MeritValue

Vivani Medical, Inc.

VANIdata completeness 88%13 fiscal years on file
The thesis, from the filings

Vivani Medical, Inc. earns about -195% on equity, but has diluted owners by 70% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$01$02
Net income−$12.8M3−$13.9M4−$25.7M5−$23.5M6−$26.6M6
Operating cash flow−$11M7−$18.8M8−$23.7M9−$20.8M10−$24.3M10
Capital expenditure$572,00011$338,00012$887,00013$556,00014$1.17M14
Free cash flow (derived)−$11.5M7−$19.1M8−$24.6M9−$21.3M10−$25.5M10
Total debt—————
Cash & equivalents$69.6M15$45.1M16$20.7M17$18.4M18$16.2M18
Diluted shares36.8M50,73650,85355.0M62.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2.52
your share of equity
Profit it earned you last year
−$4.27
Free cash flow it threw off
−$4.09
Debt you’d be carrying
—

10 shares is a claim on $2.52 of net worth that earned you −$4.27 and generated −$4.09 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-195% avg · 5y
FY21 -518%FY22 -31%FY23 -124%FY24 -133%FY25 -169%

It earned an average -195% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+70% shares · 5y

Share count is up 70% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001753926-25-000527 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2025-12-31 · accession 0001753926-26-000548 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001753926-23-000344 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001753926-24-000616 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001753926-25-000527 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001753926-26-000548 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001753926-23-000344 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001753926-24-000616 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001753926-25-000527 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001753926-26-000548 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001753926-23-000344 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001753926-24-000616 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001753926-25-000527 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001753926-26-000548 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001753926-22-000356 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001753926-24-000616 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001753926-25-000527 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001753926-26-000548 (CashAndCashEquivalentsAtCarryingValue)