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Vivani Medical Inc. (VANI-1.01%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Vivani's continued development of its proprietary NanoPortal™ technology, which aims to deliver long-term medication adherence solutions through miniaturized, subdermal drug implants. The company's lead program, NPM-115, is in clinical-stage testing for chronic weight management.
Vivani reported a net loss of $23.5 million for the year, compared to a net loss of $25.7 million in the previous year. This decrease is attributed to staffing reductions and reduced use of outside services from its Neurostimulation Division.
Research and development expenses were $15.7 million, down from $17.0 million in 2023, reflecting a strategic focus on the Biopharm Division. General and administrative expenses also decreased to $8.9 million from $10.0 million.
The company raised $19.1 million through various financing activities, including a securities purchase agreement with an institutional investor and a private sale transaction with an independent director.
Vivani's liquidity position remains stable, with cash, cash equivalents, and restricted cash totaling $19.7 million as of December 31, 2024. The company anticipates that this will be sufficient to meet its planned obligations for at least the next twelve months.
Vivani continues to focus on advancing its drug implant candidates, with ongoing efforts to secure additional capital and strategic partnerships to support its development and commercialization objectives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vivani Medical Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.