Vanda Pharmaceuticals Inc. reported total net product sales of $56.3 million for the third quarter of 2025, representing an 18% increase compared to the same period in 2024. Fanapt net product sales rose by 31% to $31.2 million in the third quarter of 2025, with total prescriptions increasing by 35% year-over-year. HETLIOZ recorded $18.0 million in sales for the quarter. For the first nine months of 2025, the company reported a net loss of $79.3 million, compared to a net loss of $14.0 million in the first nine months of 2024. Diluted net loss per share was $1.35 for the first nine months of 2025, up from $0.24 in the same period of 2024. Cash as of September 30, 2025, was $293.8 million, a decrease of $80.9 million from December 31, 2024. Vanda updated its full-year 2025 guidance, projecting total revenues of $210 to $230 million and year-end cash between $260 and $290 million. Business developments included continued growth in Fanapt, a direct-to-consumer campaign launched in early 2025, and ongoing investments in commercial infrastructure. On the regulatory side, the tradipitant NDA for motion sickness is under FDA review with a PDUFA target action date of December 30, 2025, and the Bysanti NDA for bipolar I disorder and schizophrenia is under FDA review with a target action date of February 21, 2026. The company also anticipates submitting the Imsidolimab BLA in generalized pustular psoriasis in the fourth quarter of 2025. Vanda reported a collaborative framework with the FDA for the resolution of certain disputes and expects a re-review of its sNDA for HETLIOZ for jet lag disorder by January 7, 2026.