Vivani Medical (VANI) Q4 2025 earnings summary

Executive summary

• Completed first-in-human LIBERATE-1 study and advanced NPM-139, a semaglutide implant, toward Phase 1 clinical trials with results expected by end of 2026.

• Demonstrated >20% sham-adjusted weight loss for a full year in preclinical semaglutide implant studies.

• Raised $41.5M in gross proceeds through financings, supporting operations into mid-2027.

• Preparing for commercial-scale manufacturing and planning a Phase 1 study in Australia for NPM-139.

Financial highlights

• Cash and equivalents totaled $16.2M as of December 31, 2025, down from $18.4M at year-end 2024.

• Net loss for Q4 2025 was $6.6M, up from $6.1M in Q4 2024; full-year net loss was $26.6M, up from $23.5M in 2024.

• Research and development expenses for 2025 were $18.1M, a 15% increase year-over-year.

• General and administrative expenses for 2025 were $9.4M, a 6% increase year-over-year.

• Other income, net, for 2025 was $0.9M, down from $1.2M in 2024.

Outlook and guidance

• Phase 1 study for NPM-139 expected to begin mid-2026, with results anticipated by year-end 2026.

• IND filing planned to support a Phase 2 dose-ranging study for NPM-139.

• Exploring spin-off or IPO for Cortigent, with transition to an independent public company underway.