Vanda Pharmaceuticals is buy-rated following FDA approval of Nereus for motion sickness, with shares offering upside into 2026 catalysts. VNDA's Q3 saw strong Fanapt sales growth, but higher R&D and SG&A drove a $22.6M net loss, reflecting a strategic investment phase. The company maintains a robust $293.8M cash position, is guiding to $210–230M in 2025 revenue, and has ample runway to fund multiple late-stage launches.









