Vivani Medical Reports First Quarter 2026 Financial Results and Provides Business Update
Rhea-AI Summary
Vivani Medical (Nasdaq: VANI) reported Q1 2026 results and a pipeline update. The SLIM-1™ Phase 1 trial of semaglutide implant NPM-139 is expected to start mid-2026, with top-line data by year-end. Vivani held about $28 million in cash and commitments, projected to fund operations through the first half of 2027, and reported a Q1 2026 net loss of $6.8 million. The company is also evaluating paths to separate neuromodulation subsidiary Cortigent into an independent public company.
Positive
- Cash and commitments of $28 million fund operations through H1 2027
- $30.2 million gross capital raised over the last 12 months
- Q1 2026 financing inflows totaled $9.7 million
- SLIM-1 Phase 1 trial start targeted for mid-2026
- Top-line SLIM-1 data anticipated by end of 2026
Negative
- Q1 2026 net loss was $6.8 million versus $6.3 million
- Operating cash used in Q1 2026 totaled $6.2 million
- R&D expense rose to $4.4 million from $4.2 million
- G&A expense increased to $2.4 million from $2.3 million
- Other income declined by $0.3 million year over year
News Market Reaction – VANI
In the May 14 session, VANI gained 3.45%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 26 | Earnings and update | Positive | -1.9% | Q4 2025 results, NPM-139 progress, financing extending runway into mid-2027. |
| Nov 13 | Earnings and update | Positive | -11.4% | Q3 2025 results, LIBERATE-1 completion and strong NPM-139 preclinical data. |
| Aug 13 | Earnings and financing | Positive | +0.8% | $10M equity financing plus positive NPM-139 and LIBERATE-1 data. |
| May 13 | Earnings and financing | Positive | -3.8% | Q1 2025 results, multiple equity raises and LIBERATE-1 progress. |
| Mar 31 | Full-year results | Positive | -5.4% | 2024 results with GLP-1 implant advances and extended cash runway. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings and business updates have frequently been followed by negative next-day moves despite highlighting financing and pipeline progress.
Over the past year, Vivani’s earnings and business updates on Mar 31, 2025, May 13, 2025, Aug 13, 2025, Nov 13, 2025, and Mar 26, 2026 consistently emphasized GLP‑1 implant development, LIBERATE-1 data, and equity financings that extended runway into mid‑2026 and mid‑2027. Yet four of these five earnings events saw negative price reactions within 24 hours. Today’s Q1 2026 update, which again reiterates cash runway into the first half of 2027 and clinical milestones, fits into this pattern of constructive news paired with cautious trading.
Key Terms
phase 1 medical
semaglutide medical
glp-1 medical
investigational new drug regulatory
registered direct offering financial
form s-1 regulatory
form 10 regulatory
ipo financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Initiation of SLIM-1™ clinical trial, a Phase 1 study of NPM-139, a semaglutide implant under development for chronic weight management, on track for mid-year 2026
ALAMEDA, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- Vivani Medical, Inc. (Nasdaq: VANI) (“Vivani” or the “Company”), a clinical-stage biopharmaceutical company developing miniature, ultra long-acting subdermal drug implants utilizing its proprietary NanoPortal™ technology, today reported financial results for the first quarter ended March 31, 2026, and provided a business update.
Vivani Chief Executive Officer Adam Mendelsohn, Ph.D., stated, “I’m very pleased with the progress our team made in the first quarter. We are on track to initiate the first study in our SLIM™ Clinical Program (Semaglutide ultra Long-acting IMplant in obesity). Our Phase 1 study of NPM-139, also known as SLIM-1, will be conducted in Australia and is anticipated to start mid-year 2026. Based on our prior experience with the execution of our first-in-human LIBERATE-1 clinical trial in 2025, we anticipate top-line SLIM-1 results by the end of this year. In parallel, we continue to make good progress on our next generation NPM-139 implant configuration, which is designed to accommodate larger doses of semaglutide in-line with Wegovy® dosing. Pending positive SLIM-1 clinical results, a pre-IND meeting with the U.S. FDA and filing of an Investigational New Drug Application, we aim to launch our Phase 2 study in the SLIM program in 2027. Our strong financial position, with a cash runway through the first half of 2027, underscores our ability to deliver on these milestones and drive meaningful progress in addressing critical healthcare needs."
Dr. Mendelsohn continued: “As the obesity treatment landscape continues to evolve, challenges associated with medication adherence have emerged as a clear and undeniable barrier to the full realization of health outcomes otherwise possible with GLP-1 therapies. These challenges affect patients on injectable and oral GLP-1 options alike. With the potential to provide steady and continuous GLP-1 delivery over periods of 6 months, 12 months, or more, our NanoPortal™ technology is uniquely designed to solve for these challenges while still allowing for patients to stop exposure to the drug on a timeline similar to the current weekly injectables. We’re confident that its distinct advantages will become increasingly apparent as adherence-related data for the GLP-1 class continues to accumulate, and as adherence-related costs for patients, payors, and health systems continue to mount.”
Recent Business Highlights
The Company plans to continue exploring opportunities for Vivani’s stockholders to potentially realize value in its neuromodulation assets. Cortigent Inc. (“Cortigent”), a wholly owned subsidiary of the Company, filed its most recent amendment to its registration statement on Form S-1 on May 13, 2026.
Including multiple share purchase agreements and registered direct offerings entered into in the last 12 months, Vivani has raised
Upcoming Anticipated Milestones
Initiation of SLIM-1, a Phase 1 study of low-dose NPM-139, Vivani’s miniature, ultra long-acting semaglutide implant under development for chronic weight management, anticipated mid-2026 and top-line results are projected by the end of 2026.
Investigational New Drug (“IND”) Application for NPM-139 to support initiation of the proposed Phase 2 dose-ranging study of this semaglutide implant planned for 2027.
Transition of Cortigent into an independent, publicly traded company. Currently, multiple approaches, including a spin-off to be registered on a Form 10 and an IPO to be registered on a Form S-1 are under consideration.
First Quarter 2026 Financial Results
Cash: During the three months ended March 31, 2026, Vivani used
Research and development expense, net of grants. Research and development expense, net of grants, during the three months ended March 31, 2026 was
General and administrative expense, net of grants. General and administrative expense, net of grants, during the three months ended March 31, 2026 was
Other income, net. Other income, net during the three months ended March 31, 2026 was insignificant, compared to
Net loss. For the foregoing reasons, Vivani had a net loss of
About Vivani Medical, Inc.
Vivani is a clinical stage biopharmaceutical company that develops miniature, ultra long-acting subdermal drug implant candidates utilizing its proprietary NanoPortal™ technology, which is designed to enable reversible, ultra long-acting, near constant-rate delivery of a broad range of medicines to treat chronic diseases. Vivani is leveraging its proprietary NanoPortal™ platform, to develop biopharmaceutical implants designed to deliver drug molecules steadily over extended periods of time with the goal of guaranteeing adherence and improving patient tolerance to their medication. Vivani is developing a portfolio of GLP-1 based implants for metabolic diseases including obesity and type-2 diabetes. These NanoPortal implants are designed to provide patients with the opportunity to realize the full potential benefit of their medication by avoiding the numerous challenges associated with the daily or weekly administration of orals and injectables, including tolerability issues and loss of efficacy. Medication non-adherence occurs when patients do not take their medication as prescribed. This affects an alarming number of patients, approximately
About Cortigent, Inc.
Cortigent, Inc., a wholly owned subsidiary of Vivani, is developing brain implant devices to help patients recover critical body functions. Its patent-protected precision neurostimulation technology platform leverages neuroscience and proprietary microelectronics to create advanced medical devices. Vivani’s predecessor, Second Sight Medical Products, previously marketed Argus® II, the first and only medical device to obtain FDA approval to treat a rare form of blindness. This innovative device has helped hundreds of profoundly blind patients to achieve meaningful visual perception. Cortigent’s next generation investigational system, the Orion® cortical stimulation system, has been designed to treat blindness caused by common conditions including glaucoma and diabetic retinopathy. Orion has an FDA Breakthrough Device designation, completed a 6-year Early Feasibility Study in 2025 with promising safety and efficacy results and is covered by an extensive intellectual property estate. Cortigent is also applying its core technology to improving recovery of arm and hand motion in patients with paralysis due to stroke. For more information and patient videos, please visit: www.cortigent.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that are used in this press release, including express or implied statements regarding Vivani’s business, products in development, including the therapeutic potential and planned development thereof (including, for example, initiation of Phase 1 study of NPM-139, announcement of topline results, and launch of Phase 2 study in the SLIM clinical program), Vivani’s plans with respect to Cortigent and its ability to spin-out Cortigent, as well as statements regarding Vivani’s technology, strategy, cash position and financial runway, among others. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Vivani’s current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Vivani’s control. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including, without limitation, risks related to developing subdermal implants and conducting clinical trials; risks related to the biopharmaceutical industry generally; risks related to the Cortigent spin-off, including that it will not be completed in a timely manner or at all, that conditions to spin-out will not be satisfied, risks related to the tax treatment of the spin-off, and uncertainty of whether the anticipated benefits of the spin-off can be achieved; as well as more general risks of unexpected costs or delays in conducting its business; and risks and uncertainties associated with the development and commercialization of products and product candidates that may impact or alter anticipated business plans, strategies and objectives; among others. There may be additional risks that the Company or Cortigent consider immaterial, or which are unknown. A further list and description of risks and uncertainties can be found in the Company’s most recent Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”) on May 13, 2026, as updated by the future filings with the SEC. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by Vivani in this press release is based only on information currently available and speak only as of the date of this press release. Vivani undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of added information, future developments or otherwise, except as required by law.
Company Contacts:
Company Contact:
Donald Dwyer
Chief Business Officer
info@vivani.com
(415) 506-8462
Investor and Media Relations Contact:
Jami Taylor
Investor and Media Relations Advisor
investors@vivani.com
(415) 506-8462
| VIVANI MEDICAL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except per share data) | |||||
| March 31, | December 31, | ||||
| 2026 | 2025 | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ | 19,749 | $ | 16,232 | |
| Receivables | 12 | - | |||
| R&D tax credit incentive receivable | 685 | 654 | |||
| Prepaid expenses and other current assets | 1,102 | 1,012 | |||
| Total current assets | 21,548 | 17,898 | |||
| Property and equipment, net | 2,752 | 2,879 | |||
| Operating lease right-of-use assets, net | 16,616 | 17,230 | |||
| Restricted cash | 1,338 | 1,338 | |||
| Deposits and other assets | 99 | 48 | |||
| TOTAL ASSETS | $ | 42,353 | $ | 39,393 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Accounts payable | $ | 1,465 | $ | 1,032 | |
| Accrued expenses | 1,504 | 1,736 | |||
| Litigation accrual | 1,675 | 1,675 | |||
| Accrued compensation expense | 349 | 365 | |||
| Lease liability, current portion | 1,782 | 1,794 | |||
| Total current liabilities | 6,775 | 6,602 | |||
| Lease liability, noncurrent portion | 16,493 | 17,061 | |||
| TOTAL LIABILITIES | 23,268 | 23,663 | |||
| Commitments and contingencies (Note 12) | |||||
| Stockholders’ equity: | |||||
| Common stock, par value | 8 | 8 | |||
| Additional paid-in capital | 174,358 | 164,225 | |||
| Accumulated other comprehensive income | 32 | 30 | |||
| Accumulated deficit | (155,313) | (148,533) | |||
| TOTAL STOCKHOLDERS' EQUITY | 19,085 | 15,730 | |||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 42,353 | $ | 39,393 | |
| VIVANI MEDICAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share data) | |||||
| Three Months Ended March 31, | |||||
| 2026 | 2025 | ||||
| Operating expenses: | |||||
| Research and development, net of grants | $ | 4,390 | $ | 4,217 | |
| General and administrative, net of grants | 2,427 | 2,340 | |||
| Total operating expenses, net | 6,817 | 6,557 | |||
| Loss from operations | (6,817) | (6,557) | |||
| Other income, net | 37 | 255 | |||
| Net loss | $ | (6,780) | $ | (6,302) | |
| Net loss per common share - basic and diluted | $ | (0.08) | $ | (0.11) | |
| Weighted average common shares outstanding - basic and diluted | 81,269 | 59,236 | |||
