Vivani Medical(VANI)2025-03-31 12:40Financial Position - As of December 31, 2024, Vivani Medical had approximately $18.4 million in cash and cash equivalents, excluding restricted cash[5]. Clinical Trials - The company announced the successful administration of its first GLP-1 (exenatide) implant in the LIBERATE-1 clinical trial, with full enrollment achieved in just four weeks[16]. - Top-line results from the LIBERATE-1 study are expected to be available by mid-2025, reaffirming previous estimates[11]. - The LIBERATE-1 study is exploring the pharmacokinetic profile of NPM-115, which has shown smooth drug release in preclinical studies[17]. Business Strategy - The company plans to spin off its Cortigent neurostimulation business, with the transaction expected to be completed by mid-2025, subject to certain conditions[11]. - The spin-off is intended to be tax-free for U.S. federal income tax purposes, with shares distributed to stockholders[14]. - ThinkEquity LLC is acting as the exclusive financial advisor for the Cortigent spin-off transaction[15]. Product Development - Cortigent aims to provide artificial vision for blind individuals through precision neurostimulation technology, having previously commercialized the Argus II Retinal Prosthesis System[13]. - The company is leveraging its core technology for other indications, including recovery of arm and hand motion in paralysis due to stroke[13]. Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks related to the spin-off and product development, including regulatory approvals and market conditions[18].