Vivani Medical, Inc.

What they do

Vivani develops miniature drug implant candidates designed to deliver near constant-rate therapeutic drug levels for up to six months or longer, aiming to address medication non-adherence. Its lead program, NPM-139, is a semaglutide (GLP-1) implant for chronic weight management, with additional programs NPM-133 for type-2 diabetes, NPM-115 (exenatide) for weight management, and OKV-119 for companion animals with partner Okava. The company resulted from the August 30, 2022 merger of Second Sight Medical Products and Nano Precision Medical, and contributed its legacy neurostimulation assets to wholly owned subsidiary Cortigent.

Revenue drivers

• NPM-139 (semaglutide implant) — Lead preclinical/clinical candidate for chronic weight management; not approved or commercialized, so it generates no revenue today.
• NPM-133 (semaglutide implant) — Development-stage candidate for type-2 diabetes; no revenue and no approved product.
• NPM-115 (exenatide implant) — Development-stage candidate for chronic weight management; no revenue.
• OKV-119 (animal health implant) — GLP-1-based implant for companion cats and dogs developed with Okava Pharmaceuticals; development-stage with no reported revenue.

Recent performance

Reported annual revenue was $0.00 in both 2024 and 2025, with no approved products for commercial sale. Annual net losses were $26.6M in 2025 and $23.5M in 2024, and operating cash flow was negative $24.3M in 2025 and negative $20.8M in 2024. As of June 30, 2026, the company reported total assets of $41.6M, total liabilities of $22.7M, shareholder equity of $19.0M, and cash and equivalents of $19.9M. In the second quarter of 2026, Vivani reported that all 20 participants were dosed in the SLIM-1 Phase 1 trial of NPM-139.

Strategy

Management's main priority is advancing its miniature, ultra long-acting drug implant programs, led by NPM-139, while exploring strategic options for the legacy neurostimulation business. On July 7, 2026, Vivani signed a non-exclusive agreement allowing Novo Nordisk to evaluate NPM-139 and the NanoPortal technology, with no exclusivity provisions tied to the agreement. In July 2026, subsidiary Cortigent entered a definitive merger agreement with Nasdaq-listed ClearOne, intended to establish Cortigent as a separately listed public company and reduce Vivani's direct Cortigent expenditures. The company expects SLIM-1 top-line data in November 2026 and anticipates advancing NPM-139 into a Phase 2 dose-ranging trial in 2027.

Risks

• No approved products or revenue — Vivani is a clinical-stage company with no products approved for commercial sale and reported $0.00 revenue in 2024 and 2025.
• Need for additional financing — The company states it will require substantial additional financing to pursue its business objectives, which may not be available on acceptable terms or at all.
• Regulatory and clinical uncertainty — Final marketing approval of NPM-139, NPM-133, NPM-115 or other candidates may be delayed, limited, or denied, and clinical development is lengthy and expensive with uncertain outcomes.
• Manufacturing and third-party reliance — The company cites complex manufacturing challenges and reliance on third parties that could substantially increase costs and limit supply of its product candidates.

Outlook

Management expects top-line data from the SLIM-1 Phase 1 trial of NPM-139 in November 2026, which it anticipates will support advancing NPM-139 into a Phase 2 dose-ranging trial in 2027. The company anticipates completion of the Cortigent-ClearOne merger into Cortigent Holdings and initiation of Nasdaq trading under ticker symbol CRGT in the third quarter of 2026. Vivani also plans to continue development of its NanoPortal-based implant portfolio while pursuing partnerships such as the non-exclusive agreement with Novo Nordisk.