Vivani Medical, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Vivani Medical, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

Vivani Medical, Inc. (VANI) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Vivani Medical, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's address is 1350 S. Loop Road, Alameda, CA 94502. The IRS number is 000000000. The company was formerly known as Second Sight Medical Products Inc.

Why It Matters

For investors and stakeholders tracking Vivani Medical, Inc., this filing contains several important signals. This 10-Q filing provides the latest financial and operational updates for Vivani Medical, Inc. for the first quarter of 2024. Understanding these details is crucial for investors and stakeholders to assess the company's current financial health and strategic direction.

Risk Assessment

Risk Level: low — Vivani Medical, Inc. shows low risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting without immediate red flags.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Vivani Medical's performance and outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-13 — Filing Date (As of Date)
• 001-36747 — SEC File Number (SEC File Number)
• 24940452 — Film Number (Film Number)

Key Players & Entities

• Vivani Medical, Inc. (company) — Filer name
• Second Sight Medical Products Inc (company) — Former company name
• 1350 S. Loop Road (address) — Business and mailing address
• Alameda, CA 94502 (address) — Business and mailing address
• 0001266806 (company) — Central Index Key
• 3845 (industry) — Standard Industrial Classification

FAQ

Industry Context

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

Regulatory Implications

The filing is a standard 10-Q under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis for insights into operational performance and future outlook.
3. Check for any significant changes in risk factors or legal proceedings.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q.
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for Vivani Medical, Inc. for the fiscal year 2024, following their Q4 2023 filing.

Key Financial Figures

• $0.0001 — 8,465 shares of common stock, par value $0.0001 per share outstanding. VIVANI MEDICAL
• $3.80 — to such investor at a purchase price of $3.80 per share and accompanying warrants in
• $1.3 m — ent, the Company paid issuance costs of $1.3 million, resulting in net proceeds of $13
• $13.7 m — 3 million, resulting in net proceeds of $13.7 million, during the three months ended Ma

Filing Documents

• g084215_10q.htm (10-Q) — 621KB
• g084215_ex10-1.htm (EX-10.1) — 25KB
• g084215_ex31-1.htm (EX-31.1) — 10KB
• g084215_ex31-2.htm (EX-31.2) — 10KB
• g084215_ex32-1.htm (EX-32.1) — 7KB
• 0001753926-24-000959.txt (&nbsp;) — 4210KB
• vani-20240331.xsd (EX-101.SCH) — 48KB
• vani-20240331_cal.xml (EX-101.CAL) — 42KB
• vani-20240331_def.xml (EX-101.DEF) — 163KB
• vani-20240331_lab.xml (EX-101.LAB) — 330KB
• vani-20240331_pre.xml (EX-101.PRE) — 250KB
• g084215_10q_htm.xml (XML) — 522KB

Financial Statements

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated 4 Condensed Consolidated 5 Condensed Consolidated 6 Condensed Consolidated 7 Notes to Condensed Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32

SIGNATURES

SIGNATURES 33 2 PART I. FINANCIAL STATEMENTS Item 1. Financial Statements VIVANI MEDICAL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited) (In thousands, except per share data) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 29,648 $ 20,654 Prepaid expenses and other current assets 1,854 2,408 Total current assets 31,502 23,062 Property and equipment, net 1,689 1,729 Right-of-use assets 19,212 19,616 Restricted cash 1,338 1,338 Other assets 47 52 Total assets $ 53,788 $ 45,797 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 570 $ 542 Accrued expenses 1,953 1,727 Litigation accrual 1,675 1,675 Accrued compensation expense 506 396 Current operating lease liabilities 1,434 1,383 Total current liabilities 6,138 5,723 Long-term operating lease liabilities 18,940 19,313 Total liabilities 25,078 25,036 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, par value $ 0.0001 per share; 10,000 shares authorized; none outstanding - - Common stock, par value $ 0.0001 per share; 300,000 shares authorized; shares issued and outstanding: 54,978 and 51,031 at March 31, 2024 and December 31, 2023, respectively 5 5 Additional paid-in capital 133,094 119,054 Accumulated other comprehensive income 88 140 Accumulated deficit ( 104,477 ) ( 98,438 ) Total stockholders' equity 28,710 20,761 Total liabilities and stockholders' equity $ 53,788 $ 45,797 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 VIVANI MEDICAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited) (In thousands, except per share data) Three Months Ended March 31, 2024 2023 Operating expenses: Research and development, net of grants $ 3,726 $ 3,955 General and administrative, net of g

View Full Filing

View this 10-Q filing on SEC EDGAR