Financial Performance - Monogram Technologies reported a net loss of $16.3 million for the year ended December 31, 2024, compared to a net loss of $13.7 million in 2023, reflecting an increase of 19%[14]. - Net loss for the year ended December 31, 2024, was $14.815 million, compared to a net loss of $13.745 million for the year ended December 31, 2023[31]. - Cash used in operating activities increased to $13.968 million in 2024 from $13.543 million in 2023[31]. Expenses - Research and development expenses decreased by 17% to $8.8 million in 2024 from $10.6 million in 2023, primarily due to the completion of verification and validation phases[12]. - Marketing and advertising expenses decreased by 30% to $2.1 million in 2024 from $3.0 million in 2023, influenced by market conditions affecting fundraising efforts[13]. - General and administrative expenses increased by 9% to $4.4 million in 2024 from $4.1 million in 2023, mainly due to public company expenses[14]. - Stock-based compensation decreased to $1.174 million in 2024 from $1.559 million in 2023[31]. Cash and Financing - Cash and cash equivalents totaled $15.7 million as of December 31, 2024, up from $13.6 million as of December 31, 2023[15]. - Cash and cash equivalents at the end of the year increased to $15.658 million from $13.589 million[31]. - Proceeds from issuances of Common Stock, net, were $5.191 million in 2024, down from $15.331 million in 2023[31]. - Proceeds from issuances of Series D Preferred Stock, net, amounted to $11.130 million in 2024[31]. - Cash provided by financing activities was $16.121 million in 2024, slightly down from $16.728 million in 2023[31]. Operational Developments - Monogram completed an upsized and oversubscribed public offering raising $13 million to support strategic initiatives, including clinical trials and technology development[4]. - The company is awaiting FDA clearance for its mBôs™ Total Knee Arthroplasty System, which would enable commercialization in the U.S.[11]. - Monogram has successfully shipped a robot to India for clinical trial training and held an Investigator Meeting at a Shalby Hospital to review study protocols[9]. - Monogram plans to enhance system performance and explore domestic and international relationships as it moves toward commercialization[11]. Recognition - The company was named Orthopedic Joint Replacement Company of the Year 2024 by Medical Tech Outlook, highlighting its industry recognition[10]. Equipment and Accounts Payable - Purchases of equipment increased to $84,000 in 2024 from $65,000 in 2023[31]. - The company experienced a decrease in accounts payable, with a change of $(1.289) million in 2024 compared to an increase of $1.799 million in 2023[31].
Monogram Orthopaedics (MGRM) - 2024 Q4 - Annual Results