Vivani Medical Reports $6.5 Million Net Loss in Q3 2025, Focuses on Product Development

Vivani Medical, Inc. reported a net loss of $6.5 million for the third quarter of 2025, a slight increase from the $6.0 million loss recorded in the same period of 2024. For the nine months ending September 30, 2025, the company’s net loss totaled $20.0 million, compared to $17.4 million for the same period in the previous year. Operating expenses for the third quarter rose to $6.7 million, up from $6.3 million year-over-year, driven primarily by increased research and development costs, which reached $4.5 million, an 8% increase from $4.2 million in the prior year. General and administrative expenses also saw a modest rise, totaling $2.2 million compared to $2.1 million in the previous year.

The company’s financial position has significantly changed since the end of 2024, with total assets decreasing from $41.6 million to $25.0 million as of September 30, 2025. This decline was largely attributed to a reduction in cash and cash equivalents, which fell from $18.4 million to $2.6 million. Vivani's working capital also turned negative, dropping from $14.5 million to negative $2.7 million during the same period. The decrease in cash was primarily due to ongoing operational losses and cash used in operating activities, which amounted to $17.6 million for the nine months ended September 30, 2025.

Strategically, Vivani has been focused on advancing its product pipeline, particularly its miniature, ultra long-acting subdermal drug implants utilizing its proprietary NanoPortal technology. The company is developing several candidates, including NPM-139, a GLP-1 implant for chronic weight management, and NPM-119, an exenatide implant for type 2 diabetes. The company has also established a subsidiary in Australia to support clinical studies of its product candidates. In addition, Vivani is in the process of spinning off its neurostimulation division, Cortigent, into a separate publicly traded entity, which is expected to be completed in late 2025.

Operationally, Vivani has not yet generated revenue, and its focus remains on clinical development. The company reported that it has made significant progress in its clinical trials, including the successful administration of its first GLP-1 implant in a clinical trial setting. The company plans to initiate a Phase 1 clinical study for NPM-139 in the first half of 2026, pending regulatory clearance. As of September 30, 2025, Vivani had 61.5 million shares outstanding, reflecting an increase from 59.2 million shares at the end of 2024, indicating ongoing efforts to raise capital through equity financing.

Looking ahead, Vivani anticipates continued operating losses as it invests in research and development to advance its product candidates. The company has entered into several equity purchase agreements to secure additional funding, which it estimates will provide sufficient capital to meet its obligations into 2027. However, the company acknowledges that its ability to continue as a going concern is contingent upon its success in raising additional capital, and there are no assurances that it will be able to do so on favorable terms.