Vivani Medical Inc (NASDAQ: VANI) is a clinical-stage medical device and pharmaceutical company developing miniaturized implantable drug delivery and neurostimulation devices. The company generates no revenue, funding operations entirely through equity issuances, including sales under an at-the-market Sales Agreement, private placement transactions, and registered direct offerings. As of the 10-K filed March 26, 2026, Vivani operates two divisions: a Biopharm Division focused on implantable drug delivery candidates and a Neurostimulation Division operated through its Cortigent subsidiary. The company's available cash is estimated to fund operations into mid-2027, after which additional capital will be required to continue as a going concern. Vivani maintains R&D and GMP manufacturing facilities in Alameda, CA and Valencia, CA, and entered a manufacturing sublease in San Diego, CA in October 2025. The company carries an accumulated deficit and has not yet advanced any product candidate to commercial stage.

Revenue model

No product revenue as of the period covered by the 10-K filed March 26, 2026. Operations are funded through repeated equity issuances, including at-the-market common stock sales under a Sales Agreement, private placement transactions, and registered direct offerings.

Products and services

Biopharm Division: miniaturized implantable drug delivery device candidates. Neurostimulation Division (Cortigent subsidiary): implantable neurostimulation device candidates. No products are commercially approved or generating revenue as of the filing date.

Customers and end markets

No commercial customers as of the 10-K filed March 26, 2026. Target end markets are not specified with detail in the provided filing excerpts.

Value-chain role

Pre-revenue drug and medical device developer. Conducts in-house R&D and GMP manufacturing at leased facilities in Alameda, CA and San Diego, CA. Sources raw materials and components externally, with exposure to tariff and trade policy risks on imported inputs.

Geographic exposure

Primary operations in the United States, with facilities in Alameda, CA, Valencia, CA, and San Diego, CA. Subject to international data privacy regulations including EU GDPR, UK GDPR, and China PIPL, indicating some international research or data activity.

Source: SEC 10-K, filed 2026-03-26

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