olivLaw · US equity research
Vivani Medical, Inc. VANI
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
Vivani Medical develops miniature, ultra long-acting subdermal drug implants based on its proprietary NanoPortal technology, aimed at chronic diseases such as obesity and type 2 diabetes. The company is still clinical-stage with no approved products, and its net losses and modest cash balance make future financing a key thing to watch.
At the close of 04 Nov 2026, Vivani Medical, Inc. (VANI) stock was 1.07 USD (+1.90% on the day), with market capitalisation 96.5 m USD, beta 0.91, 52-week range 0.94–1.60 USD. Latest reported quarter (Q2 2026): net income of -6.4 m USD, diluted EPS -0.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.9
- weak (30–45)
- Bollinger (20, 2)
- 1.04 – 1.23
- in the lower half of the band · %B 0.16 · band width 17.2%
- SMA 50 / 200
- 1.23 / 1.26
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.3% | −1.1% | −11.2 pp | — |
| 3 months | −23.6% | −0.5% | −23.1 pp | — |
| 6 months | −14.4% | +4.4% | −18.8 pp | — |
| Year to date | −13.0% | +12.3% | −25.3 pp | — |
| 1 year | −28.9% | +13.5% | −42.4 pp | −0.4% |
| 3 years | 0.0% | +76.4% | −76.4 pp | −29.1% |
| 5 years | −87.3% | +63.7% | −151.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 ≈ | 0 | 0 | 0 ≈ | — | — | — | — |
| Research & development | 4.2 m | 4.3 m | 4.2 m | 4.8 m | 4.5 m | 4.6 m | 4.4 m | 4.5 m |
| Operating income | -6.3 m | -6.5 m | -6.6 m | -7.5 m | -6.7 m | -6.8 m | -6.8 m | -6.9 m |
| Depreciation & amortisation | 107.0 k | 89.0 k | 102.0 k | 100.0 k | 105.0 k | 115.0 k | 130.0 k | — |
| Net income | -6.0 m | -6.1 m | -6.3 m | -7.1 m | -6.5 m | -6.6 m | -6.8 m | -6.4 m |
| Diluted EPS | -0.11 | -0.11 ≈ | -0.11 | -0.12 | -0.11 | -0.09 ≈ | -0.08 | -0.07 |
| Operating cash flow | -5.7 m ≈ | -5.8 m | -5.2 m | -6.1 m ≈ | -6.4 m ≈ | -6.7 m | -6.2 m | -6.0 m ≈ |
| Capex | 41.0 k ≈ | 296.0 k | 5.0 k | 71.0 k ≈ | 823.0 k ≈ | 274.0 k | 3.0 k | 99.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.9 m | 3.4 m | unavailable | unavailable | unavailable | unavailable | 0 | 0 |
| Revenue YoY | −13.4% | −51.0% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -35.1 m | -33.6 m | -14.9 m | -12.8 m | -13.9 m | -25.7 m | -23.5 m | -26.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | -0.50 | -0.43 | -0.43 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -508.9% | -994.1% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -30.0 m | -28.1 m | -17.2 m | -11.5 m | -19.1 m | -24.6 m | -21.3 m | -25.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 16.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 15.7 m USD
- Total assets
- 39.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.71x
- ROE
- -159.6%
- ROA
- -65.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | 0 | 0 | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 500.0 k | 130.0 k | — | — | — | — | SEC (XBRL)· 29 Mar 2022verified |
| Gross profit | 500.0 k | 130.0 k | — | — | — | — | SEC (XBRL)· 29 Mar 2022verified |
| Research & development | 4.8 m | 11.0 m | 14.2 m | 17.0 m | 15.7 m | 18.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | -14.9 m | -13.3 m | -21.2 m | -27.0 m | -24.7 m | -27.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | 164.0 k | 345.0 k | 381.0 k | 357.0 k | 400.0 k | 424.0 k | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | -14.7 m ≈ | -13.0 m ≈ | -20.9 m ≈ | -26.6 m ≈ | -24.3 m ≈ | -27.1 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Pre-tax income | — | — | — | — | -23.5 m | -26.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | — | — | — | — | 2.0 k | — | SEC (XBRL)· 26 Mar 2026verified |
| Net income | -14.9 m | -12.8 m | -13.9 m | -25.7 m | -23.5 m | -26.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | — | — | — | -0.50 | -0.43 | -0.43 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | — | — | — | 50.9 k | 55.0 m | 62.4 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.1 m | 2.2 m | 45.1 m | 20.7 m | 18.4 m | 16.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 4.3 m | 2.5 m | 47.5 m | 23.1 m | 20.4 m | 17.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 174.0 k | 1.2 m | 1.2 m | 1.7 m | 1.7 m | 2.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 4.5 m | 5.5 m | 51.1 m | 45.8 m | 41.6 m | 39.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 486.0 k | 281.0 k | 1.2 m | 542.0 k | 817.0 k | 1.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Short-term debt | 2.2 m | — | — | — | — | — | SEC (XBRL)· 16 Mar 2021verified |
| Current liabilities | 5.1 m | 2.1 m | 6.8 m | 5.7 m | 6.0 m | 6.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 5.1 m | 3.0 m | 6.8 m | 25.0 m | 24.0 m | 23.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 2.0 m † | 2.5 m † | 44.3 m † | 20.8 m † | 17.6 m † | 15.7 m † | SEC (XBRL)· 26 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -16.8 m | -11.0 m | -18.8 m | -23.7 m | -20.8 m | -24.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 330.0 k | 572.0 k | 338.0 k | 887.0 k | 556.0 k | 1.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | -17.2 m ≈ | -11.5 m ≈ | -19.1 m ≈ | -24.6 m ≈ | -21.3 m ≈ | -25.5 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | 68.0 k | -572.0 k | -338.0 k | -887.0 k | -556.0 k | -1.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | 8.6 m | 11.6 m | 63.4 m | 133.0 k | 19.1 m | 23.3 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 96.5 m USD
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 33% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -27.5% | 0 (on a fixed band) | 67% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Vivani Medical, Inc. (VANI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 0 USD in 2025; ROE -220.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.2x
What contradicts it
- FCF yield: -27.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −29% / 0% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for VANI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Vivani Medical develops miniature, ultra long-acting subdermal drug implants based on its proprietary NanoPortal technology, aimed at chronic diseases such as obesity and type 2 diabetes. The company is still clinical-stage with no approved products, and its net losses and modest cash balance make future financing a key thing to watch.
SWOT
Strengths
- The NanoPortal technology offers near constant drug release and the possibility of reversibility, and the company has several GLP-1 programs in its pipeline 1.
- The SLIM-1 study has completed dosing, and the agreement with Novo Nordisk gives external validation of interest in the platform 3.
- Research and administrative expenses declined in the second quarter of 2026, showing cost discipline 3.
Weaknesses
- The company has no product revenue and has reported losses every year, so dependence on external financing is very high 1.
- The cash balance is small relative to annual costs, and additional financing could be needed before study results arrive 13.
- No product is approved, and the company has not yet shown it can complete clinical trials or obtain approval 1.
Opportunities
- If SLIM-1 results are favorable, the program could move to Phase 2, and a partnership with a large manufacturer could accelerate development 3.
- Separating Cortigent through the merger could unlock value in the neurostimulation assets for shareholders 23.
- Extending the NanoPortal platform to other peptide molecules could diversify the portfolio over the long term 1.
Risks
- Dependence on additional fundinghigh
The company has said that without additional financing it could be forced to slow or stop programs, and share issuances can dilute shareholders 1.
- No revenuehigh
No products are approved and no sales revenue has been generated, so profitability is uncertain 1.
- Limits on tax losseslow
The ability to use reported tax losses may be limited by ownership changes, which could reduce future tax benefits 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- The company has no revenue and loses money every year, and its relatively small cash balance could force share issuances with significant dilution 13.
- The Novo Nordisk agreement is non-exclusive and offers no guarantee of a commercial collaboration, leaving the value of the technology uncertain 3.
- The company has not yet shown it can complete clinical studies or obtain approval, and SLIM-1 results could prove disappointing 1.
What to watch
- Closing of the Cortigent-ClearOne merger and start of trading under ticker CRGTQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Vivani Medical, Inc. is a clinical-stage biopharmaceutical company developing miniature, ultra long-acting drug implants using its proprietary NanoPortal technology, designed to deliver a broad range of medicines at near constant rates. The stated aim is to address medication non-adherence, poor drug tolerability and administration challenges in patients with chronic diseases. The company has not generated revenue and has reported operating losses in every period since inception, with a net loss of $26.6 million in 2025 1. The company was formed in 2022 from the merger of Second Sight and Nano Precision Medical, and legacy neurostimulation assets were moved into subsidiary Cortigent 1.
In the first half of 2026 the company raised funds through private sales of shares and a registered direct offering completed in January 2026, and cash rose to $20.8 million as of June 30, 2026 23. Future results will depend on the success of clinical studies and the ability to secure additional financing.
Segments
Market context
The company targets the market for chronic treatments of obesity and type 2 diabetes, where it states that about 50% of patients do not take their medicine as prescribed 1. The eventual size of this market depends on regulatory approvals, pricing and acceptance by physicians and patients, factors the company itself describes as uncertain 1.
The market for this type of implant is still forming, and future revenue could be limited if competition or treatment guidelines narrow the target population, a scenario the annual report states explicitly 1.
Competitive position
Vivani's implants compete with already approved oral and injectable GLP-1 drugs such as semaglutide, which remain the standard of care for patients with obesity and diabetes 1. The company says it is the only developer of convenient, ultra-long-acting and reversible GLP-1 candidates administrable during a routine primary care visit 3.
Competition also comes from other extended-release technologies, and Vivani's advantage depends on showing reversibility and long-term tolerability, data that are still being generated in clinical studies 1.
- ClearOneCLRO
Nasdaq-listed company involved in the merger with Cortigent, which could provide a financing route for the neurostimulation assets 23.
- Makers of injectable GLP-1 treatments
Companies offering weekly injectable treatments are indirect competitors, and the low adherence to these products is the problem Vivani aims to solve 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Oct 2026Regulation FD disclosure
- Current report29 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report16 Sept 2026Regulation FD disclosure
- Current report17 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report13 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report06 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report07 Jul 2026Material agreement · Other events · Financial statements and exhibits
- Current report30 Jun 2026Departure or appointment of officers · Shareholder vote · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Vivani Medical, Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Vivani Medical, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Vivani Medical, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.