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Vanda: Why the 17% Selloff on a $220M Loss Misses the Point
The Street dumped VNDA 17% on February 11 after the company reported a $220M net loss (-$3.74 EPS) for FY2025. The headline looks brutal. The operational reality tells a different story. $113.7M of that $220M loss is a non-cash deferred tax asset valuation allowance. Management wrote down all DTA be