Vivani Medical Accelerates Semaglutide Implant Development with $10M Fresh Funding and Promising Clinical Breakthroughs

Vivani Medical (Nasdaq: VANI) just dropped some solid news for biotech investors paying attention to the weight-loss implant space. The company secured $10 million in new equity funding and revealed encouraging progress on its drug implant pipeline, signaling real momentum in a market increasingly hungry for alternatives to weekly injections.

The Money Talk: $10M Funding Secured Through 2026

On August 11, Vivani inked a deal to raise approximately $10 million through a private placement, pricing shares at $1.26 each. The funding round included participation from Gregg Williams, the company’s Chairman, demonstrating insider confidence in the direction. This capital injection is strategically timed to extend the company’s runway into the second half of 2026, specifically to bankroll the accelerated development of NPM-139—Vivani’s flagship semaglutide implant candidate.

When you combine this latest round with two earlier 2025 funding agreements (March and May), Vivani now has approximately $21.25 million in committed capital flowing through July 2026. For a clinical-stage biotech company, that’s meaningful financial runway.

NPM-139: The Real Story Here

Here’s where things get interesting. Vivani’s semaglutide implant NPM-139 just cleared a major technical hurdle. Preclinical data showed roughly 20% weight loss sustained beyond six months from a single implant—still in ongoing testing, but that’s the kind of durability that supports potential annual dosing.

Compare this to the current semaglutide market dominated by weekly self-injections. If Vivani can deliver comparable efficacy with once-yearly implantation, that changes the game for patient adherence and convenience. The company plans to kick off clinical trials in 2026.

LIBERATE-1 Trial Validates the Technology Platform

Before going all-in on the semaglutide implant, Vivani needed proof that its NanoPortal technology actually works in humans. Enter LIBERATE-1—the first-in-human clinical study of NPM-115 (an exenatide implant). The results? The implant showed a positive safety and tolerability profile with performance data hitting the study’s primary endpoints. That’s a green light for the underlying technology.

NPM-115 itself remains in development for chronic weight management, but more importantly, LIBERATE-1 validated the platform that powers NPM-139. That’s de-risking the semaglutide program considerably.

Cash Crunch Reality Check: Q2 2025 Financials

Let’s be honest about the cash situation. As of June 30, 2025, Vivani held $8.1 million in cash, cash equivalents, and restricted cash—down from $19.7 million at year-end 2024. That’s a $11.6 million burn over six months, primarily from a $13.4 million net loss.

For context, R&D spending in Q2 alone hit $4.8 million (up 35% year-over-year), while general and administrative expenses came in at $2.7 million. The company posted a $7.1 million net loss for the quarter versus $5.3 million in the same period last year.

These numbers underline why the $10M raise was necessary—Vivani was approaching a potential funding wall without it. The August financing buys time to reach critical development milestones.

The Cortigent Spin-Off Wildcard

Alongside the main announcement, Vivani disclosed plans to spin off Cortigent, Inc., its wholly owned subsidiary developing precision neurostimulation systems for patients recovering critical body functions. Cortigent’s focus includes Orion®, a neurostimulation device aimed at restoring vision to profoundly blind patients, plus systems targeting arm and hand recovery post-stroke.

The company targets Q3 or Q4 2025 to complete the Cortigent separation as an independent publicly traded entity. This is strategic portfolio management—separating a long-term, high-risk neurostimulation program from the near-term focus on GLP-1 implants.

What’s Next: The 2026 Inflection Point

Vivani promises more detailed NPM-139 program specifics later this year, including proposed clinical trial design focused on dose-ranging and weight maintenance. Clinical initiation is targeted for 2026—the year the market will either validate or question whether miniaturized implants can compete with the established GLP-1 injection ecosystem.

The company also expanded its partnership with Okava Pharmaceuticals to include canine applications of long-acting GLP-1 therapy using NanoPortal technology. While the veterinary market might seem tangential, it represents revenue diversification and extended IP utility.

The Bottom Line

Vivani is at an inflection point. The $10M funding, combined with positive LIBERATE-1 data and promising NPM-139 preclinical results, suggests management has a credible pathway to the clinic. Whether the market ultimately prefers implants over injections remains the $100 million question. The company’s cash runway now extends far enough to answer it.