Vivani Medical (VANI) AI Stock Analysis

• Market Cap: $68.13M
• Dividend Yield: N/A
• Average Volume (3M): 81.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• Revenue Growth: N/A
• EPS Growth: 15.22%
• Country: US
• Employees: 37
• Sector: Healthcare
• Sector Strength: 59
• Industry: Medical - Devices
• EPS (TTM): -0.11
• Shares Outstanding: 59,243,904
• 10 Day Avg. Volume: 112,881
• 30 Day Avg. Volume: 81,011
• PEG Ratio: 0.06
• Price to Book (P/B): 0.73
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.70
• Enterprise Value/Market Cap: -0.17
• Enterprise Value/Revenue: -11.22
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: 0.12
• 1Y Price Target: $4.00
• Price Target Upside: 247.83% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 44 Neutral
• Price Target: ―

Vivani Medical's overall score reflects its challenging financial situation and unfavorable valuation. Despite some positive corporate events and neutral technical indicators, the company's consistent losses and reliance on external financing weigh heavily on the score. The strategic focus on core drug implant business and recent milestones offer some potential for improvement, but substantial operational and financial efficiency improvements are necessary for a stronger outlook.

Positive Factors

Clinical Trials

All subjects implanted with NPM-115 in the Phase 1 LIBERATE-1 study experienced successful implantation with no unexpected adverse events, indicating a well-tolerated procedure.

Financial Stability

The cash balance of Vivani Medical is expected to be sufficient to fund operations into mid-2026, supporting the continuation of current studies and developments.

Product Development

Vivani announced positive preclinical data for NPM-139, a subdermal implant being developed for chronic weight management, which demonstrated continuous and steady semaglutide exposure.

Negative Factors

Regulatory and Market Risks

Risks include the potential failure of NPM-115 in clinical trials, failure to secure regulatory approval, failure to achieve commercial success, and dilution risk.

Stock Dilution

The 12-month price target is lowered to $4.00 from $8.00 due to dilution from the recent capital raise.

Vivani Medical Business Overview & Revenue Model

Company Description

Vivani Medical, Inc., a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals. The company is headquartered in Emeryville, California.

How the Company Makes Money

Vivani Medical makes money primarily through the sale and licensing of its proprietary implantable medical devices. These devices are sold to healthcare providers, hospitals, and clinics, which utilize them to treat patients with specific chronic conditions. The company may also generate revenue through partnerships and collaborations with pharmaceutical companies and research institutions, leveraging its technology to develop new therapeutic solutions. Additionally, Vivani Medical might earn income from grants or funding from government and private entities supporting healthcare innovation.

Vivani Medical Financial Statement Overview

Summary

Vivani Medical is facing significant financial challenges with consistent losses and reliance on external financing. While there is some revenue growth in the trailing twelve months (TTM), it hasn't translated into profitability. The company needs to address its cash burn and improve operational efficiency to enhance financial stability.

Income Statement

Vivani Medical's income statement shows a challenging financial position with no revenue for several years, except for a small amount in TTM. The net profit margin is negative, indicating losses. There's a slight positive revenue growth in TTM, but EBIT and EBITDA margins remain deeply negative, reflecting significant operational challenges.

Balance Sheet

The balance sheet shows moderate financial leverage with a debt-to-equity ratio that increased over time. The equity ratio has decreased, reflecting a decline in the proportion of assets financed by equity. The company consistently operates at a loss, impacting its return on equity negatively.

Cash Flow

Cash flow analysis reveals consistent negative operating and free cash flows, indicating ongoing cash burn. The financing cash flow has been positive, suggesting reliance on external financing. The operating cash flow to net income ratio is negative, highlighting inefficiencies in cash generation.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
0.00	0.00	0.00	0.00	0.00	0.00
	Gross Profit
0.00	0.00	-357.00K	-381.00K	-345.00K	-167.00K
	EBIT
-25.01M	-24.68M	-26.96M	-21.24M	-13.32M	-9.24M
	EBITDA
-24.60M	-23.09M	-26.61M	-19.16M	-12.98M	-8.89M
	Net Income Common Stockholders
-23.75M	-23.49M	-25.65M	-6.54M	-12.13M	-9.28M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
13.01M	18.35M	20.65M	45.08M	2.18M	2.08M
	Total Assets
35.45M	41.56M	45.80M	51.13M	5.45M	5.22M
	Total Debt
18.94M	19.31M	20.70M	955.00K	1.81M	2.47M
	Net Debt
5.93M	961.00K	42.00K	-44.12M	-366.00K	386.00K
	Total Liabilities
23.83M	23.95M	25.04M	6.82M	2.99M	3.27M
	Stockholders Equity
11.62M	17.61M	20.76M	44.31M	2.46M	1.95M
Cash Flow		Free Cash Flow
-21.82M	-21.34M	-24.59M	-19.13M	-11.52M	-7.77M
	Operating Cash Flow
-21.44M	-20.79M	-23.70M	-18.79M	-10.95M	-7.62M
	Investing Cash Flow
-379.00K	-556.00K	-887.00K	-338.00K	-572.00K	-150.00K
	Financing Cash Flow
5.19M	19.05M	133.00K	63.39M	11.62M	9.19M

Vivani Medical Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VANI, the sentiment is Neutral. The current price of 1.15 is below the 20-day moving average (MA) of 1.15, above the 50-day MA of 1.08, and below the 200-day MA of 1.18, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 53.08 is Neutral, neither overbought nor oversold. The STOCH value of 40.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VANI.

Vivani Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	77 Outperform	$91.81M	11.91	5.00%	―	0.29%	-22.13%
XTNT	54 Neutral	$86.73M	―	-26.20%	―	20.81%	-498.66%
Sector *	54 Neutral	$5.38B	3.27	-45.10%	3.30%	16.81%	0.02%
CTSO	49 Neutral	$68.25M	―	-94.65%	―	-5.86%	50.76%
NSPR	47 Neutral	$71.07M	―	-113.95%	―	8.49%	6.09%
VANI	44 Neutral	$68.13M	―	-117.76%	―	―	15.22%
ICCM	44 Neutral	$54.99M	―	-173.47%	―	0.34%	9.38%

Vivani Medical Corporate Events

Vivani Medical Advances with Successful Milestones in 2024

Vivani Medical reported significant progress in 2024, transitioning to a clinical-stage biotechnology company with successful milestones in its NPM-115 and NPM-139 programs. The company completed full enrollment in the LIBERATE-1 study and announced promising preclinical data for NPM-139, securing $8.25 million in equity financing to support operations into 2026. Vivani also plans to spin off its subsidiary, Cortigent, to focus on its core drug implant business. Financial results for 2024 showed a decrease in net loss, attributed to staffing reductions and reduced use of outside services.

Vivani Medical Advances with LIBERATE-1 Clinical Trial

On March 12, 2025, Vivani Medical announced plans to spin off its Cortigent neurostimulation business into an independent, publicly traded company by mid-2025, subject to certain conditions. This strategic move aims to create two focused companies, allowing Vivani to concentrate on its NanoPortal drug implants, while Cortigent will continue developing neurostimulation technologies for vision and stroke recovery. On March 13, 2025, Vivani also reported the successful first implant and full enrollment in its LIBERATE-1 clinical trial for the GLP-1 implant NPM-115, targeting medication adherence in chronic weight management and type 2 diabetes. The trial’s top-line results are expected by mid-2025, potentially transforming treatment options for these conditions.