Vivani Medical (VANI) Q2 2026 earnings summary

Executive summary

• Focused on developing ultra long-acting subdermal drug implants using proprietary NanoPortal technology for chronic diseases, with lead programs in obesity and type 2 diabetes.

• Achieved full enrollment and successful dosing in SLIM-1 Phase 1 trial for NPM-139, a semaglutide implant for chronic weight management; topline data expected November 2026.

• Entered a non-exclusive agreement with Novo Nordisk to evaluate NPM-139 and NanoPortal technology.

• Announced merger of subsidiary Cortigent with ClearOne, aiming for independent Nasdaq listing as Cortigent Holdings (CRGT) in Q3 2026.

• No products approved or revenue generated; operations funded primarily through equity sales and grants.

Financial highlights

• Net loss for Q2 2026 was $6.4 million, down from $7.1 million in Q2 2025; net loss for the six months ended June 30, 2026, was $13.2 million, compared to $13.4 million in the prior year period.

• Cash, cash equivalents, and restricted cash totaled $20.8 million as of June 30, 2026, up from $17.6 million at December 31, 2025.

• Operating expenses for Q2 2026 were $6.9 million, down from $7.5 million in Q2 2025; six-month operating expenses were $13.8 million, slightly down from $14.0 million year-over-year.

• Raised $15.5 million in financing during the first half of 2026, primarily from private placements and a registered direct offering.

• Other income, net, was $0.5 million in Q2 2026, up from $0.3 million in Q2 2025.

Outlook and guidance

• Existing cash is expected to fund operations through Q2 2027; additional capital will be required to continue operations beyond that point.

• Topline data from the SLIM-1 trial for NPM-139 anticipated in November 2026; Phase 2 dose-ranging trial planned for 2027.

• Preparation and submission of IND application for NPM-139 to support Phase 2 trial in 2027.

• Management plans to complete the Cortigent spin-off and seek further capital raises; substantial doubt remains about the ability to continue as a going concern.

• Anticipated completion of Cortigent merger and Nasdaq listing in Q3 2026.