10-K · July 14, 2026
VivoSim Labs, Inc.'s 10-K filing for the fiscal year ending March 31, 2026, highlights the company's shift to providing testing services using 3D human tissue models, anticipating growth in this area following FDA…
Earnings analysis · 10-Q
VIVS earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
VivoSim remains an early-stage, loss-making biotechnology services company, reporting approximately $40,000 of revenue and negative $2.21 EPS for the period. Liquidity improved through a $5.0 million Eli Lilly milestone…
Read full summary
VivoSim remains an early-stage, loss-making biotechnology services company, reporting approximately $40,000 of revenue and negative $2.21 EPS for the period. Liquidity improved through a $5.0 million Eli Lilly milestone and financing-related actions, and Nasdaq equity compliance was regained on August 4, 2026, but management continues to identify substantial doubt about going-concern status, with $2.8 million of quarterly operating losses and a $357.3 million accumulated deficit. Funding needs, potential dilution from 10,082,405 warrant shares, and ongoing Nasdaq MVLS risk remain material negatives.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.21
What stood out
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$5.0M Eli Lilly milestone received
The company received a $5.0 million milestone payment from Eli Lilly in July 2026 related to the FXR314 asset sale, although future milestone payments remain uncertain.
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Nasdaq equity compliance regained
Nasdaq confirmed on August 4, 2026 that the company regained compliance with Listing Rule 5550(b)(1), which requires at least $2.5 million of stockholders’ equity.
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Positive $1.3M working capital
As of June 30, 2026, current assets were approximately $3.2 million versus current liabilities of approximately $1.9 million, producing working capital of $1.3 million.
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Revenue remains minimal
The company reported quarterly revenue of approximately $40,000 and EPS of negative $2.21, reflecting a highly limited revenue base and continued losses.
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Stock traded between $1.03 and $1.71
The company’s closing stock price ranged from $1.03 to $1.71 during the quarter ended June 30, 2026, highlighting continued market volatility.
What to watch
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Going-concern uncertainty
Management concluded that substantial doubt exists about the company’s ability to continue as a going concern. Operating losses were $2.8 million for the three months ended June 30, 2026, and accumulated deficit was $357.3 million.
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Additional funding and dilution
The company states that it does not expect to generate meaningful revenue in the foreseeable future and may need substantial additional funding. It has capacity to sell up to $3.1 million of additional common stock through its ATM facility, creating potential dilution.
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Nasdaq MVLS delisting risk
Although equity compliance was regained, Nasdaq’s proposed $5.0 million Market Value of Listed Securities requirement could result in immediate suspension and delisting after 30 consecutive business days below the threshold if the rule takes effect; the SEC approval is currently stayed.
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Large warrant overhang
As of August 10, 2026, the company had 25,285,144 common shares issued and outstanding or available on a fully diluted basis, including 10,082,405 shares issuable upon warrant exercise.
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Persistent operating losses
The company reported $2.8 million of operating losses for the quarter ended June 30, 2026, compared with $2.9 million in the prior-year quarter, and expects substantial additional operating losses over the next several years.
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Future milestone payments uncertain
The $5.0 million milestone received in July 2026 was tied to one development milestone; the FXR Asset Sale permits potential milestone payments of up to $50.0 million in aggregate, but there is no assurance that additional milestones will be achieved or paid.
Management's outlook
No quantitative revenue or EPS guidance was provided in the filing; outlook was deferred/not provided.
Earlier filings 4
10-Q · February 11, 2026
VivoSim Labs reported $26,000 of revenue for the quarter ended December 31, 2025 (up from $24,000 a year ago) and a narrower GAAP net loss per share of $(1.03) versus $(2.28) in the prior-year quarter. Operating losses…
10-Q · November 6, 2025
VivoSim Labs reported quarterly revenue of $28,000 (royalties) and a GAAP net loss per share of $(0.98), an improvement from $(1.68) in the prior-year quarter. Cash and cash equivalents declined to $6.677 million from…
10-Q · November 8, 2024
Organovo reported Q2 revenue of $30,000 (royalties $28,000; product/Mosaic $2,000) and a narrower net loss of $2,549,000 (EPS -$0.14) versus a net loss of $3,994,000 (EPS -$0.46) in the prior-year quarter. Operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.