Vivani Medical Provides Business Update and Reports Fourth Quarter and Full Year 2024 Financial Results
Vivani Medical (NASDAQ: VANI) reported its Q4 and full year 2024 results, highlighting significant progress in its drug implant programs. The company successfully completed enrollment in its LIBERATE-1™ first-in-human study of NPM-115 (exenatide implant), with top-line data expected in mid-2025.
Key developments include positive preclinical weight loss data for NPM-139 (semaglutide implant), showing comparable results to Ozempic®/Wegovy® injections with potential for once-yearly dosing. The company secured $8.25M in equity financing, extending operations into Q2 2026.
Financial highlights for 2024:
- Cash position: $19.7M as of December 31, 2024
- Net loss: $23.5M, improved from $25.7M in 2023
- R&D expenses: $15.7M, down 7% from 2023
- G&A expenses: $8.9M, decreased 11% from 2023
The company plans to spin off its Cortigent subsidiary, which develops brain implant devices, to focus on its drug implant pipeline for chronic diseases.
Vivani Medical (NASDAQ: VANI) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, evidenziando progressi significativi nei suoi programmi di impianto di farmaci. L'azienda ha completato con successo l'arruolamento nello studio LIBERATE-1™ primo nell'uomo di NPM-115 (impianto di exenatide), con i dati preliminari attesi per metà 2025.
Sviluppi chiave includono dati preclinici positivi sulla perdita di peso per NPM-139 (impianto di semaglutide), mostrando risultati comparabili a quelli delle iniezioni di Ozempic®/Wegovy® con potenziale per una somministrazione annuale. L'azienda ha ottenuto 8,25 milioni di dollari in finanziamenti azionari, estendendo le operazioni fino al secondo trimestre del 2026.
Highlights finanziari per il 2024:
- Posizione di cassa: 19,7 milioni di dollari al 31 dicembre 2024
- Perdita netta: 23,5 milioni di dollari, migliorata rispetto ai 25,7 milioni di dollari nel 2023
- Spese per R&S: 15,7 milioni di dollari, in calo del 7% rispetto al 2023
- Spese generali e amministrative: 8,9 milioni di dollari, diminuite dell'11% rispetto al 2023
L'azienda prevede di scorporare la sua controllata Cortigent, che sviluppa dispositivi per impianti cerebrali, per concentrarsi sulla sua pipeline di impianti di farmaci per malattie croniche.
Vivani Medical (NASDAQ: VANI) informó sobre sus resultados del cuarto trimestre y del año completo 2024, destacando avances significativos en sus programas de implantes de medicamentos. La compañía completó con éxito la inscripción en su estudio LIBERATE-1™ primer en humanos de NPM-115 (implante de exenatide), con datos preliminares esperados para mediados de 2025.
Los desarrollos clave incluyen datos preclínicos positivos sobre la pérdida de peso para NPM-139 (implante de semaglutide), mostrando resultados comparables a las inyecciones de Ozempic®/Wegovy® con potencial para una dosificación anual. La compañía aseguró 8,25 millones de dólares en financiamiento de capital, extendiendo las operaciones hasta el segundo trimestre de 2026.
Aspectos financieros destacados para 2024:
- Posición de efectivo: 19,7 millones de dólares al 31 de diciembre de 2024
- Pérdida neta: 23,5 millones de dólares, mejorada respecto a los 25,7 millones de dólares en 2023
- Gastos de I+D: 15,7 millones de dólares, disminuidos en un 7% respecto a 2023
- Gastos generales y administrativos: 8,9 millones de dólares, disminuidos en un 11% respecto a 2023
La compañía planea escindir su filial Cortigent, que desarrolla dispositivos de implantes cerebrales, para centrarse en su pipeline de implantes de medicamentos para enfermedades crónicas.
비바니 메디컬 (NASDAQ: VANI)은 2024년 4분기 및 전체 연도 결과를 보고하며 약물 임플란트 프로그램에서의 상당한 진전을 강조했습니다. 회사는 NPM-115(엑세나타이드 임플란트)의 첫 인간 대상 연구인 LIBERATE-1™의 등록을 성공적으로 완료했으며, 주요 데이터는 2025년 중반에 발표될 예정입니다.
주요 개발 사항으로는 NPM-139(세마글루타이드 임플란트)에 대한 긍정적인 전임상 체중 감소 데이터가 포함되어 있으며, 이는 Ozempic®/Wegovy® 주사와 유사한 결과를 보여주며 연 1회 투여 가능성이 있습니다. 회사는 825만 달러의 자본금을 확보하여 2026년 2분기까지 운영을 연장했습니다.
2024년 재무 하이라이트:
- 현금 보유: 2024년 12월 31일 기준 1970만 달러
- 순손실: 2350만 달러, 2023년의 2570만 달러에서 개선됨
- 연구개발비: 1570만 달러, 2023년 대비 7% 감소
- 일반관리비: 890만 달러, 2023년 대비 11% 감소
회사는 뇌 임플란트 장치를 개발하는 자회사 코르티젠트를 분리하여 만성 질환을 위한 약물 임플란트 파이프라인에 집중할 계획입니다.
Vivani Medical (NASDAQ: VANI) a publié ses résultats du quatrième trimestre et de l'année 2024, mettant en avant des progrès significatifs dans ses programmes d'implants de médicaments. L'entreprise a réussi à compléter l'inscription dans son étude LIBERATE-1™ première sur l'homme concernant le NPM-115 (implant d'exénatide), avec des données préliminaires attendues pour la mi-2025.
Les développements clés incluent des données précliniques positives sur la perte de poids pour le NPM-139 (implant de sémaglutide), montrant des résultats comparables à ceux des injections d'Ozempic®/Wegovy® avec un potentiel pour une administration annuelle. L'entreprise a sécurisé 8,25 millions de dollars en financement par actions, prolongeant ses opérations jusqu'au deuxième trimestre 2026.
Points financiers saillants pour 2024 :
- Position de trésorerie : 19,7 millions de dollars au 31 décembre 2024
- Pertes nettes : 23,5 millions de dollars, améliorées par rapport à 25,7 millions de dollars en 2023
- Dépenses de R&D : 15,7 millions de dollars, en baisse de 7 % par rapport à 2023
- Dépenses générales et administratives : 8,9 millions de dollars, en baisse de 11 % par rapport à 2023
L'entreprise prévoit de scinder sa filiale Cortigent, qui développe des dispositifs d'implants cérébraux, afin de se concentrer sur son pipeline d'implants de médicaments pour les maladies chroniques.
Vivani Medical (NASDAQ: VANI) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei bedeutende Fortschritte in seinen Medikamentenimplantatprogrammen hervorgehoben. Das Unternehmen hat die Einschreibung in seine LIBERATE-1™-Studie (erste Anwendung beim Menschen) zu NPM-115 (Exenatide-Implantat) erfolgreich abgeschlossen, wobei die ersten Ergebnisse für Mitte 2025 erwartet werden.
Wichtige Entwicklungen umfassen positive präklinische Daten zum Gewichtsverlust für NPM-139 (Semaglutid-Implantat), die vergleichbare Ergebnisse zu Ozempic®/Wegovy®-Injektionen zeigen und das Potenzial für eine einmal jährlich Dosis bieten. Das Unternehmen sicherte sich 8,25 Millionen Dollar an Eigenkapitalfinanzierung und verlängert die Betriebszeit bis zum zweiten Quartal 2026.
Finanzielle Höhepunkte für 2024:
- Liquiditätsposition: 19,7 Millionen Dollar zum 31. Dezember 2024
- Nettverlust: 23,5 Millionen Dollar, verbessert gegenüber 25,7 Millionen Dollar im Jahr 2023
- F&E-Ausgaben: 15,7 Millionen Dollar, 7% weniger als 2023
- Allgemeine und Verwaltungskosten: 8,9 Millionen Dollar, 11% weniger als 2023
Das Unternehmen plant, seine Tochtergesellschaft Cortigent, die Geräte für Gehirnimplantate entwickelt, abzuspalten, um sich auf seine Medikamentenimplantat-Pipeline für chronische Krankheiten zu konzentrieren.
- Successful enrollment completion in LIBERATE-1 first-in-human trial
- Positive NPM-139 preclinical data showing comparable results to Ozempic/Wegovy
- $8.25M new equity financing securing operations through Q2 2026
- 8% reduction in annual net loss to $23.5M
- 11% decrease in G&A expenses
- Net loss of $23.5M for 2024
- Cash position decreased from $22.0M to $19.7M year-over-year
Insights
Vivani's Q4 results present several positive developments in their obesity treatment pipeline that strengthen their competitive positioning in the GLP-1 space. The successful initial implantations and rapid enrollment completion of their LIBERATE-1 trial for NPM-115 (exenatide implant) demonstrates clear clinical execution and potentially strong interest in their technology platform.
The preclinical data showing NPM-139 (semaglutide implant) achieving comparable weight loss to injectable semaglutide is particularly significant. If these results translate to humans, Vivani's once-yearly implant could offer a compelling alternative to weekly Ozempic/Wegovy injections in the highly competitive obesity market, potentially addressing the critical adherence challenges that plague chronic weight management.
The $8.25M equity financing extends their runway into Q2 2026, which provides sufficient capital to reach important clinical milestones including top-line data from LIBERATE-1 expected mid-2025. With $19.7M cash at year-end 2024 and a quarterly burn rate of approximately
The planned Cortigent spin-off reflects strategic focus on their core GLP-1 implant technology. While the net loss of $23.5M for 2024 reflects their pre-revenue development stage, the
Vivani's financials reveal a company making strategic trade-offs to advance its clinical assets while managing cash burn. The $19.7M year-end cash position combined with the recent $8.25M financing provides approximately 15-18 months of runway based on current burn rates, which aligns well with their clinical timelines for LIBERATE-1 data readouts.
Q4 research and development expenses decreased
The planned Cortigent spin-off represents a significant strategic shift that should improve capital efficiency by allowing management to concentrate resources on the more commercially promising GLP-1 programs. This focus on obesity therapeutics positions Vivani in a rapidly growing market with substantial revenue potential.
The development of manufacturing capabilities in Alameda represents necessary infrastructure investment to support clinical supply and potential future commercialization, though this will require significant additional capital beyond their current runway. With top-line LIBERATE-1 data expected mid-2025, positive results could catalyze partnership opportunities or additional financing at potentially improved terms, while negative outcomes would significantly challenge their funding prospects.
While pre-revenue biotech companies inherently carry substantial financial risk, Vivani's progress in clinically validating their drug delivery platform and strategic focus on the high-value obesity market support cautious optimism about their future capital requirements and potential commercial viability.
Successful initial administration and full enrollment in first-in-human LIBERATE-1™ study of NPM-115
(exenatide implant) in obese and overweight subjects with top-line data expected in mid-2025
Positive NPM-139 (semaglutide implant) preclinical weight loss data comparable to
injections of semaglutide, active ingredient in Ozempic®/Wegovy®, with potential for once-yearly dosing
Additional
supporting further development of NPM-139 and NPM-115 programs in chronic weight management
ALAMEDA, Calif., March 31, 2025 (GLOBE NEWSWIRE) -- Vivani Medical, Inc. (Nasdaq: VANI) (“Vivani” or the “Company”), a biopharmaceutical company developing miniaturized, ultra long-acting drug implants including its lead assets NPM-115 (exenatide implant) and NPM-139 (semaglutide implant) for chronic weight management in obese or overweight patients with one or more risk factors, today reported financial results for the fourth quarter and full year ended December 31, 2024, and provided a business update.
“During 2024, we transitioned Vivani to a clinical-stage biotechnology company and achieved significant milestones in both our NPM-115 and NPM-139 programs, both focused on transforming the treatment of chronic weight management targeting once or twice-yearly dosing,” said Adam Mendelsohn, Ph.D., Vivani’s Chief Executive Officer, “Our first-in-human LIBERATE-1 study continues to progress as planned with each implantation to date having been successful and we remain on track for top-line data in mid-2025. By providing key performance data on drug release, the value of LIBERATE-1 extends beyond the NPM-115 program by also informing the NPM-139 program as it advances in parallel.”
Dr. Mendelsohn added, “In March, we raised funding to support operations into the second quarter of 2026. Additionally, we continue to equip our dedicated facility in Alameda, California, to support the manufacturing of large-scale clinical trial materials and, ultimately, commercial supply.”
In response to the recent positive preclinical weight loss data with NPM-139, Vivani is now planning to advance NPM-139 towards clinical phase development in addition to the ongoing NPM-115 program.
Recent Business Highlights
On March 27, 2025, Vivani announced an
On March 26, 2025, Vivani announced promising preclinical data for NPM-139, its subdermal semaglutide implant that is under development for chronic weight management in obese and overweight individuals. These results reinforce Vivani’s commitment to addressing chronic weight management and other chronic diseases by leveraging its proprietary NanoPortal™ implant technology which is designed to enable smooth and steady delivery of therapeutic molecules including GLP-1 therapy. This development marks a significant advancement in improving medication adherence and patient convenience, addressing a critical gap in the treatment of chronic diseases including obesity and type 2 diabetes.
On March 13, 2025, Vivani also announced the successful administration of its first GLP-1 (exenatide) implant in the LIBERATE-1 clinical trial. This milestone marks a critical step toward addressing one of healthcare’s most pressing challenges: medication adherence in metabolic diseases involving chronic weight management and type 2 diabetes. The Company also announced full enrollment in the LIBERATE-1 study, which was achieved in just four weeks after enrollment of the first subject, signaling early potential interest for this six-month, subdermal GLP-1 implant and reaffirming previous estimates that top-line results should be available in mid-2025.
On March 12, 2025, the Company announced that it intends to spin off Cortigent, Inc. (“Cortigent”), a Delaware corporation and its wholly owned subsidiary, that develops brain implant devices to help people recover critical body functions, as an independent publicly traded company. The strategic goal of this transaction is to create two focused companies dedicated to driving current and future value in their respective therapeutic areas of expertise.
Moving forward, Vivani will focus on developing NPM-115, NPM-139 and its emerging pipeline of innovative miniature, ultra long-acting drug implants to treat patients with chronic diseases and high unmet medical need. The recent preclinical demonstration of NPM-139 comes on the heels of having rapidly enrolled and successfully administered the initial implants in LIBERATE-1, a first-in-human study with NPM-115, which is expected to pave the road for NPM-139 as development continues for both programs. Today, the Biopharm Division has grown to 35 full-time employees and its headquarters and operations are located at 1350 S. Loop Road, Alameda, California 94502.
Upcoming Anticipated Milestones
- Vivani anticipates the announcement of key milestones associated with the ongoing first-in-human LIBERATE-1 trial, including last subject implanted, and top-line results in mid-2025.
- Further announcements regarding the advancement of the NPM-139 program including projected timelines for filing an Investigational New Drug Application and pending regulatory clearance, initiation of an initial clinical trial.
- Vivani previously announced the submission of a Form S-1 registration statement to support an Initial Public Offering of Cortigent. This strategy has been revised to file a Form 10 registration statement with the U.S. Securities and Exchange Commission (“SEC”) to enable the spin-off of Cortigent into a fully independent, publicly traded company subject to listing and regulatory requirements. Assuming successful financing is secured, Cortigent plans to continue advancing its pioneering precision neurostimulation technology intended to provide meaningful visual perception to blind individuals and to accelerate the recovery of arm and hand movement in patients suffering from paralysis due to stroke.
Fourth Quarter 2024 Financial Results
Note: Vivani (or the “Company”) refers to the consolidated company including the Biopharm Division and Cortigent. The Biopharm Division refers to the drug implant business, the main focus of the consolidated company.
Cash Balance: As of December 31, 2024, Vivani had cash, cash equivalents and restricted cash totaling
Research and development expenses: Research and development expenses during the fourth quarter of 2024 were
General and administrative expenses: General and administrative expenses during the fourth quarter of 2024 were
Other income (expense): Other income (expense), net during the fourth quarter of 2024 was
Net Loss: The net loss during the fourth quarter of 2024 was
Full Year 2024 Financial Results
Research and development expenses: Research and development expenses during the year ended December 31, 2024 was
General and administrative expenses: General and administrative expenses during the year ended December 31, 2024 was
Other income (expense), net: Other income (expense), net during the year ended December 31, 2024 was
Net Loss: The net loss during the year ended December 31, 2024 was
About Vivani Medical, Inc.
Leveraging its proprietary NanoPortal platform, Vivani develops therapeutic implants designed to deliver drug molecules steadily over extended periods of time with the goal of guaranteeing adherence, and potentially to improve patient tolerance to their medication. Vivani’s lead programs, NPM-139 (semaglutide implant) and NPM-115 (exenatide implant), are miniature, subdermal GLP-1 implants under development for chronic weight management in obese or overweight individuals designed for once or twice-yearly administration. Vivani’s emerging pipeline also includes NPM-119, which refers to the Company’s six-month, subdermal, GLP-1 (exenatide implant) under development for the treatment of type 2 diabetes. Development of a semaglutide implant for the treatment of type 2 diabetes is also under consideration. These NanoPortal implants are designed to provide patients with the opportunity to experience the full potential benefit of their medication by avoiding the challenges associated with the daily or weekly administration of oral and injectable medications.
Medication non-adherence occurs when patients do not take their medication as prescribed. This affects an alarming number of patients, approximately
About Cortigent
Cortigent, formerly Second Sight Medical Products, Inc. and a wholly owned subsidiary of Vivani, is developing brain implant devices to help people recover critical body functions. Cortigent is a global leader in precision neurostimulation technology that provides meaningful visual perception (“artificial vision”) for blind people. Cortigent previously marketed the Argus II, the first and only artificial vision device approved by the U.S. Food and Drug Administration (“FDA”), to treat a rare form of blindness. The Argus II has helped hundreds of profoundly blind people to achieve meaningful visual perception. Cortigent’s next generation investigational system, the Orion, has been designed to treat blindness due to glaucoma, diabetic retinopathy, and other common causes. Orion has an FDA Breakthrough Device designation and in 2024, completed a 6-year Early Feasibility Study with encouraging safety and efficacy results. Cortigent’s platform technology combines advanced neuroscience with proprietary microelectronics, software, and data processing capabilities to create medical devices for alleviating serious medical conditions that cannot be treated with drugs. It is protected by an extensive intellectual property estate. Cortigent is also applying its core precision neurostimulation technology to the recovery of arm and hand motion in paralysis due to stroke. For more information and patient videos, please visit: www.cortigent.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that in this press release, including statements regarding Vivani’s business, products in development, including the therapeutic potential thereof, the planned development therefor, the completion of the LIBERATE-1 trial and reporting of trial results, Vivani’s emerging development plans for NPM-115, NPM-139, NPM-119, or Vivani’s plans with respect to its wholly owned subsidiary Cortigent, and Vivani’s technology, strategy, cash position and financial runway. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Vivani’s current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Vivani’s control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results and outcomes to differ materially from those indicated in the forward-looking statements include, among others, risks related to the development and commercialization of Vivani’s products, including NPM-115, NPM-139, and NPM-119; delays and changes in the development of Vivani’s products, including as a result of applicable laws, regulations and guidelines, potential delays in submitting and receiving regulatory clearance or approval to conduct Vivani’s development activities; risks related to the initiation, enrollment and conduct of Vivani’s planned clinical trials and the results therefrom; Vivani’s history of losses and Vivani’s ability to access additional capital or otherwise fund Vivani’s business; market conditions and the ability of Cortigent to complete its intended spin-off from the Company. There may be additional risks that the Company considers immaterial, or which are unknown. A further list and description of risks and uncertainties can be found in the Company’s most recent Annual Report on Form 10-K filed with the SEC filed on March 31, 2025, as updated by the Company’s subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement made by Vivani in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of added information, future developments or otherwise, except as required by law.
Company Contacts:
Company Contact:
Donald Dwyer
Chief Business Officer
info@vivani.com
(415) 506-8462
Investor Relations Contact:
Jami Taylor
Investor Relations Advisor
investors@vivani.com
(415) 506-8462
Media Contact:
Sean Leous
ICR Healthcare
Sean.Leous@ICRHealthcare.com
(646) 866-4012
VIVANI MEDICAL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (audited) (in thousands, except per share data) | ||||||||
December 31, | ||||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 18,352 | $ | 20,654 | ||||
R&D tax incentive receivable | 253 | — | ||||||
Prepaid expenses and other current assets | 1,837 | 2,408 | ||||||
Total current assets | 20,442 | 23,062 | ||||||
Property and equipment, net | 1,693 | 1,729 | ||||||
Operating lease right-of-use assets, net | 17,957 | 19,616 | ||||||
Restricted cash | 1,338 | 1,338 | ||||||
Deposits and other assets | 131 | 52 | ||||||
TOTAL ASSETS | $ | 41,561 | $ | 45,797 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 817 | $ | 542 | ||||
Accrued expenses | 1,803 | 1,727 | ||||||
Litigation accrual | 1,675 | 1,675 | ||||||
Accrued compensation expense | 343 | 396 | ||||||
Lease liability, current portion | 1,348 | 1,383 | ||||||
Total current liabilities | 5,986 | 5,723 | ||||||
Lease liability, noncurrent portion | 17,965 | 19,313 | ||||||
TOTAL LIABILITIES | 23,951 | 25,036 | ||||||
STOCKHOLDERS' EQUITY: | ||||||||
Preferred stock, par value | — | — | ||||||
Common stock, par value | 6 | 5 | ||||||
Additional paid-in capital | 139,480 | 119,054 | ||||||
Accumulated other comprehensive gain | 48 | 140 | ||||||
Accumulated deficit | (121,924 | ) | (98,438 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY | 17,610 | 20,761 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 41,561 | $ | 45,797 |
VIVANI MEDICAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (audited) (in thousands, except per share data) | ||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development, net of grants | $ | 4,297 | $ | 4,708 | $ | 15,745 | $ | 16,968 | ||||||||
General and administrative, net of grants | 2,163 | 1,509 | 8,932 | 9,997 | ||||||||||||
Total operating expenses | 6,460 | 6,217 | 24,677 | 26,965 | ||||||||||||
Loss from operations | (6,460 | ) | (6,217 | ) | (24,677 | ) | (26,965 | ) | ||||||||
Other income (expense), net | 410 | 191 | 1,191 | 1,313 | ||||||||||||
Net loss | $ | (6,050 | ) | $ | (6,026 | ) | $ | (23,486 | ) | $ | (25,652 | ) | ||||
Net loss per common share - basic and diluted | $ | (0.11 | ) | $ | (0.12 | ) | $ | (0.43 | ) | $ | (0.50 | ) | ||||
Weighted average shares outstanding - basic and diluted | 57,423 | 51,025 | 54,981 | 50,853 |
