Vivani Medical (VANI) Q1 2026 earnings summary

Executive summary

• Clinical-stage biopharma focused on miniature, ultra long-acting subdermal drug implants using NanoPortal technology for chronic diseases.

• Lead programs include NPM-139 (semaglutide implant for obesity), NPM-133 (semaglutide for type 2 diabetes), and NPM-115 (exenatide implant), with animal health collaboration for OKV-119.

• Initiation of SLIM-1 Phase 1 clinical trial for NPM-139 is on track for mid-2026, with top-line results expected by year-end 2026.

• Ongoing efforts to spin off neurostimulation subsidiary Cortigent, which is being prepared for a potential spin-off or IPO.

• No products approved or commercialized; no revenue generated to date.

Financial highlights

• Net loss of $6.8 million for Q1 2026, compared to $6.3 million in Q1 2025.

• Operating expenses were $6.8 million in Q1 2026, up from $6.6 million in Q1 2025.

• Cash, cash equivalents, restricted cash, and capital commitments totaled $28 million as of March 31, 2026, expected to fund operations through the first half of 2027.

• Cash and cash equivalents at March 31, 2026 were $19.7 million; total assets $42.4 million.

• Weighted average shares outstanding increased to 81.3 million in Q1 2026.

Outlook and guidance

• Current cash expected to fund operations through the first half of 2027, contingent on successful Cortigent spin-off and additional funding.

• Plans to initiate Phase 1 clinical trials for NPM-139 and NPM-133 in mid-2026, with Phase 2 SLIM program study targeted for 2027, contingent on positive Phase 1 results.

• Ongoing need for substantial additional financing to support R&D and commercialization efforts.