VNDA (Vanda Pharmaceuticals Inc.) stock: $5.13, $310.2M market cap, $170.0M cash, $140.2M EV, $383.3M fully diluted market cap. Next expected readout: Oct-26. Lead program: Iloperidone (Schizophrenia), Phase 4. Data from Fully Diluted's biotech stocks database.
Pipeline assets
NEREUS
Approved · Active
Aliases tradipitant
Target neurokinin-1 (NK1) receptor
Partnerships Eli Lilly and Company: exclusive worldwide license (Apr 2012) to develop and commercialize NEREUS for all human uses
Indications- Prevention of vomiting induced by motion (Approved)
- Prevention of vomiting in patients receiving GLP-1 receptor agonist therapies (Phase 3)
- Gastroparesis (Stage not disclosed)
- Atopic dermatitis (Stage not disclosed)
Status note NDA approved Dec 2025; early commercial launch initiated May 2026 via direct-to-consumer web portal (nereus.us). FDA issued a final order refusing to approve the NDA for gastroparesis (petition for review filed Mar 2026); FDA placed a partial clinical hold on a 52-week open-label gastroparesis safety study (lawsuit filed Apr 2026).
BYSANTI
Approved · Active
Aliases milsaperidone
Target dopamine D2 / serotonin 5-HT2A / alpha1-adrenergic receptors
Indications- Bipolar I disorder and schizophrenia (Approved)
Status note FDA approved in Q1 2026; launch expected in the second half of 2026. Protected by data exclusivity through February 20, 2031 and multiple patents.
HETLIOZ
Approved · Active
Aliases tasimelteon
Target MT1/MT2
Partnerships Bristol-Myers Squibb: license agreement (milestone met on Jan 2014 NDA approval)
Indications- Non-24-hour sleep-wake disorder (Non-24) (Approved)
- Delayed sleep phase disorder (DSPD) (Phase 3)
Status note NDA approved Jan 2014 for Non-24. FDA issued a final order refusing to approve the sNDA for insomnia (petition for review filed Apr 2025).
Quimilza
Phase 3 · Active Modality: IL-36R antagonist
Aliases imsidolimab
Target IL-36R
Partnerships AnaptysBio: exclusive global license (Jan 2025) for worldwide rights to develop, manufacture and commercialize Quimilza
Indications- Generalized pustular psoriasis (GPP) (Phase 3)
Status note BLA under FDA review (PDUFA Dec 12, 2026); pivotal study results published in NEJM Apr 28, 2026. Orphan drug designation in Japan (MHLW, May 2026); positive EMA COMP opinion (Jul 2026).
VQW-765
Phase 3 · Active Modality: small molecule alpha-7 nicotinic acetylcholine receptor partial agonist
Target alpha-7 nicotinic acetylcholine receptor
Partnerships Novartis: exclusive worldwide license (received in connection with the Fanapt settlement agreement)
Indications- Social anxiety disorder (adults); social/performance anxiety and psychiatric disorders (Phase 3)
VTR-297
Stage not disclosed · Active Modality: small molecule histone deacetylase (HDAC) inhibitor
Target HDAC
Indications- Hematologic malignancies and onychomycosis; potential use in several oncology indications (Stage not disclosed)
VCA-894A
Stage not disclosed · Active Modality: antisense oligonucleotide (ASO)
Target IGHMBP2
Partnerships OliPass Corporation: joint development (Sep 2022) of ASO molecules based on OliPass proprietary modified peptide nucleic acids
Indications- Charcot-Marie-Tooth disease, axonal, type 2S (CMT2S) (Stage not disclosed)
Status note FDA granted Rare Pediatric Disease Designation in Jul 2026. CMT2S is caused by cryptic splice site variants within the IGHMBP2 gene.
VGA-157A
Stage not disclosed · Active Modality: antisense oligonucleotide (ASO)
Partnerships OliPass Corporation: joint development (Sep 2022) of ASO molecules based on OliPass proprietary modified peptide nucleic acids
Indications- Parkinson's disease (Stage not disclosed)
VGT-1849A
Stage not disclosed · Active Modality: antisense oligonucleotide (ASO)
Partnerships OliPass Corporation: joint development (Sep 2022) of ASO molecules based on OliPass proprietary modified peptide nucleic acids
Indications- Polycythemia vera (PV) (Stage not disclosed)
Fanapt
Approved · Active
Aliases iloperidone
Target dopamine D2 / serotonin 5-HT2A / alpha1-adrenergic receptors
Partnerships Novartis Pharma AG: settlement agreement; all US and Canadian rights in the Fanapt franchise transferred Dec 31, 2014; 3% royalty paid directly to Sanofi
Indications- Acute treatment of manic or mixed episodes associated with bipolar I disorder; schizophrenia (Approved)
Status note Marketed commercial product.
PONVORY
Approved · Active
Aliases ponesimod
Target S1P1
Indications- Relapsing forms of multiple sclerosis (adults) (Approved)
Status note Marketed commercial product.
Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.