Vivani Medical, Inc.

Vivani Medical, Inc. (VANI), a clinical-stage biopharmaceutical company, reported a net loss of $26.6 million for FY 2025, widening from $23.5 million in FY 2024, driven by increased research and development expenses of $18.1 million (up from $15.7 million) and general and administrative costs of $9.4 million (up from $8.9 million). Total operating expenses rose 12% to $27.6 million, reflecting accelerated clinical development of NanoPortal™ GLP-1 implant candidates like NPM-139 for obesity and NPM-133 for type 2 diabetes. No revenue was generated as the company remains pre-commercial. Cash and equivalents stood at $16.2 million with total assets of $39.4 million and stockholders' equity of $15.7 million as of December 31, 2025. Net cash used in operations was $24.3 million, offset by $23.3 million from equity financings including private placements and registered offerings netting $37.0 million. The company raised funds via multiple director-affiliated transactions and sales agreements. With $17.6 million in cash, equivalents, and restricted cash, Vivani projects runway into mid-2027, prioritizing NPM-139 Phase 1 trials in mid-2026 pending FDA clearance. Accumulated deficit reached $148.5 million, underscoring ongoing funding needs amid promising preclinical data showing 20% weight loss sustained over a year.

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