Vivani Medical(VANI) - 2023 Q4 - Annual Results

Financial Performance - Vivani Medical reported a net loss of $25.7 million for the full year 2023, an increase of 85% compared to a net loss of $13.9 million in 2022[17]. - The net loss for the twelve months ended December 31, 2023, was $25,652,000, an increase of 84.8% from $13,889,000 in 2022[25]. - The net loss for Q4 2023 was $6,026,000, compared to a net loss of $7,284,000 in Q4 2022, representing a 17.3% improvement[25]. - The net loss per common share for Q4 2023 was $0.12, compared to $0.14 in Q4 2022[25]. - The company reported a loss from operations of $6,217,000 for Q4 2023, compared to a loss of $7,790,000 in Q4 2022[25]. Research and Development - Research and development expenses for the fourth quarter of 2023 were $4.7 million, a 6% increase from $4.4 million in the same quarter of 2022[9]. - Research and development expenses for the full year 2023 totaled $17.0 million, a 20% increase from $14.2 million in 2022[14]. - NPM-115 demonstrated approximately 20% weight loss in preclinical studies, comparable to semaglutide, after a 28-day treatment in obese mice[5]. - The company plans to submit a new Investigational New Drug Application for NPM-115 later in 2024, aiming to initiate a first-in-human trial after receiving regulatory clearance[11]. Expenses - General and administrative expenses decreased by 55% to $1.5 million in Q4 2023, down from $3.4 million in Q4 2022[10]. - General and administrative expenses for Q4 2023 were $1,509,000, a decrease of 55.2% from $3,363,000 in Q4 2022[25]. - Total operating expenses for Q4 2023 were $6,217,000, a decrease of 20.2% from $7,790,000 in Q4 2022[25]. - Total operating expenses for the twelve months ended December 31, 2023, were $26,965,000, an increase of 27.2% from $21,241,000 in 2022[25]. Financial Position - As of December 31, 2023, Vivani had cash and cash equivalents totaling $20.7 million, down from $45.1 million at the end of 2022[23]. - Total liabilities as of December 31, 2023, were $25.0 million, compared to $6.8 million at the end of 2022[23]. Corporate Developments - The company appointed Daniel Bradbury to its Board of Directors, who previously led the approval of Bydureon, a significant GLP-1 receptor agonist[4]. - The company raised $15 million in a financing round in March 2024 to accelerate development programs and fund operations into the second half of 2025[3]. Other Income - Other income for Q4 2023 was $191,000, a decrease of 62.3% from $506,000 in Q4 2022[25]. Share Information - The weighted average shares outstanding for the twelve months ended December 31, 2023, were 50,853,000, compared to 38,241,000 in 2022[25].