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Here are 1-2 brief analogies for Vivani Medical (VANI):

1. Novo Nordisk or Eli Lilly, but focused on implantable GLP-1 solutions.

2. The implantable version of GLP-1 drugs like Ozempic or Mounjaro.

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• Cell Pouch System™: An implantable medical device designed to create a stable, vascularized environment for therapeutic cells, primarily used to treat type 1 diabetes by hosting insulin-producing islet cells.

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Vivani Medical (symbol: VANI) is a clinical-stage medical device company primarily focused on developing its implantable EverSense continuous glucose monitoring (CGM) system. As of the latest information, this system is in clinical development and has not yet been approved for commercial sale. Therefore, Vivani Medical does not currently have major commercial customers for its EverSense system.

However, when the EverSense system becomes commercially available, Vivani Medical is expected to sell primarily to other companies within the healthcare sector (a B2B model), rather than directly to individuals. The typical categories of customers for an implantable medical device like EverSense would include:

• Hospitals: These institutions would purchase the device for use in surgical procedures or clinical insertions performed on their patients.
• Endocrinology Clinics and Physician Offices: Specialists who manage diabetes patients would prescribe and facilitate the implantation of the device, likely purchasing it through distributors or directly from Vivani.
• Medical Device Distributors: These companies act as intermediaries, purchasing products from manufacturers like Vivani Medical and then selling them to hospitals, clinics, and other healthcare providers.

Due to the company's pre-commercialization stage for its main product, and the fragmented nature of the healthcare provider market, Vivani Medical does not currently disclose specific "major customer" companies that are publicly traded entities. Historically, the company (under its previous name and product focus, Second Sight Medical Products) sold its Argus II retinal prosthesis system to individual hospitals and clinics globally, often through regional distributors, none of which were typically named as major public company customers with associated stock symbols in SEC filings.

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Adam Mendelsohn, Ph.D. Chief Executive Officer

Since co-founding Vivani in 2009, Dr. Mendelsohn has served as its Chief Executive Officer, where he sets the strategic vision for the company. He received his Ph.D. in bioengineering from the UC San Francisco/UC Berkeley Joint Graduate Group in Bioengineering in 2011, during which he was awarded an NSF fellowship and published multiple peer-reviewed articles describing new treatment options for Type 1 diabetes. While in graduate school, Dr. Mendelsohn directed the Venture Innovation Program in Life Sciences and completed a certificate in Management of Technology with the Haas School of Business. He has also served as a Technical Advisor to the Alfred E. Mann Institute for Biomedical Engineering at USC and is currently a board member of the Maestro Foundation.

Anthony Baldor, M.S., M.B.A. Chief Financial Officer

Mr. Baldor joined Vivani Medical as Chief Financial Officer in 2025, bringing over 20 years of experience in biotechnology finance, strategy, and business development. Prior to Vivani, he served as CFO and Head of Business Development at Diakonos Oncology, where he led fundraising, investor relations, and early partnering activities. From 2019 to 2023, Mr. Baldor was Vice President of Corporate Strategy and Development at 4D Molecular Therapeutics (NASDAQ: FDMT), playing a central role in the company's Series C financing, IPO, and multiple strategic transactions, including the acquisition of Aevitas Therapeutics. His earlier career includes roles in equity research at Jefferies, venture capital at BioInnovation Capital and RMI Partners, and business development at Cequent Pharmaceuticals, Inc.

Truc Le, M.B.A. Chief Operations Officer

Mr. Le has served as COO of Vivani since 2020, bringing over 35 years of manufacturing, quality, and operations experience with devices and complex drug-device combination products. Previously, he was the Chief Technical Operations Officer for Dance Biopharm from 2011 to March 2020, where he built operations, quality systems, manufacturing, supply chain, product development, formulation, and IT. From 2009 to 2011, Mr. Le served as the Chief Operating Officer for Avid Bio Services, Inc.

Donald Dwyer, M.B.A. Chief Business Officer

Mr. Dwyer formally joined Vivani as Chief Business Officer and secretary to its Board of Directors in 2021. He previously consulted for Vivani from 2019-2020 and observed Vivani's Board from 2016-2019 while employed at AstraZeneca. He possesses over 35 years of experience in the biopharmaceutical industry with a broad background in leadership across various technologies and disease areas.

Lisa Porter, M.D. Chief Medical Officer

Dr. Porter serves as the Chief Medical Officer for Vivani Medical.

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1. Financial Risks and Need for Additional Capital: Vivani Medical is a clinical-stage biopharmaceutical company that currently generates no revenue from product sales and has a history of significant operating losses. The company is highly dependent on securing additional financing through equity offerings and other strategic initiatives to fund its ongoing research, clinical development, and general corporate purposes. A failure to raise sufficient additional capital could lead to delays or even the cessation of its product development programs and business objectives.
2. Development, Commercialization, and Regulatory Risks: The future success of Vivani Medical is contingent upon the successful development and eventual commercialization of its proprietary NanoPortal technology and drug implants, such as NPM-115, NPM-119, and NPM-139. This process is inherently risky, involving potential delays in clinical trials due to unforeseen events, difficulties in patient recruitment, or challenges in navigating complex regulatory requirements. Non-compliance with stringent FDA and international regulatory standards could result in substantial penalties or the inability to obtain necessary product approvals, thereby impacting product development timelines and increasing costs.
3. Competitive Landscape: Vivani Medical operates in highly competitive therapeutic areas, particularly with its focus on GLP-1-based therapies for metabolic diseases like obesity and type 2 diabetes. The company faces significant competition from numerous other biopharmaceutical companies, many of which possess greater financial resources, established expertise, and existing commercialized products. This intense competition could potentially limit the market opportunity and commercial success of Vivani's product candidates, even if successfully developed and approved.

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The continuous and rapid advancements in external, patch-based continuous glucose monitoring (CGM) technologies by market leaders such as Dexcom (DXCM) and Abbott (ABT) pose an emerging threat. These advancements include significant reductions in sensor size (e.g., Dexcom G7), faster warm-up times, improved accuracy, and enhanced integration with smart devices and automated insulin delivery systems. While Vivani Medical's EverSense implantable CGM offers a unique advantage with its long wear duration (up to 6-12 months) and discreetness, the ongoing improvements in user convenience, ease of application (no minor surgical procedure required), and increasing cost-effectiveness of external CGMs could diminish the overall appeal and perceived necessity of an implantable device for a growing number of patients and clinicians. This trend could lead to a shift in market preference towards less invasive, highly convenient external solutions, even if they require more frequent replacement than an implantable device.

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• The global GLP-1 market is projected to reach $139 billion by 2030.
• Specifically, the global market for Obesity/Chronic Weight Management is estimated to be over $60 billion by 2030.
• The global market for Type 2 Diabetes is also estimated to be over $60 billion by 2030.

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• Advancement and Commercialization of GLP-1 Implants for Obesity: Vivani Medical has prioritized the development of its obesity portfolio, particularly the semaglutide implant NPM-139, which has the potential for once-yearly dosing. The company is also progressing with NPM-115, a six-month exenatide implant for chronic weight management. The successful completion of clinical trials, such as the LIBERATE-1 study assessing the safety and pharmacokinetic profile of their exenatide implant, and subsequent regulatory approvals in the rapidly expanding obesity market, are expected to be significant revenue drivers.
• Expansion into the Type 2 Diabetes Market with GLP-1 Implants: Alongside its obesity focus, Vivani Medical is developing NPM-119, a six-month GLP-1 implant for the treatment of type 2 diabetes. The successful development and eventual commercialization of this product would open up another substantial market opportunity for the company, leveraging the same core NanoPortal™ platform.
• Leveraging Differentiated Product Advantages of the NanoPortal™ Platform: The NanoPortal™ platform offers miniature, long-term drug implants designed to provide guaranteed medication adherence and smooth, consistent therapeutic levels of GLP-1 for six months or longer with a single administration. These differentiated advantages, including expected reductions in side effects due to stable delivery and potentially lower costs compared to existing treatments, are anticipated to drive adoption and capture market share by addressing unmet patient needs and expanding market segments.
• Strategic Partnerships and Pipeline Expansion: Vivani Medical's collaborations, such as its partnership with Okava Pharma to advance the companion feline program OKV-119, have already contributed to revenue growth. Future strategic alliances and the expansion of its pipeline into other chronic diseases or new therapeutic areas using its versatile NanoPortal™ platform could provide additional revenue streams through development milestones and licensing agreements.

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Share Issuance

• In October 2025, Vivani Medical completed a registered direct offering and a concurrent private placement, issuing a total of 9,703,703 common shares at $1.62 per share, generating gross proceeds of approximately $15.7 million. The private placement portion included 3,703,703 shares purchased by Gregg Williams, Chairman of the board.
• The company secured approximately $10.0 million in equity financing in August 2025 through a private placement of 7,936,507 shares at $1.26 per share, which included an investment from Gregg Williams.
• In March 2025, Vivani issued 7,366,071 shares at $1.12 per share in a private placement to an entity beneficially owned by Gregg Williams, resulting in expected gross proceeds of approximately $8.25 million by January 15, 2026.

Inbound Investments

• Gregg Williams, Chairman of the Board, made significant investments, including purchasing 3,703,703 common shares for approximately $6.0 million in October 2025 as part of a larger offering. He also participated in an approximately $10.0 million equity financing in August 2025.
• In March 2025, the company secured approximately $8.25 million through a private placement from an entity beneficially owned by Gregg Williams.
• An independent director invested $5.0 million in November 2024 through the purchase of 3,968,253 shares in a private sale transaction.

Capital Expenditures

• Vivani relocated to a new facility in September 2023 to expand its manufacturing capacity for clinical materials to support registration studies and commercial-scale supply.
• The net proceeds from recent equity offerings in 2025 are intended to fund ongoing research and clinical development of the company's product candidates, as well as for working capital and general corporate purposes.