VANI

Vivani is a clinical-stage biopharma with zero revenue and no FDA-approved products; its entire value rests on preclinical NanoPortal implant candidates (lead NPM-139, a six-month semaglutide implant for obesity) that have shown ~20% weight loss in rats and mice but have not cleared human trials. The 10-K states plainly that final approval of NPM-139/133/115 'may be delayed, limited, or denied' and that the company 'will require substantial additional financing... which may not be available on acceptable terms, or at all.' That is the whole investment case in the company's own words: an unproven platform that needs outside capital to survive.

The numbers make the financing risk acute. FY2025 operating cash flow was -$24.3M against just $16.2M of cash — well under twelve months of runway at the current burn, while R&D spend is still rising (+15.1%). Losses are widening (net income -$26.6M, down 13.3% YoY; operating loss -$27.6M) and there is no revenue to offset them. Equity has thinned to $15.7M against $23.7M of liabilities (1.50x liabilities/equity), retained deficit has ballooned to -$149M, and ROE is -169%. Book value is being consumed each quarter.