Vicarious Surgical (RBOT) - 2024 Q2 - Quarterly Report

Financial Performance - The company reported net losses of $32,206,000 for the six months ended June 30, 2024, compared to$42,256,000 for the same period in 2023, representing a 24% reduction in losses [132]. - The company incurred a loss from operations of $33,822,000 for the six months ended June 30, 2024, compared to$43,773,000 for the same period in 2023, reflecting a 23% improvement [132]. - Net loss for the six months ended June 30, 2024, was $32,206, a decrease of$10,050, or 24%, compared to a net loss of 42,256 for the same period in 2023 [150]. Expenses - Research and Development (R&D) expenses decreased by 1,790,000, or 14%, to $10,924,000 for the three months ended June 30, 2024, compared to$12,714,000 for the same period in 2023 [144]. - General and Administrative (G&A) expenses decreased by $1,486, or 21$5,592 for the three months ended June 30, 2024, compared to 7,078 for the same period in 2023 [147]. - Research and Development (R&D) expenses decreased by 5,178, or 20%, to $20,892 for the six months ended June 30, 2024, compared to$26,070 for the same period in 2023 [152]. - Sales and Marketing (S&M) expenses decreased by $469,000, or 28$1,197,000 for the three months ended June 30, 2024, compared to 1,666,000 for the same period in 2023 [145]. - Sales and Marketing (S&M) expenses decreased by 1,288, or 36%, to $2,338 for the six months ended June 30, 2024, compared to$3,626 for the same period in 2023 [153]. - Total operating expenses decreased by $9,951, or 23$33,822 for the six months ended June 30, 2024, compared to $43,773 for the same period in 2023 [150]. Cash Flow - Cash and cash equivalents as of June 30, 2024, were$20,250, with short-term investments of $52,980, totaling$73,230 [157]. - Net cash used in operating activities for the six months ended June 30, 2024, was $25,479, compared to$33,652 for the same period in 2023 [164]. - Net cash used in operating activities for the six months ended June 30, 2023, was $33,652, with a net loss of$42,256, offset by non-cash items of $8,421 [166]. - Net cash used by investing activities for the six months ended June 30, 2023, was$50,184, consisting of $62,205 for purchases of available-for-sale investments, partially offset by$12,535 in proceeds from sales and maturities [167]. - Net cash provided by financing activities for the six months ended June 30, 2023, was $435, including$251 from stock option exercises and $200 from a stockholder [169]. Regulatory and Compliance - The company plans to file a de novo application with the FDA for its Vicarious Surgical System for ventral hernia procedures as its first indication [128]. - The company has had pre-submission meetings with the FDA to align on its regulatory strategy [128]. - The company regained compliance with NYSE continued listing requirements as of July 26, 2024, with an average closing share price of at least$1.00 [131]. - The company intends to take advantage of reduced regulatory and reporting requirements as an emerging growth company under the JOBS Act [175]. - The company plans to adopt new accounting standards within the same time periods as private companies, as allowed under the JOBS Act [175]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [177]. Operational Insights - The average headcount decreased by 37% from 205 employees in the six months ended June 30, 2023, to 129 employees for the same period in 2024 [132]. - The company is addressing significant limitations of existing robotic systems with its single-port Vicarious Surgical System, designed to improve patient outcomes and enhance adoption [128]. - The company expects to need substantial additional funding to complete clinical trials and commercialize the Vicarious Surgical System [158]. Other Financial Metrics - Change in fair value of warrant liabilities resulted in a $1,590 gain for the three months ended June 30, 2024 [147]. - The company experienced a$1,698 increase in prepaid and other current assets, partially offset by a $872 decrease in accrued expenses and a$374 decrease in lease liabilities [166]. - The fair value of Public Warrants is determined from their trading value on public markets, while Private Placement Warrants are calculated using the Black-Scholes option pricing model [172]. - The company recognized $6,578 in stock-based compensation as part of non-cash items for the six months ended June 30, 2023 [166]. - The company reported a$183 net change in operating assets and liabilities during the six months ended June 30, 2023 [166].