Vivani exhibits no operating leverage, as the company continues to incur quarterly operating losses ranging from $5.7M to $7.5M without any offsetting commercial revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.38M | 6.9M | 7.96M | 3.98M | 8.95M | 3.4M | 1.56M | 1.37M |
| Revenue Growth % | - | - | - | - | - | - | -100% | -51% | -13.41% | 99.85% | -55.47% | 163.4% | 117.12% | 14.46% | - |
| Cost of Goods Sold | 130K | 424K | 0 | 357K | 0 | 0 | 0 | 2.15M | 4.89M | 7.75M | 9.35M | 4.3M | 3.56M | 5.63M | 4.4M |
| COGS % of Revenue | - | - | - | - | - | - | - | 63.69% | 70.88% | 97.35% | 234.6% | 48.07% | 104.72% | 359.72% | 321.58% |
| Gross Profit | -130K | -424K | 0 | -357K | 0 | 0 | 0 | 1.23M | 2.01M | 211K | -5.36M | 4.65M | -160.28K | -4.06M | -3.03M |
| Gross Margin % | - | - | - | - | - | - | - | 36.31% | 29.12% | 2.65% | -134.6% | 51.93% | -4.72% | -259.72% | -221.58% |
| Gross Profit Growth % | - | - | 100% | - | - | - | -100% | -38.89% | 851.66% | 103.93% | -215.4% | 2999.87% | 96.06% | -34.16% | - |
| Operating Expenses | 27.68M | 27.13M | 24.68M | 26.61M | 21.24M | 13.32M | 9.24M | 31.82M | 36.83M | 28.92M | 27.85M | 24.7M | 21.07M | 13.93M | 12.99M |
| OpEx % of Revenue | - | - | - | - | - | - | - | 941.82% | 534.12% | 363.13% | 698.77% | 275.92% | 620.19% | 890.33% | 950.24% |
| Selling, General & Admin | 9.52M | 9.43M | 8.93M | 10M | 5.37M | 2.32M | 2.38M | 15.33M | 26.63M | 23.56M | 21.77M | 20.67M | 13.41M | 7.47M | 6.22M |
| SG&A % of Revenue | - | - | - | - | - | - | - | 453.6% | 386.14% | 295.87% | 546.35% | 230.93% | 394.67% | 477.3% | 454.95% |
| Research & Development | 18.17M | 18.13M | 15.74M | 16.97M | 14.17M | 11M | 6.87M | 16.5M | 10.21M | 7.99M | 5.35M | 3.04M | 5.04M | 3.25M | 3.05M |
| R&D % of Revenue | - | - | - | - | - | - | - | 488.22% | 147.98% | 100.36% | 134.18% | 33.92% | 148.36% | 207.58% | 222.73% |
| Other Operating Expenses | 0 | -424K | 0 | -357K | 1.7M | 0 | 0 | 0 | 0 | -2.64M | 727K | 991K | 2.62M | 3.22M | 3.73M |
| Operating Income | -27.81M | -27.56M | -24.68M | -26.96M | -21.24M | -13.32M | -9.24M | -30.6M | -34.83M | -28.71M | -33.21M | -20.05M | -21.23M | -18M | -16.02M |
| Operating Margin % | - | - | - | - | - | - | - | -905.5% | -505% | -360.48% | -833.38% | -223.99% | -624.91% | -1150.05% | -1171.82% |
| Operating Income Growth % | - | -11.67% | 8.49% | -26.95% | -59.43% | -44.14% | 69.79% | 12.14% | -21.3% | 13.55% | -65.66% | 5.59% | -17.98% | -12.33% | - |
| EBITDA | -27.36M | -27.13M | -24.28M | -26.61M | -20.86M | -12.98M | -8.89M | -30.18M | -34.39M | -28.25M | -32.78M | -19.71M | -20.95M | -17.68M | -15.7M |
| EBITDA Margin % | - | - | - | - | - | - | - | -893.25% | -498.69% | -354.75% | -822.53% | -220.25% | -616.69% | -1129.87% | -1148.07% |
| EBITDA Growth % | -11.21% | -11.76% | 8.76% | -27.56% | -60.73% | -46% | 70.55% | 12.23% | -21.73% | 13.81% | -66.28% | 5.93% | -18.51% | -12.65% | - |
| D&A (Non-Cash Add-back) | 452K | 424K | 400K | 357K | 381K | 345K | 354K | 414K | 435K | 457K | 432K | 335K | 279.18K | 315.77K | 324.71K |
| EBIT | -27.81M | -27.56M | -24.68M | -25.65M | -19.54M | -13.32M | -9.24M | -33.59M | -35.09M | -28.52M | -33.18M | -20.02M | -28.17M | -17.96M | -16.01M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 362K | 0 | 0 | 0 | -27K | -7.02M | -5.01M | -259.52K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 362K | 86K | 93K | 31K | 2K | 9.11K | 7.45K | 7.51K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29K | 7.03M | 5.01M | 267.03K |
| Other Income/Expense | 727K | 947K | 1.19M | 1.31M | 7.35M | 550K | -36K | -3M | -269K | 193K | 31K | 29K | -13.97M | -4.97M | -257.74K |
| Pretax Income | -27.09M | -26.61M | -23.49M | -25.65M | -13.89M | -12.77M | -9.28M | -33.59M | -35.09M | -28.52M | -33.18M | -20.02M | -35.2M | -22.97M | -16.28M |
| Pretax Margin % | - | - | - | - | - | - | - | -994.14% | -508.9% | -358.06% | -832.6% | -223.66% | -1035.99% | -1467.73% | -1190.67% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86K | 93K | 31K | 58K | 0 | 42.22K | 9.29K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.25% | -0.33% | -0.09% | -0.29% | 0% | -0.18% | -0.06% |
| Net Income | -27.09M | -26.61M | -23.49M | -25.65M | -13.89M | -12.77M | -9.28M | -33.59M | -35.09M | -28.52M | -33.18M | -20.02M | -35.2M | -22.97M | -16.28M |
| Net Margin % | - | - | - | - | - | - | - | -994.14% | -508.9% | -358.06% | -832.6% | -223.66% | -1035.99% | -1467.73% | -1190.67% |
| Net Income Growth % | -14.06% | -13.3% | 8.44% | -84.69% | -8.74% | -37.65% | 72.38% | 4.28% | -23.07% | 14.05% | -65.75% | 43.13% | -53.26% | -41.09% | - |
| Net Income (Continuing) | -27.09M | -26.61M | -23.49M | -25.65M | -13.89M | -12.77M | -9.28M | -33.59M | -35.09M | -28.52M | -33.18M | -20.02M | -35.2M | -22.97M | -16.28M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.33 | -0.43 | -0.43 | -0.50 | -0.17 | -0.33 | -0.33 | -2.15 | -4.08 | -4.01 | -5.99 | -4.09 | -10.31 | -4.87 | -3.45 |
| EPS Growth % | 6.39% | 0% | 14% | -194.12% | 48.48% | 0% | 84.65% | 47.3% | -1.75% | 33.06% | -46.45% | 60.33% | -111.7% | -41.16% | - |
| EPS (Basic) | - | -0.43 | -0.43 | -0.50 | -0.17 | -0.33 | -0.33 | -2.15 | -4.08 | -4.01 | -5.99 | -4.09 | -10.31 | -4.87 | -3.45 |
| Diluted Shares Outstanding | 81.27M | 62.39M | 54.98M | 50.85M | 38.24M | 36.25M | 28.11M | 15.61M | 8.6M | 7.11M | 5.54M | 4.89M | 3.41M | 4.72M | 4.72M |
| Basic Shares Outstanding | 81.27M | 62.39M | 54.98M | 50.85M | 38.24M | 36.25M | 28.11M | 15.61M | 8.6M | 7.11M | 5.54M | 4.89M | 3.41M | 4.72M | 4.72M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As indicated by recent financial disclosures, Vivani's quarterly R&D expenditures have consistently hovered between $3.5M and $4.8M, representing the primary driver of the company's persistent operating losses as it attempts to advance its NanoPortal technology through critical clinical development phases without any offsetting commercial revenue.
The company's cost structure is entirely dominated by clinical development, with R&D spending consistently outpacing SG&A expenses. This allocation suggests a management focus on achieving regulatory milestones, yet the lack of revenue generation means these costs directly erode the company's limited cash reserves each quarter.
Based on the reported income statements, Vivani exhibits no operating leverage, as the company continues to incur quarterly operating losses ranging from $5.7M to $7.5M while maintaining a zero-revenue profile that precludes any scaling of fixed costs against a growing top-line revenue base.
The absence of revenue means that every dollar spent on SG&A and R&D flows directly to the bottom line as a loss. Investors should monitor whether future clinical progress allows for a shift toward a partnership model, which would be necessary to achieve any meaningful operating efficiency.
According to historical filings, Vivani's net losses have remained relatively stable between $5.4M and $7.1M per quarter, though the quality of these earnings is obscured by the consistent issuance of stock-based compensation and the potential for future equity dilution to fund ongoing operations.
The reliance on equity-based incentives and the necessity of capital raises to sustain the burn rate suggest that the reported EPS figures do not fully capture the economic cost to shareholders. The volatility in quarterly net income appears largely driven by non-operating adjustments rather than any underlying improvement in core business performance.
As reported in recent regulatory filings, the company's cash position of $16.2M against a quarterly burn rate exceeding $6M suggests a precarious financial runway that may force management into highly dilutive financing rounds if clinical milestones are not met within the next two to three quarters.
Short-sellers would likely focus on the mismatch between the company's ambitious clinical pipeline and its limited liquidity. The lack of commercial revenue leaves the firm entirely dependent on external capital markets, which may become increasingly expensive or inaccessible if the broader biotech funding environment continues to tighten.
Quick answers to the most common questions about buying VANI stock.
For fiscal year 2025, Vivani Medical, Inc. (VANI) reported total revenue of $0.0M. This represents a 100.0% decline compared to $1.4M in 2012.
Vivani Medical, Inc. (VANI) reported a net loss of $26.6M for the fiscal year ending 2025.