2024 Q1 Form 10-K Financial Statement

#000175392624000616 Filed on March 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.501M $1.509M $9.997M
YoY Change -5.62% -55.09% 41.4%
% of Gross Profit
Research & Development $3.726M $4.708M $16.97M
YoY Change -5.79% 6.28% 19.75%
% of Gross Profit
Depreciation & Amortization $99.00K $97.00K $357.0K
YoY Change -8.33% -11.82% -6.05%
% of Gross Profit
Operating Expenses $6.227M $6.217M $26.97M
YoY Change -5.67% -20.19% 26.95%
Operating Profit -$6.227M -$26.97M
YoY Change -5.67% 26.95%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $188.0K $191.0K $1.313M
YoY Change -32.86% -60.21% 173.54%
Pretax Income -$6.039M -$6.026M -$25.65M
YoY Change -4.45% -17.23% 84.68%
Income Tax
% Of Pretax Income
Net Earnings -$6.039M -$6.026M -$25.65M
YoY Change -4.42% -17.23% 84.68%
Net Earnings / Revenue
Basic Earnings Per Share $0.12
Diluted Earnings Per Share -$0.12 -$0.12 -$0.50
COMMON SHARES
Basic Shares Outstanding 54.98M shares 51.03M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.65M $20.65M $20.65M
YoY Change -22.12% -54.18% -54.18%
Cash & Equivalents $29.65M $20.65M $20.65M
Short-Term Investments
Other Short-Term Assets $1.854M $2.408M $2.408M
YoY Change -28.97% -1.71% -1.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $31.50M $23.06M $23.06M
YoY Change -22.57% -51.48% -51.48%
LONG-TERM ASSETS
Property, Plant & Equipment $1.689M $1.729M $21.35M
YoY Change 52.03% 46.28% 989.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $47.00K $52.00K $52.00K
YoY Change -82.59% -81.43% -81.43%
Other Assets $1.338M $1.338M $1.338M
YoY Change -2.05% -2.05% -2.34%
Total Long-Term Assets $22.29M $22.74M $22.74M
YoY Change 472.02% 531.18% 531.53%
TOTAL ASSETS
Total Short-Term Assets $31.50M $23.06M $23.06M
Total Long-Term Assets $22.29M $22.74M $22.74M
Total Assets $53.79M $45.80M $45.80M
YoY Change 20.66% -10.43% -10.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $570.0K $542.0K $542.0K
YoY Change -23.59% -53.95% -54.07%
Accrued Expenses $1.953M $1.727M $5.181M
YoY Change -7.62% -26.76% -8.3%
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 $6.138M $5.723M $5.723M
YoY Change 4.69% -16.11% -16.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.94M $19.31M $19.31M
YoY Change 5311.43%
Total Long-Term Liabilities $18.94M $19.31M $19.31M
YoY Change 5311.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.138M $5.723M $5.723M
Total Long-Term Liabilities $18.94M $19.31M $19.31M
Total Liabilities $25.08M $25.04M $25.04M
YoY Change 303.7% 266.99% 267.1%
SHAREHOLDERS EQUITY
Retained Earnings -$104.5M -$98.44M
YoY Change 32.08% 35.24%
Common Stock $5.000K $5.000K
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.71M $20.76M $20.76M
YoY Change
Total Liabilities & Shareholders Equity $53.79M $45.80M $45.80M
YoY Change 20.66% -10.43% -10.43%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$6.039M -$6.026M -$25.65M
YoY Change -4.42% -17.23% 84.68%
Depreciation, Depletion And Amortization $99.00K $97.00K $357.0K
YoY Change -8.33% -11.82% -6.05%
Cash From Operating Activities -$4.512M -$3.479M -$23.70M
YoY Change -35.23% -33.22% 26.13%
INVESTING ACTIVITIES
Capital Expenditures $182.0K $747.0K $887.0K
YoY Change 391.89% 1767.5% 160.88%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$182.0K -$747.0K -$887.0K
YoY Change 391.89% 1767.5% 160.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $13.69M 23.00K $133.0K
YoY Change -99.79%
NET CHANGE
Cash From Operating Activities -$4.512M -3.479M -$23.70M
Cash From Investing Activities -$182.0K -747.0K -$887.0K
Cash From Financing Activities $13.69M 23.00K $133.0K
Net Change In Cash $8.994M -4.203M -$24.45M
YoY Change -228.43% -19.94% -155.24%
FREE CASH FLOW
Cash From Operating Activities -$4.512M -$3.479M -$23.70M
Capital Expenditures $182.0K $747.0K $887.0K
Free Cash Flow -$4.694M -$4.226M -$24.59M
YoY Change -32.97% -19.5% 28.52%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
46442000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2178000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
21992000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
46442000 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1000 usd
CY2023 vani Establishment Of Operating Rightofuse Assets Through Operating Lease Obligations
EstablishmentOfOperatingRightofuseAssetsThroughOperatingLeaseObligations
20755000 usd
CY2022 us-gaap Business Combination Consideration Transferred Other1
BusinessCombinationConsiderationTransferredOther1
8000000 usd
CY2022 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
2112000 usd
CY2023 vani Receivables For Cash Intransit On Exercise Of Common Stock Under Equity Incentive Plan
ReceivablesForCashIntransitOnExerciseOfCommonStockUnderEquityIncentivePlan
3000 usd
CY2023 vani Purchase Of Property And Equipment In Accrued Expenses
PurchaseOfPropertyAndEquipmentInAccruedExpenses
132000 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_803_eus-gaap--NatureOfOperations_zZJoej2Vp2K4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><b>1. <span id="xdx_825_zHMQ1xCxDFR5">Organization and Business Operations</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"> </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. According to the US Centers for Disease Control and Prevention (“CDC”), adherence is defined as the extent to which an individual’s behavior, including taking medications, corresponds to recommendations from a health care provider. For example, approximately 50% of patients treated for type 2 diabetes are medication non-adherent, 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 medication adherence by delivering therapeutic drug levels for up to 6 months or longer. In addition, our aim is to minimize fluctuations in patients’ drug levels through the use of our NanoPortal technology, which may improve the tolerability profiles for medicines that produce side effects associated with fluctuating drug levels in the blood.</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” or “SSMP”), pursuant to which NPM became a wholly-owned subsidiary of Second Sight. On August 30, 2022, the merger closed and the combined company of NPM and Second Sight 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">In December 2022, we contributed our neuromodulation assets and certain liabilities to Cortigent, Inc. (“Cortigent”) a newly formed corporation in Delaware, and wholly-owned subsidiary of Vivani, in exchange for 20,000,000 shares of common stock of Cortigent. As of December 31, 2023, after giving effect to a 1-for-4 reverse stock split that we implemented, Cortigent had <span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_pid_dxL_uShares_c20231231_zqZFlbWOk0J4" title="Common stock, shares outstanding::XDX::51031"><span style="-sec-ix-hidden: xdx2ixbrl0400">5,000,000</span></span> shares of common stock outstanding, all owned by Vivani. While the primary focus of Vivani is to develop and ultimately commercialize our drug implant business from legacy company NPM, Vivani’s management team remains committed to identifying and exploring strategic options for the further advancement of the neuromodulation business of Cortigent which includes the development of its pioneering neurostimulation systems to help patients recover critical body functions. </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"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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, currently a wholly-owned subsidiary of Vivani, was formed for the purpose of advancing the Company’s pioneering neurostimulation technology. The Registration Statement on Form S-1 was recently amended and filed with the SEC in February 2024 to refresh the financial information and provide minor updates to the business.</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; background-color: white">On July 6, 2023, Vivani changed its state of incorporation from the State of California to the State of Delaware by means of a plan of conversion, effective July 5, 2023. The reincorporation, including the principal terms of the plan of conversion, was submitted to a vote of, and approved by, Vivani’s stockholders at its 2023 Annual Meeting of Stockholders held on June 15, 2023. As part of this change of incorporation the Company established a par value of $0.0001 per share and all periods have been retroactively adjusted to reflect this change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">An Investigational New Drug Application (“IND”) for NPM-119 (GLP-1 implant) was filed with the U.S. Food and Drug Administration (“FDA”) on July 14, 2023, to support the initiation of the first-in-human study of NPM-119 in patients with type 2 diabetes, also named LIBERATE-1™. On August 18, 2023, FDA provided written notification that the LIBERATE-1 study was on full clinical hold, primarily due to insufficient Chemistry, Manufacturing, and Controls (“CMC”) information to assess the risk to human subjects. Vivani remains actively engaged in discussions with FDA as part of its efforts to lift the clinical hold and plans to submit a Complete Response to the FDA during the first half of 2024. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">On August 25, 2023, the Company and Cortigent entered into an Amendment 1 (the “Amendment”) to the Transition Funding, Support and Services Agreement dated March 19, 2023 (the “TFSSA”). Pursuant to the TFSSA, the Company has agreed to advance funds and provide or cause to be provided to Cortigent the services and funding intended to cover salaries and related costs, rent and other overhead in order to permit Cortigent to operate in substantially the same manner in which business operations of Cortigent were previously operated by Second Sight Medical Products, Inc., prior to the formation of Cortigent, which obligations will continue, in the case of the funding obligations, until the earlier of December 31, 2024 or the closing of an initial public offering of Cortigent (the “Funding Support Term”). Under the Amendment, Cortigent has agreed to repay $<span id="xdx_905_eus-gaap--RepaymentOfNotesReceivableFromRelatedParties_c20230823__20230825_zVf4l6Mi7kK7" title="Cortigent has agreed to repay">1,500,000</span> to the Company at the conclusion of the Funding Support Term. In addition, at the conclusion of the Funding Support Term, Cortigent will enter into a <span id="xdx_900_ecustom--PromissoryFundingSupportTerm_dxL_c20230823__20230825_zIvos4CU0Ryh" title="Funding support term::XDX::P5Y"><span style="-sec-ix-hidden: xdx2ixbrl0404">five</span></span>-year promissory note at <span id="xdx_90B_eus-gaap--DerivativeAverageVariableInterestRate_iI_pid_dp_uPure_c20230825_zgJYw273BCmb" title="Interest rate">5</span>% interest for $<span id="xdx_909_eus-gaap--OriginationOfNotesReceivableFromRelatedParties_c20230823__20230825_zYg8zKbA7UA7" title="Cortigent enter into a promissory note">2,000,000</span> in favor of the Company. The Company will forgive any remaining amounts due by Cortigent to the Company under the TFSSA. In October 2023, Vivani implemented a reduction-in-force to conserve cash that decreased Cortigent’s employees from 14 to 7 while continuing the ongoing Orion<sup>®</sup> clinical study and basic operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">In the fourth quarter of 2023, Vivani Medical Australia Pty Ltd., a wholly-owned subsidiary in Australia was established to support studies of our products and product candidates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In February 2024, Vivani announced positive NPM-115 preclinical weight loss data comparable to semaglutide, the active ingredient in Ozempic<sup>®</sup>/Wegovy<sup>®</sup>, and disclosed NPM-139 as a semaglutide implant as our strategy shifted to prioritize our obesity portfolio. In a study in high-fat diet-induced obese mice, NPM-115 generated weight loss of approximately 20% compared to a sham implant control after a 28-day treatment duration, comparable to weight loss observed in mice treated with semaglutide injections (Ozempic<sup>®</sup>/Wegovy<sup>®</sup>) in the same study. The Company also disclosed that semaglutide is the active pharmaceutical ingredient in NPM-139, a miniature, subdermal GLP-1 implant in development for chronic weight management, with the added potential benefit of once-yearly administration.</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-align: justify"><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: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 4, 2022, Second Sight entered into an agreement and plan of merger (the “Merger Agreement”) with 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-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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_90C_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_c20231231__srt--OwnershipAxis__custom--SecondSightSwitzerlandSarlMember_zLBgliXUlOE7" title="Subsidiary, ownership percentage, parent">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-indent: 0.25in"></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">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_90E_eus-gaap--BusinessCombinationConsiderationTransferred1_pn6n6_c20230101__20231231_z3vvLeNC6f4" 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-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 Combinations</i>. Accordingly, <span id="xdx_905_eus-gaap--CommonStockVotingRights_c20220828__20220830_zsFomxxLCkZ3" 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.</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-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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_z0BS8n2e23f8" 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_zYjIPXnNxtqj" title="Common stock issued">13,136,000 </span> shares of common stock deemed issued to Second Sight shareholders, valued at the closing price per share on the acquisition date of $<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20220830_zjoGT9zS88qa" title="Common stock, par or stated value per share">4.14</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p id="xdx_895_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_zh4CJ2s36Mzb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span id="xdx_8BD_zNvJXq0P5G5h">The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="text-decoration: underline">At August 30, 2022</span></td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20220830_zEm9ZEywmR3c"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_400_ecustom--CashAndCashEquivalentsFairValue_iI_pn3n3_zKdVdrl19Tyl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%">Cash</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">55,374</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentFairValueDisclosure_iI_pn3n3_zmIWb7cN4ZKd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PrepaidExpenseCurrentAndNoncurrent_iI_pn3n3_zeh0zrwYzYlj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,657</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--OperatingLeaseRightOfUseAssetOne_iI_pn3n3_z4BPnItuvPYa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Right of use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OtherAssetsFairValueDisclosure_iI_pn3n3_zl1K7TfKQrF5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">56</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--FairValueOfAssetsAcquired1_iI_pn3n3_zm139OZcoGl6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total identifiable assets acquired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,326</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LiabilitiesFairValueDisclosure_iNI_pn3n3_di_zmUXU01xYudb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,913</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--FinancialLiabilitiesFairValueDisclosure_iNI_pn3n3_di_zp0AHzAW07C6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Right of use liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(151</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--FairValueOfLiabilitesAcquired_iI_pn3n3_zqkGjJFJoP8i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total liabilities assumed</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,064</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pn3n3_zNIYrxWuQrGd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net identifiable assets acquired</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">53,262</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zRYPiMXHXw4k" 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 $<span id="xdx_90A_eus-gaap--AssetsFairValueAdjustment_pn6n6_c20220828__20220830_z2eCZNjaOA5f" title="Assets, fair value adjustment">8.0</span> million was cancelled in the Merger which adjusted the fair value of net assets acquired.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <p id="xdx_899_eus-gaap--GainLossOnInvestmentsTextBlock_zimqCSQmB0Yd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span id="xdx_8B5_zFeAV2yusqI">The following table summarizes the calculation of the gain on bargain purchase (in thousands) recorded in the year ended December 31, 2022: </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 50%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20221231_zoMQk0Wf3bEj" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--TotalConsideration_iI_pn3n3_zonwZYSRrLCi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; text-align: left">Total consideration</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">54,385</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AdvancesFairValueDisclosure_iNI_pn3n3_di_z83Y8Y0aLctj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">SAFE loan forgiven</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest_iI_pn3n3_zLZzZqZ8Ykol" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less net identifiable assets acquired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(53,262</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--GainOnBargainPurchase_iI_pn3n3_zVKw5CSauyE4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Gain on bargain purchase</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,877</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A4_z85Ot2ja9DOc" 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_908_eus-gaap--SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeedPercent_pid_dp_uPure_c20220101__20221231_z7rIfDIz93r1" 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_zXoze2Lh6X1f" title="Gain of other income expenses">6.9</span> million in the year ended December 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: 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_zzqf8EJKy2Gf" 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.”</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">Operating expenses of Second Sight included in the consolidated statements of operations from the acquisition date August 30, 2022 to the period ending December 30, 2022 were $<span id="xdx_908_eus-gaap--UtilitiesOperatingExpenseOperations_pn5n6_c20230101__20231231_zl31kdIoxFmj" title="Business combination, operating expenses">2.1</span> million. Pro forma consolidated net loss as if Second Sight had been included in the consolidated results was $<span id="xdx_90D_eus-gaap--BusinessAcquisitionsProFormaNetIncomeLoss_pn5n6_c20220101__20221231__srt--StatementScenarioAxis__srt--ProFormaMember_z4PG7h2zjbxg" title="Business combination, pro forma">28.3</span> million for the year ended December 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: 0pt 0"><b>SAFE</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-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 $8 million. The agreement provided that the SAFE would terminate if the Merger were to be successfully completed.</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">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 $8.0 million adjusted the purchase consideration.</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"><b>Liquidity and Capital Resources</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 10pt 0pt 0; text-indent: 0.3in">From inception, our operations have been funded primarily through the sales of our common stock as well as from warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10pt 0pt 0; text-indent: 0.3in"> </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: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our financial statements have been prepared on a going concern basis, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 1, 2024, <span id="xdx_90F_eus-gaap--SecuritiesPurchasedUnderAgreementsToResellMeasurementDifferenceDescription_c20240228__20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUrpRkxQSdDf" title="Description of purchase agreement">the Company entered into a Securities Purchase Agreement with an institutional investor relating to the issuance of 3,947,368 shares of the Company’s common stock, par value of $0.0001 per share and warrants to purchase up to an aggregate of 3,947,368 shares of Common Stock (the “Warrant”), to such investor at a purchase price of $3.80 per share and accompanying warrant in a registered direct offering (the “Offering”). The Warrant has an exercise price of $3.80 per share, is exercisable immediately upon issuance and will expire three years following the date of issuance.</span> The Company also entered into a Placement Agency Agreement with Maxim Group LLC, who acted as the sole placement agent for the Offering. The gross proceeds of approximately $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfDebt_pn5n6_c20240228__20240301__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zVuTb3niZJl4" title="Gross proceeds">15.0</span> million from the Offering, before paying the placement agent fees and other estimated offering expenses, was received on March 5, 2024. For additional information, refer to Note 13. Subsequent Event of the Notes to Consolidated Financial Statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We estimate that currently available cash will provide sufficient funds to enable the Company to meet its planned obligations into the second half of 2025. Our ability to continue as a going concern is dependent on our ability to develop profitable operations through implementation of our business initiatives and/or raise additional capital, however, there can be no assurances that we will be able to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>
CY2023Q3 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
1500000 usd
CY2023Q3 us-gaap Derivative Average Variable Interest Rate
DerivativeAverageVariableInterestRate
0.05 pure
CY2023Q3 us-gaap Origination Of Notes Receivable From Related Parties
OriginationOfNotesReceivableFromRelatedParties
2000000 usd
CY2023 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.
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
13136000 shares
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
4.14
CY2022Q3 vani 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 vani Operating Lease Right Of Use Asset One
OperatingLeaseRightOfUseAssetOne
140000 usd
CY2022Q3 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
56000 usd
CY2022Q3 vani 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 vani 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
CY2022Q4 vani Total Consideration
TotalConsideration
54385000 usd
CY2022Q4 us-gaap Advances Fair Value Disclosure
AdvancesFairValueDisclosure
8000000 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Less Noncontrolling Interest
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedLessNoncontrollingInterest
-53262000 usd
CY2022Q4 vani 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
CY2023 us-gaap Utilities Operating Expense Operations
UtilitiesOperatingExpenseOperations
2100000 usd
CY2023 us-gaap Use Of Estimates
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<p id="xdx_84B_eus-gaap--UseOfEstimates_zR3x5G0Rjrne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_868_zvGEg3p4kIz8">Use of Estimates</span></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-indent: 0.25in">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. We base our estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include those related to assumptions used in accruals for potential liabilities, valuing equity instruments and stock-based compensation, and the realization of deferred tax assets. Actual results could differ from those estimates.</p>
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1300000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1400000 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000 usd
CY2023 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
17000000.0 usd
CY2022 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
14200000 usd
CY2023 us-gaap Other General Expense
OtherGeneralExpense
300000 usd
CY2022 us-gaap Other General Expense
OtherGeneralExpense
400000 usd
CY2023 vani Grants Against Operating Expense
GrantsAgainstOperatingExpense
500000 usd
CY2023 vani Grants Against Operating Research And Development Expense
GrantsAgainstOperatingResearchAndDevelopmentExpense
400000 usd
CY2023 vani Grants Against Operatinggeneral And Administrative Expense
GrantsAgainstOperatinggeneralAndAdministrativeExpense
100000 usd
CY2022 vani Grants Against Operating Expense
GrantsAgainstOperatingExpense
500000 usd
CY2022 vani Grants Against Operating Research And Development Expense
GrantsAgainstOperatingResearchAndDevelopmentExpense
400000 usd
CY2022 vani Grants Against Operatinggeneral And Administrative Expense
GrantsAgainstOperatinggeneralAndAdministrativeExpense
100000 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zSWhJCXUjdrj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_861_z0ZNUfCQabR5">Concentration of Credit Risk</span></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-indent: 0.25in">Financial instruments that subject us to concentrations of credit risk consist primarily of cash and money market funds. We maintain cash and money market funds with financial institutions that management deems credit worthy, and at times, cash balances may be in excess of FDIC and SIPC insurance limits of $<span id="xdx_901_eus-gaap--CashFDICInsuredAmount_iI_c20231231_zbeL7yqt1faf" title="FDIC insured amount">250,000</span> and $<span id="xdx_906_ecustom--CashSPICInsuredAmount_iI_c20231231_zcsPyykkDpac" title="SPIC insured amount">500,000</span> (including cash of $<span id="xdx_90C_ecustom--SPICCashLimitCoverage_iI_c20231231_zYrmE7G0mVQf" title="SPIC cash limit coverage">250,000</span>), respectively.</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 also maintain cash at a bank in Switzerland. Accounts at said bank are insured up to an amount specified by the deposit insurance agency of Switzerland.</p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q4 vani Cash Spic Insured Amount
CashSPICInsuredAmount
500000 usd
CY2023Q4 vani Spic Cash Limit Coverage
SPICCashLimitCoverage
250000 usd
CY2023Q4 vani Accrued Liabilities Current1
AccruedLiabilitiesCurrent1
0 usd
CY2022Q4 vani Accrued Liabilities Current1
AccruedLiabilitiesCurrent1
50000 usd
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
9733 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
10311 shares
CY2023Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
6091 shares
CY2022Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
5272 shares
CY2023Q4 vani Shares Underlying Restricted Stock Unit Outstanding
SharesUnderlyingRestrictedStockUnitOutstanding
403 shares
CY2023Q4 vani Shares Underlying Rsus
SharesUnderlyingRsus
16227 shares
CY2022Q4 vani Shares Underlying Rsus
SharesUnderlyingRsus
15583 shares
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
18629000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
44417000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4171000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3593000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2442000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2411000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1729000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1182000 usd
CY2023Q4 vani Contract Liabilities Other
ContractLiabilitiesOther
335000 usd
CY2022Q4 vani Contract Liabilities Other
ContractLiabilitiesOther
335000 usd
CY2018 vani Grant Received To Support Clinical Development
GrantReceivedToSupportClinicalDevelopment
1600000 usd
CY2018 vani Grant Receivable To Fund Early Feasibility Clinical Trial For Five Years
GrantReceivableToFundEarlyFeasibilityClinicalTrialForFiveYears
6400000 usd
CY2023 vani Grants Against Operating Expenses
GrantsAgainstOperatingExpenses
500000 usd
CY2023 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
400000 usd
CY2023 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
100000 usd
CY2022 vani Grants Against Operating Expenses
GrantsAgainstOperatingExpenses
500000 usd
CY2022 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
400000 usd
CY2022 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
100000 usd
CY2022Q3 vani Stock Issued During Period Shares Merger Acquisitions
StockIssuedDuringPeriodSharesMergerAcquisitions
13136362 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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3.15
CY2023 us-gaap Defined Benefit Plan Contributions By Employer
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300000 usd
CY2022 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
200000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3540216 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3540216 shares
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
100000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1541000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1499000 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
48170000 usd
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1864000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1296000 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee
1383817 shares
CY2023Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
1.22
CY2023 vani Share Based Compensation1
ShareBasedCompensation1
1200000 usd
CY2022 vani Share Based Compensation1
ShareBasedCompensation1
1500000 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1 pure
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
1101000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
1475000 usd
CY2023Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
5120000 usd
CY2022Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
2456000 usd
CY2023Q4 us-gaap Deferred Tax Assets Regulatory Assets And Liabilities
DeferredTaxAssetsRegulatoryAssetsAndLiabilities
302000 usd
CY2022Q4 us-gaap Deferred Tax Assets Regulatory Assets And Liabilities
DeferredTaxAssetsRegulatoryAssetsAndLiabilities
48000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
44749000 usd
CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
6770000 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
6319000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
63004000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
56546000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Investment In Noncontrolled Affiliates
DeferredTaxLiabilitiesInvestmentInNoncontrolledAffiliates
1924000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Investment In Noncontrolled Affiliates
DeferredTaxLiabilitiesInvestmentInNoncontrolledAffiliates
1510000 usd
CY2023Q4 us-gaap Deferred Revenue Leases Accumulated Amortization
DeferredRevenueLeasesAccumulatedAmortization
200000 usd
CY2022Q4 us-gaap Deferred Revenue Leases Accumulated Amortization
DeferredRevenueLeasesAccumulatedAmortization
202000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
2124000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
1712000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
60880000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
54834000 usd
CY2023Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
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UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
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CY2023Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q1 us-gaap Lessor Operating Lease Description
LessorOperatingLeaseDescription
to 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 sublease 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.
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2023Q4 us-gaap Liabilities Other Than Longterm Debt Noncurrent
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19313000 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
2800000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
900000 usd
CY2023 us-gaap Utilities Operating Expense Maintenance
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1100000 usd
CY2022 us-gaap Utilities Operating Expense Maintenance
UtilitiesOperatingExpenseMaintenance
300000 usd
CY2023 vani Lessee Discounted Operating Lease Liability Payments Due Year Three
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearThree
3070000 usd
CY2023 vani Lessee Discounted Operating Lease Liability Payments Due Year Four
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFour
2914000 usd
CY2023 vani Lessee Discounted Operating Lease Liability Payments Due Year Five
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFive
2889000 usd
CY2023 vani Lessee Discounted Operating Lease Liability Payments Due Year Six
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearSix
2976000 usd
CY2023 vani Lessee Discounted Operating Lease Liability Payments Due Year Seven
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearSeven
3065000 usd
CY2023 vani Lessee Discounted Operating Lease Liability Payments Due Year Eight
LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearEight
15861000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
30775000 usd
CY2023 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10079000 usd
CY2023 us-gaap Lease Cost
LeaseCost
20696000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0841 pure
CY2023 vani Cash Paid For Operating Lease Liabilities
CashPaidForOperatingLeaseLiabilities
1932000 usd
CY2022 vani Cash Paid For Operating Lease Liabilities
CashPaidForOperatingLeaseLiabilities
1049000 usd
CY2023 vani Clinical And Regulatory Expense
ClinicalAndRegulatoryExpense
100000 usd
CY2022 vani Clinical And Regulatory Expense
ClinicalAndRegulatoryExpense
200000 usd
CY2021Q2 vani Liquidated Damages Paid Value
LiquidatedDamagesPaidValue
1000000 usd
CY2023 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
CY2022Q4 us-gaap Loss Contingency Settlement Agreement Court
LossContingencySettlementAgreementCourt
On December 8, 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 judgment, 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. On May 24, 2023, the Company filed an appeal against the judgment from the Paris Commercial Court except in so far as such prior judgment dismissed (i) Pixium’s claim for the Company to pay it a sum of €480,693 relating to the alleged time spent by its teams, (ii) Pixium’s application to order the Company to pay it a sum of €1,500,000 in respect to alleged loss of opportunity and (iii) deducted the sum of $1,000,000 that we already paid Pixium and which Pixium retained. Thereafter Pixium filed its brief with Paris Court of Appeal and filed a cross-appeal on January 18, 2024. Meanwhile, the Company received notice that the Paris Commercial Court in its judgment dated January 31, 2024 converted Pixium’s receivership proceedings to liquidation proceedings and that Pixium’s liquidator is due to intervene in the pending proceedings before the Paris Court of Appeal. The Company recorded a charge of $1,675,000 for the year ended December 31, 2022 related to this matter but plans to continue its appeal against the preliminary judgment.
CY2022 vani Loss Contingency Settlement Agreement Court1
LossContingencySettlementAgreementCourt1
1675000 usd

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