Vivani Medical, Inc. Files 2023 10-K Report

TL;DR

<b>Vivani Medical, Inc. has submitted its annual 10-K filing for the fiscal year 2023, detailing its financial performance and business operations.</b>

AI Summary

Vivani Medical, Inc. (VANI) filed a Annual Report (10-K) with the SEC on March 26, 2024. Vivani Medical, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as Second Sight Medical Products Inc. The filing covers the period from January 1, 2023, to December 31, 2023. Key dates include the filing date of March 26, 2024, and the fiscal year end of December 31, 2023. The business address is located at 1350 S. Loop Road, Alameda, CA 94502.

Why It Matters

For investors and stakeholders tracking Vivani Medical, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Vivani Medical's financial health and strategic direction for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. Understanding the details within this report is essential for stakeholders to evaluate the company's operational status, including any significant events or changes that occurred during the reporting period.

Risk Assessment

Risk Level: medium — Vivani Medical, Inc. shows moderate risk based on this filing. The company's financial performance and operational details are presented in a standard 10-K filing, which typically contains forward-looking statements and risk factors that require careful analysis by investors.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Vivani Medical's current financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-03-26 — Filing Date (Date the 10-K was filed)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)

Key Players & Entities

• Vivani Medical, Inc. (company) — Filer name
• Second Sight Medical Products Inc (company) — Former company name
• 1350 S. Loop Road (location) — Business address street
• Alameda (location) — Business address city
• CA (location) — Business address state
• 94502 (location) — Business address zip

FAQ

Industry Context

Vivani Medical, Inc. operates within the electromedical and electrotherapeutic apparatus industry.

Regulatory Implications

As a public company, Vivani Medical, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Compare the 2023 financial performance with previous years to identify trends and assess growth.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-26: Filing Date — Date Vivani Medical, Inc. submitted its 10-K report.

Year-Over-Year Comparison

This is the 10-K filing for the fiscal year ending December 31, 2023, providing an annual update on the company's financial and operational status.

Key Financial Figures

• $0.0001 — 8,000 shares of common stock, par value $0.0001 per share. DOCUMENTS INCORPORATED BY
• $1,500,000 — mendment, Cortigent has agreed to repay $1,500,000 to Vivani at the conclusion of the Fund
• $2,000,000 — year promissory note at 5% interest for $2,000,000 in favor of Vivani. Consequently, Vivan
• $3.80 — of common stock at a purchase price of $3.80 per share and accompanying warrant in a

Filing Documents

• g084109_10k.htm (10-K) — 1416KB
• g084109_ex4-1.htm (EX-4.1) — 2KB
• g084109_ex4-5.htm (EX-4.5) — 41KB
• g084109_ex10-4.htm (EX-10.4) — 71KB
• g084109_ex21-1.htm (EX-21.1) — 3KB
• g084109_ex23-1.htm (EX-23.1) — 2KB
• g084109_ex31-1.htm (EX-31.1) — 9KB
• g084109_ex31-2.htm (EX-31.2) — 12KB
• g084109_ex32-1.htm (EX-32.1) — 4KB
• g084109_ex97-1.htm (EX-97.1) — 47KB
• ex4_1img1.jpg (GRAPHIC) — 4939KB
• img001.jpg (GRAPHIC) — 20KB
• img002.jpg (GRAPHIC) — 39KB
• img003.jpg (GRAPHIC) — 99KB
• img004.jpg (GRAPHIC) — 24KB
• img005.jpg (GRAPHIC) — 9KB
• img006.jpg (GRAPHIC) — 11KB
• img007.jpg (GRAPHIC) — 30KB
• img008.jpg (GRAPHIC) — 35KB
• img0006.jpg (GRAPHIC) — 3KB
• 0001753926-24-000616.txt (&nbsp;) — 13752KB
• vani-20231231.xsd (EX-101.SCH) — 51KB
• vani-20231231_cal.xml (EX-101.CAL) — 47KB
• vani-20231231_def.xml (EX-101.DEF) — 176KB
• vani-20231231_lab.xml (EX-101.LAB) — 413KB
• vani-20231231_pre.xml (EX-101.PRE) — 312KB
• g084109_10k_htm.xml (XML) — 716KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 31 Item 1B. Unresolved Staff Comments 69 Item 1C. Cybersecurity 69 Item 2.

Properties

Properties 69 Item 3.

Legal Proceedings

Legal Proceedings 69 Item 4. Mine Safety Disclosures 70 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 71 Item 6. Reserved 71 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 71 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 76 Item 8.

Financial Statements

Financial Statements and Supplementary Data 76 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 78 Item 9C. Disclosure regarding foreign jurisdictions that prevent inspections 78 PART III Item 10. Directors, Executive Officers and Corporate Governance 79 Item 11.

Executive Compensation

Executive Compensation 79 Item 12. Security 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accounting Fees and Services 79 PART IV Item 15. Exhibits, Financial 80 Item 16. Form 10-K Summary 82

SIGNATURES

SIGNATURES 83 2 SUMMARY OF RISK FACTORS Below is a summary of the principal risk factors related to the Annual Report on Form 10-K ("Form 10-K") for the fiscal year ended December 31, 2023. Our business is subject to a number of risks of which you should be aware before making an investment decision. These risks are discussed more fully in the "Risk Factors" section of this Form 10-K. These risks include, but are not limited to, the following: We are a preclinical stage company with a limited operating history, and have no products approved for commercial sale. We are dependent on the successful development, regulatory approval and commercialization of one or more product candidates; there can be no assurance that we may achieve any of these objectives. Final marketing approval of NPM-115, NPM-119, or any of our other product candidates by the U.S. Food and Drug Administration ("FDA"), or other regulatory authorities may be delayed, limited, or denied, any of which would adversely affect our ability to generate operating revenues. We will require substantial additional financing to pursue our business objectives, which may not be available on acceptable terms, or at all. A failure to obtain this necessary capital when needed could force us to delay, limit, reduce or terminate our product development, commercialization efforts or other operations. Clinical development involves a lengthy and expensive process with uncertain outcomes. We may incur additional costs and experience delays in developing our product candidates, and our clinical development efforts may not yield favorable results. The commercial success of our product candidates, if approved, depends upon their market acceptance among physicians, patients, healthcare payors, and the medical community. We are subject to a multitude of manufacturing risks, including reliance on third parties, any of which could substantially increase our costs and limit supply of our product candidates.

View Full Filing

View this 10-K filing on SEC EDGAR