Weight-loss implant developer Vivani Medical's Q3 net loss widens on higher costs
VANI•Vivani Medical's third-quarter net loss widened year over year as research and development and administrative costs increased. Cash and equivalents fell to $15.5 million from $20.8 million at the end of the second quarter; loss per share was $0.08.
1. Costs and cash
Vivani Medical's third-quarter net loss widened year over year, with the company citing higher research and development costs from increased clinical trial activity in its Biopharm Division. General and administrative expenses also rose, mainly due to higher personnel and related costs in its Neurostimulation and Biopharm divisions.
2. Other income and merger
Other income increased due to amounts recognized under the Australian R&D Tax Incentive Program and higher interest income. Cash and equivalents declined to $15.5 million from $20.8 million at the end of the second quarter. The company said the Cortigent-ClearOne merger is expected to close shortly after final regulatory approval.
