Vivani Medical (VANI) Stock Price, Financials & Analysis

Key Stats

Market Cap97.98 Mn

P/E-3.72

FCF (Yr)-25.49 Mn

ROA (Yr)-68.08

EV to EBIT-1.45

Net Income (Yr)-26.61 Mn

Enterprise Value39.47 Mn

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About

Vivani Medical, Inc. is a clinical stage biopharmaceutical company developing miniature drug implant candidates for extended duration delivery using its proprietary NanoPortal technology. This technology enables reversible near constant rate delivery of medicines for chronic diseases initially focusing on GLP1 receptor agonists for obesity and type 2 diabetes treatment. Vivani Medical, Inc. currently does not generate product revenue as it remains in clinical and…

Vivani Medical, Inc. currently does not generate product revenue as it remains in clinical and preclinical development stages. The company plans to generate future revenue through the potential commercialization of its drug implant candidates either via partnerships with established pharmaceutical companies or by building its own sales and marketing infrastructure following regulatory approval.

Vivani Medical, Inc. operates through two primary operational segments: its core biopharmaceutical drug implant business and its neurostimulation business conducted through its subsidiary Cortigent, Inc.

Biopharmaceutical Drug Implant: This segment focuses on developing and commercializing miniature subdermal drug implant candidates utilizing the NanoPortal technology for sustained delivery of therapeutic agents with current emphasis on GLP1 based implants for obesity, type 2 diabetes, and related metabolic conditions in humans and companion animals.
Neurostimulation: Conducted through Cortigent, Inc. this segment develops and advances pioneering neurostimulation systems aimed at helping patients recover critical body functions building on technology inherited from Second Sight Medical Products prior to the formation of Cortigent as a wholly owned subsidiary.

Vivani Medical, Inc. positions itself as an innovator in the drug delivery space competing within the large and growing markets for GLP1 receptor agonist therapies used in obesity and type 2 diabetes treatment. According to company disclosures, semaglutide products generated over $34 billion in combined sales during 2025, highlighting the substantial market opportunity for innovative delivery solutions. While facing established pharmaceutical giants such as Eli Lilly, Novo Nordisk, AstraZeneca, and Sanofi that dominate current GLP1 drug sales Vivani differentiates itself through its proprietary NanoPortal technology which offers potential advantages in medication adherence and reduced gastrointestinal side effects compared to existing oral and injectable options. The company believes its implant based approach could access underserved patient populations struggling with daily treatment regimens.

Vivani Medical, Inc. intends to serve patients suffering from obesity, type 2 diabetes, and related metabolic conditions through its biopharmaceutical segment with potential delivery via healthcare providers such as physicians and hospitals. For its neurostimulation segment through Cortigent the company targets patients requiring neurological functional restoration. Additionally its veterinary program aims to serve pet owners seeking treatment options for obesity and diabetes in companion animals like cats and dogs.

How Vivani Medical ranks

Ranked against the 671 companies in Pharmaceuticals and Biotechnology58 metrics · as of Nov 6, 2026

Valuation

12 metrics · Lower multiples rank higher; a negative multiple ranks last

P/ENegative earnings −3.44xMedian 17.8x 48^th
P/FCFNegative free cash flow −3.51xMedian 21.0x 43^rd
P/Operating cash flowNegative operating cash flow −3.68xMedian 16.8x 43^rd
P/S —Median 8.14x No data —
P/B 4.90xMedian 2.02x 24^th
P/Tangible book 4.90xMedian 2.24x 26^th
EV/EBITDANegative EBITDA −2.73xMedian 15.7x 39^th
EV/EBITNegative EBIT −2.68xMedian 20.9x 39^th
EV/Revenue —Median 5.92x No data —
EV/FCFNegative free cash flow −2.76xMedian 22.0x 34^th
EV/Operating cash flowNegative operating cash flow −2.89xMedian 18.3x 34^th
PEG (3Y EPS CAGR)Negative earnings −0.54Median 0.36 Not meaningful —

Growth

14 metrics · Year-on-year growth and three-year compound annual growth

Revenue growth (1Y) —Median 11.0% No data —
Revenue CAGR (3Y) —Median 10.4% No data —
Gross profit growth (1Y) —Median 11.8% No data —
Gross profit CAGR (3Y) —Median 12.3% No data —
Operating income growth (1Y) −1.6%Median −1.6% 50^th
Operating income CAGR (3Y) −0.5%Median 1.4% 47^th
Net income growth (1Y) −3.0%Median −3.3% 50^th
Net income CAGR (3Y) −12.0%Median −0.1% 37^th
EPS growth (1Y) 29.9%Median 22.4% 55^th
EPS CAGR (3Y) 6.4%Median 25.9% 33^rd
Operating cash flow growth (1Y) −11.3%Median −0.4% 41^st
Operating cash flow CAGR (3Y) −0.8%Median 2.1% 45^th
Free cash flow growth (1Y) −14.5%Median −0.1% 38^th
Free cash flow CAGR (3Y) −2.0%Median 2.5% 44^th

Profitability

14 metrics · Margins, returns on capital and the quality of earnings

Gross margin —Median 74.2% No data —
EBITDA margin —Median −214% No data —
Operating margin —Median −213% No data —
Pretax margin —Median −205% No data —
Net margin —Median −196% No data —
FCF margin —Median −181% No data —
Operating cash flow margin —Median −175% No data —
Return on equity −143%Median −54.7% 21^st
Return on assets −64.8%Median −41.1% 34^th
Return on invested capital —Median −5.3% No data —
Return on capital employed −77.0%Median −47.8% 33^rd
Asset turnover —Median 0.18x No data —
Cash conversion (OCF / net income)Net income is not positive 0.96xMedian 1.14x Not meaningful —
Stock comp / revenue —Median 29.2% No data —

Financial Health

11 metrics · Leverage, liquidity and solvency; less debt ranks higher

Debt / assets —Median 20.0% No data —
Debt / equity —Median 0.27x No data —
Net debt / EBITDA —Median 1.22x No data —
Debt / FCF —Median 3.65x No data —
Liabilities / assets 54.4%Median 32.3% 35^th
Equity / assets 45.6%Median 67.7% 35^th
Interest coverage —Median −10.0x No data —
Current ratio 3.25xMedian 4.37x 40^th
Quick ratio 2.99xMedian 3.65x 44^th
Cash ratio 2.99xMedian 3.35x 47^th
Altman Z-score —Median −0.80 No data —

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	LLY	ELI LILLY & Co	1,259.43 Bn	45.66	14.57	49.50 Bn
2	JNJ	Johnson & Johnson	677.77 Bn	42.11	6.82	44.65 Bn
3	ABBV	AbbVie Inc.	517.22 Bn	50.01	7.84	80.90 Bn
4	MRK	Merck & Co., Inc.	363.03 Bn	147.99	5.39	53.78 Bn
5	NVS	Novartis Ag	315.77 Bn	24.54	6.02	9.59 Bn
6	AZN	Astrazeneca Plc	289.77 Bn	33.30	5.35	32.35 Bn
7	AMGN	Amgen Inc	250.46 Bn	26.67	6.44	54.01 Bn
8	VANI	Vivani Medical, Inc.	0.10 Bn	-3.72	-	-

S.No.

Ticker

Company

Market Cap

P/E

P/S

Total Debt (Qtr)

LLY

ELI LILLY & Co

1,259.43 Bn

45.66

14.57

49.50 Bn

JNJ

Johnson & Johnson

677.77 Bn

42.11

6.82

44.65 Bn

ABBV

AbbVie Inc.

517.22 Bn

50.01

7.84

80.90 Bn

MRK

Merck & Co., Inc.

363.03 Bn

147.99

5.39

53.78 Bn

NVS

Novartis Ag

315.77 Bn

24.54

6.02

9.59 Bn

AZN

Astrazeneca Plc

289.77 Bn

33.30

5.35

32.35 Bn

AMGN

Amgen Inc

250.46 Bn

26.67

6.44

54.01 Bn

VANI

Vivani Medical, Inc.

0.10 Bn

-3.72

Vivani Medical VANI

About

Contract With Customer Sales Channel Breakdown of Revenue (2019)

How Vivani Medical ranks

Valuation

Growth

Profitability

Financial Health

Shareholder Returns

Peer Comparison

Vivani Medical VANI

About

Contract With Customer Sales Channel Breakdown of Revenue (2019)

How Vivani Medical ranks

Valuation

Growth

Profitability

Financial Health

Shareholder Returns

Peer Comparison

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