Vivani Medical, Inc. Segments Disclosure
14. Segment Information
Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company has two operating and reporting segments, the Biopharm Division and the Neurostimulation Division. The Company’s CODM is its Chief Executive Officer who reviews the Company between Biopharm and Cortigent. Our primary focus is the Biopharm Division. We are trying to spin off Cortigent. The measure of segment loss is reported on the Consolidated Statements of Operations and Comprehensive Loss as net loss. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets.
The Company has not generated any product revenue to date. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it is a clinical stage biopharmaceutical company.
During the year ended December 31, 2025, the Biopharm Division and Neurostimulation Division incurred operating expenses of $24.9 million and $2.6 million, respectively. During the year ended December 31, 2025, net loss for the Biopharm Division was $24.1 million and for the Neurostimulation Division was $2.5 million.
As of December 31, 2025, total assets for the Biopharm Division and the Neurostimulation Division were $38.9 million and $0.5 million, respectively.
The following table provides information related to our operating segments based upon the Company's net loss for the years ended December 31, 2025 and 2024 (in thousands):
| Year Ended December 31, | |||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Biopharm | Neurostimulation | Biopharm | Neurostimulation | ||||||||||||||||||||
| Division |
Division | Total | Division | Division | Total | ||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Personnel and related expenses | $ | 10,275 | $ | 1,139 | $ | 11,414 | $ | 10,053 | $ | 1,752 | $ | 11,805 | |||||||||||
| Office space rental related expenses | 4,213 | 319 | 4,532 | 3,999 | — | 3,999 | |||||||||||||||||
| Development expenses | 4,329 | — | 4,329 | 2,765 | 294 | 3,059 | |||||||||||||||||
| Professional services and insurance | 4,911 | 836 | 5,747 | 4,600 | — | 4,600 | |||||||||||||||||
| Depreciation | 411 | 13 | 424 | 378 | 30 | 408 | |||||||||||||||||
| Other general and administrative expenses | 785 | 325 | 1,110 | 806 | — | 806 | |||||||||||||||||
| Other (income) expense, net | (821 | ) | (126 | ) | (947 | ) | (1,347 | ) | 156 | (1,191 | ) | ||||||||||||
| Segment net loss | $ | 24,103 | $ | 2,506 | $ | 26,609 | $ | 21,254 | $ | 2,232 | $ | 23,486 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.