What is Vivani Medical, Inc.'s earnings per share (EPS)?

Vivani Medical, Inc. (VANI) reported diluted earnings per share of -$0.43 for fiscal year 2025. That is unchanged from the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Vivani Medical, Inc. (VANI) Financials

VANI

FY2025 annual

Revenue $0 YoY not available

Net Income $26.6M +13.3% YoY

EPS (Diluted) -$0.43 0.0% YoY

Free Cash Flow -$25.5M -19.4% YoY

Market Cap $111.9M as of Oct 6, 2026

Price / Sales n/m revenue is not positive, FY2025

Price / Earnings 4.2x on $26.6M net income, FY2025

Price / Book 5.9x on $19.0M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 13, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VANI SEC filings page.

Vivani Medical, Inc. (VANI) reported $0 in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VANI FY2025 2026-10-03

Vivani remains development-stage: rising research spending and operating cash needs are financed externally while reported earnings diverge from operations.

In FY2025, reported net income was $26.6M even as operating loss reached $27.6M. That accounting profit coexisted with operating cash flow of -$24.3M, so earnings and cash economics moved in opposite directions.

R&D investment reached $18.1M in FY2025, up from $11.0M in FY2021, indicating that the business is still funding development rather than operating at commercial scale. Over the same span, operating loss widened to $27.6M from $13.3M, showing that higher development spending has not yet been absorbed by operations.

FY2025 operating cash flow was -$24.3M while financing cash flow supplied $23.3M, so operations were not self-financing. The supplied liquidity measure equaled eight months of latest annual operating outflow, while the current ratio was 2.7x, indicating near-term coverage alongside continued reliance on financing.

Financial Health Signals

Financial health score not available

Vivani Medical, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

-4.41

Vivani Medical, Inc. scores -4.41, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($111.9M) relative to total liabilities ($23.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/7

Vivani Medical, Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality No Cash Backing

$0.91used

For every $1 of reported earnings, Vivani Medical, Inc. used $0.91 of operating cash (-$24.3M OCF vs $26.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

Export CSV

Earnings & Revenue

EBITDA

-$6.7M

YoY+8.4%

QoQ-0.9%

Vivani Medical, Inc.'s EBITDA was -$6.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.4% from the same quarter a year earlier. Against the prior quarter it is down 0.9%.

Net Income

-$6.4M

YoY+10.8%

QoQ+6.0%

Vivani Medical, Inc. reported -$6.4M in net income in Q2 2026. This represents an increase of 10.8% from the same quarter a year earlier. Against the prior quarter it is up 6.0%.

EPS (Diluted)

-$0.07

QoQ+12.5%

Vivani Medical, Inc. earned -$0.07 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 12.5%.

Revenue

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

-$6.1M

YoY+0.4%

QoQ+1.0%

Vivani Medical, Inc. recorded an outflow of $6.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 0.4% from the same quarter a year earlier. Against the prior quarter it is up 1.0%.

Cash & Debt

$19.9M

YoY+192.8%

QoQ+0.7%

5Y CAGR-23.1%

10Y CAGR+59.7%

Vivani Medical, Inc. held $19.9M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

90M

QoQ+4.6%

5Y CAGR+18.0%

10Y CAGR+7.9%

Vivani Medical, Inc. had 90M shares outstanding in Q2 2026. Against the prior quarter it is up 4.6%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-33.6%

YoY+111.9pp

QoQ+2.0pp

Vivani Medical, Inc.'s ROE was -33.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 111.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$4.5M

YoY-6.4%

QoQ+1.5%

Vivani Medical, Inc. invested $4.5M in research and development in Q2 2026. This represents a decrease of 6.4% from the same quarter a year earlier. Against the prior quarter it is up 1.5%.

Capital Expenditures

$99K

YoY+39.4%

QoQ+3200.0%

Vivani Medical, Inc. invested $99K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 39.4% from the same quarter a year earlier. Against the prior quarter it is up 3200.0%.

Share Buybacks

Not reported for Q2 2026.

VANI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

VANI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Revenue	N/A	$0	$0	N/A	N/A	$260K-74.0%	$1.0M-70.4%	$3.4M-51.0%	$6.9M-13.4%	$8.0M+99.1%	$4.0M-55.1%	$8.9M+161.8%	$3.4M+117.3%	$1.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$130K-74.0%	$500K-76.8%	$2.2M-56.0%	$4.9M-4.5%	$5.1M-49.2%	$10.1M+90.4%	$5.3M+48.8%	$3.6M-36.8%	$5.6M
Gross Profit	N/A	N/A	N/A	N/A	N/A	$130K-74.0%	$500K-59.3%	$1.2M-38.9%	$2.0M-29.5%	$2.8M+146.7%	-$6.1M-266.6%	$3.7M+2385.6%	-$160K+96.1%	-$4.1M
R&D Expenses	N/A	$18.1M+15.1%	$15.7M-7.2%	$17.0M+19.8%	$14.2M+28.8%	$11.0M+127.5%	$4.8M-63.2%	$13.1M+31.4%	$10.0M+26.8%	$7.9M+47.6%	$5.3M+76.1%	$3.0M-39.8%	$5.0M+55.2%	$3.2M
SG&A Expenses	N/A	$9.4M+5.6%	$8.9M-10.7%	$10.0M+41.4%	$7.1M+204.7%	$2.3M-60.9%	$5.9M-35.6%	$9.2M-13.7%	$10.7M-2.2%	$10.9M+8.5%	$10.1M+22.6%	$8.2M+25.3%	$6.6M+57.5%	$4.2M
Operating Income	N/A	-$27.6M-11.7%	-$24.7M+8.5%	-$27.0M-26.9%	-$21.2M-59.4%	-$13.3M+10.6%	-$14.9M+56.1%	-$34.0M+3.5%	-$35.2M-23.0%	-$28.6M+13.9%	-$33.2M-65.7%	-$20.0M+5.6%	-$21.2M-18.0%	-$18.0M
EBITDA	N/A	-$27.1M-11.8%	-$24.3M+8.8%	-$26.6M-27.6%	-$20.9M-60.7%	-$13.0M+11.9%	-$14.7M+56.1%	-$33.6M+3.4%	-$34.7M-23.4%	-$28.2M+14.1%	-$32.8M-66.3%	-$19.7M+5.9%	-$21.0M-18.5%	-$17.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2K-77.8%	$9K+12.5%	$8K
Income Tax	N/A	N/A	$2K	N/A	N/A	N/A	N/A	$0	$0	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	$26.6M+13.3%	$23.5M-8.4%	$25.7M+284.7%	-$13.9M-8.7%	-$12.8M+14.2%	-$14.9M+55.7%	-$33.6M+4.3%	-$35.1M-23.1%	-$28.5M+14.1%	-$33.2M-65.7%	-$20.0M+43.1%	-$35.2M-53.3%	-$23.0M
EPS (Basic)	N/A	-$0.430.0%	-$0.43+14.0%	-$0.50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	-$0.35	-$0.430.0%	-$0.43+14.0%	-$0.50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	62M+13.5%	55M+108017.5%	50,853	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	N/A	N/A	N/A	N/A	N/A	$0	N/A	N/A
R&D Expenses	$4.5M-6.4%	$4.4M+4.1%	N/A	$4.5M+7.5%	$4.8M+35.5%	$4.2M+13.2%	N/A	$4.2M-5.4%
SG&A Expenses	$2.4M-10.5%	$2.4M+3.7%	N/A	$2.2M+4.7%	$2.7M+24.7%	$2.3M-6.4%	N/A	$2.1M-22.1%
Operating Income	-$6.9M+7.9%	-$6.8M-4.0%	N/A	-$6.7M-6.6%	-$7.5M-31.4%	-$6.6M-5.3%	N/A	-$6.3M+11.7%
EBITDA	-$6.7M+8.4%	-$6.7M-3.6%	N/A	-$6.6M-6.7%	-$7.4M-32.0%	-$6.5M-5.3%	N/A	-$6.2M+12.3%
Net Income	-$6.4M+10.8%	-$6.8M-7.6%	N/A	-$6.5M-8.1%	-$7.1M-33.4%	-$6.3M-4.4%	N/A	-$6.0M+10.9%
EPS (Basic)	-$0.07+41.7%	-$0.08+27.3%	-$0.09+18.2%	-$0.110.0%	-$0.12-20.0%	-$0.11+8.3%	-$0.110.0%	-$0.11+15.4%
EPS (Diluted)	-$0.07	-$0.08+27.3%	-$0.09+18.2%	-$0.110.0%	-$0.12-20.0%	-$0.11+8.3%	-$0.110.0%	-$0.11+15.4%
Diluted Shares (Avg)	87M	81M+37.2%	N/A	60M+8.1%	59M+7.7%	59M+13.5%	N/A	55M+8.7%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.

VANI Balance Sheet

VANI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Total Assets	$39.4M-5.2%	$41.6M-9.2%	$45.8M-10.4%	$51.1M+837.6%	$5.5M+22.3%	$4.5M-73.1%	$16.6M+55.4%	$10.7M-26.3%	$14.5M-13.8%	$16.8M-40.5%	$28.2M-34.4%	$43.1M	N/A
Current Assets	$17.9M-12.4%	$20.4M-11.4%	$23.1M-51.5%	$47.5M+1825.0%	$2.5M-42.2%	$4.3M-67.4%	$13.1M+36.3%	$9.6M-26.9%	$13.2M-13.9%	$15.3M-42.9%	$26.8M-36.2%	$42.0M	N/A
Cash & Equivalents	$16.2M-11.6%	$18.4M-11.1%	$20.7M-54.2%	$45.1M+1969.6%	$2.2M+4.7%	$2.1M-81.6%	$11.3M+153.3%	$4.5M-43.0%	$7.8M-27.9%	$10.9M-31.9%	$16.0M+2578252.2%	$619-99.0%	$62K
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$7.2M-30.0%	$10.3M-34.3%	$15.7M-53.8%	$34.0M	$0
Inventory	N/A	N/A	N/A	N/A	N/A	$295K-71.3%	$1.0M-68.3%	$3.3M+20.4%	$2.7M-21.0%	$3.4M-58.4%	$8.2M+43.5%	$5.7M	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	$455K-9.7%	$504K-72.5%	$1.8M+568.2%	$274K-81.7%	$1.5M+112.0%	$708K	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$23.7M-1.2%	$24.0M-4.3%	$25.0M+267.0%	$6.8M+128.3%	$3.0M+19.0%	$2.5M-73.1%	$9.3M+22.7%	$7.6M+14.9%	$6.6M+16.8%	$5.7M-29.1%	$8.0M-5.5%	$8.5M	N/A
Current Liabilities	$6.6M+10.3%	$6.0M+4.6%	$5.7M-16.1%	$6.8M+227.0%	$2.1M	N/A	$7.0M-8.4%	$7.6M+14.9%	$6.6M+16.8%	$5.7M-29.1%	$8.0M-5.5%	$8.5M	N/A
Non-Current Liabilities	$17.1M-5.0%	$18.0M-7.0%	$19.3M	$0-100.0%	$902K+134.4%	-$2.6M-210.9%	$2.4M	$0	$0	$0	$0	$0	N/A
Total Equity	$15.7M-10.7%	$17.6M-15.2%	$20.8M-53.1%	$44.3M+1697.5%	$2.5M+26.4%	$1.9M-73.2%	$7.3M+135.9%	$3.1M-60.9%	$7.9M-29.3%	$11.1M-45.0%	$20.3M-41.5%	$34.6M+475.4%	-$9.2M
Retained Earnings	-$148.5M-21.8%	-$121.9M-23.9%	-$98.4M-35.2%	-$72.8M-23.6%	-$58.9M+81.6%	-$319.7M-4.9%	-$304.8M-13.1%	-$269.5M-15.0%	-$234.4M-13.9%	-$205.9M-19.2%	-$172.7M-13.1%	-$152.7M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$41.6M+44.1%	$42.4M+19.5%	$39.4M-5.2%	$25.0M-41.6%	$28.9M-40.1%	$35.5M-34.1%	$41.6M-9.2%	$42.9M-19.5%
Current Assets	$21.6M+148.3%	$21.5M+45.1%	$17.9M-12.4%	$4.2M-80.5%	$8.7M-66.9%	$14.8M-52.9%	$20.4M-11.4%	$21.4M-30.3%
Cash & Equivalents	$19.9M+192.8%	$19.7M+51.8%	$16.2M-11.6%	$2.6M-86.6%	$6.8M-72.7%	$13.0M-56.1%	$18.4M-11.1%	$19.6M-20.8%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$22.7M-5.5%	$23.3M-2.4%	$23.7M-1.2%	$23.7M-3.4%	$24.0M-1.7%	$23.8M-5.0%	$24.0M-4.3%	$24.6M-9.4%
Current Liabilities	$6.7M-0.8%	$6.8M+9.3%	$6.6M+10.3%	$6.8M+8.9%	$6.7M+16.1%	$6.2M+1.0%	$6.0M+4.6%	$6.3M-15.6%
Non-Current Liabilities	$16.0M-7.3%	$16.5M-6.4%	$17.1M-5.0%	$16.9M-7.6%	$17.3M-7.2%	$17.6M-6.9%	$18.0M-7.0%	$18.3M-7.0%
Total Equity	$19.0M+286.3%	$19.1M+64.2%	$15.7M-10.7%	$1.3M-92.9%	$4.9M-79.4%	$11.6M-59.5%	$17.6M-15.2%	$18.3M-30.0%
Retained Earnings	-$161.7M-19.4%	-$155.3M-21.1%	-$148.5M-21.8%	-$141.9M-22.5%	-$135.4M-23.3%	-$128.2M-22.7%	-$121.9M-23.9%	-$115.9M-25.4%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

VANI Cash Flow Statement

VANI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Operating Cash Flow	-$25.3M	-$24.3M-17.0%	-$20.8M+12.3%	-$23.7M-26.1%	-$18.8M-71.6%	-$11.0M+34.9%	-$16.8M+39.1%	-$27.6M+7.3%	-$29.8M-24.5%	-$23.9M+4.5%	-$25.1M-22.0%	-$20.5M-20.2%	-$17.1M+1.9%	-$17.4M
Depreciation & Amortization	N/A	$424K+6.0%	$400K+12.0%	$357K-6.3%	$381K+10.4%	$345K+110.4%	$164K-58.7%	$397K-8.7%	$435K-4.8%	$457K+5.8%	$432K+29.0%	$335K+20.1%	$279K-11.7%	$316K
Stock-Based Compensation	N/A	$1.5M-7.8%	$1.6M-13.6%	$1.9M+43.8%	$1.3M-22.3%	$1.7M+296.2%	$421K-85.6%	$2.9M-18.5%	$3.6M-5.2%	$3.8M+12.4%	$3.4M+25.3%	$2.7M+82.2%	$1.5M+91.6%	$770K
Capital Expenditures	$1.2M	$1.2M+111.0%	$556K-37.3%	$887K+162.4%	$338K-40.9%	$572K+73.3%	$330K-33.1%	$493K+202.5%	$163K-38.5%	$265K-45.9%	$490K-35.7%	$762K+36.1%	$560K+127.6%	$246K
Free Cash Flow	-$26.5M	-$25.5M-19.4%	-$21.3M+13.2%	-$24.6M-28.6%	-$19.1M-66.0%	-$11.5M+32.8%	-$17.2M+39.0%	-$28.1M+6.2%	-$30.0M-23.8%	-$24.2M+5.3%	-$25.6M-19.9%	-$21.3M-20.7%	-$17.7M+0.1%	-$17.7M
Investing Cash Flow	-$1.2M	-$1.2M-111.0%	-$556K+37.3%	-$887K-162.4%	-$338K+40.9%	-$572K-941.2%	$68K+113.8%	-$493K-202.5%	-$163K+38.5%	-$265K+45.9%	-$490K-102.8%	$17.5M+167.5%	-$25.9M-470.5%	-$4.5M
Financing Cash Flow	$39.1M	$23.3M+22.1%	$19.1M+14226.3%	$133K-99.8%	$63.4M+445.5%	$11.6M+35.1%	$8.6M-75.4%	$35.0M+31.5%	$26.6M+25.7%	$21.2M+3.5%	$20.5M+641.3%	$2.8M-93.7%	$43.8M+99.3%	$22.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$6.0M+0.9%	-$6.2M-20.0%	-$6.7M-15.6%	-$6.4M-12.2%	-$6.1M-26.8%	-$5.2M-14.4%	-$5.8M-67.0%	-$5.7M+26.5%
Depreciation & Amortization	$128K+28.0%	$130K+27.5%	$115K+29.2%	$105K-1.9%	$100K-2.9%	$102K+3.0%	$89K-9.2%	$107K+50.7%
Stock-Based Compensation	$313K-19.9%	$312K-10.9%	N/A	$276K-41.5%	$391K+2.1%	$350K-0.8%	N/A	$472K+92267.9%
Capital Expenditures	$99K+39.4%	$3K-40.0%	$274K-7.4%	$823K+1907.3%	$71K+91.9%	$5K-97.3%	$296K-60.2%	$41K-34.9%
Free Cash Flow	-$6.1M+0.4%	-$6.2M-19.9%	-$7.0M-14.5%	-$7.2M-25.8%	-$6.2M-27.3%	-$5.2M-10.1%	-$6.1M-44.6%	-$5.7M+26.6%
Investing Cash Flow	-$99K-39.4%	-$3K+40.0%	-$274K+7.4%	-$823K-1907.3%	-$71K-91.9%	-$5K+97.3%	-$296K+60.2%	-$41K+34.9%
Financing Cash Flow	$5.8M+6240.0%	$9.7M+5814.1%	$20.6M+326.5%	$2.9M+590.4%	-$95K-187.2%	-$170K-101.2%	$4.8M+20891.3%	$427K+314.6%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

VANI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

VANI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY23DEF 14A	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K
Gross Margin	N/A	N/A	N/A	N/A	50.0%0.0pp	50.0%+13.7pp	36.3%+7.2pp	29.1%-6.7pp	35.8%	-152.3%	41.1%+45.8pp	-4.7%	-259.7%
Operating Margin	N/A	N/A	N/A	N/A	-5124.2%	-1489.6%	-1004.9%	-509.9%	-359.2%	-830.3%	-225.3%	-624.5%	-1150.0%
Net Margin	N/A	N/A	N/A	N/A	-4912.7%	-1488.0%	-994.1%	-508.6%	-358.1%	-829.5%	-224.9%	-1035.3%	-1467.7%
Return on Equity	169.2%+35.8pp	133.4%+9.8pp	123.6%+154.9pp	-31.4%+486.8pp	-518.2%+244.9pp	-763.1%-301.3pp	-461.8%+676.2pp	-1137.9%-776.1pp	-361.8%-64.2pp	-297.6%-198.8pp	-98.8%+2.9pp	-101.7%	N/A
Return on Assets	67.5%+11.0pp	56.5%+0.5pp	56.0%+83.2pp	-27.2%+207.1pp	-234.2%+99.4pp	-333.6%-131.3pp	-202.4%+126.2pp	-328.5%-131.8pp	-196.7%+0.7pp	-197.4%-126.5pp	-70.9%+10.9pp	-81.7%	N/A
Current Ratio	2.71-0.7x	3.42-0.6x	4.03-2.9x	6.97+5.8x	1.18	N/A	1.88+0.6x	1.27-0.7x	1.99-0.7x	2.70-0.7x	3.35-1.6x	4.97	N/A
Debt-to-Equity	1.50+0.1x	1.36+0.2x	1.21+1.1x	0.15-1.1x	1.21-0.1x	1.290.0x	1.28-1.2x	2.46+1.6x	0.84+0.3x	0.51+0.1x	0.39+0.1x	0.24	N/A
Asset Turnover	0.000.0x	0.00	N/A	N/A	0.05-0.2x	0.220.0x	0.20-0.4x	0.65+0.1x	0.55+0.3x	0.24-0.1x	0.32+0.2x	0.08	N/A
FCF Margin	N/A	N/A	N/A	N/A	-4431.9%	-1715.2%	-832.3%	-434.4%	-304.0%	-639.0%	-239.4%	-519.2%	-1129.3%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	-33.6%+111.9pp	-35.5%+18.7pp	N/A	-498.9%-465.9pp	-145.5%-123.0pp	-54.2%-33.2pp	N/A	-33.0%-7.1pp
Return on Assets	-15.3%+9.4pp	-16.0%+1.8pp	N/A	-26.1%-12.0pp	-24.7%-13.6pp	-17.8%-6.6pp	N/A	-14.1%-1.4pp
Current Ratio	3.25+2.0x	3.18+0.8x	2.71-0.7x	0.61-2.8x	1.30-3.3x	2.40-2.7x	3.42-0.6x	3.41-0.7x
Debt-to-Equity	1.20-3.7x	1.22-0.8x	1.50+0.1x	18.13+16.8x	4.89+3.9x	2.05+1.2x	1.36+0.2x	1.34+0.3x
Asset Turnover	N/A	N/A	N/A	N/A	N/A	0.00	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Vivani Medical, Inc. VANI	FY2025	$0	$26.6M	N/A	$111.9M	—
Unicycive Therapeutics, Inc. UNCY	FY2025	N/A	-$26.6M	N/A	$116.7M	—
NRX Pharmaceuticals, Inc. NRXP	FY2025	$1.2M	-$28.6M	N/A	$124.3M	43/100
X4 Pharmaceuticals, Inc. XFOR	FY2025	$35.1M	-$79.2M	N/A	$287.5M	74/100
OS Therapies Incorporated OSTX	FY2025	N/A	-$28.8M	N/A	$74.9M	—

Where Vivani Medical, Inc. Ranks

Frequently Asked Questions

What is Vivani Medical, Inc.'s annual revenue?

Vivani Medical, Inc. (VANI) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Vivani Medical, Inc. profitable?

Yes, Vivani Medical, Inc. (VANI) reported a net income of $26.6M in fiscal year 2025.

What is Vivani Medical, Inc.'s EBITDA?

Vivani Medical, Inc. (VANI) had EBITDA of -$27.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Vivani Medical, Inc.'s return on equity (ROE)?

Vivani Medical, Inc. (VANI) has a return on equity of 169.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Vivani Medical, Inc.'s free cash flow?

Vivani Medical, Inc. (VANI) recorded an outflow of $25.5M in free cash flow during fiscal year 2025. This represents a -19.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Vivani Medical, Inc.'s operating cash flow?

Vivani Medical, Inc. (VANI) recorded an outflow of $24.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Vivani Medical, Inc.'s total assets?

Vivani Medical, Inc. (VANI) had $39.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Vivani Medical, Inc.'s capital expenditures?

Vivani Medical, Inc. (VANI) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Vivani Medical, Inc. spend on research and development?

Vivani Medical, Inc. (VANI) invested $18.1M in research and development during fiscal year 2025.

How many shares does Vivani Medical, Inc. have outstanding?

Vivani Medical, Inc. (VANI) had 85M shares outstanding as of fiscal year 2025.

What is Vivani Medical, Inc.'s current ratio?

Vivani Medical, Inc. (VANI) had a current ratio of 2.71 as of fiscal year 2025, which is generally considered healthy.

What is Vivani Medical, Inc.'s debt-to-equity ratio?

Vivani Medical, Inc. (VANI) had a debt-to-equity ratio of 1.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vivani Medical, Inc.'s return on assets (ROA)?

Vivani Medical, Inc. (VANI) had a return on assets of 67.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Vivani Medical, Inc.'s P/E ratio?

Vivani Medical, Inc. (VANI) trades at 4.2x earnings, its market capitalization divided by net income of $26.6M net income, FY2025. The market capitalization is $111.9M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Vivani Medical, Inc.'s price-to-sales ratio?

Vivani Medical, Inc. (VANI) has no price-to-sales ratio at the moment: revenue is not positive (FY2025). The market capitalization is $111.9M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Vivani Medical, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Vivani Medical, Inc. (VANI) held $16.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $24.3M over that year. Dividing the one by the other, the reported balance equals about 8 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Vivani Medical, Inc.'s Altman Z-Score?

Vivani Medical, Inc. (VANI) has an Altman Z-Score of -4.41, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Vivani Medical, Inc.'s Piotroski F-Score?

Vivani Medical, Inc. (VANI) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Vivani Medical, Inc.'s earnings high quality?

For every $1 of reported earnings, Vivani Medical, Inc. (VANI) used $0.91 of operating cash (-$24.3M OCF vs $26.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.