Vivani Medical, Inc.
VANIHealthcare|Biotechnology|US
$1.07
+0.03 (+2.88%)
Tangible Book / Share
$0.22
Cash / Share
$0.23
Financials
Financial Snapshot
Market Cap
$96.5M
Enterprise Value
$94.5M
Revenue (TTM)
$0.00
Net Income (TTM)
-$26.3M
Cash & Investments
$19.9M
Net Cash
$2.0M
Free Cash Flow (TTM)
-$26.5M
Operating CF (TTM)
-$25.3M
Debt/Equity
0.94
Cash Runway & Burn Rate
Cash on Hand
$19.9M
Quarterly Burn
$6.3M
Monthly Burn
$2.1M
Est. Runway
~3.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $10.9M | $7.8M | $4.5M | $11.3M | $2.1M | $2.2M | $45.1M | $20.7M | $18.4M | $16.2M | $19.9M | |
| Operating Cash Flow | -$25.1M | -$23.9M | -$29.8M | -$27.6M | -$7.6M | -$9.2M | -$18.8M | -$23.7M | -$20.8M | -$24.3M | -$25.3M | |
| Free Cash Flow | -$25.6M | -$24.2M | -$30.0M | -$28.1M | -$7.8M | -$9.2M | -$19.1M | -$24.6M | -$21.3M | -$25.5M | -$26.5M | |
| Capital Expenditure | -$490.0K | -$265.0K | -$163.0K | -$493.0K | -$150.0K | -$14.0K | -$338.0K | -$887.0K | -$556.0K | -$1.2M | -$1.2M | |
| Financing Cash Flow | $20.5M | $21.2M | $26.6M | $35.0M | $9.2M | $75.6M | $63.4M | $133.0K | $19.1M | $23.3M | $39.1M |
R&D Spending
R&D (TTM)
$17.9M
R&D Intensity
—
R&D Growth vs Prior
-1.4%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0M | $8.0M | $6.9M | $3.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $5.3M | $8.0M | $10.2M | $16.5M | $6.9M | $11.0M | $14.2M | $17.0M | $15.7M | $18.1M | $17.9M | |
| R&D % of Revenue | 134.2% | 100.4% | 148.0% | 488.2% | — | — | — | — | — | — | — | |
| SG&A | $21.8M | $23.6M | $26.6M | $15.3M | $2.4M | $2.3M | $5.4M | $10.0M | $8.9M | $9.4M | $9.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0M | $8.0M | $6.9M | $3.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $9.3M | $7.8M | $4.9M | $2.2M | $0.00 | $0.00 | $0.00 | $357.0K | $0.00 | $424.0K | $130.0K | |
| Gross Profit | -$5.4M | $211.0K | $2.0M | $1.2M | $0.00 | $0.00 | $0.00 | -$357.0K | $0.00 | -$424.0K | -$130.0K | |
| R&D | $5.3M | $8.0M | $10.2M | $16.5M | $6.9M | $11.0M | $14.2M | $17.0M | $15.7M | $18.1M | $17.9M | |
| SG&A | $21.8M | $23.6M | $26.6M | $15.3M | $2.4M | $2.3M | $5.4M | $10.0M | $8.9M | $9.4M | $9.2M | |
| Operating Income | -$33.2M | -$28.7M | -$34.8M | -$30.6M | -$9.2M | -$13.3M | -$21.2M | -$27.0M | -$24.7M | -$27.6M | -$27.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$33.2M | -$28.5M | -$35.1M | -$33.6M | -$9.3M | -$12.8M | -$13.9M | -$25.7M | -$23.5M | -$26.6M | -$26.3M | |
| Net Income | -$33.2M | -$28.5M | -$35.1M | -$33.6M | -$9.3M | -$12.8M | -$13.9M | -$25.7M | -$23.5M | -$26.6M | -$26.3M | |
| EPS (Diluted) | -5.99 | -4.01 | -4.08 | -2.15 | -0.33 | -0.33 | -0.17 | -0.50 | -0.43 | -0.43 | -0.35 | |
| EBITDA | -$32.7M | -$28.1M | -$34.7M | -$33.2M | -$8.9M | -$12.4M | -$19.2M | -$25.3M | -$23.1M | -$26.2M | -$26.8M | |
| Shares Out. (M) | 5.54 | 7.11 | 8.60 | 15.61 | 28.11 | 36.25 | 38.24 | 50.85 | 54.98 | 62.39 | 87.09 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.9M | $604.0K | $4.5M | $11.3M | $2.1M | $2.2M | $45.1M | $20.7M | $18.4M | $16.2M | $19.9M | |
| Short-Term Investments | $0.00 | $7.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $15.3M | $13.2M | $9.6M | $13.1M | $2.4M | $2.5M | $47.5M | $23.1M | $20.4M | $17.9M | $21.6M | |
| Total Assets | $16.8M | $14.5M | $10.7M | $16.6M | $5.2M | $5.5M | $51.1M | $45.8M | $41.6M | $39.4M | $41.6M | |
| Total Current Liabilities | $5.7M | $6.6M | $7.6M | $7.0M | $2.2M | $2.1M | $6.8M | $5.7M | $6.0M | $6.6M | $6.7M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $17.1M | $16.0M | |
| Total Liabilities | $5.7M | $6.6M | $7.6M | $9.3M | $3.3M | $3.0M | $6.8M | $25.0M | $24.0M | $23.7M | $22.7M | |
| Stockholders' Equity | $11.2M | $7.9M | $3.1M | $7.3M | $1.9M | $2.5M | $44.3M | $20.8M | $17.6M | $15.7M | $19.0M | |
| Retained Earnings | -$205.9M | -$234.4M | -$269.5M | -$304.8M | -$46.1M | -$58.9M | -$72.8M | -$98.4M | -$121.9M | -$148.5M | -$161.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$25.1M | -$23.9M | -$29.8M | -$27.6M | -$7.6M | -$9.2M | -$18.8M | -$23.7M | -$20.8M | -$24.3M | -$25.3M | |
| Capital Expenditure | -$490.0K | -$265.0K | -$163.0K | -$493.0K | -$150.0K | -$14.0K | -$338.0K | -$887.0K | -$556.0K | -$1.2M | -$1.2M | |
| Free Cash Flow | -$25.6M | -$24.2M | -$30.0M | -$28.1M | -$7.8M | -$9.2M | -$19.1M | -$24.6M | -$21.3M | -$25.5M | -$26.5M | |
| Investing Cash Flow | $4.9M | $2.8M | -$163.0K | -$493.0K | -$150.0K | -$14.0K | -$338.0K | -$887.0K | -$556.0K | -$1.2M | -$1.2M | |
| Financing Cash Flow | $20.5M | $21.2M | $26.6M | $35.0M | $9.2M | $75.6M | $63.4M | $133.0K | $19.1M | $23.3M | $39.1M | |
| Issuance of Stock | $20.5M | $21.2M | $26.6M | $35.0M | $8.6M | $77.8M | $16.0K | $133.0K | $18.8M | $23.3M | $39.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$28.0K | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $637.0K | -$2.2M | $8.0M | $0.00 | $19.1M | $11.0K | $141.0K | |
| Stock Based Comp. | $3.4M | $3.8M | $0.00 | $0.00 | $1.0M | $75.0K | $1.3M | $1.9M | $1.6M | $1.5M | $1.4M | |
| Net Change in Cash | $10.6M | -$3.0M | -$3.4M | $6.9M | $1.4M | $66.4M | $44.3M | -$24.4M | -$2.3M | -$2.1M | $12.7M |
Dilution Tracker
Shares outstanding grew 122.0% over 5 years — significant dilution
Shares Outstanding
90M
5-Year Share Growth
+122.0%
Stock Issuance (TTM)
$39.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 5.54 | 7.11 | 8.60 | 15.61 | 28.11 | 36.25 | 38.24 | 50.85 | 54.98 | 62.39 | 87.09 | |
| Change vs Prior % | — | 28.4% | 20.9% | 81.6% | 80.0% | 29.0% | 5.5% | 33.0% | 8.1% | 13.5% | 39.6% | |
| Stock Issuance | $20.5M | $21.2M | $26.6M | $35.0M | $8.6M | $77.8M | $16.0K | $133.0K | $18.8M | $23.3M | $39.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$28.0K | $0.00 | |
| Stock Based Comp. | $3.4M | $3.8M | $0.00 | $0.00 | $1.0M | $75.0K | $1.3M | $1.9M | $1.6M | $1.5M | $1.4M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -134.6% | 2.6% | 29.1% | 36.3% | — | — | — | — | — | — | — | |
| Operating Margin % | -833.4% | -360.5% | -505.0% | -905.5% | — | — | — | — | — | — | — | |
| Net Margin % | -832.6% | -358.1% | -508.9% | -994.1% | — | — | — | — | — | — | — | |
| EBITDA Margin % | -821.8% | -352.3% | -502.6% | -981.9% | — | — | — | — | — | — | — | |
| FCF Margin % | -641.4% | -304.0% | -434.6% | -832.3% | — | — | — | — | — | — | — | |
| ROE % | -297.6% | -361.8% | -1137.9% | -461.7% | -475.8% | -518.2% | -31.3% | -123.6% | -133.4% | -169.2% | -191.1% | |
| ROA % | -197.4% | -196.7% | -328.5% | -202.4% | -177.9% | -234.2% | -27.2% | -56.0% | -56.5% | -67.5% | -63.2% | |
| ROIC % | -297.8% | -364.2% | -1129.2% | -309.8% | -209.1% | -311.5% | -46.9% | -65.0% | -66.8% | -79.7% | -73.9% | |
| R&D / Revenue % | 134.2% | 100.4% | 148.0% | 488.2% | — | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -55.5% | 99.8% | -13.4% | -51.0% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -215.4% | 103.9% | 851.7% | -38.9% | -100.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | |
| Operating Income | -65.7% | 13.6% | -21.3% | 12.1% | 69.8% | -44.1% | -59.4% | -26.9% | 8.5% | -11.7% | |
| Net Income | -65.7% | 14.1% | -23.1% | 4.3% | 72.4% | -37.7% | -8.7% | -84.7% | 8.4% | -13.3% | |
| EPS (Diluted) | -46.5% | 33.1% | -1.7% | 47.3% | 84.7% | 0.0% | 48.5% | -194.1% | 14.0% | 0.0% | |
| Operating Cash Flow | -22.0% | 4.5% | -24.5% | 7.3% | 72.4% | -20.6% | -104.5% | -26.1% | 12.3% | -17.0% | |
| Free Cash Flow | -19.9% | 5.3% | -23.8% | 6.2% | 72.4% | -18.4% | -107.8% | -28.6% | 13.2% | -19.4% | |
| R&D Expense | 76.1% | 49.5% | 27.7% | 61.7% | -58.4% | 60.3% | 28.8% | 19.8% | -7.2% | 15.1% | |
| SG&A Expense | 5.3% | 8.2% | 13.0% | -42.4% | -84.5% | -2.4% | 131.5% | 86.1% | -10.7% | 5.6% | |
| Total Assets | -40.5% | -13.8% | -26.3% | 55.4% | -68.6% | 4.5% | 837.6% | -10.4% | -9.2% | -5.2% | |
| Book Value / Share | -51.4% | -44.9% | -67.6% | 29.9% | -85.1% | -2.0% | 1603.9% | -64.8% | -21.5% | -21.3% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -5.2% | -26.6% | -47.3% | 2067.1% | -6.7% | -2.4% | |
| Diluted Shares | 13.2% | 28.4% | 20.9% | 81.6% | 80.0% | 29.0% | 5.5% | 33.0% | 8.1% | 13.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High26.49 / 65.71 / 82.28
P/B4.91
10Y Low / Med / High0.73 / 38.21 / 80.86
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High25.84 / 62.98 / 79.69
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.22
Cash / Share
$0.23
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -7.89 | -11.43 | -5.21 | -8.28 | -17.00 | -14.82 | -5.00 | -2.04 | -2.70 | -2.86 | -3.06 | |
| P/S Ratio | 65.71 | 40.92 | 26.49 | 82.28 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 23.49 | 41.35 | 59.23 | 38.21 | 80.86 | 71.91 | 0.73 | 2.50 | 3.62 | 4.88 | 4.91 | |
| EV/EBITDA | -7.66 | -11.59 | -5.14 | -8.12 | -17.78 | -14.23 | 0.61 | -2.05 | -2.80 | -3.03 | -3.52 | |
| EV/Revenue | 62.98 | 40.85 | 25.84 | 79.69 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-4.62
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| Net Income | -$20.6M | -$28.4M | -$25.0M |
| EPS | $-0.33 | $-0.46 | $-0.40 |
| # Analysts (EPS) | 1 | 2 | 1 |