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Vanda Pharmaceuticals cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$28.7M in Q3 2026 · −$140M over twelve months

Operating cash flow−$28.4M
Capital spending−$311K
Free cash flow−$28.7M
Cash conversion cycle-1332 days

Analysis

In Q3 2026, Vanda Pharmaceuticals generated −$28.4M of operating cash flow and spent $311K on capital projects, leaving free cash flow of −$28.7M. That is $3.0M more than in Q3 2025 (−$31.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$139M; the largest uses were operating cash flow ($139M), net borrowing (+) / repaid (−) ($3.1M), capital spending ($824K); besides operations, cash came from other investing ($135M); the cash balance fell by $8.2M.

Operating cash flow was −$28.4M against net income of −$22.6M. The largest differences: payables −$10.0M, stock-based pay +$2.3M, depreciation & amortization +$2.2M.

Its cash conversion cycle was -1332 days (receivables 79 + inventory 36 − payables 1447): suppliers fund its working capital.

Free cash flow

Vanda Pharmaceuticals: free cash flow by quarterVanda Pharmaceuticals: free cash flow by quarter−$2.0MQ4 2024−$33.6MQ1 2025−$15.6MQ2 2025−$31.8MQ3 2025−$29.5MQ4 2025−$50.4MQ1 2026−$31.3MQ2 2026−$28.7MQ3 2026
Operating cash flow less capital spending.
Vanda Pharmaceuticals: operating cash flow against capital spendingVanda Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$1.8M$214KQ4 2024−$33.1M$436KQ1 2025−$15.3M$299KQ2 2025−$31.6M$161KQ3 2025−$29.4M$102KQ4 2025−$50.2M$221KQ1 2026−$31.1M$190KQ2 2026−$28.4M$311KQ3 2026
Latest (Q3 2026): Operating cash flow −$28.4M, Capital spending $311K.

Capital allocation, year by year

Vanda Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearVanda Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow $64.2MFY2021: Shares issued $3.5MFY2021: Capital spending −$552K$67.8MFY2021FY2022: Operating cash flow $32.0MFY2022: Shares issued $734KFY2022: Capital spending −$679K$32.7MFY2022FY2023: Operating cash flow $12.8MFY2023: Capital spending −$383K$12.8MFY2023FY2024: Operating cash flow −$15.8MFY2024: Net borrowing −$155KFY2024: Capital spending −$490KFY2024FY2025: Operating cash flow −$109MFY2025: Net borrowing −$2.0MFY2025: Capital spending −$998KFY2025
Over these 5 years operating cash flow totalled −$16.2M; the largest uses were operating cash flow ($125M) and capital spending ($3.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$61.9M
Debtnone
Net cash$61.9M
Cash runway5 months

Vanda Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$140M a year at the current rate against $61.9M of cash and investments: a runway of about 5 months before any new financing.

Where the cash came from and went

Vanda Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Vanda Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Other investing$35.5MOperating cash flow−$28.4MCash drawn (+) / kept (−)−$5.9MNet borrowing (+) / repaid (−)−$877KCapital spending−$311KExchange rates$51K
Vanda Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Vanda Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$139MOther investing$135MCash drawn (+) / kept (−)$8.2MNet borrowing (+) / repaid (−)−$3.1MCapital spending−$824KExchange rates−$22K

From profit to cash

Vanda Pharmaceuticals: net income to operating cash flow, Q3 2026Vanda Pharmaceuticals: net income to operating cash flow, Q3 2026Net income−$22.6MDepreciation & amortization$2.2MStock-based pay$2.3MOther non-cash$324KReceivables−$654KInventory$133KPayables−$10.0MPrepaid and other assets−$2.1MOperating cash flow−$28.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202679361447-1332
Q2 2026105431669-1521
Q1 202697511836-1689
Q4 202585471391-1260
Q3 202578661631-1487
Q2 202578681703-1557
Q1 202582471078-949
Q4 202478591392-1255

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$28.4M−$311K−$877K−$5.9M−$28.7M
Q2 2026−$31.1M−$190K−$856K−$1.8M−$31.3M
Q1 2026−$50.2M−$221K−$776K$30.8M−$50.4M
Q4 2025−$29.4M−$102K−$640K−$14.8M−$29.5M
Q3 2025−$31.6M−$161K−$517K$11.0M−$31.8M
Q2 2025−$15.3M−$299K−$425K$30.8M−$15.6M
Q1 2025−$33.1M−$436K−$409K−$9.5M−$33.6M
Q4 2024−$1.8M−$214K−$155K−$1.8M−$2.0M

Vanda Pharmaceuticals: income statement and cash flow

Vanda Pharmaceuticals, Q3 2026: revenue $69.8M (+24% year over year), operating margin -33.7%. The chart follows the revenue to costs, profit and cash.

Vanda Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.