Vicarious Surgical (US:RBOT)2022-11-06 16:00Financial Performance - As of September 30, 2022, the company is pre-revenue generating and reported a net gain of $16,337 for the nine months ended September 30, 2022, compared to a net loss of $56,993 for the same period in 2021, representing a period-over-period gain of $73,330[147]. - The company incurred a net loss of $24,737 for the three months ended September 30, 2022, compared to a net loss of $45,124 for the same period in 2021, representing a 45% improvement[163]. - The company expects net losses to continue as it invests in commercialization and new product development[177]. Revenue Generation - The company does not expect to generate revenue until at least 2024, contingent upon receiving FDA approval for its product[154]. Expenses - Research and development expenses for the three months ended September 30, 2022, increased by $6,931, or 134%, to $12,120 compared to $5,189 for the same period in 2021[163]. - Total operating expenses for the three months ended September 30, 2022, were $22,162, a 159% increase from $8,561 in the same period in 2021[163]. - Sales and marketing expenses increased by $3,232, or 232%, to $4,625 for the nine months ended September 30, 2022, compared to $1,393 for the same period in 2021[173]. - General and administrative expenses rose by $16,614, or 268%, to $22,820 during the nine months ended September 30, 2022, compared to $6,206 in the same period in 2021[174]. - Research and development expenses increased by $19,219, or 150%, to $32,023 for the nine months ended September 30, 2022, compared to $12,804 for the same period in 2021[172]. Cash Flow - Net cash used in operating activities was $42,802 for the nine months ended September 30, 2022, compared to $23,545 for the same period in 2021[184]. - Cash and cash equivalents as of September 30, 2022, were $126,797, with an accumulated deficit of $50,461[177]. - Net cash provided by financing activities was $333 for the nine months ended September 30, 2022, compared to $192,650 for the same period in 2021[187]. Investment and Financing - The company filed a universal shelf registration statement for the sale of up to $400 million of various securities, including $100 million of common stock[180]. - Interest income increased by $602 during the nine months ended September 30, 2022, compared to the same period in 2021, primarily due to higher interest rates and a larger average cash balance[175]. Company Structure and Regulations - Following the Business Combination, the company qualifies as an "emerging growth company" under the JOBS Act, allowing it to adopt new accounting standards within the same time periods as private companies[194]. - The company intends to take advantage of reduced regulatory and reporting requirements for emerging growth companies, including exemptions from certain auditor attestation requirements[195]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[196]. - The company has never paid cash dividends and does not anticipate doing so in the foreseeable future[192]. Market Potential - The company estimates that over 39 million soft tissue surgical procedures are addressable by its technology, with more than 50% currently performed using open surgery[140]. - The company’s single-port system aims to improve patient outcomes and enhance adoption by addressing significant limitations of existing surgical systems[146]. Fair Value and Liabilities - The change in fair value of warrant liabilities for the three months ended September 30, 2022, was a loss of $3,038, compared to a loss of $36,532 in the same period in 2021, reflecting a 92% improvement[163]. - The change in fair value of warrant liabilities resulted in a gain of $111,823 during the nine months ended September 30, 2022, compared to a loss of $36,532 in the same period in 2021[175]. - The fair value of the company's stock options is determined using a Black-Scholes pricing model, with key assumptions based on stock price, expected volatility, and expected term[192]. Workforce - The average headcount increased by 72% from 78 people in the nine months ended September 30, 2021, to 134 people for the same period in 2022, with general and administrative headcount increasing by 142%[147]. Economic Factors - The company continues to monitor the impact of global economic factors, including inflation and supply chain disruptions, on its operations[150].