Financial Data and Key Metrics Changes - Total operating expenses for Q3 2022 were $22.2 million, up from $8.6 million in the prior year period, primarily due to increased investment in development and team expansion [12] - Adjusted net loss for Q3 2022 was $21.7 million, or $0.18 per share, compared to an adjusted net loss of $8.6 million, or $0.09 per share in the same period last year [12] - GAAP net loss for Q3 2022 was $24.7 million, equating to a basic and diluted net loss of $0.20 per share, compared to a net loss of $45 million, or $0.49 per share in the prior year [12] - Cash burn for Q3 2022 was $14.5 million, with an ending cash balance of $127 million [13] - Full year 2022 cash burn is now expected to be approximately $65 million to $70 million, down from the previous estimate of $65 million to $75 million [14] Business Line Data and Key Metrics Changes - The company completed the integration phase of its Beta 2 system build, focusing on ergonomics, surgeon input, and visualization [6] - The Beta 2 system enhancements include improved imaging and enhanced sensing and motion capabilities [6] Market Data and Key Metrics Changes - The company has established partnerships with HCA Healthcare and UH, formalized through Center of Excellence agreements, to support the development and commercialization of its technology [7] - A new strategic collaboration agreement was executed with Pittsburgh CREATES, providing access to resources for clinical verification and validation [8][9] Company Strategy and Development Direction - The primary focus remains on system finalization and preparing for regulatory submissions, with plans for multiple indications including inguinal hernia and hysterectomy [10] - The company aims to ensure its product meets the needs of patients, surgeons, hospitals, and payers [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the engagement and receptiveness of hospital systems to the economic benefits of their technology [17] - The company continues to face supply chain challenges, particularly with semiconductor delays, but has implemented effective mitigation strategies [25] Other Important Information - The Beta 2 Demonstration Day is scheduled for December 6, where the finalized system will be showcased [15] Q&A Session Summary Question: Receptiveness of hospitals to economic benefits - Management noted that hospitals have been incredibly receptive to the economic benefits, focusing on patient outcomes while also needing to ensure profitability [17] Question: Preview of Beta 2 Demonstration Day - The event will showcase the Beta 2 system and include cadaver procedure videos, providing an opportunity for Q&A with surgeons and partners [19] Question: Insights from University of Pittsburgh agreement - The agreement offers additional insights, particularly regarding payer needs, complementing existing partnerships with HCA and UH [21] Question: Supply chain challenges - Management confirmed ongoing supply chain challenges but emphasized effective planning and mitigation efforts [25]

Financial Performance - As of September 30, 2022, the company is pre-revenue generating and reported a net gain of $16,337 for the nine months ended September 30, 2022, compared to a net loss of $56,993 for the same period in 2021, representing a period-over-period gain of $73,330[147]. - The company incurred a net loss of $24,737 for the three months ended September 30, 2022, compared to a net loss of $45,124 for the same period in 2021, representing a 45% improvement[163]. - The company expects net losses to continue as it invests in commercialization and new product development[177]. Revenue Generation - The company does not expect to generate revenue until at least 2024, contingent upon receiving FDA approval for its product[154]. Expenses - Research and development expenses for the three months ended September 30, 2022, increased by $6,931, or 134%, to $12,120 compared to $5,189 for the same period in 2021[163]. - Total operating expenses for the three months ended September 30, 2022, were $22,162, a 159% increase from $8,561 in the same period in 2021[163]. - Sales and marketing expenses increased by $3,232, or 232%, to $4,625 for the nine months ended September 30, 2022, compared to $1,393 for the same period in 2021[173]. - General and administrative expenses rose by $16,614, or 268%, to $22,820 during the nine months ended September 30, 2022, compared to $6,206 in the same period in 2021[174]. - Research and development expenses increased by $19,219, or 150%, to $32,023 for the nine months ended September 30, 2022, compared to $12,804 for the same period in 2021[172]. Cash Flow - Net cash used in operating activities was $42,802 for the nine months ended September 30, 2022, compared to $23,545 for the same period in 2021[184]. - Cash and cash equivalents as of September 30, 2022, were $126,797, with an accumulated deficit of $50,461[177]. - Net cash provided by financing activities was $333 for the nine months ended September 30, 2022, compared to $192,650 for the same period in 2021[187]. Investment and Financing - The company filed a universal shelf registration statement for the sale of up to $400 million of various securities, including $100 million of common stock[180]. - Interest income increased by $602 during the nine months ended September 30, 2022, compared to the same period in 2021, primarily due to higher interest rates and a larger average cash balance[175]. Company Structure and Regulations - Following the Business Combination, the company qualifies as an "emerging growth company" under the JOBS Act, allowing it to adopt new accounting standards within the same time periods as private companies[194]. - The company intends to take advantage of reduced regulatory and reporting requirements for emerging growth companies, including exemptions from certain auditor attestation requirements[195]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[196]. - The company has never paid cash dividends and does not anticipate doing so in the foreseeable future[192]. Market Potential - The company estimates that over 39 million soft tissue surgical procedures are addressable by its technology, with more than 50% currently performed using open surgery[140]. - The company’s single-port system aims to improve patient outcomes and enhance adoption by addressing significant limitations of existing surgical systems[146]. Fair Value and Liabilities - The change in fair value of warrant liabilities for the three months ended September 30, 2022, was a loss of $3,038, compared to a loss of $36,532 in the same period in 2021, reflecting a 92% improvement[163]. - The change in fair value of warrant liabilities resulted in a gain of $111,823 during the nine months ended September 30, 2022, compared to a loss of $36,532 in the same period in 2021[175]. - The fair value of the company's stock options is determined using a Black-Scholes pricing model, with key assumptions based on stock price, expected volatility, and expected term[192]. Workforce - The average headcount increased by 72% from 78 people in the nine months ended September 30, 2021, to 134 people for the same period in 2022, with general and administrative headcount increasing by 142%[147]. Economic Factors - The company continues to monitor the impact of global economic factors, including inflation and supply chain disruptions, on its operations[150].

Financial Data and Key Metrics Changes - Total operating expenses for Q2 2022 were $19.1 million, up from $6.6 million in the prior year, primarily due to investments in the development of the Beta 2 platform and team expansion [17] - Adjusted net loss for Q2 2022 was $19.1 million, equating to an adjusted net loss of $0.16 per share, compared to an adjusted net loss of $6.6 million or $0.08 per share for the same period last year [17] - GAAP net loss for Q2 2022 was $1.5 million, equating to a basic and diluted net loss of $0.01 per share, compared to a net loss of $6.6 million or a basic net loss of $0.08 per share for the same period last year [18] - Cash burn for Q2 2022 was $15.7 million, with an ending cash balance of $141 million [18] Business Line Data and Key Metrics Changes - The company has executed center of excellence agreements with HCA Healthcare and University Hospital, which will support the development and commercialization of its surgical robotics platform [7][8] - The Beta 2 robotic platform is in the integration phase, with positive feedback on ergonomic prototypes [14] Market Data and Key Metrics Changes - The company is addressing a significant market opportunity, as over 50% of the 39 million annual procedures that could be performed using surgical robots are still done using open surgical techniques [9] - The partnerships with over 200 hospitals through center of excellence agreements are expected to enhance the company's market presence and commercial strategy [12] Company Strategy and Development Direction - The company aims to leverage next-generation robotic technology to improve surgical outcomes and address the limitations of current surgical techniques [9][10] - The focus is on developing a platform that meets the needs of hospitals and surgeons, with an emphasis on collaboration and feedback from leading surgeons [11][13] - The company is also working to mitigate supply chain challenges by building internal redundancies and multi-sourcing key components [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating supply chain challenges, although they acknowledged risks to timelines due to semiconductor shortages [15] - The company is optimistic about its position in the market and the potential for widespread commercial adoption of its technology [16] Other Important Information - The company plans to share more details about the Beta 2 robotic platform and its capabilities later in the year [14] - Management highlighted the importance of differentiation in the robotic surgery market and the positive reception of their technology at industry conferences [20][21] Q&A Session Summary Question: Updates on FDA discussions regarding trial design for Ventral Hernia Indication - Management reported positive and collaborative discussions with the FDA, but refrained from providing specific timelines for trial design finalization [24] Question: Impact of supply chain challenges on Beta 2 unit design - Management indicated that sourcing challenges have impacted design and development efforts, but they have successfully adapted by redesigning components [30][31] Question: Availability of the simulator to hospitals and testing of other use cases - The simulator is currently available for internal testing and close partners, with plans to expand access in the future [36] Question: Insights on Center of Excellence agreements and future collaboration - Management noted a positive reception from hospital systems and emphasized the long-term nature of these partnerships for system development and patient care improvement [40][41]

Call Start: 16:30 January 1, 0000 5:02 PM ET Vicarious Surgical Inc. (NYSE:RBOT) Q1 2022 Earnings Conference Call May 9, 2022 16:30 ET Company Participants Marissa Bych - Gilmartin Group Adam Sachs - Co Founder & Chief Executive Officer Bill Kelly - Chief Financial Officer Conference Call Participants Ryan Zimmerman - BTIG Matt Miksic - Credit Suisse Operator Good afternoon, and welcome to Vicarious Surgical's First Quarter 2022 Earnings Conference Call. My name is Amber, and I will be your moderator for to ...

Financial Performance and Losses - The company has incurred net losses of $35.2 million and $12.9 million for the years ended December 31, 2021, and 2020, respectively, with an accumulated deficit of $66.8 million as of December 31, 2021[132]. - The company has not generated any revenue from the sale of the Vicarious System to date and anticipates continuing to incur significant losses for at least the next several years[128][129]. - The company expects to expend substantial additional amounts to commercialize the Vicarious System and develop new surgical applications[134]. - As of December 31, 2021, the company had federal net operating loss carry forwards (NOLs) of approximately $67.3 million, with $2.8 million set to expire between 2034 and 2037 if not utilized[205]. - NOLs generated in taxable years beginning after December 31, 2017, may offset no more than 80% of the taxable income for that year, and cannot be carried back to prior years[206]. Product Development and Market Strategy - The company plans to use funds from the Business Combination to scale operations, develop the Vicarious System for ventral hernia repair, and expand into new surgical applications[134]. - The company aims to launch the Vicarious System for ventral hernia repair and later expand to other abdominal surgical applications, with FDA clearance expected in 2023[139]. - The success of the Vicarious System depends on market acceptance and the ability to demonstrate its value compared to competing products[141][146]. - The market for robotic-assisted surgical technology is rapidly evolving, making it difficult to forecast demand for the Vicarious System[140]. - The success of the Vicarious System depends on training sufficient numbers of surgeons and hospital staff, which poses a significant challenge[154]. Competition and Market Risks - The company faces competition from established companies in robotic-assisted surgery, which may impact its ability to generate future revenue[145]. - The company may face significant competition from established manufacturers like Intuitive Surgical and Johnson & Johnson, which have greater financial and marketing resources[157]. - Future revenue growth is expected to come increasingly from international markets, which involves various risks including compliance with foreign regulations and political instability[168]. - The introduction of new products by competitors could make the company's future offerings obsolete, adversely affecting its business and financial condition[191]. Regulatory and Compliance Challenges - The company is subject to extensive government regulation, including pre-market and post-market regulation by the FDA, which could restrict the development and marketing of its products[212]. - The FDA's review process for 510(k) clearance typically takes 90 to 180 days, while the PMA process can take from 180 days to over a year[215][216]. - Regulatory changes could result in higher costs or lower sales than anticipated, impacting the company's operations[213]. - The company must comply with varying international regulations for marketing authorization, including CE mark in the EU, which could delay revenue generation[231]. Operational and Manufacturing Risks - The company relies on limited suppliers for key components of the Vicarious System, which could disrupt operations if those suppliers fail to meet requirements[173]. - Manufacturing problems or delays could limit revenue growth or increase losses, particularly if production does not meet regulatory standards[171]. - Quality issues could lead to recalls or safety alerts, adversely impacting the company's business, financial condition, and cash flows[184]. - A recall of the Vicarious System could significantly impact the company's financial condition and operational results[236]. Intellectual Property and Legal Risks - The company faces risks related to the protection of its intellectual property, which may not adequately shield against competition[257]. - Patent applications may not result in granted patents, and existing patents may not provide sufficient protection against competitors[258]. - The company may face costly litigation if competitors infringe on its patents, which could result in significant financial liabilities and resource diversion[279]. - The company may be subject to claims regarding the wrongful use of trade secrets by employees or contractors, leading to costly litigation[284]. Internal Controls and Financial Reporting - The company has identified material weaknesses in its internal control over financial reporting for the years ended December 31, 2021, and 2020, which could lead to misstatements in financial statements[199]. - The company expects to incur additional costs to remediate control deficiencies, with no assurance that these efforts will be successful[203]. - A material weakness in internal controls over financial reporting was identified, leading to a restatement of previously issued financial statements for the period ended December 31, 2021[314]. Market and Stock Performance - The company has 17,249,991 outstanding public warrants and 8,900,000 private placement warrants, all exercisable at $11.50 per share, which could lead to dilution for existing shareholders[310]. - The trading market for D8's securities is influenced by analyst coverage; a lack of coverage or adverse opinions could lead to declines in stock price and trading volume[321]. - Anti-takeover provisions in Delaware law and D8's organizational documents may limit stockholder actions and discourage beneficial takeover attempts, potentially affecting stock price[325].

Vicarious Surgical Inc. (NYSE:RBOT) Q4 2021 Earnings Conference Call March 3, 2022 4:30 PM ET Company Participants Marissa Bych - Gilmartin Group LLC Adam Sachs - Co Founder and Chief Executive Officer Bill Kelly - Chief Financial Officer Conference Call Participants Adam Maeder - Piper Sandler Matt Miksic - Credit Suisse Ryan Zimmerman - BTIG Kyle Rose - Canaccord Genuity Operator Good afternoon and welcome to Vicarious Surgical's Fourth Quarter 2021 Earnings Conference Call. My name is Elliot and I'll be ...