$VANI
Vivani Medical, Inc. Stock $vani

$vani Overview Financials Valuation SEC Filings Company Website

2023 Q2 Form 10-Q Financial Statement

#000175392623000655 Filed on May 15, 2023

Income Statement

Concept	2023 Q2	2023 Q1	2022 Q4
Revenue	$0.00	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$3.140M	$2.650M	$3.360M
YoY Change	37.36%	68.68%	332.43%
% of Gross Profit
Research & Development	$3.864M	$3.955M	$4.430M
YoY Change	358.36%	513.18%	587.89%
% of Gross Profit
Depreciation & Amortization	$80.00K	$108.0K	$110.0K
YoY Change	433.33%	575.0%	746.15%
% of Gross Profit
Operating Expenses	$7.003M	$6.601M	$7.790M
YoY Change	123.81%	197.88%	448.21%
Operating Profit	-$7.003M	-$6.601M
YoY Change	123.81%	197.88%
Interest Expense			-$6.850M
YoY Change			-85725.0%
% of Operating Profit
Other Income/Expense, Net	$480.0K	$280.0K	$480.0K
YoY Change	-2500.0%	-1500.0%
Pretax Income	-$6.530M	-$6.320M	-$7.280M
YoY Change	112.29%	185.71%	467.42%
Income Tax
% Of Pretax Income
Net Earnings	-$6.526M	-$6.318M	-$7.280M
YoY Change	112.16%	185.62%	467.42%
Net Earnings / Revenue
Basic Earnings Per Share	-$0.13	-$0.12
Diluted Earnings Per Share	-$0.13	-$0.12	-$0.18
COMMON SHARES
Basic Shares Outstanding	50.79M shares	50.76M shares	50.74M shares
Diluted Shares Outstanding	50.80K shares	50.76K shares

Balance Sheet

Concept	2023 Q2	2023 Q1	2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$32.49M	$38.07M	$45.08M
YoY Change	-42.37%	-36.12%	-35.22%
Cash & Equivalents	$32.49M	$38.07M	$45.08M
Short-Term Investments
Other Short-Term Assets	$3.740M	$2.610M	$2.450M
YoY Change	269.57%	524.4%	168.05%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$36.22M	$40.68M	$47.53M
YoY Change	-36.88%	-32.44%	-32.59%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.075M	$1.111M	$1.182M
YoY Change	943.69%	266.67%	910.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$260.0K	$270.0K	$280.0K
YoY Change	-96.76%	-96.63%	937.04%
Other Assets	$1.366M	$1.366M	$1.366M
YoY Change	-82.93%
Total Long-Term Assets	$23.39M	$3.896M	$3.602M
YoY Change	183.11%	-53.18%	868.28%
TOTAL ASSETS
Total Short-Term Assets	$36.22M	$40.68M	$47.53M
Total Long-Term Assets	$23.39M	$3.896M	$3.602M
Total Assets	$59.61M	$44.58M	$51.13M
YoY Change	-9.2%	-34.96%	-27.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.989M	$746.0K	$1.177M
YoY Change	105.9%	0.27%	126.78%
Accrued Expenses	$1.994M	$2.114M	$2.358M
YoY Change	150.5%	67.78%	330.29%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$7.086M	$5.863M	$6.822M
YoY Change	173.49%	145.83%	177.09%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$20.13M	$350.0K	$0.00
YoY Change			-100.0%
Total Long-Term Liabilities	$20.13M	$350.0K	$0.00
YoY Change			-100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities	$7.086M	$5.863M	$6.822M
Total Long-Term Liabilities	$20.13M	$350.0K	$0.00
Total Liabilities	$27.21M	$6.212M	$6.822M
YoY Change	950.29%	160.46%	171.36%
SHAREHOLDERS EQUITY
Retained Earnings	-$85.63M	-$79.10M	-$72.79M
YoY Change	-74.35%		-77.85%
Common Stock	$5.000K	$109.1M	$109.1M
YoY Change	-100.0%		-68.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$32.39M	$38.37M	$44.31M
YoY Change
Total Liabilities & Shareholders Equity	$59.61M	$44.58M	$51.13M
YoY Change	-9.2%	-34.96%	-27.86%

Cashflow Statement

Concept	2023 Q2	2023 Q1	2022 Q4
OPERATING ACTIVITIES
Net Income	-$6.526M	-$6.318M	-$7.280M
YoY Change	112.16%	185.62%	467.42%
Depreciation, Depletion And Amortization	$80.00K	$108.0K	$110.0K
YoY Change	433.33%	575.0%	746.15%
Cash From Operating Activities	-$5.550M	-$6.966M	-$5.210M
YoY Change	72.25%	252.71%	114.85%
INVESTING ACTIVITIES
Capital Expenditures	$40.00K	$37.00K	$40.00K
YoY Change		-305.56%	-385.71%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	-$40.00K	-$37.00K	-$40.00K
YoY Change		-99.54%	185.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	10.00K		0.000
YoY Change			-100.0%
NET CHANGE
Cash From Operating Activities	-5.550M	-$6.966M	-5.210M
Cash From Investing Activities	-40.00K	-$37.00K	-40.00K
Cash From Financing Activities	10.00K		0.000
Net Change In Cash	-5.580M	-$7.003M	-5.250M
YoY Change	73.18%		115.43%
FREE CASH FLOW
Cash From Operating Activities	-$5.550M	-$6.966M	-$5.210M
Capital Expenditures	$40.00K	$37.00K	$40.00K
Free Cash Flow	-$5.590M	-$7.003M	-$5.250M
YoY Change	73.49%	257.84%	117.75%

Facts In Submission

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CY2023Q1	dei	Entity File Number EntityFileNumber	001-36747
CY2023Q1	dei	Entity Registrant Name EntityRegistrantName	Vivani Medical, Inc.
CY2023Q1	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	CA
CY2023Q1	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	02-0692322
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CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	6973000	usd
CY2023Q1	us-gaap	Estimate Of Cancellations EstimateOfCancellations	668000	usd
CY2023Q1	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_80B_eus-gaap--NatureOfOperations_zOL0GuXzZ409" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><b>1.</b></td><td id="xdx_82D_zArHx487IB7d"><b>Organization and Business Operations</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Vivani Medical, Inc. (“Vivani,” the “Company,” “we,” “us,” “our” or similar terms) is a preclinical stage biopharmaceutical company which develops miniaturized, subdermal implants utilizing its proprietary NanoPortal™ technology to enable long-term, near constant-rate delivery of a broad range of medicines to treat chronic diseases. Vivani uses this platform technology to develop and potentially commercialize drug implant candidates, alone or in collaboration with pharmaceutical company partners to address a leading cause of poor clinical outcomes in the treatment of chronic disease, medication non-adherence. For example, approximately 50% of patients treated for type 2 diabetes are non-adherent to their medicines which can lead to poor clinical outcomes. We are developing a portfolio of miniature, sub-dermal drug implant candidates that, unlike most oral and injectable medicines, are designed with the goal of guaranteeing adherence by delivering therapeutic drug levels for up to 6 months or the life of the implant. In addition, by leveraging our proprietary NanoPortal implant technology we can design implants that deliver minimally fluctuating drug levels that may improve the tolerability profiles for certain medicines for which side effects are associated with fluctuating drug levels such as GLP-1 receptor agonists (GLP-1s).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In February 2022, we announced the signing of a definitive merger agreement between Nano Precision Medical, Inc. (“NPM”) and Second Sight Medical Products, Inc. (“Second Sight”), pursuant to which NPM became a wholly-owned subsidiary of Second Sight. On August 30, 2022, the merger closed and the combined company of Nano Precision Medical (“NPM” and Second Sight Medical Products (“SSMP)” was renamed Vivani Medical, Inc,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While the primary focus of Vivani is to develop and ultimately commercialize the drug implant business from legacy company NPM, Vivani’s new management team remains committed to identifying and exploring strategic options for the further advancement of the neuromodulation business of former legacy company Second Sight which includes development of its pioneering neurostimulation systems to help patients recover critical body functions. On December 28, 2022, the neuromodulation assets and certain of its liabilities were contributed to Cortigent, Inc. a newly formed wholly owned subsidiary of Vivani, in exchange for 20 million shares of common stock of Cortigent. In March 2023, Vivani announced the filing of a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) for the proposed initial public offering of Cortigent. Cortigent is expected to continue to be majority-owned by Vivani immediately following the initial public offering.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to completion of Cortigent’s initial public offering, Vivani intends to focus exclusively on further development of the drug implant business. Vivani plans to file an Investigational New Drug (IND) application with the US Food and Drug Administration to support a first in human (FIH) study with lead asset NPM-119 (GLP-1 implant). Following an acceptable IND submission, Vivani plans to initiate the FIH study, named LIBERATE-1, which is a Randomized, Phase 2, 12-week investigation of NPM-119 in patients with type 2 diabetes. The IND filing and the initiation of LIBERATE-1 remain on track to occur mid-2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt"><b>Agreement and Plan of Merger with Nano Precision Medical, Inc.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: -0.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">On February 4, 2022, Second Sight Medical Products, Inc. (“Second Sight”) entered into an agreement and plan of merger (the “Merger Agreement”) with Nano Precision Medical, Inc. (“NPM”). The Merger was approved by the shareholders of Second Sight on July 27, 2022, and closed on August 30, 2022. Upon consummation of the Merger, NPM became a wholly-owned subsidiary of Second Sight. Concurrent with to the Merger, Second Sight changed its name to Vivani Medical, Inc. and changed its trading symbol from EYES to VANI, and trades under the ticker VANI on the NASDAQ market. Certain investors and members of the NPM board of directors are also investors and members of the board of directors of Second Sight.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Under the terms and conditions of the Merger Agreement, the securities of NPM converted into the right to receive shares of Second Sight’s common stock representing <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20230331__srt--OwnershipAxis__custom--SecondSightSwitzerlandSarlMember_z1Sjs7a5Qhk4" title="Ownership interest (in percentage)">77.32</span>% of the total issued and outstanding shares of common stock of Second Sight on a fully converted basis, including, without limitation, giving effect to the conversion of all options, warrants, and any and all other convertible securities assuming net settlement. Second Sight filed a Registration Statement on Form S-4 on May 13, 2022, in connection with the Merger to register the merger shares effective June 24, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">On February 4, 2022, in connection with the Merger, Second Sight and NPM also entered into a Simple Agreement for Future Equity (“SAFE”) whereby Second Sight provided to NPM an investment advance of $<span id="xdx_90A_eus-gaap--BusinessCombinationConsiderationTransferred1_pn5n6_c20230101__20230331_z7LreHBfyVCc" title="Purchase consideration">8</span> million. The Merger Agreement provided that the SAFE would terminate if the Merger were to be successfully completed. Under the terms of the SAFE, upon successfully completion of the Merger on August 30, 2022, the investment advance was eliminated. Under the accounting for a business combination, the $8 million adjusted the purchase consideration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">The Merger involved a change of control and was accounted for as a reverse merger in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Under this method of accounting, Second Sight was treated as the “acquired” company for financial reporting purposes with NPM as the acquirer. The assets acquired and liabilities assumed by NPM were recorded at fair value under Accounting Codification Standard (“ASC 805”), <i>Business </i>Combinations. Accordingly, <span id="xdx_903_eus-gaap--CommonStockVotingRights_c20220828__20220830_zk7rLtx2eTuf" title="Common stock, voting rights">on August 30, 2022 (the “Acquisition Date”), NPM (a calendar year-end entity) was deemed to have acquired 100% of the outstanding common shares and voting interest of Second Sight, Medical, Inc</span>. The results of Second Sight’s operations have been included in the consolidated financial statements since that date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The acquisition-date fair value of consideration transferred totaled $<span id="xdx_90E_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireeFairValue1_dm_c20220828__20220830__us-gaap--BusinessAcquisitionAxis__us-gaap--SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_zsia9TqqdFR4" title="Fair value of the consideration transferred">54.4 million</span>, which consisted of the fair value of the <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_uShares_c20220830_zrHugrznSkQb" title="Common stock issued">13,136</span> common shares deemed issued to Second Sight shareholders, was determined based on the per share closing price of the Company’s common shares on the acquisition date of $<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20220830_zayw6Q7niAy8" title="Common stock, par or stated value per share">4.14</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"/> <p id="xdx_89D_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_z9OaoUAyoxM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span id="xdx_8BC_zn7Tp6lPKVh2">The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"><b><span style="text-decoration: underline">At August 30, 2022</span></b></span></td> <td> </td> <td colspan="2" id="xdx_49C_20220830_znEzUwei3Di3"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr id="xdx_400_ecustom--CashAndCashEquivalentsFairValue_iI_pn3n3_zsnB8jSxWCud" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%"><span style="font-size: 10pt">Cash</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 14%; text-align: right"><span style="font-size: 10pt">55,374</span></td> <td style="width: 1%"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_zgQXsPEhFgY5" style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt">Property and equipment</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">99</span></td> <td> </td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseCurrentAndNoncurrent_iI_pn3n3_z01z1PtnT7T6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">Prepaid expenses</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">1,657</span></td> <td> </td></tr> <tr id="xdx_40C_ecustom--OperatingLeaseRightOfUseAssetOne_iI_pn3n3_z51wJhIvP8pk" style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt">Right of use assets</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">140</span></td> <td> </td></tr> <tr id="xdx_40A_eus-gaap--OtherAssetsFairValueDisclosure_iI_pn3n3_zWoipqnNybDb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">Other assets</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">56</span></td> <td> </td></tr> <tr id="xdx_408_ecustom--FairValueOfAssetsAcquired1_iI_pn3n3_zlzCY2qBHOAc" style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt">Total identifiable assets acquired</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">57,326</span></td> <td> </td></tr> <tr id="xdx_402_eus-gaap--LiabilitiesFairValueDisclosure_iI_pn3n3_z2ZhhLUS6qh3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">Current liabilities</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">(3,913</span></td> <td><span style="font-size: 10pt">)</span></td></tr> <tr id="xdx_400_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iNI_pn3n3_di_zIAjtqs4EBN9" style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt">Right of use liabilities</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">(151</span></td> <td><span style="font-size: 10pt">)</span></td></tr> <tr id="xdx_40E_ecustom--FairValueOfLiabilitesAcquired_iI_pn3n3_zqArdwVOlsu6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-size: 10pt">Total liabilities assumed</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">4,064</span></td> <td> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pn3n3_zhyeAyvsSuE4" style="vertical-align: bottom; background-color: White"> <td><span style="font-size: 10pt">Net identifiable assets acquired</span></td> <td> </td> <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">53,262</span></td> <td> </td></tr> </table> <p id="xdx_8A5_zQB48CjgFcn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SAFE loan of $<span id="xdx_908_eus-gaap--AssetsFairValueAdjustment_pn6n6_c20220828__20220830_zDgY1eyTOBKf" title="Assets, fair value adjustment">8.0</span> million was cancelled in the Merger which adjusted the fair value of net assets acquired.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p id="xdx_897_eus-gaap--GainLossOnInvestmentsTextBlock_zG70bIxMhVTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span id="xdx_8B5_zKsUS3TF84B5">The following table summarizes the calculation of the gain on bargain purchase (in thousands): </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td id="xdx_490_20220830_zMlWY1XFqfXl" style="text-align: right"> </td> <td> </td></tr> <tr id="xdx_40B_ecustom--TotalConsideration_iI_pn3n3_ziqNnl8vElAd" style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 33%"><span style="font-size: 10pt">Total consideration</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-size: 10pt">$</span></td> <td style="width: 14%; text-align: right"><span style="font-size: 10pt">54,385</span></td> <td style="width: 1%"> </td></tr> <tr id="xdx_407_eus-gaap--AdvancesFairValueDisclosure_iNI_pn3n3_di_zSReDiEkXO0j" style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt">SAFE loan forgiven</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">(8,000</span></td> <td><span style="font-size: 10pt">)</span></td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_iI_pn3n3_zwa4g0SkX2Eh" style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Less net identifiable assets acquired</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">(53,262</span></td> <td><span style="font-size: 10pt">)</span></td></tr> <tr id="xdx_406_ecustom--GainOnBargainPurchase_iI_pn3n3_zqMzChnocwvk" style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt">Gain on bargain purchase</span></td> <td> </td> <td style="border-bottom: black 2.25pt double"><span style="font-size: 10pt">$</span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-size: 10pt">6,877</span></td> <td> </td></tr> </table> <p id="xdx_8AA_zUkAX8OvEXp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because NPM purchased <span id="xdx_90B_eus-gaap--SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeedPercent_pid_dp_uPure_c20220101__20221231_zXjFh0hUA92j" title="Fair value of identifiable assets acquired and liabilities">100</span>% of Second Sight and the fair value of identifiable assets acquired and liabilities assumed exceeded the fair value of the consideration, we reassessed the recognition and measurement of identifiable assets acquired and liabilities assumed and concluded that all acquired assets and assumed liabilities were properly recognized and that the valuation procedures and resulting measures were appropriate. As a result, we recognized a gain of $<span id="xdx_903_eus-gaap--OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax_pn5n6_c20220101__20221231_zpGaEiwddlmi" title="Gain of other income expenses">6.9</span> million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We recognized $<span id="xdx_903_eus-gaap--BusinessCombinationAcquisitionRelatedCosts_pn5n6_c20220101__20221231_zvgeuxKgRRY6" title="Business combination, acquisition related costs">0.7</span> million of acquisition related costs that were expensed in the twelve months ended December 31, 2022. These costs are included in the consolidated income statement in the line item entitled “General and administrative costs.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pro forma consolidated net loss as if Second Sight had been included in the consolidated results was $<span id="xdx_90A_eus-gaap--BusinessAcquisitionsProFormaNetIncomeLoss_pn5n6_c20230101__20230331__srt--StatementScenarioAxis__srt--ProFormaMember_zi42XBYqNHAk" title="Business combination, pro forma">6.1</span> million for the three months ended March 31, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><b>Liquidity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From inception, our operations have been funded primarily through the sales of our common stock and warrants. The completion of our reverse merger with Second Sight Medical Products, Inc. provided $<span id="xdx_906_eus-gaap--AssetsNet_iI_dm_c20230331_z3Q3wjNBtFMk">53.3 million</span> in net assets including approximately $<span id="xdx_90F_eus-gaap--CashAvailableForDistributions_iI_dm_c20230331_zwIrHYSTfivd">55.4 million</span> in cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 no revenue that is developing novel medical devices, including limitations on our operating capital resources. 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. We estimate that currently available cash will provide sufficient funds to enable the Company to meet its planned obligations into the second half of 2024.</p>
CY2023Q1	us-gaap	Business Combination Consideration Transferred1 BusinessCombinationConsiderationTransferred1	8000000	usd
CY2022Q3	us-gaap	Common Stock Voting Rights CommonStockVotingRights	on August 30, 2022 (the “Acquisition Date”), NPM (a calendar year-end entity) was deemed to have acquired 100% of the outstanding common shares and voting interest of Second Sight, Medical, Inc
CY2022Q3	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	13136	shares
CY2022Q3	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	4.14
CY2022Q3	eyes	Cash And Cash Equivalents Fair Value CashAndCashEquivalentsFairValue	55374000	usd
CY2022Q3	us-gaap	Property Plant And Equipment Fair Value Disclosure PropertyPlantAndEquipmentFairValueDisclosure	99000	usd
CY2022Q3	us-gaap	Prepaid Expense Current And Noncurrent PrepaidExpenseCurrentAndNoncurrent	1657000	usd
CY2022Q3	eyes	Operating Lease Right Of Use Asset One OperatingLeaseRightOfUseAssetOne	140000	usd
CY2022Q3	us-gaap	Other Assets Fair Value Disclosure OtherAssetsFairValueDisclosure	56000	usd
CY2022Q3	eyes	Fair Value Of Assets Acquired1 FairValueOfAssetsAcquired1	57326000	usd
CY2022Q3	us-gaap	Liabilities Fair Value Disclosure LiabilitiesFairValueDisclosure	-3913000	usd
CY2022Q3	us-gaap	Financial Liabilities Fair Value Disclosure FinancialLiabilitiesFairValueDisclosure	151000	usd
CY2022Q3	eyes	Fair Value Of Liabilites Acquired FairValueOfLiabilitesAcquired	4064000	usd
CY2022Q3	us-gaap	Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet	53262000	usd
CY2022Q3	us-gaap	Assets Fair Value Adjustment AssetsFairValueAdjustment	8000000.0	usd
CY2022Q3	eyes	Total Consideration TotalConsideration	54385000	usd
CY2022Q3	us-gaap	Advances Fair Value Disclosure AdvancesFairValueDisclosure	8000000	usd
CY2022Q3	us-gaap	Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Less Noncontrolling Interest BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest	-53262000	usd
CY2022Q3	eyes	Gain On Bargain Purchase GainOnBargainPurchase	6877000	usd
CY2022	us-gaap	Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of Other Than10 Or20 Percent Adverse Change In Prepayment Speed Percent SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeedPercent	1	pure
CY2022	us-gaap	Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax	6900000	usd
CY2022	us-gaap	Business Combination Acquisition Related Costs BusinessCombinationAcquisitionRelatedCosts	700000	usd
CY2023Q1	us-gaap	Assets Net AssetsNet	53300000	usd
CY2023Q1	us-gaap	Cash Available For Distributions CashAvailableForDistributions	55400000	usd
CY2023Q1	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_84A_eus-gaap--UseOfEstimates_zoyHAlCPmEe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i><span id="xdx_866_zhQTfHfwZJF8">Use of estimates</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 13.9pt">The preparation of financial statements requires management to make a number of estimates and assumptions related to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the period. Estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Some of the more significant estimates include the purchase price of net assets acquired in the Merger, useful lives of long-lived assets, the fair value of equity-based compensation and evaluation of going concern. Actual results could differ materially from those estimates.</p>
CY2023Q1	us-gaap	Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight	10311000	shares
CY2022Q1	us-gaap	Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight	9074000	shares
CY2023Q1	us-gaap	Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions	6055000	shares
CY2022Q1	us-gaap	Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions	4583000	shares
CY2023Q1	us-gaap	Cash And Cash Equivalents Fair Value Disclosure CashAndCashEquivalentsFairValueDisclosure	36527000	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents Fair Value Disclosure CashAndCashEquivalentsFairValueDisclosure	44417000	usd
CY2023Q1	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	3630000	usd
CY2022Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	3593000	usd
CY2023Q1	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	2519000	usd
CY2022Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	2411000	usd
CY2023Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1111000	usd
CY2022Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1182000	usd
CY2023Q1	us-gaap	Lessor Operating Lease Description LessorOperatingLeaseDescription	lease 14,823 square feet of office space at 27200 Tourney Road, Valencia, California 91355.
CY2023Q1	us-gaap	Lessee Finance Sublease Option To Extend LesseeFinanceSubleaseOptionToExtend	The sub-lease has a term of two years and two months. We also entered into a lease for storage space on January 25, 2023, in the same building at a cost of $6,775 per month for a term of two years and one month.
CY2023Q1	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	1148000	usd
CY2022Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	779000	usd
CY2023Q1	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	913000	usd
CY2022Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	955000	usd
CY2023Q1	us-gaap	Liabilities Other Than Longterm Debt Noncurrent LiabilitiesOtherThanLongtermDebtNoncurrent	349000	usd
CY2023Q1	eyes	Cash Paid For Operating Lease Liabilities CashPaidForOperatingLeaseLiabilities	377000	usd
CY2022Q1	eyes	Cash Paid For Operating Lease Liabilities CashPaidForOperatingLeaseLiabilities	221000	usd
CY2023Q1	eyes	Rent Expense Charges RentExpenseCharges	300000	usd
CY2022Q1	eyes	Rent Expense Charges RentExpenseCharges	200000	usd
CY2022Q3	eyes	Stock Issued During Period Shares Merger Acquisitions StockIssuedDuringPeriodSharesMergerAcquisitions	13136362	shares
CY2023Q1	eyes	Clinical And Regulatory Expense ClinicalAndRegulatoryExpense	26000	usd
CY2023Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	200000	usd
CY2023Q1	us-gaap	Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions	2900000	usd
CY2023Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee	993333	shares
CY2023Q1	us-gaap	Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions	0.90	shares
CY2023Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	369000	usd
CY2022Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	340000	usd
CY2021Q1	eyes	Liquidated Damages Paid Value LiquidatedDamagesPaidValue	1000000	usd
CY2023Q1	us-gaap	Contract Termination Claims Description ContractTerminationClaimsDescription	Pixium indicated that it considered this termination wrongful, rejected the Company’s offers, but retained the $1,000,000 payment. On May 19, 2021, Pixium filed suit in the Paris Commercial Court, and currently claim damages of approximately €5.1 million or about $5.6 million. We believe we have fulfilled our obligations to Pixium with the liquidated damages payment of $1,000,000.
CY2021Q2	us-gaap	Loss Contingency Damages Paid Value LossContingencyDamagesPaidValue	1000000	usd
CY2021Q2	us-gaap	Loss Contingency Damages Sought Value LossContingencyDamagesSoughtValue	5600000	usd
CY2022Q3	us-gaap	Loss Contingency Settlement Agreement Court LossContingencySettlementAgreementCourt	On December 9, 2022, the Company received notice that the Paris Commercial Court has rendered its judgement, including finding that the Company’s termination of the MOU was not valid. In the judgement, the Company was ordered to pay to Pixium the amount of €2,500,000 minus a €947,780 credit for the $1,000,000 already paid for, a net amount payable of approximately €1,552,220. The Company may appeal the decision within three months from the date of service which was February 28, 2023. The Company recorded a charge of $1,675,000 for the year ended December 31, 2022, related to this matter but plans to raise any and all legal challenges to this preliminary judgement

Files In Submission

Name	View Source	Status
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eyes-20230331.xsd	Edgar Link	pending
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g083519_10q.htm	Edgar Link	pending
g083519_ex31-1.htm	Edgar Link	pending
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g083519_ex32-1.htm	Edgar Link	pending
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eyes-20230331_def.xml	Edgar Link	unprocessable
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eyes-20230331_lab.xml	Edgar Link	unprocessable
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g083519_10q_htm.xml	Edgar Link	completed
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$VANI
Vivani Medical, Inc. Stock $vani

2023 Q2 Form 10-Q Financial Statement

#000175392623000655 Filed on May 15, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VANI Vivani Medical, Inc. Stock $vani

2023 Q2 Form 10-Q Financial Statement

#000175392623000655 Filed on May 15, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VANI
Vivani Medical, Inc. Stock $vani