VANI · Vivani Medical, Inc.

Vivani Medical reported first quarter 2026 financial results showing a net loss of $6.8 million, up from $6.3 million in the prior year quarter, primarily due to a 4% increase in research and development expenses to $4.4 million from heightened clinical trial and development costs, and a similar 4% rise in general and administrative expenses to $2.4 million driven by professional services fees. Other income declined significantly to an insignificant amount from $0.3 million, contributing to the wider loss. Cash burn from operations was $6.2 million, offset by $9.7 million in financing inflows from a registered direct offering and securities purchase agreements, leaving cash and equivalents at $19.7 million plus $1.3 million restricted cash as of March 31, 2026. Combined with capital commitments, the $28 million liquidity supports operations through the first half of 2027. CEO Adam Mendelsohn highlighted progress on the SLIM Clinical Program, with the Phase 1 SLIM-1 study of low-dose NPM-139 semaglutide implant for obesity on track for mid-2026 initiation in Australia and top-line data by year-end, informed by prior LIBERATE-1 execution. Next-generation implants aim for Wegovy-like dosing, with Phase 2 targeted for 2027 post-FDA interactions. The company raised $30.2 million over the past year and continues exploring value realization for neuromodulation assets via Cortigent, which amended its S-1 on May 13, 2026, considering spin-off or IPO paths. NanoPortal technology addresses GLP-1 adherence challenges with 6-12+ month delivery, positioning Vivani amid evolving obesity treatments.