Vicarious Surgical (RBOT) - 2024 Q3 - Quarterly Results

Financial Performance - Adjusted net loss for Q3 2024 was $17.0 million, or $2.87 per share, compared to an adjusted net loss of $20.4 million, or $3.95 per share, in Q3 2023[5] - The company reported a GAAP net loss of $17.1 million for Q3 2024, equating to a net loss per share of $2.90, compared to a GAAP net loss of $15.7 million, or $3.04 per share, in Q3 2023[5] - Adjusted net loss for the three months ended September 30, 2024, was $(16,953,000), compared to $(20,407,000) for the same period in 2023, representing an improvement of about 17%[17] - Adjusted EPS improved to $(2.87) for the three months ended September 30, 2024, from $(3.95) in the same period last year, indicating a 27% reduction in loss per share[17] Operating Expenses - Operating expenses for Q3 2024 were $17.8 million, a decrease of 17% from $21.4 million in Q3 2023[3] - R&D expenses in Q3 2024 were $10.8 million, down from $13.0 million in the same quarter last year[3] - Sales and marketing expenses for Q3 2024 were $1.2 million, down from $1.4 million in Q3 2023[4] - General and administrative expenses decreased to $5.7 million in Q3 2024 from $6.9 million in the same period last year[3] Cash and Investments - As of September 30, 2024, the company had $60.9 million in cash and investments, with a cash burn rate of $12.4 million for Q3 2024[6] - Vicarious Surgical expects a full year 2024 cash burn of approximately $50 million[7] - Cash and cash equivalents decreased to $7,069,000 from $52,822,000, a significant drop of about 87%[16] Assets and Liabilities - Total current assets decreased to $63,977,000 from $100,953,000, a decline of approximately 37%[16] - Total liabilities increased slightly to $22,734,000 from $21,895,000, reflecting a rise of approximately 4%[16] - Total stockholders' equity decreased to $57,882,000 from $97,969,000, a decline of approximately 41%[16] - Total assets decreased to $80,616,000 from $119,864,000, a decline of approximately 33%[16] Shareholder Information - Weighted average shares outstanding increased to 5,899,616 from 5,171,380, a rise of about 14%[17] Other Financial Metrics - The accumulated deficit increased to $(182,009,000) from $(132,712,000), indicating a worsening of approximately 37%[16] - The change in fair value of warrant liabilities showed a significant fluctuation, with a loss of $(138,000) compared to a gain of $4,703,000 in the previous year[17] Development Milestones - The company is on track to achieve its Version 1.0 System integration milestone within the next few weeks, aiming to complete its first clinical patient in less than a year[2] - The company is developing a single-port robotic system, which is expected to demonstrate significant clinical value for patients and surgeons[2]