aibioVivani Medical agrees $10.0 million private placement at $1.26 per share
Tickers VANI
Vivani sells 7,936,507 shares at $1.26 to two buyers, one of them tied to chairman Gregg Williams. Cash was $8.1 million at June 30, 2025, and the release presents the new money as securing its position into the second half of 2026.
Key facts
- Company
- Vivani Medical, Inc. (NASDAQ: VANI)
- News type
- Financings
- Primary source
- Vivani Medical, Inc. 8-K (2025-08-13)
Vivani Medical, Inc., an Alameda, California company listed on Nasdaq as VANI, signed a share purchase agreement on August 11, 2025 to sell 7,936,507 shares of common stock in a private placement with two investors. The company announced the deal in a press release issued on August 13, 2025, alongside its results for the quarter ended June 30, 2025. Vivani expects gross proceeds of approximately $10.0 million.
The terms and the buyers
The shares are priced at $1.26, which the company says is the closing market price on August 11, 2025. The release does not describe a discount to that price. One of the two investors is an entity beneficially owned by Gregg Williams, Vivani's chairman. The release does not name the other investor.
The release names no placement agent, underwriter or financial advisor for the placement, and it names no counsel to the company or the investors. Vivani says the proceeds will accelerate development of NPM-139, a semaglutide implant, and that the money secures its financial position into the second half of 2026.
This is the third equity agreement of 2025. In May, Vivani agreed to sell 2,912,621 shares at $1.03 each, for about $3.0 million. The company says that with agreements signed in March, May and August 2025, an additional $21.25 million of committed capital will come in through July 2026. The August deal is part of that total.
Cash and the cost of the last six months
Vivani reported cash, cash equivalents and restricted cash of $8.1 million at June 30, 2025, down from $19.7 million at December 31, 2024. The company attributes the $11.6 million decline mainly to a net loss of $13.4 million. Net loss for the second quarter alone was $7.1 million, compared with $5.3 million a year earlier, and research and development spending in the quarter was $4.8 million.
The balance sheet footnote is more pointed. It says cash and cash equivalents of $6.794 million at June 30, 2025 do not include the three equity purchase agreements. The company says the committed capital from those agreements will come in through July 2026. Stockholders' equity fell to $4,910 thousand from $17,610 thousand.
What the NPM-139 claims rest on
Vivani says the new money will support faster work on NPM-139. The release reports positive weight loss data from an ongoing preclinical study of that implant and cites LIBERATE-1, a Phase 1 study of NPM-115, as a success. The chief executive, Adam Mendelsohn, said LIBERATE-1 showed a positive safety and tolerability profile, but the release gives no numbers for LIBERATE-1. For NPM-139 it says only that approximately 20% weight loss was maintained longer than six months with a single implant in an ongoing preclinical study.
Preclinical weight loss data are not clinical evidence in humans. The company says it will provide a more detailed NPM-139 update later this year, including the design of a dose-ranging weight maintenance study, and that it expects to start clinical development in 2026. The release discloses no human data for NPM-139 and no clinical design.
The company's earlier plans
The company's annual report on Form 10-K for 2024, filed on March 31, 2025, describes Vivani as a clinical-stage company developing miniaturized, subdermal drug implants using its NanoPortal technology. The report says the FDA placed a first-in-human exenatide implant study, NPM-119, on full clinical hold on August 18, 2023, mainly over chemistry, manufacturing and controls information, and lifted the hold on June 13, 2024.
The same report shows a change in direction. In March 2025, Vivani said it would stop pursuing an initial public offering for Cortigent, Inc., its neurostimulation subsidiary, for which it had announced a registration statement on Form S-1 in March 2023. The August release now plans to spin off Cortigent as an independent public company in the third or fourth quarter of 2025. The release gives no terms for that spin-off.
The August placement was the company's third equity sale this year. The balance sheet shows 59,244 thousand shares outstanding at June 30, 2025, before the 7,936,507 new shares.