Think Equity (12/15/2025)
Vivani offers a unique arbitrage opportunity on GLP-1 adherence in a massive addressable market. The NanoPortal technology is now clinically validated via the NPM-115 trial, and the company is fully funded to launch its high-value semaglutide program, including lead asset NPM-139, in 2026. Risks regarding future dilution and regulatory execution remain elevated, but the market capitalization undervalues the potential of the platform. We view current valuation as an entry point for risk-tolerant investors and reiterate our $7.00 price target