Vivani Medical Reports $7.1 Million Net Loss in Q2 2025, Sees Increase in Operating Expenses

Vivani Medical, Inc. reported a net loss of $7.1 million for the second quarter of 2025, compared to a loss of $5.4 million in the same period last year. For the first half of 2025, the company’s net loss totaled $13.4 million, up from $11.4 million in the first half of 2024. The increase in losses is attributed to higher operating expenses, which rose to $7.5 million in the second quarter, a 31% increase from $5.7 million in the prior year. Research and development expenses accounted for $4.8 million, reflecting a 35% increase year-over-year, driven by intensified activities in the Biopharma division.

As of June 30, 2025, Vivani's total assets decreased to $28.9 million from $41.6 million at the end of 2024, primarily due to a significant reduction in cash and cash equivalents, which fell from $18.4 million to $6.8 million. The company's working capital also declined sharply from $14.5 million to $2 million over the same period. The decrease in cash is attributed to ongoing operational losses and cash used in operating activities, which amounted to $11.3 million in the first half of 2025.

Strategically, Vivani has made significant advancements in its product development pipeline, particularly with its lead program, NPM-139, a GLP-1 implant for chronic weight management. The company has also expanded its collaboration with Okava Pharmaceuticals to include veterinary applications for its GLP-1 therapies. Additionally, Vivani is preparing for the spin-off of its neurostimulation assets into a separate publicly traded entity, Cortigent, which is expected to be completed in the third or fourth quarter of 2025.

Operationally, Vivani has not yet generated revenue, and its focus remains on advancing its clinical trials and product development. The company has reported a total employee headcount of 59, with no significant changes noted in staffing levels. The company’s management anticipates that the ongoing clinical trials and product advancements will require additional funding, and they are exploring various financing options to support their operations and development initiatives.

Looking ahead, Vivani expects to continue incurring operating losses as it invests in research and development. The company has entered into equity purchase agreements that are projected to bring in an additional $21.25 million in capital starting in September 2025. However, management acknowledges the uncertainty surrounding future funding and the potential need to adjust operational plans based on available resources.