Note 14. Subsequent Event

The Company evaluated subsequent events for recognition and disclosure through the date the condensed consolidated financial statements were issued or filed. Nothing has occurred outside normal operations that required recognition or disclosure in these financial statements except as follows:

Merger Agreement

On July 1, 2026, the Company entered into a merger agreement proposing to merge Cortigent with a wholly-owned subsidiary of Nasdaq-listed ClearOne, Inc. (Nasdaq: CLRO). In connection with that merger, ClearOne is pursuing a financing which aims to raise $10 million to $15 million concurrently with the merger’s closing. 

As consideration for all of the issued and outstanding shares of common stock of Cortigent, the Company will receive 12,500,000 shares of common stock of ClearOne. It is anticipated that Vivani will be the majority owner of the combined company. ClearOne will be renamed “Cortigent Holdings, Inc.” (d/b/a Cortigent) and is expected to trade under Nasdaq ticker symbol CRGT.

The transactions have been unanimously approved by the boards of directors of Vivani and ClearOne, respectively, and are expected to close in the third quarter of 2026, subject to certain closing conditions.

SLIM-1 Dosing Completed

On August 8, 2026, the Company announced dosing had been completed for all participants in the SLIM-1 trial of NPM-139 (semaglutide) implant and that topline data for the trial is anticipated to be available in November, 2026.