Cash, cash equivalents and marketable securities were $325.6 million as of June 30, 2025, a decrease of $49.1 million compared to December 31, 2024.
Fanapt net product sales in Q2 2025 were $29.3 million, a 27% increase compared to Q2 2024 and a 24% increase compared to Q1 2025, driven by increased volume and prescriptions.
Fanapt net product sales were $52.8 million for the first 6 months of 2025, a 21% increase compared to $43.7 million in the same period in 2024, driven by increased volume.
HETLIOZ net product sales in Q2 2025 were $16.2 million, a 13% decrease compared to Q2 2024, due to decreased volume and price.
HETLIOZ net product sales were $37.1 million for the first 6 months of 2025, a 4% decrease compared to $38.8 million in the same period in 2024, due to decreased volume partially offset by price increases.
Net loss for Q2 2025 was $27.2 million compared to $4.5 million in Q2 2024, including an income tax benefit of $7.7 million.
Operating expenses for Q2 2025 were $91.1 million, a $30.5 million increase compared to Q2 2024, driven by higher SG&A and R&D expenses related to commercial launches.
Operating expenses increased by $64.8 million to $182.2 million for the first 6 months of 2025, driven by higher SG&A and R&D expenses related to commercial launches and licensing agreements.
PONVORY net product sales in Q2 2025 were $7.1 million, an 18% decrease compared to Q2 2024 but a 26% increase compared to Q1 2025, driven by volume increases and inventory changes.
PONVORY net product sales were $12.7 million for the first 6 months of 2025, an 18% decrease compared to $15.4 million in the same period in 2024, due to decreased volume and price.
Second quarter 2025 total revenues were $52.6 million, a 4% increase compared to $50.5 million in the second quarter of 2024, mainly due to Fanapt revenue growth.
Total revenues for the first 6 months of 2025 were $102.6 million, a 5% increase compared to $97.9 million for the same period in 2024, primarily due to growth in Fanapt revenue from the bipolar commercial launch.
Vanda recorded a net loss of $56.7 million for the first 6 months of 2025 compared to a net loss of $8.7 million for the same period in 2024, including an income tax benefit of $15.6 million.
Cash from operations increased by approximately $47 million in the first half of 2025, with a clean balance sheet and strong cash conversion dynamics.
Gross margin improved to 63.4% in Q2 2025 compared to approximately 59% in Q2 2024, with steady sequential margins excluding true-ups despite increased exome volumes.
Natera reported $547 million in revenue for Q2 2025, representing 32% growth year-over-year and 34% growth excluding revenue true-ups.
Non-cash stock-based compensation and legal accruals of about $30 million impacted EPS, with adjusted EPS loss estimated at $0.53 versus reported $0.74.
Operating expenses are expected to remain flat for 2025 despite increased investments, reflecting scale in the business.
Dafinchi