Vivani posted a net loss of $6.8 million in Q1 2026, using $6.2 million of cash in operating activities and raising $9.7 million through financing. Research and development expense net of grants was $4.4 million (up 4% year-over-year) and general and administrative expense rose 4% to $2.4 million. As of March 31, cash, cash equivalents and capital commitments totaled $28 million, funding operations into the first half of 2027.

The company is on track to initiate the SLIM-1 Phase 1 clinical trial of NPM-139, its ultra long-acting semaglutide implant, in mid-2026 in Australia. Topline results are anticipated by year-end 2026, enabling preparation for a Phase 2 dose-ranging study in 2027 upon completion of a pre-IND meeting and IND filing.

Vivani has raised $30.2 million in gross proceeds over the past 12 months through share purchase agreements and registered offerings. The company is evaluating strategic options for its neuromodulation subsidiary, Cortigent, including a spin-off via Form 10 or an IPO, aiming to create an independent public entity. Key upcoming milestones include IND application for NPM-139, initiation of the Phase 2 SLIM program in 2027, and transition of Cortigent into a stand-alone company.