Vivani Medical, Inc. reported a net loss of $23.5 million for the fiscal year ending December 31, 2024, a decrease from the $25.7 million loss recorded in the previous year. The company's total revenue remains at zero, as it has not yet commercialized any products. Operating expenses for 2024 were $24.6 million, down from $27.0 million in 2023, primarily due to staffing reductions and decreased use of outside services. As of December 31, 2024, Vivani had an accumulated deficit of $121.9 million and cash reserves of $19.7 million, which the company estimates will sustain operations for at least the next twelve months.
In terms of strategic developments, Vivani has focused on advancing its proprietary NanoPortal™ technology, which is designed for the long-term delivery of medications. The company is currently developing several product candidates, including NPM-115 (high-dose exenatide implant) and NPM-139 (semaglutide implant), both aimed at addressing chronic weight management. The NPM-115 program has received regulatory approval to initiate its first-in-human clinical trial, LIBERATE-1, in Australia, with results expected in mid-2025. Additionally, the company has established Vivani Medical Australia Pty Ltd. to support its clinical studies.
Operationally, Vivani has made significant progress in its clinical development pipeline. The company has successfully lifted a clinical hold on its NPM-119 program, which is also in development for type 2 diabetes. The LIBERATE-1 trial for NPM-115 is designed to evaluate the safety and pharmacokinetics of the implant in obese and overweight individuals, with full enrollment achieved shortly after the trial's initiation. The company has also reported positive preclinical data for its product candidates, indicating potential for effective weight loss comparable to existing therapies.
Looking ahead, Vivani's management has expressed optimism about the potential of its product candidates to address significant unmet medical needs in chronic disease management. However, the company acknowledges the inherent risks associated with clinical development, including the need for substantial additional financing to support ongoing research and development efforts. The company is exploring various funding avenues, including public and private equity offerings, to ensure it can continue its operations and advance its product pipeline.
About Vivani Medical, Inc.
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