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Vivani Medical(VANI) - 2024 Q2 - Quarterly Results
VANIVivani Medical(VANI)2024-08-13 20:29

Clinical Development - Vivani Medical anticipates the initiation of the NPM-115 clinical program in Q4 2024, focusing on a miniature, subdermal GLP-1 implant for obesity treatment[1]. - The FDA cleared the Investigational New Drug Application for NPM-119, enabling the transition to clinical-stage development for GLP-1 implants[1]. - The company plans to initiate the LIBERATE-1 study in Q4 2024, evaluating the GLP-1 implant in obese or overweight patients, with results expected in 2025[5]. - Vivani's pipeline includes NPM-139, a semaglutide implant for chronic weight management, which has the potential for once-yearly administration[9]. - Approximately 50% of chronic disease patients do not adhere to their medication as prescribed, highlighting the need for Vivani's long-acting GLP-1 implants[2]. Financial Performance - As of June 30, 2024, Vivani reported a cash balance of 26.3million,downfrom26.3 million, down from 31.0 million as of March 31, 2024, reflecting a net loss of 5.4million[7].−ThenetlossforQ22024was5.4 million[7]. - The net loss for Q2 2024 was 5.3 million, an improvement from a net loss of 6.5millioninQ22023,attributedtoadecreaseinoperatingexpenses[8].−NetlossforQ22024was6.5 million in Q2 2023, attributed to a decrease in operating expenses[8]. - Net loss for Q2 2024 was 5,356,000, an improvement of 18% compared to a net loss of 6,526,000inQ22023[13].−NetlosspercommonshareforQ22024was6,526,000 in Q2 2023[13]. - Net loss per common share for Q2 2024 was 0.10, compared to 0.13inQ22023,reflectingareductioninlosspershare[13].−NetlossforthesixmonthsendedJune30,2024,was0.13 in Q2 2023, reflecting a reduction in loss per share[13]. - Net loss for the six months ended June 30, 2024, was 11,395,000, an improvement of 11.1% compared to 12,844,000forthesameperiodin2023[13].ExpensesManagement−ResearchanddevelopmentexpensesforQ22024were12,844,000 for the same period in 2023[13]. Expenses Management - Research and development expenses for Q2 2024 were 3.5 million, a decrease of 9% from 3.9millioninQ22023,primarilyduetostaffingreductions[7].−Generalandadministrativeexpensesdecreasedby313.9 million in Q2 2023, primarily due to staffing reductions[7]. - General and administrative expenses decreased by 31% to 2.2 million in Q2 2024, down from 3.1millioninQ22023,alsoduetostaffingreductions[8].−TotaloperatingexpensesforQ22024were3.1 million in Q2 2023, also due to staffing reductions[8]. - Total operating expenses for Q2 2024 were 5,681,000, a decrease of 18.9% from 7,003,000inQ22023[13].−TotaloperatingexpensesforthesixmonthsendedJune30,2024,were7,003,000 in Q2 2023[13]. - Total operating expenses for the six months ended June 30, 2024, were 11,908,000, down 12.5% from 13,604,000forthesameperiodin2023[13].−Thecompanycontinuestofocusonreducingoperatingexpenseswhilemanagingresearchanddevelopmentinvestments[13].AssetManagement−ThetotalassetsofVivaniasofJune30,2024,were13,604,000 for the same period in 2023[13]. - The company continues to focus on reducing operating expenses while managing research and development investments[13]. Asset Management - The total assets of Vivani as of June 30, 2024, were 48.2 million, an increase from 45.8millionasofDecember31,2023[12].−OtherincomeforQ22024was45.8 million as of December 31, 2023[12]. - Other income for Q2 2024 was 325,000, a decrease from $477,000 in Q2 2023[13]. - Weighted average common shares outstanding increased to 55,021,000 in Q2 2024 from 50,795,000 in Q2 2023[13].