Vivani Medical, Inc. ( (VANI) ) has released its Q4 earnings. Here is a breakdown of the information Vivani Medical, Inc. presented to its investors.
Vivani Medical, Inc. is a biopharmaceutical company specializing in the development of miniaturized, ultra long-acting drug implants for chronic weight management and other chronic diseases. The company is focused on leveraging its proprietary NanoPortal™ technology to improve medication adherence and patient convenience.
Vivani Medical recently reported its fourth quarter and full year 2024 financial results, highlighting significant progress in its clinical-stage biotechnology programs. The company successfully completed the initial administration and full enrollment of its LIBERATE-1 study for the NPM-115 exenatide implant, with top-line data expected in mid-2025. Additionally, promising preclinical data for the NPM-139 semaglutide implant suggests potential for once-yearly dosing.
Key financial metrics from 2024 indicate a net loss of $23.5 million, a decrease from the previous year, primarily due to staffing reductions and reduced use of outside services. The company secured $8.25 million in equity financing, ensuring a solid financial position into the second quarter of 2026. Research and development expenses decreased slightly, while general and administrative expenses saw an increase due to higher professional services and stock-based compensation.
Vivani is also planning to spin off its subsidiary, Cortigent, Inc., to focus on its core drug implant business. Cortigent specializes in developing brain implant devices for recovering critical body functions and is set to become an independent publicly traded company.
Looking ahead, Vivani remains committed to advancing its NPM-115 and NPM-139 programs, with anticipated milestones including the release of top-line results from the LIBERATE-1 trial in mid-2025. The company continues to focus on its innovative pipeline of drug implants to address high unmet medical needs in chronic disease management.