Vivani Medical reports FY2025 net loss $26.6M; advances semaglutide implant NPM-139 towards Phase 1

Vivani Medical, Inc.

FY2025 net loss $26.6M vs $23.5M in FY2024; R&D expenses $18.1M up 15% YoY.
Cash $16.2M as of Dec 31, 2025; raised $41.5M gross from financings; funds ops into mid-2027.
Successful LIBERATE-1 first-in-human study; preclinical data shows >20% sham-adjusted weight loss for full year with single semaglutide implant.
Phase 1 study of NPM-139 (semaglutide implant) for chronic weight management expected mid-2026 with results by end of 2026.
Exploring spin-off or IPO of subsidiary Cortigent (neuromodulation assets).

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