Is Vivani Medical, Inc. overvalued or undervalued?

As of 13 August 2020, Vivani Medical, Inc. has moved from a valuation grade of risky to does not qualify, indicating significant concerns regarding its financial health. The company is currently overvalued, as evidenced by its Price to Book Value of 5.86, an EV to EBIT of -2.26, and an EV to EBITDA of -2.30, all of which reflect poor operational performance and financial instability.
In comparison to its peers, Vivani Medical's valuation metrics are unfavorable. For instance, Cardiff Oncology, Inc. has a P/E ratio of -5.0384 and an EV to EBITDA of -3.2378, while Pro-Dex, Inc. stands out with a very attractive P/E of 15.6736 and an EV to EBITDA of 11.4415. Additionally, Vivani Medical's return performance has lagged significantly behind the S&P 500 over the past three and five years, with declines of 81.5% and 60.75%, respectively, further reinforcing the notion that the company is overvalued in its current state.