2024 Q1 Form 10-K Financial Statement
#000175392624000616 Filed on March 26, 2024
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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1296000 | usd |
CY2022 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
35000 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-13889000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
44308000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
44308000 | usd |
CY2023 | vani |
Stock Issued During Period Value Stock Options Warrants Exercised
StockIssuedDuringPeriodValueStockOptionsWarrantsExercised
|
136000 | usd |
CY2023 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1864000 | usd |
CY2023 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
105000 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-25652000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
20761000 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-25652000 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-13889000 | usd |
CY2023 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
357000 | usd |
CY2022 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
381000 | usd |
CY2023 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1864000 | usd |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1296000 | usd |
CY2023 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-121000 | usd |
CY2023 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-904000 | usd |
CY2022 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
36000 | usd |
CY2022 | vani |
Gain From Bargain Purchase
GainFromBargainPurchase
|
6877000 | usd |
CY2023 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-264000 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
476000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-602000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1941000 | usd |
CY2023 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-261000 | usd |
CY2022 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
204000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-694000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
2551000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-23699000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-18787000 | usd |
CY2023 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
887000 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
338000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-887000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-338000 | usd |
CY2022 | vani |
Cash Acquired In Merger For Stock Consideration
CashAcquiredInMergerForStockConsideration
|
55374000 | usd |
CY2022 | vani |
Cancellation Of Safe Borrowing
CancellationOfSafeBorrowing
|
8000000 | usd |
CY2023 | vani |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
133000 | usd |
CY2022 | vani |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
16000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
133000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
63390000 | usd |
CY2023 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
3000 | usd |
CY2022 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-1000 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-24450000 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
44264000 | usd |
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
UseOfEstimates
|
<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
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
3.15 | |
CY2023 | us-gaap |
Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
|
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
OperatingLossCarryforwardsValuationAllowance
|
6046000 | usd |
CY2022Q4 | us-gaap |
Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
|
4980000 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
|
-25652000 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
|
-13889000 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-5387000 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2022 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-2916000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2023 | us-gaap |
Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
|
-1791000 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.070 | pure |
CY2022 | us-gaap |
Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
|
-1073000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.077 | pure |
CY2023 | us-gaap |
Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
|
-1050000 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
|
0.041 | pure |
CY2022 | us-gaap |
Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
|
-707000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
|
0.051 | pure |
CY2022 | us-gaap |
Income Tax Reconciliation Minority Interest Income Expense
IncomeTaxReconciliationMinorityInterestIncomeExpense
|
-311000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
|
0.022 | pure |
CY2023 | us-gaap |
Income Tax Reconciliation Tax Contingencies Other
IncomeTaxReconciliationTaxContingenciesOther
|
2184000 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
|
-0.085 | pure |
CY2022 | us-gaap |
Income Tax Reconciliation Tax Contingencies Other
IncomeTaxReconciliationTaxContingenciesOther
|
28000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
|
-0.020 | pure |
CY2023 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
6046000 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
|
-0.236 | pure |
CY2022 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
4980000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
|
-0.359 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
|
2000 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.000 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
|
2000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.000 | pure |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
|
47353000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
|
136332000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
183685000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets State Taxes
DeferredTaxAssetsStateTaxes
|
120068000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
|
2518000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
|
7524000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
|
5120000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Other
DeferredTaxAssetsTaxCreditCarryforwardsOther
|
2500000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
7500000 | usd |
CY2023 | us-gaap |
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
|
262000 | usd |
CY2023 | us-gaap |
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
|
1430000 | usd |
CY2023Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
1692000 | usd |
CY2023 | us-gaap |
Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
|
0 | usd |
CY2022 | us-gaap |
Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
|
0 | usd |
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
|
19616000 | usd |
CY2022Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
779000 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
1383000 | usd |
CY2022Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
955000 | usd |
CY2023Q4 | us-gaap |
Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
|
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
UtilitiesOperatingExpenseMaintenance
|
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 |