Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is quoted on The Nasdaq Global Market under the symbol “VNDA.” As of February 4, 2021, there were seven holders of record of our common stock. The number of holders of record of our common stock does not reflect the number of beneficial holders whose shares are held by depositors, brokers or other nominees.
Market Price of and Dividends on the Registrant’s Common Equity and Related Stockholder Matters
The following graph shows the cumulative five-year total return on our common stock relative to the cumulative total returns of the Nasdaq Composite Index and the Nasdaq Biotechnology Index. An investment of $100 (with reinvestment of dividends) is assumed to have been made in our common stock and in each of the indexes on December 31, 2015 and its relative performance is tracked through December 31, 2020. The comparisons in the table are required by the Securities and Exchange Commission (SEC) and are not intended to forecast or be indicative of possible future performance of our common stock. We have never paid cash dividends to our stockholders and do not plan to pay dividends in the foreseeable future. The following graph and related information is being furnished solely to accompany this Annual Report pursuant to Item 201(e) of Regulation S-K and shall not be deemed “soliciting materials” or to be “filed” with the SEC (other than as provided in Item 201), nor shall such information be incorporated by reference into any of our filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, and irrespective of any general incorporation language in any such filing.
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Securities Authorized for Issuance under Equity Incentive Plans
Information regarding securities authorized for issuance under equity incentive plans will be contained in our Proxy Statement for the 2021 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2020 and is incorporated herein by reference pursuant to General Instruction G(3) to Form 10-K.
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ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
The Consolidated Statements of Operations data for the years ended December 31, 2020, 2019 and 2018 and the Consolidated Balance Sheet data as of December 31, 2020 and 2019 are each derived from our audited consolidated financial statements included in this Annual Report. The Consolidated Statements of Operations data for the years ended December 31, 2017 and 2016, and the Consolidated Balance Sheet data as of December 31, 2018, 2017 and 2016 are each derived from our audited consolidated financial statements not included herein. Our historical results for any prior period are not necessarily indicative of results to be expected in any future period.
The following data should be read together with our consolidated financial statements and accompanying notes and Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this Annual Report.
Year Ended December 31,
(in thousands, except for share and per share amounts) 2020 2019 (1) 2018 (1)(2) 2017 (1)(2) 2016 (1)(2)
Statements of Operations Data
Total revenues $ 248,168 $ 227,188 $ 193,118 $ 165,083 $ 146,017
Operating expenses:
Cost of goods sold excluding amortization
23,364 24,488 20,508 17,848 24,712
Research and development 55,577 48,649 43,594 38,547 29,156
Selling, general and administrative 140,510 129,736 105,751 123,841 99,787
Intangible asset amortization 1,478 1,505 1,527 1,750 10,933
Total operating expenses 220,929 204,378 171,380 181,986 164,588
Income (loss) from operations 27,239 22,810 21,738 (16,903) (18,571)
Other income 4,416 6,218 3,608 1,472 665
Income (loss) before income taxes 31,655 29,028 25,346 (15,431) (17,906)
Provision (benefit) for income taxes 8,318 (86,525) 138 136 104
Net income (loss) $ 23,337 $ 115,553 $ 25,208 $ (15,567) $ (18,010)
Net income (loss) per share:
Basic $ 0.43 $ 2.17 $ 0.50 $ (0.35) $ (0.41)
Diluted $ 0.42 $ 2.11 $ 0.48 $ (0.35) $ (0.41)
Weighted average shares outstanding:
Basic 54,427,683 53,137,562 50,859,947 44,735,146 43,449,441
Diluted 55,190,802 54,847,060 53,045,257 44,735,146 43,449,441
December 31,
(in thousands) 2020 2019 (1) 2018 (1) 2017 (1) 2016 (1)
Balance Sheet Data
Cash and cash equivalents $ 61,031 $ 45,072 $ 61,005 $ 33,627 $ 40,426
Marketable securities 306,709 267,057 196,355 109,786 100,914
Working capital 343,209 294,631 246,117 99,494 123,855
Total assets 533,456 483,748 332,130 205,425 210,374
Long-term liabilities 14,254 13,298 3,693 3,675 28,724
Total liabilities 80,190 72,803 56,708 74,038 79,044
Accumulated deficit (197,328) (220,665) (336,218) (361,426) (345,859)
Total stockholders’ equity 453,266 410,945 275,422 131,387 131,330
(1) We adopted Accounting Standards Codification (ASC) 842 Leases (ASC 842), effective January 1, 2019, using a modified retrospective transition. Results for the years ended prior to December 31, 2019 are accounted for in accordance with ASC 840.
(2) We adopted ASC 606 Revenue from Contracts with Customers (ASC 606), effective January 1, 2018, using the modified retrospective method to those contracts that were not completed as of January 1, 2018. Results for the years ended prior to December 31, 2018 are accounted for in accordance with ASC 605.
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