Vivani Medical (VANI) AI Stock Analysis

• Market Cap: $96.30M
• 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: 0.92
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -455.32
• Enterprise Value/Ebitda: -3.36
• 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: 50 Neutral
• Price Target: $1.50 ▲(17.19% Upside)

The score is held back primarily by weak financial performance (pre-revenue status, large losses/cash burn, and a higher-risk balance sheet with thin equity). Technicals provide a moderate offset with price above key moving averages and positive momentum signals, while valuation remains constrained by negative earnings and no dividend support. Corporate events modestly help via added funding runway but also highlight continued dependence on external capital.

Positive Factors

Proprietary implant drug‑delivery tech

Vivani's NanoPortal implant represents a durable technical differentiation for chronic therapies: sustained, controllable dosing that can improve adherence versus daily drugs. Clinical application (LIBERATE‑1) validates platform potential, strengthening long‑term competitive positioning in metabolic device therapeutics.

Advancing clinical pipeline (semaglutide study)

A scheduled Phase 1 semaglutide implant study is a structural catalyst that, if successful, materially de‑risks product development and supports a clear path toward commercialization for obesity management. Progress toward human proof‑of‑concept is critical for long‑term market entry and partnership opportunities.

Recent equity financings extend runway

Access to capital via registered and private placements demonstrates the company can source funding to support clinical activities. These financings modestly strengthen near‑term runway, enabling continued trials and development execution—a key structural requirement for clinical‑stage biotech survival.

Negative Factors

Pre‑revenue with sizable net losses

The company remains pre‑commercial and reported a multi‑million dollar TTM net loss, reflecting continued investment without revenue. Persisting losses constrain ability to self‑fund development, increase dependency on external capital, and lengthen the timeline to durable profitability and margin sustainability.

High cash burn and negative cash flow

Material negative operating and free cash flow indicate ongoing high cash consumption to fund R&D and trials. This structural cash burn necessitates repeat financings, raising dilution risk and creating execution pressure to convert pipeline milestones into value before liquidity tightens.

Very high leverage; thin equity cushion

A debt load vastly exceeding equity signals elevated balance sheet risk and limited financial flexibility. High leverage increases refinancing and covenant risk, reduces ability to absorb setbacks, and amplifies the need for external capital—structural weaknesses for a pre‑revenue clinical company.

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

Financials remain weak: no reported revenue and sizable ongoing losses (TTM net loss ~-$26.0M) with heavy cash burn (TTM FCF ~-$24.6M). Balance sheet risk has increased as equity has compressed sharply while debt remains meaningful (TTM debt ~$18.3M vs equity ~$1.3M), raising financing/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: 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 Negative. The current price of 1.28 is below the 20-day moving average (MA) of 1.37, below the 50-day MA of 1.36, and below the 200-day MA of 1.33, indicating a bearish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 45.68 is Neutral, neither overbought nor oversold. The STOCH value of 39.39 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	$116.86M	16.75	4.34%	―	3.36%	-21.15%
XTNT	66 Neutral	$81.48M	55.88	3.64%	―	16.88%	―
EDAP	54 Neutral	$152.00M	-6.89	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VANI	50 Neutral	$96.30M	-2.78	-265.02%	―	―	-0.27%
NSPR	47 Neutral	$69.45M	-1.95	-87.61%	―	14.04%	-0.65%
ICCM	45 Neutral	$40.73M	―	-157.91%	―	-18.96%	8.98%

Vivani Medical Corporate Events

Vivani Medical Announces Equity Offerings to Fund Pipeline

On January 25, 2026, Vivani Medical, Inc. priced a best-efforts registered direct offering of 1,689,200 common shares at $1.48 per share and a concurrent private placement of 1,351,351 common shares at the same price to an entity affiliated with board chairman Gregg Williams, for expected combined gross proceeds of approximately $4.5 million before fees and expenses. The private placement, conducted without warrants, discounts or placement fees, and the registered offering, arranged through ThinkEquity as sole placement agent with customary lock-up agreements for directors and officers, are expected to close on or about January 27, 2026, and will provide additional capital for ongoing research and clinical development of Vivani’s drug implant candidates, as well as working capital and general corporate purposes, modestly strengthening the company’s balance sheet and funding runway for its metabolic disease pipeline.

The most recent analyst rating on (VANI) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Vivani Medical stock, see the VANI Stock Forecast page.

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.