Financial Performance - The net loss for Q3 2024 was $5.0 million, compared to a net loss of $1.0 million in the prior-year quarter, primarily due to increased marketing expenses[15]. - For the three months ended September 30, 2024, Monogram Orthopaedics reported a net loss of $5,034,501, compared to a net loss of $995,660 for the same period in 2023[25]. - The net loss per common share for the three months ended September 30, 2024, was $(0.16), compared to $(0.03) for the same period in 2023[25]. - Total operating expenses for the nine months ended September 30, 2024, were $12,390,803, a decrease from $13,391,299 in the same period of 2023, reflecting a reduction of approximately 7.4%[25]. Research and Development - Research and development expenses for Q3 2024 were $2.2 million, down from $2.7 million in the prior-year quarter, due to finalizing the validation phase of its robot prototype[13]. - Research and development expenses for the three months ended September 30, 2024, were $2,214,729, compared to $2,664,542 for the same period in 2023, indicating a decrease of about 16.8%[25]. Marketing and Advertising - Marketing and advertising expenses surged to $1.8 million in Q3 2024, compared to $32,220 in the prior-year quarter, driven by a marketing campaign for the Series D preferred stock offering[14]. Cash and Assets - Cash and cash equivalents totaled $16.6 million as of September 30, 2024, up from $13.6 million as of December 31, 2023[16]. - Total assets increased to $20.2 million as of September 30, 2024, compared to $16.6 million as of December 31, 2023[24]. - The company reported cash and cash equivalents of $16,565,142 at the end of the period, an increase from $14,875,476 at the end of September 30, 2023[26]. Stock and Shares - Proceeds from issuances of Common Stock for the three months ended September 30, 2024, amounted to $4,177,931, compared to $15,254,300 for the same period in 2023[26]. - The weighted-average number of basic and diluted shares outstanding increased to 32,223,656 for the three months ended September 30, 2024, from 29,284,949 in the same period of 2023[25]. Regulatory and Strategic Developments - The company received an Additional Information Request from the FDA regarding its 510(k) premarket filing for the mBôs TKA System, placing the application on hold pending a response[3]. - Monogram secured a strategic collaboration with Shalby Limited to conduct a multicenter clinical trial for the mBôs TKA System in India[3]. - The company anticipates an issue-specific meeting with the FDA by December 2024 to discuss the planned approach for responding to the AIR[11]. Recognition - Monogram was named Orthopedic Joint Replacement Company of the Year 2024 by Medical Tech Outlook, highlighting its industry recognition[4]. Other Financial Metrics - The company experienced a significant change in fair value of warrant liability, with a loss of $3,088,533 recorded in the nine months ended September 30, 2023[26]. - Monogram Orthopaedics reported stock-based compensation of $942,528 for the three months ended September 30, 2024, down from $1,158,499 in the same period of 2023[26]. - Cash used in operating activities for the nine months ended September 30, 2024, was $10,967,238, slightly higher than $10,430,384 for the same period in 2023[26].
Monogram Orthopaedics (MGRM) - 2024 Q3 - Quarterly Results