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Vivani Medical (VANI) investor relations material

Vivani Medical Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Nov, 2025

Executive summary

  • Advanced ultra long-acting subdermal drug implants using NanoPortal technology, with lead programs NPM-139 (semaglutide implant) and NPM-133 targeting obesity and type 2 diabetes.

  • NPM-139 showed ~20% weight loss in preclinical studies; Phase 1 clinical trials planned for H1 2026, with rapid Phase 2 initiation pending results.

  • LIBERATE-1, the first-in-human trial of NPM-115, met safety and tolerability endpoints, supporting further platform development.

  • Strategic shift to prioritize obesity portfolio and rapid advancement of NPM-139 based on positive data.

  • Only company developing ultra long-acting miniature GLP-1 implants for once- or twice-yearly dosing to improve adherence in obesity treatment.

Financial highlights

  • Net loss for Q3 2025 was $6.5 million, compared to $6.0 million in Q3 2024; net loss for the nine months ended September 30, 2025 was $20.0 million.

  • Operating expenses for Q3 2025 were $6.7 million, up 7% year-over-year, with R&D at $4.5 million and G&A at $2.2 million.

  • Cash, cash equivalents, and restricted cash totaled $4.0 million as of September 30, 2025, down from $19.7 million at year-end 2024.

  • Gross proceeds of $25.7 million from private placements and financings in Q3 and October 2025.

  • Working capital decreased to negative $2.7 million as of September 30, 2025.

Outlook and guidance

  • Current cash and committed capital expected to fund operations into 2027, with $18.6 million in additional equity purchase agreements through July 2026.

  • Plans to initiate Phase 1 clinical study for NPM-139 in H1 2026, pending regulatory clearance.

  • Expects to complete the spin-off of Cortigent as an independent public company after SEC operations resume.

  • Ongoing need for substantial additional financing to support clinical development and commercialization.

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Frequently asked questions

Vivani Medical Inc. is a biopharmaceutical company focused on developing innovative solutions for chronic disease management through the use of miniaturized, long-term subdermal drug implants. The company's proprietary NanoPortal™ technology enables the steady release of medications over extended periods, addressing key issues such as medication non-adherence and fluctuating drug levels. The company is headquartered in Alameda, California, and its shares are listed on the NASDAQ.

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