$VANI
Vivani Medical, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019019432 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $1.282M $1.128M $976.0K
YoY Change -32.77% 15.57% -3.27%
Cost Of Revenue $933.0K $731.0K $668.0K
YoY Change 11.6% 9.43% -40.88%
Gross Profit $349.0K $397.0K $308.0K
YoY Change -67.41% 28.9% -361.02%
Gross Profit Margin 27.22% 35.2% 31.56%
Selling, General & Admin $3.945M $4.552M $6.255M
YoY Change -28.42% -27.23% 11.9%
% of Gross Profit 1130.37% 1146.6% 2030.84%
Research & Development $3.436M $2.183M $2.474M
YoY Change 41.87% -11.76% 33.73%
% of Gross Profit 984.53% 549.87% 803.25%
Depreciation & Amortization $100.0K $99.00K $111.0K
YoY Change -9.09% -10.81% 0.91%
% of Gross Profit 28.65% 24.94% 36.04%
Operating Expenses $8.790M $10.17M $10.08M
YoY Change -2.97% 0.87% 35.63%
Operating Profit -$8.441M -$9.768M -$9.769M
YoY Change 5.67% -0.01% 29.31%
Interest Expense $0.00 $70.00K $20.00K
YoY Change -100.0% 250.0% 100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$8.440M -$9.700M -$9.750M
YoY Change 6.03% -0.51% 29.14%
Income Tax
% Of Pretax Income
Net Earnings -$8.440M -$9.700M -$9.753M
YoY Change 6.02% -0.54% 29.21%
Net Earnings / Revenue -658.35% -859.93% -999.28%
Basic Earnings Per Share
Diluted Earnings Per Share -$543.1K -$803.6K -$1.321M
COMMON SHARES
Basic Shares Outstanding 124.2M 124.2M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.16M $31.68M $5.010M
YoY Change 236.36% 532.34% -79.03%
Cash & Equivalents $25.16M $31.68M $5.014M
Short-Term Investments
Other Short-Term Assets $780.0K $1.160M $810.0K
YoY Change 30.0% 43.21% -1.22%
Inventory $1.474M $1.602M $2.810M
Prepaid Expenses
Receivables $629.0K $597.0K $480.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.05M $35.04M $9.110M
YoY Change 126.92% 284.59% -68.16%
LONG-TERM ASSETS
Property, Plant & Equipment $993.0K $963.0K $1.260M
YoY Change -16.62% -23.57% -14.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.00K $40.00K $40.00K
YoY Change -57.14% 0.0% -20.0%
Other Assets
YoY Change
Total Long-Term Assets $3.473M $3.512M $1.300M
YoY Change 176.29% 170.15% -13.91%
TOTAL ASSETS
Total Short-Term Assets $28.05M $35.04M $9.110M
Total Long-Term Assets $3.473M $3.512M $1.300M
Total Assets $31.52M $38.55M $10.41M
YoY Change 131.48% 270.3% -65.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.255M $1.600M $1.610M
YoY Change 2.87% -0.62% 78.89%
Accrued Expenses $2.562M $2.309M $5.100M
YoY Change 23.71% -54.73% 13.59%
Deferred Revenue $557.0K $335.0K
YoY Change 114.23%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.838M $7.433M $6.880M
YoY Change 10.82% 8.04% 19.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.490M $2.590M
YoY Change
Total Long-Term Liabilities $2.490M $2.590M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.838M $7.433M $6.880M
Total Long-Term Liabilities $2.490M $2.590M $0.00
Total Liabilities $10.33M $10.02M $6.880M
YoY Change 46.04% 45.63% 19.44%
SHAREHOLDERS EQUITY
Retained Earnings -$289.3M -$280.9M
YoY Change 14.77%
Common Stock $263.7M $263.4M
YoY Change 21.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.20M $28.53M $3.531M
YoY Change
Total Liabilities & Shareholders Equity $31.52M $38.55M $10.41M
YoY Change 131.48% 270.3% -65.44%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$8.440M -$9.700M -$9.753M
YoY Change 6.02% -0.54% 29.21%
Depreciation, Depletion And Amortization $100.0K $99.00K $111.0K
YoY Change -9.09% -10.81% 0.91%
Cash From Operating Activities -$6.640M -$7.150M -$6.778M
YoY Change -15.31% 5.49% 2.7%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K $37.00K $68.00K
YoY Change 140.0% -45.59% -175.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$120.0K -$37.00K -$68.00K
YoY Change 140.0% -45.59% -24.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 240.0K 34.40M 4.007M
YoY Change -97.69% 758.47% -79.65%
NET CHANGE
Cash From Operating Activities -6.640M -7.150M -6.778M
Cash From Investing Activities -120.0K -37.00K -68.00K
Cash From Financing Activities 240.0K 34.40M 4.007M
Net Change In Cash -6.520M 27.21M -2.839M
YoY Change -361.85% -1058.47% -121.84%
FREE CASH FLOW
Cash From Operating Activities -$6.640M -$7.150M -$6.778M
Capital Expenditures -$120.0K $37.00K $68.00K
Free Cash Flow -$6.520M -$7.187M -$6.846M
YoY Change -16.3% 4.98% 5.16%

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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Organization and Business Operations</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Second Sight Medical Products, Inc. (&#8220;Second Sight,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;the Company&#8221;) was incorporated in the State of California in 2003. Second Sight develops, manufactures and markets implantable visual prosthetics to enable blind individuals to achieve greater independence.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2007, Second Sight formed Second Sight Medical Products (Switzerland) S&#224;rl, initially to manage clinical trials for its products in Europe, and later to manage sales and marketing in Europe, the Middle East and Asia-Pacific. As the laws of Switzerland require at least two corporate stockholders, Second Sight Medical Products (Switzerland) S&#224;rl is 99.5% owned directly by us and 0.5% owned by an executive of Second Sight&#160;as of March 31, 2019. Accordingly, Second Sight Medical Products (Switzerland) S&#224;rl is considered 100% owned for financial statement purposes and is consolidated with Second Sight for all periods presented.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are currently developing the Orion<sup style="font-size:85%; vertical-align:top">&#174;</sup> Visual Cortical Prosthesis System (&#8220;Orion&#8221;), an implanted cortical stimulation device intended to provide useful artificial vision to individuals who are blind due to a wide range of causes, including glaucoma, diabetic retinopathy, optic nerve injury or disease, or forms of cancer and trauma. A feasibility study of the Orion&#160;device is currently underway at the Ronald Reagan UCLA Medical Center in Los Angeles (&#8220;UCLA&#8221;) and Baylor College of Medicine in Houston (&#8220;Baylor&#8221;).</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our commercial product, the Argus<sup style="font-size:85%; vertical-align:top">&#174;</sup> II retinal prosthesis system (&#8220;Argus II&#8221;), entered clinical trials in 2006, received CE Mark approval for marketing and sales in the European Union (&#8220;EU&#8221;) in 2011, and received approval by the United States Food and Drug Administration (&#8220;FDA&#8221;) for marketing and sales in the United States in 2013. We began selling the Argus II in Europe at the end of 2011, Saudi Arabia in 2012, the United States and Canada in 2014, Turkey in 2015, Iran, Taiwan, South Korea and Russia in 2017, and Singapore in 2018. Given the limited addressable market of Argus II, we have made the decision to maximize capital efficiency with our Argus commercial and clinical activities and increase our investment of resources with our Orion clinical and R&amp;D programs.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Going Concern</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">From inception, our operations have been funded primarily through the sales of our common stock and warrants, as well as from the issuance of convertible debt, research and clinical grants, and limited product revenue generated from the sale of our Argus II product. Funding of our business since 2018 has been provided by:</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &#160;</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock through our At Market Issuance Sales Agreement <font style="color:#000000;">(the &#8220;Sales Agreement&#8221;) </font>during the first quarter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of 2018 which provided net cash proceeds of $4.0 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock in a securities&#160;purchase agreement in May 2018, which provided net cash proceeds of $10.0 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock in a securities purchase agreement in August 2018, which provided net cash proceeds of $5.0 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock in a securities purchase agreement in October 2018, which provided net cash proceeds of $4.0 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock in a securities purchase agreement in December 2018, which provided net cash proceeds of $3.0 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock and warrants in a rights offering in February 2019, which provided net cash proceeds of $34.4 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Revenue of $1.1 million for the three months ended March 31, 2019 and $6.9 million for the year ended December 31, 2018 generated by sales of our Argus II product.</p></td></tr></table></div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font style="font-size:12pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November 2017, we entered into an At Market Issuance Sales Agreement with B. Riley FBR Inc. and H.C. Wainwright &amp; Co., LLC, as agents (&#8220;Agents&#8221;) pursuant to which we may offer and sell, from time to time through either of the Agents, shares of our common stock having an aggregate offering price as set forth in the Sales Agreement and a related prospectus supplement filed with the SEC. We agreed to pay the Agents a cash commission of 3.0% of the aggregate gross proceeds from each sale of shares under the Sales Agreement. During January and February 2018, we sold 2.2 million shares of common stock which provided net proceeds of $4.0 million under the Sales Agreement. No shares have been sold since February 2018 under the Sales Agreement.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In a rights offering completed on February 22, 2019, we sold approximately 47.8 million units, each priced at $0.724 for gross proceeds of approximately $34.6 million. Each unit consisted of one share and one immediately exercisable warrant having an exercise price of $1.47 per share. Entities controlled by Gregg Williams, our Chairman of the Board of Directors, acquired approximately 41.4 million units in the offering for an aggregate investment of approximately $30 million.<font style="font-weight:bold;"> </font></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 25, 2019, we received a letter from The Nasdaq Stock Market advising us that for 30 consecutive trading days preceding the date of the letter, the bid price of our common stock had closed below the $1.00 per share minimum required for continued listing on The Nasdaq Capital Market pursuant to listing rules, and therefore we could become subject to delisting if we did not regain compliance within the compliance period (or the compliance period as may be extended). We continue to monitor and evaluate our options to cure this deficiency within the compliance period.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our financial statements have been presented on the basis that our business is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We are subject to the risks and uncertainties associated with a business with one product line and limited commercial product revenues, including limitations on our operating capital resources and uncertain demand for our products. We have incurred recurring operating losses and negative operating cash flows since inception, and we expect to continue to incur operating losses and negative operating cash flows for the foreseeable future. </p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We do not have sufficient funds to support our operations for the next 12 months from the date of issuance of these financial statements. Accordingly, these and other related factors raise substantial doubt about our ability to continue as a going concern. We anticipate that we will seek to additionally fund our operations through public or private equity or debt financings, grants, collaborations, strategic partnerships or other sources. However, we may be unable to raise additional capital or enter into such other arrangements when needed on favorable terms or at all. If we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our research or development programs or any other approved product candidates, or we may be unable to expand our operations, maintain our current organization and employee base or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations. The accompanying financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.</p>
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