Vivani Medical Files Q3 2024 10-Q
Ticker: VANI · Form: 10-Q · Filed: Nov 13, 2024 · CIK: 1266806
Sentiment: neutral
Topics: 10-Q, financials, medical-device
Related Tickers: VANI
TL;DR
Vivani Medical (VANI) filed its 10-Q for Q3 2024. Check financials.
AI Summary
Vivani Medical, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Second Sight Medical Products Inc., is incorporated in California and operates in the electromedical and electrotherapeutic apparatus sector. Key dates mentioned include November 13, 2024, for the filing date and September 30, 2024, for the reporting period end.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Vivani Medical, Inc., crucial for understanding the company's current standing and future prospects.
Risk Assessment
Risk Level: medium — As a medical device company, Vivani Medical faces inherent risks related to product development, regulatory approvals, and market adoption, which are typical for this industry.
Key Players & Entities
- Vivani Medical, Inc. (company) — Filer
- Second Sight Medical Products Inc. (company) — Former company name
- 2024-09-30 (date) — Reporting period end date
- 2024-11-13 (date) — Filing date
- Cortigent Inc (company) — Mentioned in relation to specific dates
FAQ
What is the primary business of Vivani Medical, Inc.?
Vivani Medical, Inc. operates in the ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS sector, with SIC code 3845.
When was Vivani Medical, Inc. formerly known as?
Vivani Medical, Inc. was formerly known as Second Sight Medical Products Inc., with a date of name change on October 10, 2003.
What is the fiscal year end for Vivani Medical, Inc.?
The fiscal year end for Vivani Medical, Inc. is December 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on November 13, 2024.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
Filing Stats: 4,552 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-11-13 08:41:56
Key Financial Figures
- $0.0001 — h Registered Common Stock , par value $0.0001 per share VANI The NASDAQ Capital M
Filing Documents
- vani-20240930.htm (10-Q) — 1124KB
- ex311_1.htm (EX-31.1) — 18KB
- ex312_2.htm (EX-31.2) — 12KB
- ex321_3.htm (EX-32.1) — 12KB
- 0001753926-24-001874.txt ( ) — 6336KB
- vani-20240930_def.xml (EX-101.DEF) — 263KB
- vani-20240930_pre.xml (EX-101.PRE) — 407KB
- vani-20240930_cal.xml (EX-101.CAL) — 53KB
- vani-20240930_lab.xml (EX-101.LAB) — 648KB
- vani-20240930.xsd (EX-101.SCH) — 49KB
- vani-20240930_htm.xml (XML) — 908KB
Financial Statements (unaudited)
Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for each three month periods ended during the nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.
Controls and Procedures
Controls and Procedures 26 PART II OTHER INFORMATION 27 Item 1.
Legal Proceedings
Legal Proceedings 27 Item 1A.
Risk Factors
Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31
SIGNATURES
SIGNATURES 32 1 PART I. FINANCIAL STATEMENTS Item 1. Financial Statements VIVANI MEDICAL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited) (In thousands, except per share data) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 19,646 $ 20,654 Prepaid expenses and other current assets 1,753 2,408 Total current assets 21,399 23,062 Property and equipment, net 1,644 1,729 Right-of-use assets 18,383 19,616 Restricted cash 1,338 1,338 Other assets 132 52 Total assets $ 42,896 $ 45,797 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 815 $ 542 Accrued expenses 2,024 1,727 Litigation accrual 1,675 1,675 Accrued compensation expense 371 396 Current operating lease liabilities 1,385 1,383 Total current liabilities 6,270 5,723 Long-term operating lease liabilities 18,294 19,313 Total liabilities 24,564 25,036 Commitments and contingencies (Note 12) 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: 55,266 and 51,031 at September 30, 2024 and December 31, 2023 , respectively 6 5 Additional paid-in capital 134,108 119,054 Accumulated other comprehensive income 92 140 Accumulated deficit ( 115,874 ) ( 98,438 ) Total stockholders' equity 18,332 20,761 Total liabilities and stockholders' equity $ 42,896 $ 45,797 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 VIVANI MEDICAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited) (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023