Vivani Medical Reports $6.3 Million Net Loss in Q1 2025, Focuses on Biopharmaceutical Initiatives

Vivani Medical, Inc. reported a net loss of $6.3 million for the first quarter of 2025, a slight increase from the $6.0 million loss recorded in the same period of the previous year. The company's operating expenses rose to $6.6 million, up from $6.2 million year-over-year, primarily driven by a 13% increase in research and development expenses, which totaled $4.2 million compared to $3.7 million in the prior year. General and administrative expenses decreased by 6% to $2.3 million, reflecting reduced professional services and personnel costs.

As of March 31, 2025, Vivani's total assets were reported at $35.5 million, down from $41.6 million at the end of 2024. The decline in assets was attributed to a decrease in cash and cash equivalents, which fell from $18.4 million to $13.0 million during the same period. The company's working capital also decreased significantly, from $14.5 million to $8.7 million. The reduction in cash was primarily due to operating losses and cash used in operating activities, which amounted to $5.2 million for the quarter.

In terms of strategic developments, Vivani has been focusing on its clinical-stage biopharmaceutical initiatives, particularly its lead program, NPM-115, a GLP-1 implant for chronic weight management. The company has also made significant strides in its collaboration with Okava Pharmaceuticals, expanding its partnership to include the development of a GLP-1 therapy for dogs. Additionally, Vivani has initiated its first-in-human clinical trial, LIBERATE-1, for the NPM-115 implant, with full enrollment achieved in just four weeks.

The company has also been active in capital raising efforts, entering into several private sale transactions with affiliated entities, including a recent agreement to sell 2.9 million shares at $1.03 per share, expected to generate approximately $3.0 million. Despite these efforts, Vivani continues to face challenges related to its liquidity and the need for additional capital to support ongoing operations and product development. The company has indicated that it expects to incur operating losses for the foreseeable future and will need to secure further funding to continue its business initiatives.