Vivani Medical(US:VANI)2024-05-13 20:57Financial Performance - As of March 31, 2024, Vivani Medical reported a cash balance of $31.0 million, an increase of $9.0 million from $22.0 million on December 31, 2023[8] - Research and development expenses for Q1 2024 were $3.7 million, a decrease of 6% from $4.0 million in Q1 2023[9] - General and administrative expenses for Q1 2024 were $2.5 million, down 5% from $2.6 million in Q1 2023[10] - The net loss for Q1 2024 was $6.0 million, a slight decrease from $6.3 million in Q1 2023[13] - Total assets increased to $53.8 million as of March 31, 2024, compared to $45.8 million on December 31, 2023[21] - The total stockholders' equity rose to $28.7 million as of March 31, 2024, up from $20.8 million at the end of 2023[21] Development Pipeline - Vivani plans to submit the IND application for NPM-115 in the second half of 2024 and initiate a first-in-human trial thereafter[12] - In February 2024, Vivani announced positive preclinical data for NPM-115, showing approximately 20% weight loss in obese mice after 28 days, comparable to semaglutide[4] - Vivani's pipeline includes NPM-115 and NPM-119, both designed for chronic weight management and type 2 diabetes, with a focus on improving medication adherence[16] Funding and Operations - The company completed a $15 million registered direct offering in March 2024 to accelerate development programs and fund operations into the second half of 2025[5]