Vicarious Surgical (US:RBOT)2022-05-08 16:00Financial Performance - The company reported a net gain of $42.5 million for the three months ended March 31, 2022, compared to a net loss of $5.2 million for the same period in 2021, representing a period-over-period gain of $47.7 million [144]. - The company incurred a net loss of $35.2 million for the year ended December 31, 2021, which is a 173% increase from a net loss of $12.9 million in 2020 [146]. - The company has not generated any revenue to date and does not expect to do so until at least 2023, pending FDA approval of its product [149]. - The change in fair value of warrant liabilities resulted in a gain of $60.7 million for the three months ended March 31, 2022 [158]. - Interest income increased to $8, up 700% from $1 in the same period in 2021 [158]. - The company expects net losses to continue as it invests in commercialization and new product development [165]. Expenses and Headcount - Research and development expenses increased by $6.2 million, or 173%, to $9.8 million during the three months ended March 31, 2022, compared to $3.6 million in the same period in 2021 [159]. - Sales and marketing expenses rose by $1.2 million, with a 200% increase in average headcount from 4 people in Q1 2021 to 12 people in Q1 2022 [160]. - The total operating expenses for the three months ended March 31, 2022, were $18.2 million, a 248% increase from $5.2 million in the same period in 2021 [158]. - General and administrative expenses increased by $5.5 million, or 396%, to $6.9 million for the three months ended March 31, 2022, compared to $1.4 million for the same period in 2021 [162]. - The average headcount increased by 97%, from 63 people in Q1 2021 to 124 people in Q1 2022, primarily driven by ramping up R&D personnel [159]. - The average headcount increased by 263% from eight people in Q1 2021 to 29 people in Q1 2022, contributing to the rise in personnel-related expenses [162]. Cash Flow and Financing - Net cash used in operating activities was $14.8 million for the three months ended March 31, 2022, compared to $4.1 million for the same period in 2021 [171]. - Net cash used in investing activities was $2.0 million for the three months ended March 31, 2022, primarily for R&D equipment and leasehold improvements [173]. - Net cash provided by financing activities was $0.2 million for the three months ended March 31, 2022, compared to $1.5 million for the same period in 2021 [174]. - The company held cash and cash equivalents of $157.0 million as of March 31, 2022, with an accumulated deficit of $24.3 million [165]. - The company may seek additional funding through equity or debt securities, which could result in dilution for existing shareholders [166]. Technology and Innovation - The company is addressing significant limitations of existing surgical systems with its advanced miniaturized robotics and visualization technology [143].