Vivani Medical(VANI) - 2024 Q2 - Quarterly Results

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 $26.3 million, down from $31.0 million as of March 31, 2024, reflecting a net loss of $5.4 million[7]. - The net loss for Q2 2024 was $5.3 million, an improvement from a net loss of $6.5 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 $6,526,000 in Q2 2023[13]. - Net loss per common share for Q2 2024 was $0.10, compared to $0.13 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 $12,844,000 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 $3.9 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 $3.1 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 $7,003,000 in Q2 2023[13]. - Total operating expenses for the six months ended June 30, 2024, were $11,908,000, down 12.5% from $13,604,000 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 $45.8 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].