Vivani Medical(VANI) - 2025 Q3 - Quarterly Results

Financial Performance - The company reported a net loss of $6.5 million for Q3 2025, compared to a net loss of $6.0 million in Q3 2024, reflecting an increase in operating expenses[13] - Vivani's accumulated deficit increased to $141.9 million as of September 30, 2025, compared to $121.9 million at the end of 2024[19] - The net loss for Q3 2025 was $6,530 million, compared to a net loss of $6,041 million in Q3 2024, indicating an 8.1% increase in losses[21] - The net loss per common share for Q3 2025 remained at $0.11, consistent with Q3 2024[21] - The net loss for the nine months ended September 30, 2025, was $19,976 million, up from $17,436 million in the prior year, reflecting a 14.0% increase[21] - The company reported a total net loss of $19,976 million for the nine months ended September 30, 2025, compared to $17,436 million for the same period in 2024, indicating a worsening financial position[21] Cash and Assets - As of September 30, 2025, Vivani had cash and cash equivalents totaling $2.6 million, a decrease of $15.7 million from $18.4 million as of December 31, 2024[9] - Vivani's total assets decreased to $25.0 million as of September 30, 2025, down from $41.6 million as of December 31, 2024[19] Operating Expenses - Research and development expenses for Q3 2025 were $4.5 million, up from $4.2 million in Q3 2024, indicating increased investment in R&D[10] - General and administrative expenses for Q3 2025 were $2,206 million, compared to $2,106 million in Q3 2024, reflecting a 4.8% increase[21] - Total operating expenses for Q3 2025 reached $6,725 million, an increase of 6.6% from $6,309 million in Q3 2024[21] - For the nine months ended September 30, 2025, total operating expenses were $20,746 million, compared to $18,217 million for the same period in 2024, a 13.9% increase[21] Funding and Development - The company completed a private placement generating approximately $25.7 million in cash and commitments to support the accelerated development of NPM-139[1] - Gross proceeds from a recent offering of 6,000,000 shares were approximately $15.7 million, before fees and expenses[3] - Vivani Medical plans to initiate a Phase 1 clinical study of the semaglutide implant for chronic weight management in the first half of 2026, pending regulatory feedback[1] - The company is developing a portfolio of GLP-1 based implants aimed at improving medication adherence and tolerability for obesity and type 2 diabetes[14] Other Income and Spin-off - Other income for Q3 2025 was $195 million, down from $268 million in Q3 2024, a decrease of 27.2%[21] - The company anticipates completing the spin-off of its subsidiary Cortigent shortly after the SEC resumes operations[8]