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Subsequent Event
6 Months Ended
Jun. 30, 2013
Subsequent Event

13. Subsequent Event

In July 2013, the Company announced that the FDA accepted the filing of and granted a priority review classification to Vanda’s NDA for tasimelteon for the treatment of Non-24 in the totally blind. The FDA determined the action target date under Prescription Drug User Fee Act (PDUFA-V) to be January 31, 2014. The FDA has also tentatively scheduled an advisory committee meeting to discuss the tasimelteon application on November 14, 2013. As a result of achieving this regulatory milestone, the Company will incur certain costs in the third quarter of 2013 including a $3.0 million cash milestone obligation under its license agreement with BMS, a $0.5 million cash milestone obligation under a regulatory consulting agreement and additional non-cash stock-based compensation expense of $0.3 million for performance-based stock options and $0.2 million for performance-based RSUs awards.