Vivani Medical Inc. Common Stock (DE) (VANI)

FairStock Score: 21/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses with durable earning power, honest accounting, and a margin of safety. Vivani is not there yet. It is a clinical-stage biopharmaceutical company with 42 employees, developing miniaturized subdermal drug implants through its NanoPortal technology, including NPM-139 for chronic weight management. The filed figures list revenue as n/a in fiscal Q2 2026, the quarter ended 2026-06-30. In that quarter, net income was -$6.4M and diluted EPS was -$0.07. In fiscal Q1 2026, ended 2026-03-31, net income was -$6.8M and diluted EPS was -$0.08. Fiscal Q3 2025, ended 2025-09-30, lost -$6.5M, or -$0.11 per diluted share. Full-year fiscal 2025, ended 2025-12-31, lost -$26.6M, or -$0.43 per share; fiscal 2024 lost -$23.5M, or -$0.43; fiscal 2023 lost -$25.7M, or -$0.50. FairStock's trailing free cash flow is -$26.5M and FCF yield is -24.9%. At the 2026-10-13 close of $1.18, market cap was $106.4M. FairStock calculations show P/E -3.28, P/B 5.62, ROE -220.41%, ROCE -48.47%, D/E 0.94, Piotroski 2/9, Altman Z -2.19, and a FairStock Score of 21/100. The Lynch category is none because losses occurred in each of the last four years. The technology might become valuable, but there is no commercial proof, no profit, and negative cash flow. Without earnings or asset protection, the price offers no margin of safety in the Graham sense. I would wait for evidence of commercial validation and a stronger balance sheet.

In plain English: Vivani Medical is a small clinical-stage biotech company developing tiny drug implants for chronic diseases such as weight management. It has no reported revenue in its latest filed quarter, the three months ended 2026-06-30, and it has lost money every year recently while burning cash. At $1.18, the stock does not look cheap based on ordinary financial measures because there are no profits and the price is high compared with its accounting net worth; the story depends on future implant approvals.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer