ALAMEDA, Calif. — November 13, 2025 — Leads & Copy — Vivani Medical, Inc. (Nasdaq: VANI) reported its third-quarter financial results and provided a business update, including plans to initiate a Phase 1 clinical study of its semaglutide implant, NPM-139, for chronic weight management in the first half of 2026.
The company plans parallel investments in studies to enable rapid initiation of a Phase 2 dose-ranging study, pending Phase 1 results and regulatory feedback.
In the third quarter of 2025, a private placement, along with October financings, generated approximately $25.7 million in cash and cash commitments. This will support accelerated development of NPM-139 while securing the company’s financial position into 2027.
Vivani Chief Executive Officer Adam Mendelsohn, Ph.D., said the company achieved significant progress during the third quarter, including the successful completion of LIBERATE-1. He noted this marks the first clinical application of Vivani’s proprietary platform technology, NanoPortal™, and paves the way for continued development of the company’s growing pipeline of ultra long-acting miniature drug implants, including NPM-139 and NPM-133, its semaglutide-based implants in development for chronic weight management and treatment of type 2 diabetes, respectively. He added that the company’s initial focus is on the Phase 1 study, which it anticipates will generate clinical data supporting both semaglutide development programs.
Mendelsohn said Vivani remains the only company developing ultra long-acting miniature GLP-1 implants designed for once- or twice-yearly dosing, adding that its NanoPortal drug delivery platform is uniquely differentiated from a competitive landscape that includes over 50 injectable and oral candidates in development for chronic weight management by offering both infrequent administration and peace of mind that, if necessary, treatment can be discontinued at any time. He said NanoPortal GLP-1 implants promise to address two of the main challenges in obesity treatment today that contribute to suboptimal patient outcomes: poor medication adherence and poor tolerability, adding that the company is excited to be positioned to initiate clinical development of the semaglutide implant program in the first half of 2026.
Other business highlights included:
- On October 28, Vivani closed its previously announced best efforts registered direct offering of 6,000,000 shares of its common stock at an offering price of $1.62 per share, which was the closing market price on Friday, October 26, along with the closing of a concurrent private placement of 3,703,703 shares of its common stock at the same offering price of $1.62 per share purchased by an entity affiliated with Gregg Williams, the Chairman of the Company’s board of directors. Gross proceeds from the two transactions were approximately $15.7 million, before deducting fees and offering expenses.
- On October 3, Vivani announced that it will temporarily withdraw the previously announced record date for the planned spin-off of Cortigent, Inc. (“Cortigent”), its wholly owned subsidiary developing brain implant devices with cutting-edge neuromodulation technology, due to circumstances surrounding the current shutdown of the U.S. federal government. Vivani expects to establish a new record date shortly after the U.S. Securities and Exchange Commission (“SEC”) resumes normal operations. This followed Vivani’s earlier announcement on September 17, indicating that its board of directors had set the record date for the approved spin-off of Cortigent.
- On September 4, Vivani announced plans to initiate a Phase 1 clinical study in the NPM-139 semaglutide implant program in the first half of 2026, pending regulatory clearance. The Company is also preparing to initiate a Phase 2 clinical study of NPM-139 pending enabling results from the Phase 1 study and regulatory feedback. The NPM-139 clinical program will evaluate the Company’s investigational semaglutide implant for chronic weight management in patients who are either obese or overweight with a related comorbidity.
- On August 11, Vivani entered into a share purchase agreement to issue and sell an aggregate of 7,936,507 shares of common stock, priced at $1.26 per share, the closing market price on August 11, in a private placement with two investors including an entity beneficially owned by Gregg Williams. This private sale transaction is expected to result in gross proceeds of approximately $10.0 million and supports the prioritization and accelerated development of NPM-139 into clinical-stage development with initiation anticipated in 2026.
- On August 5, Vivani announced the rapid advancement of NPM-139, a novel semaglutide implant, following data showing 20% weight loss sustained over more than 7 months, from an ongoing preclinical study of NPM-139 and promising results from the LIBERATE-1 Phase 1 clinical study of NPM-115. LIBERATE-1 represented the first-in-human test of the Company’s proprietary NanoPortal implant technology.
Upcoming Anticipated Milestones:
- Vivani anticipates initiating clinical development of a semaglutide implant, NPM-139, in obesity and chronic weight management in 2026.
- Vivani anticipates completing the spin-off of Cortigent, a subsidiary of the Company that develops brain implant devices to help patients recover critical body functions, as an independent publicly traded company shortly after the SEC resumes operations.
Third Quarter 2025 Financial Results:
- As of September 30, 2025, Vivani had cash, cash equivalents and restricted cash totaling $4.0 million, compared to $19.7 million as of December 31, 2024.
- Research and development expense during the three months ended September 30, 2025 was $4.5 million, compared to $4.2 million during the three months ended September 30, 2024.
- General and administrative expense during the three months ended September 30, 2025 was $2.2 million, compared to $2.1 million during the three months ended September 30, 2024.
- The net loss during the three months ended September 30, 2025 was $6.5 million, compared to $6.0 million during the three months ended September 30, 2024.
Donald Dwyer
Chief Business Officer
info@vivani.com
(415) 506-8462
Jami Taylor
Investor Relations Advisor
investors@vivani.com
(415) 506-8462
Sean Leous
ICR Healthcare
Sean.Leous@ICRHealthcare.com
(646) 866-4012
Source: Vivani Medical, Inc.
