$VANI

SECOND SIGHT MEDICAL PRODUCTS INC

CIK:0001266806|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development, net of grants	$ 4,456	$ 4,759	$ 8,957	$ 8,976
General and administrative, net of grants	2,418	2,703	4,864	5,044
Total operating expenses	6,874	7,462	13,821	14,020
Loss from operations	(6,874)	(7,462)	(13,821)	(14,020)
Other income, net	504	318	671	574
Net loss	$ (6,370)	$ (7,144)	$ (13,150)	$ (13,446)
Net loss per common share - basic (in dollars per share)	$ (0.07)	$ (0.12)	$ (0.16)	$ (0.23)
Net loss per common share - diluted (in dollars per share)	$ (0.07)	$ (0.12)	$ (0.16)	$ (0.23)
Weighted average shares outstanding - basic (in shares)	87,090	59,244	84,196	59,240
Weighted average shares outstanding - diluted (in shares)	87,090	59,244	84,196	59,240

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (13,150)	$ (13,446)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	258	204
Stock-based compensation	625	741
Non-cash lease expense	62	114
Gain on derecognition of contract liabilities	(335)
Changes in operating assets and liabilities:
R&D tax credit incentive receivable	(55)	(241)
Prepaid expenses and other assets	(65)	412
Accounts payable	36	933
Accrued compensation expenses	(48)	13
Accrued expenses	441	20
Net cash used in operating activities	(12,231)	(11,250)
Cash flows from investing activities:
Purchases of property and equipment	(102)	(76)
Net cash used in investing activities	(102)	(76)
Cash flows from financing activities:
Issuance of common stock to related party in connection with 2025 Private Sales Transactions, net	11,589
Issuance of common stock in connection with 2026 Registered Direct Offering, net	2,174
Issuance of common stock to related party in connection with 2026 Private Placement, net	1,997
Payments on insurance premium loan	(213)	(237)
Net issuance costs in connection with the Sales Agreement		(28)
Net cash provided by (used in) financing activities	15,547	(265)
Effect of exchange rate changes on cash and cash equivalents	2	33
Net increase (decrease) in cash, cash equivalents and restricted cash	3,216	(11,558)
Cash, cash equivalents and restricted cash balance at beginning of period	17,570	19,690
Cash, cash equivalents and restricted cash balance at end of period	20,786	8,132
Cash paid during the period for:
Income taxes	2	2
Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses	$ (229)	$ 12

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 19,894	$ 16,232
R&D tax credit incentive receivable	709	654
Prepaid expenses and other current assets	1,032	1,012
Total current assets	21,635	17,898
Property and equipment, net	2,850	2,879
Operating lease right-of-use assets, net	16,169	17,230
Restricted cash	892	1,338
Deposits and other assets	93	48
TOTAL ASSETS	41,639	39,393
CURRENT LIABILITIES:
Accounts payable	1,195	1,032
Accrued expenses	1,629	1,736
Litigation accrual	1,675	1,675
Accrued compensation expense	317	365
Lease liability, current portion	1,843	1,794
Total current liabilities	6,659	6,602
Lease liability, noncurrent portion	16,013	17,061
TOTAL LIABILITIES	22,672	23,663
Commitments and contingencies (Note 12)
STOCKHOLDERS' EQUITY:
Common stock, par value $0.0001 per share; 300,000 shares authorized; shares issued and outstanding: 89,410 and 76,428 at June 30, 2026 and December 31, 2025, respectively	9	8
Additional paid-in capital	180,609	164,225
Accumulated other comprehensive income	32	30
Accumulated deficit	(161,683)	(148,533)
TOTAL STOCKHOLDERS' EQUITY	18,967	15,730
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 41,639	$ 39,393