Vivani Medical, Inc. ( (VANI) ) has released its Q3 earnings. Here is a breakdown of the information Vivani Medical, Inc. presented to its investors.
Vivani Medical, Inc., a Delaware-based biopharmaceutical company, specializes in the development of miniaturized, subdermal implants for long-term medication delivery using its proprietary NanoPortal™ technology. The company’s primary focus is on treating chronic diseases by ensuring medication adherence. In its latest earnings report for the quarter ended September 30, 2024, Vivani Medical, Inc. reported a net loss of $6.04 million, an improvement from the $6.78 million loss in the same quarter of the previous year. The company highlighted significant strategic advancements, including the initiation of clinical trials for its GLP-1 implant NPM-115 designed for chronic weight management, and securing regulatory approval for its first human trial in Australia. Key financial metrics show a decrease in operating expenses and other income compared to last year, reflecting a strategic shift towards prioritizing their obesity portfolio. Vivani Medical also successfully raised additional capital through a securities purchase agreement and an open market sales agreement, bolstering its cash position to support future operations. Looking ahead, the company remains focused on advancing its clinical programs, particularly the LIBERATE-1 trial, with expectations for data to be available in 2025, while continuing to explore strategic options to enhance shareholder value.
