Vivani Medical Inc.

Vivani Medical reported second quarter 2026 financial results and provided a business update, including full enrollment in its SLIM-1 Phase 1 trial of NPM-139, a semaglutide implant for chronic weight management. The company entered into a non-exclusive agreement with Novo Nordisk to evaluate NPM-139 and its NanoPortal technology, and expects the Cortigent-ClearOne merger to close in the third quarter of 2026, with the combined entity trading on Nasdaq under ticker CRGT. Cash, cash equivalents and restricted cash totaled $20.8 million as of June 30, 2026, up from $17.6 million at the end of 2025, while net loss for the quarter was $6.4 million compared to $7.1 million a year earlier. Top-line data from the SLIM-1 trial are expected in November 2026, and the company plans to submit an IND for a Phase 2 dose-ranging study in 2027.

Novo Nordisk's share price of DKK323.15 may be 12.6% overvalued relative to a narrative fair value of DKK287, according to an analysis by Simply Wall St. The assessment comes as the company enters an agreement with Vivani Medical to evaluate NPM-139, a semaglutide implant for chronic weight management. The stock has seen strong short-term momentum with a 30-day return of 18.81% and a 90-day return of 35.72%, though longer-term returns remain negative. The narrative fair value is based on projections of a U.S. GLP-1 market exceeding $80 billion annually by 2035, tempered by manufacturing constraints until around 2029 and uneven reimbursement. In contrast, Novo Nordisk's price-to-earnings ratio of 11.7x is well below the peer average of 25.8x and a fair ratio of 22.9x, suggesting a potential valuation gap.

Novo Nordisk and Vivani Medical are collaborating to evaluate a semaglutide drug implant using Vivani's NanoPortal platform for chronic weight management. Vivani has initiated a Phase 1 clinical study of the implant, while Novo Nordisk assesses semaglutide in this drug delivery format. The partnership focuses on an implantable GLP-1 approach that could offer an alternative to pills and injections for obesity treatment. An implant based on Vivani's NanoPortal technology could, if successful, support long-term dosing from a single procedure, which may appeal to patients who struggle with adherence or do not want frequent injections. The collaboration adds another angle to Novo Nordisk's obesity care toolkit alongside existing Wegovy injections and tablets, and sits within a competitive field that includes Eli Lilly and newer GLP-1 developers.

Vivani Medical has entered into a definitive merger agreement under which its wholly owned subsidiary Cortigent will become a wholly owned subsidiary of Nasdaq-listed ClearOne, with the combined company to be renamed Cortigent Holdings and trade under the ticker CRGT. ClearOne has agreed to raise between $10,000,000 and $15,000,000 in a concurrent financing. Vivani will receive 12,500,000 shares of ClearOne common stock and is expected to own 59.4% to 67.5% of the combined company, while former ClearOne shareholders will own 12.7% to 14.4%. The transaction, unanimously approved by both boards, is expected to close in the third quarter of 2026, subject to stockholder approvals, completion of the financing, and continued Nasdaq listing. Cortigent develops brain-computer interface devices based on precision neurostimulation technology, including the Orion artificial vision system and a device to aid arm and hand recovery after stroke.

Vivani Medical has appointed August J. Moretti to its board of directors, while Dr. Dean Baker retires from the board. Mr. Moretti brings extensive financial and operating experience from roles including CFO of 4D Molecular Therapeutics and Assertio Therapeutics, and will serve as chair of the Audit Committee and member of the Compensation Committee. Dr. Baker, who served as chair of both the Audit and Compensation Committees, provided critical guidance during the merger of Nano Precision Medical and Second Sight Medical Products. Chairman Gregg Williams stated that Mr. Moretti's expertise will be instrumental as the company advances its lead semaglutide implant, NPM-139, through clinical development.

Vivani Medical CEO Adam Mendelsohn will present a company overview and host investor and partner meetings at the 2026 BIO International Convention in San Diego, California. The presentation is scheduled for Wednesday, June 24, 2026, at 2:15 p.m. Pacific Time in Theater 3 of the San Diego Convention Center. Vivani Medical is a clinical-stage biopharmaceutical company developing miniature, ultra long-acting drug implants using its proprietary NanoPortal platform, with a focus on GLP-1 based implants for metabolic diseases including obesity and type 2 diabetes.