VANI

MKT CAP:$80M

Vivani Medical, Inc.

Market Cap

$80M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$1.38+$0.11 (+8.66%)

Apr 21, 2026

Company Details

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 profil...

CEO

Adam Mendelsohn

IPO Date

Nov 19, 2014

Website

www.vivani.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$27M

EPS (Diluted)

-$0.43

Free Cash Flow

-$25M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 26, 2026

$0EPS -$0.43

Q4 2025

Mar 26, 2026

$0EPS -$0.09

Q3 2025

Nov 13, 2025

$0EPS -$0.11

Q2 2025

Aug 13, 2025

$0EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$4M
Q2 22	$0	$0	-$4M
Q3 22	$0	$0	-$5M
Q4 22	$0	$0	-$8M
Q1 23	$0	$0	-$7M
Q2 23	$0	$0	-$7M
Q3 23	$0	$0	-$7M
Q4 23	$0	-$98.0K	-$6M
Q1 24	$0	$0	-$6M
Q2 24	$0	$0	-$6M
Q3 24	$0	$0	-$6M
Q4 24	$0	-$89.0K	-$6M
Q1 25	$0	$0	-$7M
Q2 25	$0	$0	-$7M
Q3 25	$0	-$105.0K	-$7M
Q4 25	$0	-$115.0K	-$7M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$3M	-$3M
Q2 22	-$3M	-$4M
Q3 22	-$7M	-$7M
Q4 22	-$5M	-$5M
Q1 23	-$7M	-$7M
Q2 23	-$6M	-$6M
Q3 23	-$8M	-$8M
Q4 23	-$3M	-$4M
Q1 24	-$5M	-$5M
Q2 24	-$5M	-$5M
Q3 24	-$6M	-$6M
Q4 24	-$6M	-$6M
Q1 25	-$5M	-$5M
Q2 25	-$6M	-$6M
Q3 25	-$6M	-$7M
Q4 25	-$7M	-$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$30.0K
Q2 22	$86.0K
Q3 22	$181.0K
Q4 22	$41.0K
Q1 23	$37.0K
Q2 23	$44.0K
Q3 23	$63.0K
Q4 23	$743.0K
Q1 24	$182.0K
Q2 24	$37.0K
Q3 24	$41.0K
Q4 24	$296.0K
Q1 25	$5.0K
Q2 25	$71.0K
Q3 25	$823.0K
Q4 25	$274.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+143.9%
Q2 22	—	+220.8%
Q3 22	—	+83.0%
Q4 22	—	+119.6%
Q1 23	—	+69.0%
Q2 23	—	+71.3%
Q3 23	—	+31.2%
Q4 23	—	-20.2%
Q1 24	—	-5.7%
Q2 24	—	-18.9%
Q3 24	—	-11.7%
Q4 24	—	+3.9%
Q1 25	—	+5.3%
Q2 25	—	+31.4%
Q3 25	—	+6.6%
Q4 25	—	+5.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$340.0K	—
Q2 22	$394.0K	—
Q3 22	$391.0K	—
Q4 22	$171.0K	—
Q1 23	$369.0K	—
Q2 23	$524.0K	—
Q3 23	$511.0K	—
Q4 23	$460.0K	—
Q1 24	$353.0K	—
Q2 24	$383.0K	—
Q3 24	$472.0K	—
Q4 24	$402.0K	—
Q1 25	$350.0K	—
Q2 25	$391.0K	—
Q3 25	$276.0K	—
Q4 25	$467.0K	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$3M	$1M	—
Q2 22	$3M	$884.0K	—
Q3 22	$4M	$2M	—
Q4 22	$4M	$2M	—
Q1 23	$4M	$3M	—
Q2 23	$4M	$3M	—
Q3 23	$4M	$3M	—
Q4 23	$5M	—	$1M
Q1 24	$4M	$3M	—
Q2 24	$4M	$2M	—
Q3 24	$4M	$2M	—
Q4 24	$4M	—	$2M
Q1 25	$4M	$2M	—
Q2 25	$5M	$3M	—
Q3 25	$5M	—	$2M
Q4 25	$5M	$2M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$7M	$0	$7M
Q2 22	$3M	$0	$3M
Q3 22	$52M	$0	$52M
Q4 22	$45M	$0	$45M
Q1 23	$38M	$0	$38M
Q2 23	$32M	$0	$32M
Q3 23	$25M	$0	$25M
Q4 23	$21M	$0	$21M
Q1 24	$30M	$0	$30M
Q2 24	$25M	$0	$25M
Q3 24	$20M	$0	$20M
Q4 24	$18M	$0	$18M
Q1 25	$13M	$0	$13M
Q2 25	$7M	$0	$7M
Q3 25	$3M	$0	$3M
Q4 25	$16M	$0	$16M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	33M	-16.0%	+43.1%
Q2 22	51M	+53.3%	+119.4%
Q3 22	38M	-24.1%	+16.3%
Q4 22	51M	+31.9%	+28.7%
Q1 23	51M	+0.0%	+53.4%
Q2 23	51M	+0.1%	+0.1%
Q3 23	51M	+0.1%	+32.1%
Q4 23	51M	+0.4%	+0.6%
Q1 24	52M	+2.3%	+2.9%
Q2 24	55M	+5.4%	+8.3%
Q3 24	55M	+0.4%	+8.7%
Q4 24	57M	+3.9%	+12.5%
Q1 25	59M	+3.2%	+13.5%
Q2 25	59M	+0.0%	+7.7%
Q3 25	60M	+0.8%	+8.1%
Q4 25	62M	+4.5%	+8.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$0	14
Q1 23	$0	14
Q2 23	$0	14
Q3 23	$0	14
Q4 23	$0	37
Q1 24	$0	37
Q2 24	$0	37
Q3 24	$0	37
Q4 24	$0	36
Q1 25	$0	36
Q2 25	$0	36
Q3 25	$0	36
Q4 25	$0	36

Revenue / Employee