Vivani Medical, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a continued focus on its biopharmaceutical development efforts, particularly in the area of GLP-1 implant candidates for chronic weight management and diabetes treatment.

For the three months ended September 30, 2024, Vivani recorded a net loss of $6,041,000, a decrease from the $6,782,000 loss reported in the same period of 2023. The net loss per share improved to $(0.11) from $(0.13) year-over-year. For the nine-month period, the net loss was $17,436,000, down from $19,626,000 in the prior year, with a net loss per share of $(0.32) compared to $(0.39) in 2023. This reduction in losses is attributed to a decrease in operating expenses, which totaled $6,309,000 for the quarter, down from $7,144,000 in the prior year, and $18,217,000 for the nine months, compared to $20,748,000 in 2023.

Vivani's total assets as of September 30, 2024, were $42,896,000, a decline from $45,797,000 at the end of 2023. Current liabilities increased to $6,270,000 from $5,723,000, while total stockholders' equity decreased to $18,332,000 from $20,761,000. The company reported cash and cash equivalents of $19,646,000, slightly down from $20,654,000 at the end of 2023.

Strategically, Vivani has made significant advancements in its clinical programs. The FDA lifted a clinical hold on its Investigational New Drug Application for NPM-119, a GLP-1 implant for type 2 diabetes, allowing the initiation of the LIBERATE-1 clinical trial in Australia, expected to start in Q4 2024. The company also announced positive preclinical results for its GLP-1 implant candidates, including NPM-115, which demonstrated promising weight loss results in animal models.

In terms of financing, Vivani raised $15 million through a securities purchase agreement in March 2024 and entered into a sales agreement with Jefferies to offer up to $75 million in common stock. The company reported net cash provided by financing activities of $14,226,000 for the nine months ended September 30, 2024, a significant increase from $110,000 in the same period of 2023.

Vivani's operational focus remains on its obesity portfolio, with ongoing development of its GLP-1 implant candidates, while also managing costs through workforce reductions in its Cortigent subsidiary to conserve cash. The company continues to face challenges in attracting market support and navigating the complexities of clinical development, but it maintains a positive outlook on its cash position for the next twelve months.