Vivani Medical (VANI) AI Stock Analysis

• Market Cap: $92.65M
• Dividend Yield: N/A
• Average Volume (3M): 216.92K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.38
• Revenue Growth: N/A
• EPS Growth: -0.27%
• Country: US
• Employees: 37
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.11
• Shares Outstanding: 72,952,230
• 10 Day Avg. Volume: 237,036
• 30 Day Avg. Volume: 216,922
• PEG Ratio: 0.19
• Price to Book (P/B): 3.62
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.99
• Enterprise Value/Market Cap: 1.08
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -514.73
• Enterprise Value/Ebitda: -3.80
• 1Y Price Target: $4.00
• Price Target Upside: 212.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $1.00 ▼(-21.88% Downside)

The score is primarily held back by weak financial performance (pre-revenue, large losses and cash burn) and elevated balance-sheet risk from high leverage. Technicals also point to a downtrend despite oversold signals. Offsetting these negatives, recent corporate developments and funding provide near-term support and potential clinical catalysts.

Positive Factors

Strategic Focus

By spinning off Cortigent, Vivani can concentrate resources on its core drug implant business, potentially enhancing operational efficiency and innovation in its primary market.

Clinical Progress

Successful milestones in clinical trials indicate progress in product development, which could lead to new market opportunities and revenue streams if the products are commercialized.

Equity Financing

Securing equity financing provides Vivani with the necessary capital to continue operations and invest in growth initiatives, supporting long-term business sustainability.

Negative Factors

Consistent Losses

Ongoing financial losses and lack of significant revenue generation indicate operational inefficiencies and could hinder long-term viability unless addressed.

Cash Burn

Persistent negative cash flows highlight inefficiencies in cash generation, necessitating improved financial management to ensure sustainability.

Financial Leverage

Increasing financial leverage can strain the company's balance sheet, limiting flexibility and increasing risk, especially if revenue growth does not materialize.

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

Financial profile is weak: the company remains pre-revenue with sizable TTM losses (~$26.0M net loss) and heavy cash burn (TTM FCF ~-$24.6M). Balance sheet risk has increased with sharply higher leverage (TTM debt ~$18.3M vs equity ~$1.3M, ~14x debt-to-equity), reducing financial flexibility and increasing refinancing/dilution risk.

Income Statement

Results remain firmly loss-making with no reported revenue across the annual periods and in TTM (Trailing-Twelve-Months). Losses are sizable (TTM net loss of about $26.0M; EBIT and EBITDA also deeply negative), indicating the company is still in a heavy investment/burn phase without commercial scale. A modest positive is that losses are not accelerating dramatically versus recent years, but profitability is still far from breakeven and margins are not meaningful given zero revenue.

Balance Sheet

Leverage has risen sharply and balance sheet flexibility appears to have weakened. In TTM (Trailing-Twelve-Months), debt is about $18.3M while equity is only about $1.3M, implying very high leverage (debt-to-equity ~14x) and a substantially thinner equity cushion versus prior annual periods (where equity was much higher). Total assets also declined versus 2023–2024, and returns on equity are strongly negative, reflecting ongoing losses and increased balance sheet risk.

Cash Flow

Cash generation is materially negative, with TTM (Trailing-Twelve-Months) operating cash flow around -$23.4M and free cash flow around -$24.6M, consistent with a high cash burn profile. Cash burn has shown occasional year-to-year improvement (free cash flow growth positive in 2024 and TTM), but the company still relies on external funding to sustain operations. A small positive is that free cash flow and net loss are directionally aligned (free cash flow roughly in line with the net loss), but absolute cash outflows remain large.

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	-194.00K	0.00	-357.00K	0.00	0.00	0.00
EBITDA	-26.29M	-24.28M	-25.30M	-19.16M	-12.98M	-8.89M
Net Income	-26.03M	-23.49M	-25.65M	-13.89M	-12.77M	-9.28M
Balance Sheet
Total Assets	25.05M	41.56M	45.80M	51.13M	5.45M	5.22M
Cash, Cash Equivalents and Short-Term Investments	2.63M	18.35M	20.65M	45.08M	2.18M	2.08M
Total Debt	18.29M	19.31M	20.70M	955.00K	1.81M	2.47M
Total Liabilities	23.74M	23.95M	25.04M	6.82M	2.99M	3.27M
Stockholders Equity	1.31M	17.61M	20.76M	44.31M	2.46M	1.95M
Cash Flow
Free Cash Flow	-24.61M	-21.34M	-24.59M	-19.13M	-11.52M	-7.77M
Operating Cash Flow	-23.41M	-20.79M	-23.70M	-18.79M	-10.95M	-7.62M
Investing Cash Flow	-1.20M	-556.00K	-887.00K	-338.00K	-572.00K	-150.00K
Financing Cash Flow	7.51M	19.05M	133.00K	63.39M	11.62M	9.19M

Vivani Medical Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VANI, the sentiment is Negative. The current price of 1.28 is below the 20-day moving average (MA) of 1.30, below the 50-day MA of 1.37, and below the 200-day MA of 1.30, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 41.75 is Neutral, neither overbought nor oversold. The STOCH value of 39.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VANI.

Vivani Medical Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	66 Neutral	$117.43M	16.85	4.34%	―	3.36%	-21.15%
XTNT	66 Neutral	$95.76M	63.82	3.64%	―	16.88%	―
EDAP	54 Neutral	$152.93M	-7.04	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NSPR	47 Neutral	$67.37M	-1.90	-87.61%	―	14.04%	-0.65%
VANI	45 Neutral	$92.65M	-2.85	-265.02%	―	―	-0.27%
ICCM	45 Neutral	$46.62M	-2.67	-157.91%	―	-18.96%	8.98%

Vivani Medical Corporate Events

Vivani Medical Reports Q3 2025 Financial Results

Vivani Medical reported its financial results for the third quarter of 2025 and announced plans to initiate a Phase 1 clinical study of its semaglutide implant for chronic weight management in the first half of 2026. The company completed the LIBERATE-1 study, marking the first clinical application of its NanoPortal technology, and secured approximately $25.7 million in funding to support the development of its NPM-139 implant. Vivani also plans to spin off its subsidiary Cortigent, which develops brain implant devices, once the SEC resumes operations. The company aims to address challenges in obesity treatment by offering infrequent administration and the ability to discontinue treatment if necessary, positioning itself uniquely in a competitive landscape.

The most recent analyst rating on (VANI) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on Vivani Medical stock, see the VANI Stock Forecast page.

Vivani Medical Announces $15.7M Stock Offering

On October 26, 2025, Vivani Medical, Inc. announced the pricing of a registered direct offering and a concurrent private placement of its common stock, expected to raise approximately $15.7 million in gross proceeds. The funds will be used for ongoing research, clinical development, and general corporate purposes, with ThinkEquity acting as the sole placement agent for the registered offering.

The most recent analyst rating on (VANI) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on Vivani Medical stock, see the VANI Stock Forecast page.