VANI

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Vivani Medical, Inc.

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Key Metrics

Previous Close: $1.39
52-Week Range: $0.92 – $1.92
Market Cap: $127.19M
P/E (TTM): —
EPS (TTM): -0.36
Dividend Yield: —

Advanced Metrics

Price/Book: 6.65
PEG Ratio: —
Return on Equity: -220.41%
Return on Assets: -48.47%
Gross Margin: 0.00%
Operating Margin: 0.00%
Profit Margin: 0.00%
Current Ratio: 3.25
Debt/Equity: 0.94
Total Debt: $17.86M
Free Cash Flow: $-16.72M
Revenue Growth: —
Earnings Growth: —
Enterprise Value: $125.15M

VANI Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$0.00	$0.00	$0.00	$0.00
Research & Development	$14.17M	$16.97M	$15.74M	$18.13M
Selling, General & Admin	$7.07M	$10.00M	$8.93M	$9.43M
Operating Expenses	$21.24M	$26.96M	$24.68M	$27.56M
Operating Income	-$21.24M	-$26.96M	-$24.68M	-$27.56M
EBITDA	-$20.86M	-$26.61M	-$24.28M	-$27.13M
Pretax Income	-$13.89M	-$25.65M	-$23.49M	-$26.61M
Net Income	-$13.89M	-$25.65M	-$23.49M	-$26.61M
Diluted EPS	-0.36	-0.50	-0.43	-0.43
Diluted Shares	38.24M	50.85M	54.98M	62.39M

VANI Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$45.08M	$20.65M	$18.35M	$16.23M
Receivables	—	$0.00	$253.00K	$654.00K
Current Assets	$47.53M	$23.06M	$20.44M	$17.90M
Total Assets	$51.13M	$45.80M	$41.56M	$39.39M
Current Liabilities	$6.82M	$5.72M	$5.99M	$6.60M
Total Debt	$955.00K	$20.70M	$19.31M	$18.86M
Total Liabilities	$6.82M	$25.04M	$23.95M	$23.66M
Retained Earnings	-$72.79M	-$98.44M	-$121.92M	-$148.53M
Shareholders' Equity	$44.31M	$20.76M	$17.61M	$15.73M
Working Capital	$40.71M	$17.34M	$14.46M	$11.30M

VANI Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$18.79M	-$23.70M	-$20.79M	-$24.32M
Capital Expenditure	-$338.00K	-$887.00K	-$556.00K	-$1.17M
Free Cash Flow	-$19.13M	-$24.59M	-$21.34M	-$25.49M
Depreciation & Amortisation	$381.00K	$357.00K	$400.00K	$424.00K
Stock-Based Compensation	$1.30M	$1.86M	$1.61M	$1.48M
Investing Cash Flow	-$338.00K	-$887.00K	-$556.00K	-$1.17M
Financing Cash Flow	$63.39M	$133.00K	$19.05M	$23.27M
Share Repurchases	—	—	—	-$28.00K
Net Change in Cash	$44.27M	-$24.45M	-$2.29M	-$2.22M

VANI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$0.00	$0.00	$0.00	$0.00	$0.00
Research & Development	$4.22M	$4.76M	$4.52M	$4.63M	$4.39M
Selling, General & Admin	$2.34M	$2.70M	$2.21M	$2.18M	$2.43M
Operating Expenses	$6.56M	$7.46M	$6.72M	$6.81M	$6.82M
Operating Income	-$6.56M	-$7.46M	-$6.72M	-$6.81M	-$6.82M
EBITDA	-$6.46M	-$7.36M	-$6.62M	-$6.70M	-$6.69M
Pretax Income	-$6.30M	-$7.14M	-$6.53M	-$6.63M	-$6.78M
Net Income	-$6.30M	-$7.14M	-$6.53M	-$6.63M	-$6.78M
Diluted EPS	-0.11	-0.12	-0.11	—	-0.08
Diluted Shares	59.24M	59.24M	59.71M	—	81.27M

VANI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$13.01M	$6.79M	$2.63M	$16.23M	$19.75M
Receivables	$175.00K	$494.00K	$664.00K	$654.00K	$697.00K
Current Assets	$14.85M	$8.71M	$4.17M	$17.90M	$21.55M
Total Assets	$35.45M	$28.91M	$25.05M	$39.39M	$42.35M
Current Liabilities	$6.20M	$6.72M	$6.83M	$6.60M	$6.78M
Total Debt	$18.94M	$18.62M	$18.29M	$18.86M	$18.27M
Total Liabilities	$23.83M	$24.00M	$23.74M	$23.66M	$23.27M
Retained Earnings	-$128.23M	-$135.37M	-$141.90M	-$148.53M	-$155.31M
Shareholders' Equity	$11.62M	$4.91M	$1.31M	$15.73M	$19.09M
Working Capital	$8.65M	$2.00M	-$2.65M	$11.30M	$14.77M

VANI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$5.16M	-$6.09M	-$6.35M	-$6.72M	-$6.20M
Capital Expenditure	-$5.00K	-$71.00K	-$823.00K	-$274.00K	-$3.00K
Free Cash Flow	-$5.17M	-$6.16M	-$7.17M	-$6.99M	-$6.20M
Depreciation & Amortisation	$102.00K	$102.00K	$105.00K	$115.00K	$130.00K
Stock-Based Compensation	$350.00K	$391.00K	$276.00K	$467.00K	$312.00K
Investing Cash Flow	-$5.00K	-$71.00K	-$823.00K	-$274.00K	-$3.00K
Financing Cash Flow	-$170.00K	-$95.00K	$2.95M	$20.59M	$9.71M
Share Repurchases	—	—	—	$0.00	—
Net Change in Cash	-$5.34M	-$6.25M	-$4.23M	$13.60M	$3.52M

Market Snapshot

About

Vivani Medical, Inc. is a medical device company focused on developing innovative catheter-based technologies for chronic total occlusion procedures. The company solutions aim to improve success rates and safety in complex cardiovascular interventions.