Vicarious Surgical (RBOT) - 2024 Q2 - Quarterly Results

Financial Performance - Adjusted net loss for Q2 2024 was $16.8 million, or $2.86 per share, compared to an adjusted net loss of $20.4 million, or $4.82 per share, in Q2 2023[4] - The company reported a GAAP net loss of $15.2 million for Q2 2024, compared to a GAAP net loss of $15.3 million in Q2 2023[4] - Adjusted net loss for June 2024 was $16,795 thousand compared to $20,415 thousand in June 2023, showing an improvement of approximately 18%[18] - Adjusted EPS improved from $(4.82) in June 2023 to $(2.86) in June 2024, reflecting a positive change of about 40%[18] Operating Expenses - Vicarious Surgical reported operating expenses of $17.7 million for Q2 2024, a decrease of 17% from $21.5 million in Q2 2023[3] - R&D expenses for Q2 2024 were $10.9 million, down from $12.7 million in the same period last year[3] - General and administrative expenses decreased to $5.6 million in Q2 2024 from $7.1 million in Q2 2023[3] - Sales and marketing expenses were $1.2 million in Q2 2024, down from $1.7 million in the same period last year[3] Cash and Investments - The company had $73.2 million in cash and investments as of June 30, 2024, with a cash burn rate of $10.9 million for the quarter[4] - Vicarious Surgical expects a full year 2024 cash burn of approximately $50 million[4] - Cash and cash equivalents decreased from $52,822 thousand to $20,250 thousand, a decline of approximately 62%[16] Assets and Liabilities - Total current assets decreased from $100,953 thousand to $75,933 thousand, a decline of approximately 25%[16] - Total assets decreased from $119,864 thousand to $93,347 thousand, representing a reduction of about 22%[16] - Total liabilities decreased slightly from $21,895 thousand to $21,486 thousand, a reduction of about 2%[16] - Stockholders' equity decreased from $97,969 thousand to $71,861 thousand, a decline of approximately 27%[16] - The accumulated deficit increased from $(132,712) thousand to $(164,918) thousand, indicating a worsening financial position[16] Partnerships and Milestones - The company entered a partnership with LSU Health New Orleans, marking its fifth U.S. hospital system collaboration[3] - The V1.0 integration milestone is on track for this fall, with plans to advance towards the first clinical patient next year[2] Shareholder Information - Weighted average shares outstanding increased from 4,233,072 to 5,873,019, an increase of approximately 39%[18] - The change in fair value of warrant liabilities was $1,590 thousand for June 2024, compared to $5,081 thousand in June 2023, indicating a significant decrease[18]