Persistent negative free cash flow, with quarterly outflows reaching $7.2M in 2025Q3, highlights the capital-intensive nature of the firm's current clinical development phase.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -25.35M | -24.32M | -20.79M | -23.7M | -18.79M | -10.95M | -7.62M | -27.63M | -29.81M | -23.95M | -25.07M | -20.55M | -17.09M | -17.43M | -15.32M |
| Operating CF Margin % | - | - | - | - | - | - | - | -817.67% | -432.28% | -300.69% | -629.11% | -229.6% | -503.03% | -1113.59% | -1120.61% |
| Operating CF Growth % | -74.59% | -17% | 12.29% | -26.15% | -71.56% | -43.73% | 72.42% | 7.32% | -24.48% | 4.48% | -22% | -20.22% | 1.92% | -13.74% | - |
| Net Income | -27.09M | -26.61M | -23.49M | -25.65M | -13.89M | -12.77M | -9.28M | -33.59M | -35.09M | -28.52M | -33.18M | -20.02M | -35.2M | -22.97M | -16.28M |
| Depreciation & Amortization | 452K | 424K | 400K | 357K | 381K | 345K | 354K | 414K | 435K | 457K | 432K | 335K | 279.18K | 315.77K | 324.71K |
| Stock-Based Compensation | 1.13M | 1.48M | 1.61M | 1.86M | 1.3M | 1.67M | 1.04M | 0 | 0 | 3.78M | 3.37M | 2.69M | 1.47M | 769.9K | 907.86K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 437K | 152K | 336K | 1.02M | -6.91M | -627K | 123K | 9.78M | 4.7M | -324K | 8.08M | 6.76M | 14.76M | 5.01M | 267.03K |
| Working Capital Changes | -289K | 229K | 354K | -1.29M | 338K | 436K | 146K | 37K | 425K | 3.31M | -950K | -3.88M | 1.6M | -557.22K | -541.69K |
| Change in Receivables | -522K | -401K | 0 | 0 | 0 | 0 | 0 | 48K | 1.22M | -1.41M | 955K | -793K | -239K | -148.31K | 97.43K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -347K | -1.18M | 3.87M | 10K | -2.49M | -3.38M | -559.89K | -595.73K |
| Change in Payables | 432K | -222K | 248K | -602K | -1.94M | 13K | -18K | -213K | 554K | -419K | 446K | 197K | 198.78K | -417.05K | 492.48K |
| Cash from Investing | -1.17M | -1.17M | -556K | -887K | -338K | -572K | -150K | -493K | -163K | 2.84M | 4.89M | 17.52M | -25.95M | -4.55M | -2.85M |
| Capital Expenditures | -1.17M | -1.17M | -556K | -887K | -338K | -572K | -150K | -493K | -163K | -265K | -490K | -762K | -560.35K | -246K | -196.08K |
| CapEx % of Revenue | - | - | - | - | - | - | - | 14.59% | 2.36% | 3.33% | 12.3% | 8.51% | 16.49% | 15.72% | 14.34% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 33.16M | 23.27M | 19.05M | 133K | 63.39M | 11.62M | 9.19M | 34.99M | 26.6M | 21.17M | 20.45M | 2.76M | 43.8M | 21.97M | 17.98M |
| Debt Issued (Net) | 141K | 11K | 19.05M | 0 | 8M | 0 | 637K | 0 | 0 | 0 | 0 | 0 | 0 | 19.47M | 10M |
| Equity Issued (Net) | 33.08M | 23.26M | 18.82M | 133K | 16K | 11.62M | 8.55M | 34.99M | 26.6M | 21.17M | 20.45M | 2.88M | 43.8M | 2.51M | 7.98M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -67K | 0 | -18.82M | 0 | 55.37M | 0 | 0 | 0 | 0 | 0 | 0 | -124K | 0 | 0 | 0 |
| Net Change in Cash | 6.74M | -2.12M | -2.3M | -24.45M | 44.26M | 97K | 1.42M | 6.86M | -3.37M | -3.04M | 10.64M | 15.34M | 556.85K | -82.19K | -228K |
| Free Cash Flow | -26.52M | -25.49M | -21.34M | -24.59M | -19.13M | -11.52M | -7.77M | -28.12M | -29.97M | -24.21M | -25.56M | -21.31M | -17.65M | -17.67M | -15.52M |
| FCF Margin % | - | - | - | - | - | - | - | -832.26% | -434.64% | -304.02% | -641.41% | -238.11% | -519.53% | -1129.3% | -1134.95% |
| FCF Growth % | -21.58% | -19.45% | 13.19% | -28.55% | -65.97% | -48.32% | 72.37% | 6.18% | -23.79% | 5.27% | -19.94% | -20.72% | 0.11% | -13.89% | - |
| FCF per Share | -0.33 | -0.41 | -0.39 | -0.48 | -0.50 | -0.32 | -0.28 | -1.80 | -3.49 | -3.41 | -4.61 | -4.35 | -5.17 | -3.75 | -3.29 |
| FCF Conversion (FCF/Net Income) | 0.98x | 0.91x | 0.89x | 0.92x | 1.35x | 0.86x | 0.82x | 0.82x | 0.85x | 0.84x | 0.76x | 1.03x | 0.49x | 0.76x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 2K | 1K | 0 | 1K | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding shortfall
According to recent financial statements, Vivani's operating cash flow consistently tracks its net loss, with an OCF/NI ratio frequently exceeding 0.90, indicating that the company's cash burn is almost entirely driven by its core operating expenses rather than non-cash accounting adjustments or significant working capital swings.
The tight correlation between net income and operating cash flow suggests that the company lacks meaningful non-cash cushions to mitigate its quarterly losses. Investors should interpret this as a pure-play burn profile where every dollar of loss translates directly into a reduction of the company's limited cash reserves.
Based on reported figures, Vivani's free cash flow trajectory remains firmly negative, with quarterly outflows ranging from $4.2M to $7.2M, reflecting the capital-intensive nature of advancing the NanoPortal platform through clinical development without the benefit of any offsetting commercial revenue streams to stabilize the cash position.
The absence of positive free cash flow is expected for a clinical-stage entity, yet the trend shows no signs of narrowing as trial costs mount. This trajectory implies that the company remains entirely dependent on external capital markets to sustain its research and development roadmap.
As indicated by historical cash flow data, working capital changes have fluctuated significantly, swinging from a $1.8M inflow in 2023Q4 to a $667K outflow in 2025Q4, which suggests that timing differences in vendor payments and clinical trial accruals are creating noise in the quarterly cash burn rate.
These fluctuations appear to be timing-related rather than indicative of operational efficiency improvements. Analysts should monitor these swings closely, as they may temporarily mask the underlying structural burn rate required to support the company's ongoing clinical programs.
As reported in regulatory filings, stock-based compensation has consistently added back hundreds of thousands of dollars to the cash flow statement each quarter, effectively softening the reported net loss while diluting existing shareholders to preserve the company's dwindling cash runway for essential clinical trial activities.
While stock-based compensation is a non-cash expense, it represents a real economic cost to shareholders that is not captured in the operating cash flow. Investors should view this as a necessary but dilutive mechanism that allows the company to retain talent while managing its precarious liquidity position.
Quick answers to the most common questions about buying VANI stock.
Vivani Medical, Inc. (VANI) generated $-24.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vivani Medical, Inc. (VANI) reported negative free cash flow of $25.5M in 2025, indicating capital requirements exceeded cash from operations.
Vivani Medical, Inc. (VANI) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Vivani Medical, Inc. (VANI) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.