Vivani Medical, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 13, 2023 at 09:31 pm
Share
Vivani Medical, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net loss was USD 6.78 million compared to net income of USD 1.42 million a year ago. Basic loss per share from continuing operations was USD 0.13 compared to basic earnings per share from continuing operations of USD 0.04 a year ago. Diluted loss per share from continuing operations was USD 0.13 compared to diluted earnings per share from continuing operations of USD 0.04 a year ago.
For the nine months, net loss was USD 19.63 million compared to USD 6.61 million a year ago. Basic loss per share from continuing operations was USD 0.39 compared to USD 0.18 a year ago. Diluted loss per share from continuing operations was USD 0.39 compared to USD 0.18 a year ago.
Vivani Medical, Inc. is a preclinical-stage biopharmaceutical company. The Company develops miniaturized and subdermal implants utilizing its NanoPortal technology to enable the delivery of a range of medicines to treat chronic diseases. It is engaged in the development of the Companyâs lead programs NPM-115 and NPM-119, is a GLP-1 implant candidates for the treatment of chronic weight management and patients with type 2 diabetes, respectively. Its other pipeline product candidates include NPM-139, and OKV-119. It uses this platform technology to develop and commercialize drug implant candidates for the treatment of chronic disease and medication non-adherence. It operates through two segments: Biopharm Division and Neuromodulation Division. The Companyâs implant technology, which it refers as NanoPortal, utilizes a space-efficient design that allows a miniaturized implant to provide many months of therapeutic delivery of potent molecules.