset related to re-acquired right to fanapt®
inventories
prepaid services
purchases of property and equipment accrued in current liabilities																																									-142,000
depreciation and amortization of property and equipment																																										157,000	123,000	140,000	134,000	132,000	139,000	125,000	111,000	109,000	105,000	107,000
stock-based compensation expense																																										2,061,000
deferred licensing revenue
non-cash investing activities
accounts payable																																											142,000	654,000	288,000	299,000	-705,000	292,000	292,000	-798,000	54,000	826,000	-803,000	-599,000	909,000	-216,000	-337,000	-4,000	503,000	186,000	352,399	-724,165	151,837	-1,556,071	1,077,641	-570,665	501,517	903,002	903,002	-386,653	-4,514,965	3,781,022	-1,355,101	-456,668	844,379	584,164	-767,846	670,014	-2,866,328	1,600,267	1,122,758
accrued and other liabilities
deferred revenue																																											75,000	239,000	-7,764,000	-7,592,000	-7,764,000	-7,452,000	-6,752,000	-6,753,000	-6,678,000	-6,606,000	-6,752,000	-6,753,000	-6,678,000	-6,606,000	-6,752,000	-6,753,000
acquisition of intangible asset included in non-current liabilities
purchases of property and equipment in current liabilities
employee and non-employee stock-based compensation																																												1,945,000	1,631,000	1,411,000	1,443,000	1,393,000							1,193,000	1,402,000	1,318,000	1,254,000	1,325,000	1,604,000	1,335,471	886,721	1,638,986	1,120,822	2,521,501	3,429,360	2,970,719	2,308,647	2,308,647		3,604,717	3,968,880	5,105,714		5,156,444	5,215,692	4,107,972		1,507,324
accrued liabilities																																												24,387,000	-323,000	72,000	-6,411,000	7,984,000	542,000	762,000	-104,000	-1,313,000	-1,566,000				-250,000	897,000	372,000	817,000	-451,745	368,062	55,479	-968,796
acquisition of intangible asset included in liabilities																																												25,000,000
landlord contributions for tenant improvements																																																					0	1,000	97,000	1,728,000
other assets
other liabilities																																													103,000	46,000	168,000	-50,000	-51,000	-51,000	-2,000	208,000	208,000	208,000	210,000	-361,000	314,000	129,000	-11,000	-8,000	-4,518	-4,160	-4,160	-4,162	1,021	1,020	1,020	1,021	1,021		5,998	68,369	68,365		26,919	-52,022	38,361		67,140	-185,835	328,546
net increase in cash and cash equivalents																																													45,593,000	-1,686,000	-26,266,000	-21,504,000	-77,408,000	38,539,000	-6,298,000	21,159,000																			-15,065,096	488,322	14,085,960	-18,024,940	12,323,516	-16,590,381	33,292,443	-971,084	-14,539,642	33,919,657	-8,492,851
intangible asset related to re-acquired right to fanapt ®
purchase of property and equipment in accrued liabilities
purchases of property and equipment in accrued liabilities
adjustments to reconcile net loss to net cash from operating activities
deferred tax expense
accrued income taxes																																																									-2,108,000	-113,000			663,268	-2,529,066
changes in restricted cash
employee and non-employee stock-based compensation expense																																																		1,539,000	830,000	952,000
amortization of intangible asset																																																		377,000	372,000	369,000	377,000	377,000	372,000	369,000	377,000	377,000
adjustments to reconcile net income to net cash from operating activities
loss on disposal of assets																																																													185										-384	-399	610	1,696				0	0	0	29,528
excess tax benefits from exercise of stock options
proceeds from sale of property and equipment
excess tax benefits from stock-based compensation																																																													1,230,012	3,794	-251,296	1,909,490
net change in cash and cash equivalents																																																							-13,706,000	20,171,000	27,597,000	9,940,000	-2,134,000	9,961,000	-59,908,494	-43,182,758	-24,294,899	-35,349,849	187,877,841	-6,596,556	-9,819,262	-5,245,839	-5,245,839
depreciation																																																						104,000	93,000	331,000
amortization of premiums and discounts on marketable securities																																																						134,000	165,000	117,000		200,000	259,000	315,000		21,202	-29,098	-3,835
prepaid expenses, deposits and other assets																																																							-775,000	435,000
accrued liabilities,
1.
accrued liabilities, current																																																								1,712,000
accrued liabilities, non-current																																																								278,000
deferred tax benefit
depreciation and amortization																																																										146,000	61,000	77,000		79,187	84,618	94,098	95,024	107,116	116,874	122,795	122,795		143,434	137,078	122,629	124,780	153,146	144,989	148,671	160,175	151,180	143,782	120,235
prepaid expenses, deposits and other current assets																																																										235,000	-573,000	224,000		-381,788	157,590	415,097		-1,503,589	-10,522	168,728	168,728		-912,374	-854,150	606,421		-60,286	-1,464,006	109,921
amortization of intangible assets																																																												369,000		376,792	372,696	368,601		376,791
deferred tax benefits																																																															190,207	-1,984,591
income taxes payable																																																												6,000				5,740,422
adjustments to reconcile net income to net cash provided by (used in) operating activities
effect of foreign currency
deferred tax asset
proceeds from sales of property and equipment																																																														0
supplemental disclosure of non-cash investing activities
intangible asset acquisition included in accounts payable																																																																		0
gain on disposal of assets																																																															0	-23,185
adjustments to reconcile net loss to net cash from (used in) operating activities
deposits																																																																														30,000	0
accrued expenses																																																																	275,273	-2,369,203	2,350,012	-833,198	-833,198	-184,025	-729,199	-4,680,144	-1,299,209	-2,079,199	5,577,517	1,385,895	-1,419,185	-1,518,317	-3,805,392	4,507,809	4,627,273
proceeds from issuance of common stock, net of issuance costs																																																																										0	0	-36,369	111,291,219	0	0
investment in restricted cash
proceeds from borrowings on note payable
principal payments on obligations under capital lease																																																																														-469	-367	-360	-344
principal payments on note payable
proceeds from issuance of preferred stock, net of issuance costs
proceeds from exercise of stock options and warrants																																																																		400,891								45,464	23,589	23,071	56,516	78,229	1
effect of foreign currency translation																																																																						0	0	0	16,745	5,334	4,024	-6,528	-4,150	3,803	-1,758	-1,565	-458
amortization of net discounts on short-term investments																																																																			58,336	38,263	38,263
adjustments to reconcile net loss to net cash from operating activities depreciation and amortization
accretion of discount on investments																																																																						-22,498	-16,753	-33,392	-162,519	-256,296	-456,313	-629,028	-230,268	-77,446	-112,846	-96,186	-92,261
deferred grant revenue																																																																										-6,865
deferred rent and other liabilities
investments in restricted cash
proceeds from the issuance of preferred stock, net of issuance costs
supplemental disclosure
cash payments for interest																																																																																	3,186
supplemental disclosure of non-cash financing activities
equipment acquired through obligation under capital lease
adjustments to reconcile net income to net cash from operating activities depreciation and amortization
long-term deposits
deferred rent and credit on lease concession
purchases of short-term investments
proceeds from sale of short-term investments
maturities of short-term investments
sales of marketable securities
proceeds from borrowings on credit facility
principal payments on credit facility																																																																															-48,186	-47,015	-45,873
proceeds from issuance of common stock

Vanda Pharmaceuticals Inc(NASDAQ:VNDA)

Vanda Pharmaceuticals Inc
(NASDAQ:VNDA)