$VANI
Vivani Medical, Inc. Stock $vani

$vani Overview Financials Valuation SEC Filings Company Website

2024 Q2 Form 10-Q Financial Statement

#000175392624000959 Filed on May 13, 2024

Income Statement

Concept	2024 Q2	2024 Q1	2023 Q1
Revenue	$0.00	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$2.168M	$2.501M	$2.650M
YoY Change	-30.96%	-5.62%	68.68%
% of Gross Profit
Research & Development	$3.513M	$3.726M	$3.955M
YoY Change	-9.08%	-5.79%	513.18%
% of Gross Profit
Depreciation & Amortization	$100.0K	$99.00K	$108.0K
YoY Change	25.0%	-8.33%	575.0%
% of Gross Profit
Operating Expenses	$5.681M	$6.227M	$6.601M
YoY Change	-18.88%	-5.67%	197.88%
Operating Profit	-$5.681M	-$6.227M	-$6.601M
YoY Change	-18.88%	-5.67%	197.88%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net	$325.0K	$188.0K	$280.0K
YoY Change	-32.29%	-32.86%	-1500.0%
Pretax Income	-$5.356M	-$6.039M	-$6.320M
YoY Change	-17.98%	-4.45%	185.71%
Income Tax
% Of Pretax Income
Net Earnings	-$5.356M	-$6.039M	-$6.318M
YoY Change	-17.93%	-4.42%	185.62%
Net Earnings / Revenue
Basic Earnings Per Share	-$0.10	$0.12	-$0.12
Diluted Earnings Per Share	-$0.10	-$0.12	-$0.12
COMMON SHARES
Basic Shares Outstanding	54.98M shares	54.98M shares	50.76M shares
Diluted Shares Outstanding	55.02M shares		50.76K shares

Balance Sheet

Concept	2024 Q2	2024 Q1	2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$24.92M	$29.65M	$38.07M
YoY Change	-23.3%	-22.12%	-36.12%
Cash & Equivalents	$24.92M	$29.65M	$38.07M
Short-Term Investments
Other Short-Term Assets	$1.418M	$1.854M	$2.610M
YoY Change	-62.09%	-28.97%	524.4%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$26.34M	$31.50M	$40.68M
YoY Change	-27.29%	-22.57%	-32.44%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.710M	$1.689M	$1.111M
YoY Change	59.07%	52.03%	266.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$38.00K	$47.00K	$270.0K
YoY Change	-85.38%	-82.59%	-96.63%
Other Assets	$1.338M	$1.338M	$1.366M
YoY Change	-2.05%	-2.05%
Total Long-Term Assets	$21.89M	$22.29M	$3.896M
YoY Change	-6.41%	472.02%	-53.18%
TOTAL ASSETS
Total Short-Term Assets	$26.34M	$31.50M	$40.68M
Total Long-Term Assets	$21.89M	$22.29M	$3.896M
Total Assets	$48.22M	$53.79M	$44.58M
YoY Change	-19.1%	20.66%	-34.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$645.0K	$570.0K	$746.0K
YoY Change	-67.57%	-23.59%	0.27%
Accrued Expenses	$1.660M	$1.953M	$2.114M
YoY Change	-16.75%	-7.62%	67.78%
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	$5.784M	$6.138M	$5.863M
YoY Change	-18.37%	4.69%	145.83%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$18.62M	$18.94M	$350.0K
YoY Change	-7.52%	5311.43%
Total Long-Term Liabilities	$18.62M	$18.94M	$350.0K
YoY Change	-7.52%	5311.43%
TOTAL LIABILITIES
Total Short-Term Liabilities	$5.784M	$6.138M	$5.863M
Total Long-Term Liabilities	$18.62M	$18.94M	$350.0K
Total Liabilities	$24.40M	$25.08M	$6.212M
YoY Change	-10.34%	303.7%	160.46%
SHAREHOLDERS EQUITY
Retained Earnings	-$109.8M	-$104.5M	-$79.10M
YoY Change	28.26%	32.08%
Common Stock	$6.000K	$5.000K	$109.1M
YoY Change	20.0%	-100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$23.82M	$28.71M	$38.37M
YoY Change
Total Liabilities & Shareholders Equity	$48.22M	$53.79M	$44.58M
YoY Change	-19.1%	20.66%	-34.96%

Cashflow Statement

Concept	2024 Q2	2024 Q1	2023 Q1
OPERATING ACTIVITIES
Net Income	-$5.356M	-$6.039M	-$6.318M
YoY Change	-17.93%	-4.42%	185.62%
Depreciation, Depletion And Amortization	$100.0K	$99.00K	$108.0K
YoY Change	25.0%	-8.33%	575.0%
Cash From Operating Activities	-$4.801M	-$4.512M	-$6.966M
YoY Change	-13.5%	-35.23%	252.71%
INVESTING ACTIVITIES
Capital Expenditures	$37.00K	$182.0K	$37.00K
YoY Change	-7.5%	391.89%	-305.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	-$37.00K	-$182.0K	-$37.00K
YoY Change	-7.5%	391.89%	-99.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	109.0K	$13.69M
YoY Change	990.0%
NET CHANGE
Cash From Operating Activities	-4.801M	-$4.512M	-$6.966M
Cash From Investing Activities	-37.00K	-$182.0K	-$37.00K
Cash From Financing Activities	109.0K	$13.69M
Net Change In Cash	-4.729M	$8.994M	-$7.003M
YoY Change	-15.25%	-228.43%
FREE CASH FLOW
Cash From Operating Activities	-$4.801M	-$4.512M	-$6.966M
Capital Expenditures	$37.00K	$182.0K	$37.00K
Free Cash Flow	-$4.838M	-$4.694M	-$7.003M
YoY Change	-13.45%	-32.97%	257.84%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2024Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
CY2024Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2024Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001266806
CY2024Q1	dei	Document Period End Date DocumentPeriodEndDate	2024-03-31
CY2024Q1	dei	Document Transition Report DocumentTransitionReport	false
CY2024Q1	dei	Entity File Number EntityFileNumber	001-36747
CY2024Q1	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
CY2024Q1	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	02-0692322
CY2024Q1	dei	Entity Address Address Line1 EntityAddressAddressLine1	1350 S. Loop Road
CY2024Q1	dei	Entity Address City Or Town EntityAddressCityOrTown	Alameda
CY2024Q1	dei	Entity Address State Or Province EntityAddressStateOrProvince	CA
CY2024Q1	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	94502
CY2024Q1	dei	City Area Code CityAreaCode	(415)
CY2024Q1	dei	Local Phone Number LocalPhoneNumber	506-8462
CY2024Q1	dei	Security12b Title Security12bTitle	Common Stock
CY2024Q1	dei	Trading Symbol TradingSymbol	VANI
CY2024Q1	dei	Security Exchange Name SecurityExchangeName	NASDAQ
CY2023Q4	us-gaap	Preferred Stock Value PreferredStockValue		usd
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CY2024Q1	dei	Document Type DocumentType	10-Q
CY2024Q1	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2024Q1	dei	Entity Registrant Name EntityRegistrantName	Vivani Medical, Inc.
CY2024Q1	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024Q1	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2024Q1	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2024Q1	dei	Entity Small Business EntitySmallBusiness	true
CY2024Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
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CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-7003000	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
CY2024Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	30986000	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	39439000	usd
CY2024Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	2000	usd
CY2023Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	1000	usd
CY2023Q1	vani	Establishment Of Operating Rightofuse Assets Through Operating Lease Obligations EstablishmentOfOperatingRightofuseAssetsThroughOperatingLeaseObligations	668000	usd
CY2024Q1	vani	Receivables For Cash Intransit On Exercise Of Common Stock Under Equity Incentive Plan ReceivablesForCashIntransitOnExerciseOfCommonStockUnderEquityIncentivePlan	-3000	usd
CY2024Q1	vani	Purchase Of Property And Equipment In Accrued Expenses PurchaseOfPropertyAndEquipmentInAccruedExpenses	-123000	usd
CY2024Q1	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_801_eus-gaap--NatureOfOperations_zXGGpdvGBTN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_822_z1mSQBG9QXk3">Organization and Business Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 U.S. Centers for Disease Control and Prevention, 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, a recent retrospective cohort study of approved obesity drugs found that only 40% of patients remained persistent on semaglutide therapy after one year of treatment indicating significant opportunity for improvement. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vivani resulted from the business combination of Second Sight Medical Products, Inc. (“Second Sight”) and Nano Precision Medical, Inc. (“NPM”). On August 30, 2022, Second Sight and NPM closed their merger pursuant to which NPM became a wholly owned subsidiary of Second Sight and the combined company of NPM and Second Sight was renamed Vivani Medical, Inc. Vivani’s main priority is the further development of the company’s lead program NPM-115, a miniature, 6-month, GLP-1 implant candidate for chronic weight management in obese or overweight patients with one or more risk factors and further development of the balance of company’s miniature, long-term drug implant portfolio. In parallel, Vivani’s management team remained committed to identifying and exploring strategic options that will enable further development of its pioneering neurostimulation systems from legacy company Second Sight aimed at helping patients recover critical body functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In December 2022, we contributed our neurostimulation assets and certain liabilities to Cortigent, Inc. (“Cortigent”), a wholly owned subsidiary of Vivani. Cortigent has 5,000,000 shares of common stock outstanding, all owned by Vivani. Cortigent is advancing the Company’s pioneering neurostimulation technology. 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. 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"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An Investigational New Drug Application (“IND”) for NPM-119 (GLP-1 implant for the treatment of type 2 diabetes) 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 on track to provide the FDA with the requested CMC information associated with the current Clinical Hold on NPM-119 during the first half of 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: 0.25in"></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, Vivani 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, 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_zkfPShV2zXHi" title="Cortigent has agreed to repay">1,500,000</span> to Vivani 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_z8yMdeG8qR9k" title="Funding support term::XDX::P5Y"><span style="-sec-ix-hidden: xdx2ixbrl0371">five</span></span>-year promissory note at <span id="xdx_90B_eus-gaap--DerivativeAverageVariableInterestRate_iI_pid_dp_uPure_c20230825_z09IHGp2Nvu" title="Interest rate">5</span>% interest for $<span id="xdx_909_eus-gaap--OriginationOfNotesReceivableFromRelatedParties_c20230823__20230825_zPIr8WKASfvg" title="Cortigent enter into a promissory note">2,000,000</span> in favor of Vivani. Consequently, Vivani 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® clinical study and basic operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the fourth quarter of 2023, Vivani Medical Australia Pty Ltd., a wholly owned subsidiary in Australia was established to support studies of our product candidates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2024, Vivani announced positive NPM-115 preclinical weight loss data comparable to semaglutide, the active ingredient in Ozempic®/Wegovy®, and disclosed NPM-139 as a semaglutide implant as our strategy shifted to prioritize our obesity portfolio. In a study of 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®/Wegovy®) 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 1, 2024, <span id="xdx_904_eus-gaap--SecuritiesPurchasedUnderAgreementsToResellMeasurementDifferenceDescription_c20240228__20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zHWhXZV0qGf6" title="Description of purchase agreement">the Company entered into a securities purchase agreement (“Securities Purchase Agreement”) with an institutional investor to purchase <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_uShares_c20240228__20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zFtyJdx15LT" title="Number of share purchase">3,947,368</span> shares of common stock, par value $<span id="xdx_901_eus-gaap--AcceleratedShareRepurchasesInitialPricePaidPerShare_pid_uUSDPShares_c20240228__20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zLBk5faWS8M8" title="Number of share purchase, per share">0.0001</span> per share (the “Common Stock”) and warrants to purchase up to an aggregate of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_uShares_c20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zpaXM0HSV9kl" title="Aggregate of share of common stock">3,947,368</span> shares of common stock at a purchase price of $<span id="xdx_905_eus-gaap--CommonStockNoParValue_iI_pid_uUSDPShares_c20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z56BhmBILNh" title="Common stock, purchase price, per share">3.80</span> per share and accompanying warrant in a registered direct offering (the “Offering”). The warrants have an exercise price of $<span id="xdx_902_eus-gaap--WarrantExercisePriceIncrease_pid_uUSDPShares_c20240228__20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z8K0uTcWLFYg" title="Warrant exercise price, per share">3.80</span> per share, are exercisable immediately upon issuance, and will expire <span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dxL_c20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zEXz2tMiktz4" title="Warrant term::XDX::P3Y"><span style="-sec-ix-hidden: xdx2ixbrl0389">three</span></span> years following the date of issuance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity and Capital Resources</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From inception, our operations have been funded primarily through the sales of our common stock and warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: 0.25in"><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: 0.25in"><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_90B_eus-gaap--SecuritiesPurchasedUnderAgreementsToResellMeasurementDifferenceDescription_c20240228__20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--ProductOrServiceAxis__custom--LiquidityAndCapitalResourcesMember_zP6GhOH5lHGf" title="Description of purchase agreement">the Company entered into a securities purchase agreement with an institutional investor (the “Securities Purchase Agreement”) relating to the issuance of 3,947,368 shares of the Common Stock and warrants to purchase up to an aggregate of 3,947,368 shares of Common Stock (the “Warrants”), to such investor at a purchase price of $3.80 per share and accompanying warrants in the Offering. The Warrants have an exercise price of $3.80 per share, are exercisable immediately upon issuance and will expire three years following the date of issuance.</span> Simultaneously, the Company also entered into a placement agency agreement with Maxim Group LLC (“Maxim” and such agreement, the “Placement Agency Agreement,” and together with the Securities Purchase Agreement, the “Agreements”), who acted as the sole placement agent for the Offering. The gross proceeds of $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfDebt_pn5n6_c20240228__20240301__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__srt--ProductOrServiceAxis__custom--LiquidityAndCapitalResourcesMember_zEEyiIqr9L7" title="Gross proceeds">15</span>.0 million from the Offering, before paying the placement agent fees and other offering costs, were received on March 5, 2024. In connection with the Securities Purchase Agreement, the Company paid issuance costs of $1.3 million, resulting in net proceeds of $13.7 million, during the three months ended March 31, 2024. For additional information, refer to Note 6. Equity Securities of the Notes to Condensed 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: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><span style="font: 10pt Times New Roman, Times, Serif"> </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>
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
CY2024Q1	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_842_eus-gaap--UseOfEstimates_zbNGHDBldQx4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_z870kQtQA6Bc">Use of estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the <span style="background-color: white">reporting </span>periods. On an ongoing basis, management evaluates its estimates, including, but not limited to, those related to useful lives of long-lived assets, stock-based compensation and evaluation of going concern. Management bases its estimates on historical experience and on various assumptions that management believes to be reasonable under the circumstances. Actual results could differ materially from those estimates.</span></p>
CY2024Q1	us-gaap	Cash And Cash Equivalents Fair Value Disclosure CashAndCashEquivalentsFairValueDisclosure	22869000	usd
CY2023Q4	us-gaap	Cash And Cash Equivalents Fair Value Disclosure CashAndCashEquivalentsFairValueDisclosure	18629000	usd
CY2024Q1	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	4231000	usd
CY2023Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	4171000	usd
CY2024Q1	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	2542000	usd
CY2023Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	2442000	usd
CY2024Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1689000	usd
CY2023Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1729000	usd
CY2024Q1	us-gaap	Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1	3.15
CY2024Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant	3387345	shares
CY2024Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	200000	usd
CY2024Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	353000	usd
CY2023Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	369000	usd
CY2024Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee	59014	shares
CY2024Q1	us-gaap	Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1 SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1	1.90
CY2024Q1	vani	Share Based Compensation1 ShareBasedCompensation1	100000	usd
CY2023Q1	vani	Share Based Compensation1 ShareBasedCompensation1	900000	usd
CY2024Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate	0	pure
CY2023Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate	0	pure
CY2024Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	1	pure
CY2023Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	1	pure
CY2024Q1	us-gaap	Net Income Loss NetIncomeLoss	-6039000	usd
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	-6318000	usd
CY2024Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	52202000	shares
CY2023Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	50755000	shares
CY2024Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.12
CY2023Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.12
CY2024Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	17244000	shares
CY2023Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	16366000	shares
CY2023Q1	us-gaap	Lessor Operating Lease Description LessorOperatingLeaseDescription	lease 14,823 square feet of office space at 27200 Tourney Road, Valencia, California 91355.
CY2023Q1	us-gaap	Lessee Finance Sublease Option To Extend LesseeFinanceSubleaseOptionToExtend	The 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.
CY2024Q1	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	19212000	usd
CY2023Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	19616000	usd
CY2024Q1	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	1434000	usd
CY2023Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	1383000	usd
CY2024Q1	us-gaap	Liabilities Other Than Longterm Debt Noncurrent LiabilitiesOtherThanLongtermDebtNoncurrent	18940000	usd
CY2023Q4	us-gaap	Liabilities Other Than Longterm Debt Noncurrent LiabilitiesOtherThanLongtermDebtNoncurrent	19313000	usd
CY2024Q1	us-gaap	Operating Lease Cost OperatingLeaseCost	800000	usd
CY2023Q1	us-gaap	Operating Lease Cost OperatingLeaseCost	300000	usd
CY2024Q1	us-gaap	Utilities Operating Expense Maintenance UtilitiesOperatingExpenseMaintenance	100000	usd
CY2023Q1	us-gaap	Utilities Operating Expense Maintenance UtilitiesOperatingExpenseMaintenance	100000	usd
CY2024Q1	vani	Lessee Discounted Operating Lease Liability Payments Due Year Three LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearThree	2314000	usd
CY2024Q1	vani	Lessee Discounted Operating Lease Liability Payments Due Year Four LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFour	2914000	usd
CY2024Q1	vani	Lessee Discounted Operating Lease Liability Payments Due Year Five LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearFive	2889000	usd
CY2024Q1	vani	Lessee Discounted Operating Lease Liability Payments Due Year Six LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearSix	2976000	usd
CY2024Q1	vani	Lessee Discounted Operating Lease Liability Payments Due Year Seven LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearSeven	3065000	usd
CY2024Q1	vani	Lessee Discounted Operating Lease Liability Payments Due Year Eight LesseeDiscountedOperatingLeaseLiabilityPaymentsDueYearEight	15861000	usd
CY2024Q1	us-gaap	Operating Lease Payments OperatingLeasePayments	30019000	usd
CY2024Q1	us-gaap	Finance Lease Interest Expense FinanceLeaseInterestExpense	9645000	usd
CY2024Q1	us-gaap	Lease Cost LeaseCost	20374000	usd
CY2024Q1	us-gaap	Operating Lease Weighted Average Discount Rate Percent OperatingLeaseWeightedAverageDiscountRatePercent	0.0841	pure
CY2024Q1	vani	Cash Paid For Operating Lease Liabilities CashPaidForOperatingLeaseLiabilities	756000	usd
CY2023Q1	vani	Cash Paid For Operating Lease Liabilities CashPaidForOperatingLeaseLiabilities	377000	usd
CY2024Q1	vani	Clinical And Regulatory Expense ClinicalAndRegulatoryExpense	6000	usd
CY2023Q1	vani	Clinical And Regulatory Expense ClinicalAndRegulatoryExpense	26000	usd
CY2021Q2	vani	Liquidated Damages Paid Value LiquidatedDamagesPaidValue	1000000	usd
CY2024Q1	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 judgment, 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 converted into euros at the date of the judgment. 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 had opened safeguard proceedings against Pixium by judgment dated October 9, 2023, then in its judgment dated November 13, 2023, converted safeguard proceedings into receivership, and in its judgment dated January 31, 2024, converted Pixium’s receivership proceedings to liquidation proceedings, the transfer plan being rejected. As a result, Pixium’s liquidator intervened on behalf Pixium in the pending proceedings before the Paris Court of Appeal and filed its brief on March 21, 2024. The Company filed its brief in reply with the Paris Court of Appeal on April 17, 2024. Proceedings before the Paris Court of Appeal are pending. In parallel, since the Company has failed to enforce the judgment, Pixium has requested the pre-trial judge to strike out the Company's appeal for failure to enforce the judgment. The hearing is scheduled to be in June 2024. 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.
CY2023Q1	vani	Loss Contingency Settlement Agreement Court1 LossContingencySettlementAgreementCourt1	1675000	usd

Files In Submission

Name	View Source	Status
0001753926-24-000959-index-headers.html	Edgar Link	pending
0001753926-24-000959-index.html	Edgar Link	pending
0001753926-24-000959.txt	Edgar Link	pending
0001753926-24-000959-xbrl.zip	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
g084215_10q.htm	Edgar Link	pending
g084215_ex10-1.htm	Edgar Link	pending
g084215_ex31-1.htm	Edgar Link	pending
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vani-20240331.xsd	Edgar Link	pending
vani-20240331_cal.xml	Edgar Link	unprocessable
vani-20240331_def.xml	Edgar Link	unprocessable
vani-20240331_lab.xml	Edgar Link	unprocessable
vani-20240331_pre.xml	Edgar Link	unprocessable
FilingSummary.xml	Edgar Link	unprocessable
g084215_10q_htm.xml	Edgar Link	completed

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$VANI
Vivani Medical, Inc. Stock $vani

2024 Q2 Form 10-Q Financial Statement

#000175392624000959 Filed on May 13, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VANI Vivani Medical, Inc. Stock $vani

2024 Q2 Form 10-Q Financial Statement

#000175392624000959 Filed on May 13, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VANI
Vivani Medical, Inc. Stock $vani