Vivani delays Cortigent spin-off record date due to government shutdown

ALAMEDA, Calif. - Vivani Medical, Inc. (NASDAQ:VANI), currently trading at $1.53 per share with a market capitalization of $90.6 million, announced Friday it will temporarily withdraw the previously set record date for its planned spin-off of Cortigent, Inc., citing delays caused by the ongoing U.S. federal government shutdown. According to InvestingPro data, the stock has shown strong momentum with a 54.5% return over the past six months.

The clinical-stage biopharmaceutical company, which develops miniature, ultra long-acting drug implants, expects to establish and announce a new record date as soon as possible, according to a press release statement. InvestingPro analysis indicates the company is currently burning through cash with an EBITDA of -$26.4 million in the last twelve months, operating with a moderate debt level and a current ratio of 1.3.

Cortigent, a wholly-owned subsidiary of Vivani, focuses on developing brain implant devices with neuromodulation technology. The subsidiary’s technology platform combines neuroscience, microelectronics, and artificial intelligence to create neurostimulation brain-computer interfaces.

ThinkEquity is serving as the exclusive financial advisor to Cortigent for the spin-off transaction.

Cortigent’s predecessor, Second Sight Medical Products, previously received FDA approval for Argus II, a device treating a rare form of blindness. The company’s investigational Orion Visual Cortical Prosthesis System, designed to treat blindness from conditions like glaucoma and diabetic retinopathy, completed a six-year Early Feasibility Study in 2025 and has FDA Breakthrough Device designation.

Vivani Medical develops biopharmaceutical implants through its NanoPortal platform, creating drug delivery systems that release medications steadily over extended periods. The company is developing implants for metabolic diseases including obesity and type 2 diabetes.

The company did not specify when it expects the federal government shutdown to end or provide an estimated timeline for announcing the new record date. With its next earnings report due on November 18, 2025, investors seeking deeper insights into Vivani’s financial health and growth prospects can access additional analysis and 8 more exclusive ProTips through InvestingPro.

In other recent news, Vivani Medical, Inc. announced plans to initiate a Phase 1 clinical trial for its semaglutide implant, NPM-139, aimed at chronic weight management in obese or overweight patients with comorbidities. The trial is expected to begin in the first half of 2026, pending regulatory clearance. In a related development, Vivani Medical secured $10 million in equity financing to accelerate the implant’s development. This funding, sourced from two investors, including an entity owned by Chairman Gregg Williams, extends the company’s financial runway into the second half of 2026. Additionally, H.C. Wainwright reiterated a Buy rating for Vivani Medical, maintaining a price target of $4.00, following the company’s announcement of its clinical development plans. The firm is preparing for a potential Phase 2 trial, depending on the outcomes of the initial study. These developments reflect Vivani Medical’s commitment to advancing its innovative treatment for weight management.

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