VANI · Vivani Medical, Inc.
No longer meets the screen criteria as of 2026-07-15 — TTM revenue = $0. The page is kept because the daily page for the day the insider bought links here, and that purchase still happened.
Vivani Medical, Inc., a clinical-stage biopharmaceutical company, engages in the development of miniaturized and subdermal drug implants that treat chronic diseases. The company uses its NanoPortal implant technology to develop and potentially commercialize drug implant candidates, alone or in collaboration with pharmaceutical company partners, to address causes of poor clinical outcomes in the treatment of chronic diseases. Its pipeline includes NPM-139 for chronic weight management in patients who are obese or overweight; NPM-133 a semaglutide implant for the treatment of patients with type 2 diabetes; NPM-115, an exenatide implant candidate for chronic weight management in patients who are obese or overweight; and OKV-119, an exenatide implant for the treatment of obesity and diabetes in companion animals, including cats and dogs. The company is headquartered in Alameda, California.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.38 |
| SO | 86.2M |
| Options | 0.0M |
| Warrants | 0.0M |
| FD SO | 86.2M |
| MC | $118.6M |
| Cash | $19.7M |
| Total debt | — |
| EV | $98.8M |
| TTM Multiples | |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| MC / Net Income | 4.5x |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 6.5% |
| Insiders | 57.9% |
| # Institutions | 43 |
| Analysts | 3 |
| Consensus | Strong Buy |
| Avg target | $3.83 |
| Short % float | 1.0% |
| Days to cover | 2.61 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-12. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | — | — | — | 0.00 |
| SG&A | 2.43 | 2.18 | 2.21 | 2.70 |
| R&D | 4.39 | 4.63 | 4.52 | 4.76 |
| Operating Income | (6.82) | (6.81) | (6.72) | (7.46) |
| Operating Income YoY % | (4.0%) | (5.4%) | (6.6%) | (31.4%) |
| EBITDA | (6.69) | (6.70) | (6.62) | (7.36) |
| Other Income / (Expense) | — | 53.40 | — | — |
| Pretax Income | (6.78) | 46.59 | (6.53) | (7.14) |
| Net Income | (6.78) | 46.59 | (6.53) | (7.14) |
| Diluted EPS | -$0.08 | -$0.09 | -$0.11 | -$0.12 |
| Basic EPS | -$0.08 | -$0.09 | -$0.11 | -$0.12 |
| Diluted Avg Shares | 81.3 | — | 59.7 | 59.2 |
| Basic Avg Shares | 81.3 | — | 59.7 | 59.2 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | — | 0.00 | 0.00 | — | 0.47 |
| SG&A | 9.52 | 9.43 | 8.93 | 10.00 | 7.07 |
| R&D | 18.30 | 18.13 | 15.74 | 16.97 | 14.17 |
| Operating Income | (27.81) | (27.56) | (24.68) | (26.96) | (21.24) |
| Operating Income YoY % | (0.9%) | (11.7%) | 8.5% | (26.9%) | — |
| Operating Margin % | — | — | — | — | (4471.8%) |
| EBITDA | (27.36) | (27.13) | (24.28) | (26.61) | (20.86) |
| EBITDA Margin % | — | — | — | — | (4391.6%) |
| Other Income / (Expense) | 53.95 | 54.16 | 48.16 | 52.62 | 7.35 |
| Pretax Income | 26.13 | 26.61 | 23.49 | 25.65 | (13.89) |
| Tax Provision | — | — | 0.00 | — | — |
| Net Income | 26.13 | 26.61 | 23.49 | 25.65 | (13.89) |
| Net Margin % | — | — | — | — | (2924.0%) |
| Diluted EPS | -$0.40 | $0.43 | $0.43 | $0.50 | — |
| Basic EPS | -$0.40 | $0.43 | $0.43 | $0.50 | — |
| Diluted Avg Shares | 81.3 | 62.4 | 55.0 | 50.9 | — |
| Basic Avg Shares | 81.3 | 62.4 | 55.0 | 50.9 | — |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 19.75 | 16.23 | 2.63 | 6.79 |
| Receivables | 0.01 | — | — | — |
| Other Current Assets | 1.79 | 1.67 | 1.55 | 1.92 |
| Total Current Assets | 21.55 | 17.90 | 4.17 | 8.71 |
| Net PPE | 2.75 | 2.88 | 2.73 | 1.58 |
| Operating Lease ROU | 16.62 | 17.23 | 16.78 | 17.15 |
| Other Assets | 1.44 | 1.39 | 1.36 | 1.47 |
| Total Assets | 42.35 | 39.39 | 25.05 | 28.91 |
| Accounts Payable | 1.47 | 1.03 | 1.43 | 1.76 |
| Current Lease Liabilities | 1.78 | 1.79 | 1.39 | 1.34 |
| Other Current Liabilities | 3.53 | 3.78 | 4.01 | 3.62 |
| Total Current Liabilities | 6.78 | 6.60 | 6.83 | 6.72 |
| Long-term Lease Liabilities | 16.49 | 17.06 | 16.91 | 17.28 |
| Total Liabilities | 23.27 | 23.66 | 23.74 | 24.00 |
| Retained Earnings | (155.31) | (148.53) | (141.90) | (135.37) |
| Total Equity | 19.09 | 15.73 | 1.31 | 4.91 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 19.75 | 16.23 | 18.35 | 20.65 | 45.08 |
| Receivables | 0.01 | — | — | — | — |
| Other Current Assets | 1.79 | 1.67 | 2.09 | 2.41 | 2.45 |
| Total Current Assets | 21.55 | 17.90 | 20.44 | 23.06 | 47.53 |
| Net PPE | 2.75 | 2.88 | 1.69 | 1.73 | 1.18 |
| Operating Lease ROU | 16.62 | 17.23 | 17.96 | 19.62 | 0.78 |
| Other Assets | 1.44 | 1.39 | 1.47 | 1.39 | 1.64 |
| Total Assets | 42.35 | 39.39 | 41.56 | 45.80 | 51.13 |
| Accounts Payable | 1.47 | 1.03 | 0.82 | 0.54 | 1.18 |
| Current Lease Liabilities | 1.78 | 1.79 | 1.35 | 1.38 | 0.95 |
| Other Current Liabilities | 3.53 | 3.78 | 3.82 | 3.80 | 4.69 |
| Total Current Liabilities | 6.78 | 6.60 | 5.99 | 5.72 | 6.82 |
| Long-term Lease Liabilities | 16.49 | 17.06 | 17.96 | 19.31 | — |
| Total Liabilities | 23.27 | 23.66 | 23.95 | 25.04 | 6.82 |
| Retained Earnings | (155.31) | (148.53) | (121.92) | (98.44) | (72.79) |
| Total Equity | 19.09 | 15.73 | 17.61 | 20.76 | 44.31 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (6.78) | 46.59 | (6.53) | (7.14) |
| D&A | 0.13 | 0.12 | 0.10 | 0.10 |
| Stock-Based Comp | 0.31 | 0.47 | 0.28 | 0.39 |
| Δ Working Cap & Other | 0.14 | (53.89) | (0.20) | 0.56 |
| Operating Cash Flow | (6.20) | (6.72) | (6.35) | (6.09) |
| CapEx | (0.00) | (0.27) | (0.82) | (0.07) |
| Investing Cash Flow | (0.00) | (0.27) | (0.82) | (0.07) |
| Other Financing | 9.71 | 20.59 | 2.95 | — |
| Financing Cash Flow | 9.71 | 20.59 | 2.95 | (0.10) |
| Free Cash Flow | (6.20) | (6.99) | (7.17) | (6.16) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 26.13 | 26.61 | 23.49 | 25.65 | (13.89) |
| D&A | 0.45 | 0.42 | 0.40 | 0.36 | 0.38 |
| Stock-Based Comp | 1.45 | 1.48 | 1.61 | 1.86 | 1.30 |
| Δ Working Cap & Other | (53.38) | (52.84) | (46.28) | (51.57) | (6.58) |
| Operating Cash Flow | (25.35) | (24.32) | (20.79) | (23.70) | (18.79) |
| CapEx | (1.17) | (1.17) | (0.56) | (0.89) | (0.34) |
| Investing Cash Flow | (1.17) | (1.17) | (0.56) | (0.89) | (0.34) |
| Other Financing | 33.16 | 23.27 | 19.05 | — | 63.39 |
| Financing Cash Flow | 33.16 | 23.27 | 19.05 | 0.13 | 63.39 |
| Free Cash Flow | (26.52) | (25.49) | (21.34) | (24.59) | (19.12) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 3.18 | 2.71 | 0.61 | 1.30 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 1.22 | 1.50 | 18.13 | 4.89 |
| EBITDA Margin % | — | — | — | — |
| Working Capital | 14.77 | 11.30 | (2.65) | 2.00 |
| Net Debt | — | — | — | — |
| ROE % | (35.5%) | 296.2% | (498.9%) | (145.5%) |
| ROA % | (16.0%) | 118.3% | (26.1%) | (24.7%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 3.18 | 2.71 | 3.41 | 4.03 | 6.97 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | 1.22 | 1.50 | 1.36 | 1.21 | 0.15 |
| EBITDA Margin % | — | — | — | — | (4391.6%) |
| Working Capital | 14.77 | 11.30 | 14.46 | 17.34 | 40.71 |
| Net Debt | — | — | — | — | — |
| ROE % | 136.9% | 169.2% | 133.4% | 123.6% | (31.3%) |
| ROA % | 61.7% | 67.5% | 56.5% | 56.0% | (27.2%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-19 | Williams Gregg | Director, 10% Owner | 2026-05-15 | P | 1,587,301 | $1.26 | $1,999,999 |
| 2026-04-16 | Williams Gregg | Director, 10% Owner | 2026-04-15 | P | 1,587,301 | $1.26 | $1,999,999 |
| 2026-03-16 | Williams Gregg | Director, 10% Owner | 2026-03-15 | P | 1,310,680 | $1.03 | $1,350,000 |
| 2026-03-16 | Williams Gregg | Director, 10% Owner | 2026-03-15 | P | 264,551 | $1.26 | $333,334 |
| 2026-02-17 | Williams Gregg | Director, 10% Owner | 2026-02-15 | P | 1,601,941 | $1.03 | $1,649,999 |
| 2026-02-17 | Williams Gregg | Director, 10% Owner | 2026-02-15 | P | 264,551 | $1.26 | $333,334 |
| 2026-01-28 | Williams Gregg | Director, 10% Owner | 2026-01-27 | P | 1,351,351 | $1.48 | $1,999,999 |
| 2026-01-20 | Williams Gregg | Director, 10% Owner | 2026-01-15 | P | 1,473,214 | $1.12 | $1,650,000 |
| 2026-01-20 | Williams Gregg | Director, 10% Owner | 2026-01-15 | P | 264,551 | $1.26 | $333,334 |
| 2026-01-05 | BRADBURY DANIEL | Director | 2026-01-01 | A | 47,212 | $1.23 | $58,071 |
| 2026-01-05 | Williams Gregg | Director, 10% Owner | 2026-01-01 | A | 72,392 | $1.23 | $89,042 |
| 2025-12-31 | Mendelsohn Aaron | Director | 2025-12-29 | P | 20,000 | $1.23 | $24,600 |
| 2025-12-31 | Mendelsohn Aaron | Director | 2024-07-08 | G | (20,000) | — | $-0 |
| 2025-12-16 | Williams Gregg | Director, 10% Owner | 2025-12-15 | P | 1,473,214 | $1.12 | $1,650,000 |
| 2025-12-16 | Williams Gregg | Director, 10% Owner | 2025-12-15 | P | 264,551 | $1.26 | $333,334 |
| 2025-11-17 | Williams Gregg | Director, 10% Owner | 2025-11-15 | P | 1,473,214 | $1.12 | $1,650,000 |
| 2025-11-17 | Williams Gregg | Director, 10% Owner | 2025-11-15 | P | 264,550 | $1.26 | $333,333 |
| 2025-10-28 | Williams Gregg | Director, 10% Owner | 2025-10-27 | P | 3,703,703 | $1.62 | $5,999,999 |
| 2025-10-16 | Williams Gregg | Director, 10% Owner | 2025-10-15 | P | 1,473,214 | $1.12 | $1,650,000 |
| 2025-10-16 | Williams Gregg | Director, 10% Owner | 2025-10-15 | P | 264,550 | $1.26 | $333,333 |
| 2025-09-17 | Williams Gregg | Director, 10% Owner | 2025-09-15 | P | 1,473,215 | $1.12 | $1,650,001 |
| 2025-09-17 | Williams Gregg | Director, 10% Owner | 2025-09-15 | P | 595,238 | $1.26 | $750,000 |
| 2025-06-26 | Mendelsohn Aaron | Director | 2025-06-24 | A | 35,135 | $1.27 | $44,621 |
| 2025-06-26 | Williams Gregg | Director, 10% Owner | 2025-06-24 | A | 35,135 | $1.27 | $44,621 |
| 2025-06-26 | Baker Wilford Dean | Director | 2025-06-24 | A | 35,135 | $1.27 | $44,621 |
| 2025-06-26 | BRADBURY DANIEL | Director | 2025-06-24 | A | 35,135 | $1.27 | $44,621 |
| 2025-06-26 | Popoff Alexandra L. | Director | 2025-06-24 | A | 35,135 | $1.27 | $44,621 |
| 2025-06-26 | Williams Gregg | Director, 10% Owner | 2025-01-01 | D | (364) | $1.16 | -$422 |
| 2025-06-26 | BRADBURY DANIEL | Director | 2025-01-01 | D | (237) | $1.16 | -$275 |
| 2025-06-17 | Baldor Anthony | Officer (Chief Financial Officer) | 2025-06-15 | A | 600,000 | — | $0 |
| 2025-05-16 | Williams Gregg | Director, 10% Owner | 2025-05-16 | P | 2,405 | $1.01 | $2,429 |
| 2025-05-16 | Williams Gregg | Director, 10% Owner | 2025-05-15 | P | 6,836 | $1.01 | $6,904 |
| 2025-05-16 | Williams Gregg | Director, 10% Owner | 2025-05-14 | P | 3,499 | $1.01 | $3,534 |
| 2025-05-14 | Dwyer Donald | Officer (Chief Business Officer) | 2025-05-12 | A | 70,000 | — | $0 |
| 2025-05-14 | Dwyer Donald | Officer (Chief Business Officer) | 2025-05-12 | A | 35,000 | — | $0 |
| 2025-05-14 | Makes Brigid | Officer (Chief Financial Officer) | 2025-05-12 | A | 75,000 | — | $0 |
| 2025-05-14 | Makes Brigid | Officer (Chief Financial Officer) | 2025-05-12 | A | 37,500 | — | $0 |
| 2025-05-14 | Le Truc | Officer (Chief Operations Officer) | 2025-05-12 | A | 160,000 | — | $0 |
| 2025-05-14 | Le Truc | Officer (Chief Operations Officer) | 2025-05-12 | A | 80,000 | — | $0 |
| 2025-05-14 | Porter Lisa Ellen | Officer (Chief Medical Officer) | 2025-05-12 | A | 80,000 | — | $0 |
| 2025-05-14 | Porter Lisa Ellen | Officer (Chief Medical Officer) | 2025-05-12 | A | 40,000 | — | $0 |
| 2025-05-14 | Mendelsohn Adam | Director, Officer (Chief Executive Officer) | 2025-05-12 | A | 200,000 | — | $0 |
| 2025-05-14 | Mendelsohn Adam | Director, Officer (Chief Executive Officer) | 2025-05-12 | A | 100,000 | — | $0 |
| 2025-04-28 | Williams Gregg | Director, 10% Owner | 2025-04-24 | P | 1,113 | $1.01 | $1,124 |
| 2025-04-23 | Williams Gregg | Director, 10% Owner | 2025-04-22 | P | 243 | $1.01 | $245 |
| 2025-04-23 | Williams Gregg | Director, 10% Owner | 2025-04-21 | P | 1,569 | $1.01 | $1,585 |
| 2025-04-11 | Williams Gregg | Director, 10% Owner | 2025-04-11 | P | 2,311 | $1.01 | $2,334 |
| 2025-04-11 | Williams Gregg | Director, 10% Owner | 2025-04-09 | P | 18,529 | $1.02 | $18,900 |
| 2025-04-08 | Williams Gregg | Director, 10% Owner | 2025-04-08 | P | 62,899 | $1.02 | $64,157 |
| 2025-04-08 | Williams Gregg | Director, 10% Owner | 2025-04-07 | P | 44,400 | $0.99 | $43,956 |
| 2025-04-08 | Williams Gregg | Director, 10% Owner | 2025-04-07 | P | 58,583 | $0.99 | $57,997 |
| 2025-04-08 | Williams Gregg | Director, 10% Owner | 2025-04-04 | P | 34,000 | $0.99 | $33,660 |
| 2025-04-08 | Williams Gregg | Director, 10% Owner | 2025-04-04 | P | 5,600 | $0.98 | $5,488 |
| 2025-04-04 | Williams Gregg | Director, 10% Owner | 2025-04-03 | P | 22,939 | $1.00 | $22,939 |
| 2025-04-04 | Williams Gregg | Director, 10% Owner | 2025-04-02 | P | 2,000 | $1.01 | $2,020 |
| 2025-04-01 | Dwyer Donald | Officer (Chief Business Officer) | 2025-04-01 | P | 4,000 | $1.02 | $4,100 |
| 2025-03-03 | Dwyer Donald | Officer (Chief Business Officer) | 2025-02-28 | P | 1,000 | $1.11 | $1,110 |
| 2025-01-03 | BRADBURY DANIEL | Director | 2025-01-01 | A | 50,059 | $1.16 | $58,068 |
| 2025-01-03 | Williams Gregg | Director, 10% Owner | 2025-01-01 | A | 76,757 | $1.16 | $89,038 |
| 2024-11-13 | Williams Gregg | Director, 10% Owner | 2024-11-08 | P | 3,968,253 | $1.26 | $4,999,999 |
| 2024-10-03 | Dwyer Donald | Officer (Chief Business Officer) | 2024-10-03 | P | 500 | $1.13 | $565 |
| 2024-10-03 | Dwyer Donald | Officer (Chief Business Officer) | 2024-10-02 | P | 1,000 | $1.13 | $1,130 |
| 2024-10-03 | Dwyer Donald | Officer (Chief Business Officer) | 2024-10-01 | P | 1,000 | $1.14 | $1,140 |
| 2024-08-01 | Dwyer Donald | Officer (Chief Business Officer) | 2024-07-31 | P | 4,000 | $1.23 | $4,920 |
| 2024-08-01 | Dwyer Donald | Officer (Chief Business Officer) | 2024-07-30 | P | 5,000 | $1.24 | $6,200 |
| 2024-08-01 | Dwyer Donald | Officer (Chief Business Officer) | 2023-11-22 | P | 2,000 | $0.96 | $1,920 |
| 2024-07-01 | Williams Gregg | Director, 10% Owner | 2024-06-27 | A | 34,839 | — | $0 |
| 2024-07-01 | Baker Wilford Dean | Director | 2024-06-27 | A | 34,839 | — | $0 |
| 2024-07-01 | BRADBURY DANIEL | Director | 2024-06-27 | A | 34,839 | — | $0 |
| 2024-07-01 | Larson Alexandra L.P. | Director | 2024-06-27 | A | 34,839 | — | $0 |
| 2024-07-01 | Mendelsohn Aaron | Director | 2024-06-27 | A | 34,839 | — | $0 |