Vicarious Surgical (US:RBOT)2023-05-07 16:00Financial Performance - The company incurred a net loss of $26,922,000 for the three months ended March 31, 2023, compared to a net income of $42,527,000 for the same period in 2022, representing a period-over-period loss of 163%[134]. - The change in fair value of warrant liabilities resulted in a loss of $6,079,000 for the three months ended March 31, 2023, compared to a gain of $60,728,000 in the same period in 2022, reflecting a decrease of 110%[148]. - Net cash used in operating activities was $18,570 for the three months ended March 31, 2023, compared to $14,767 for the same period in 2022, attributed to a net loss of $26,922[164]. - Net cash used in investing activities was $43,828 for the three months ended March 31, 2023, primarily for available-for-sale investments, compared to $2,022 in the same period in 2022[166]. - Net cash provided by financing activities was $273 for the three months ended March 31, 2023, compared to $174 for the same period in 2022[167]. - As of March 31, 2023, the company held cash and cash equivalents of $54,083 and short-term investments of $43,487, with an accumulated deficit of $88,563[156]. - The company expects net losses to continue as it invests in commercialization and new product development, but believes its current cash and investments will support operations beyond the next twelve months[157]. Expenses and Headcount - Research and development expenses increased by $3,508,000, or 36%, to $13,356,000 for the three months ended March 31, 2023, primarily due to a 35% increase in average headcount from 124 to 168[149][150]. - The total operating expenses for the three months ended March 31, 2023, were $22,315,000, a 23% increase from $18,180,000 in the same period in 2022[148]. - Sales and marketing expenses increased by $558, or 40%, to $1,960 for the three months ended March 31, 2023, compared to $1,402 for the same period in 2022, primarily due to a 50% increase in average headcount[152]. - General and administrative expenses rose by $69, or 1%, to $6,999 during the three months ended March 31, 2023, compared to $6,930 in the same period in 2022, driven by a 3% increase in average headcount[153]. - The average headcount increased by 35% from 124 employees in Q1 2022 to 168 employees in Q1 2023, primarily due to an increase in R&D personnel[134][150]. Future Outlook and Strategic Plans - The company has not generated any revenue as of March 31, 2023, and does not expect to do so until at least 2024, pending FDA authorization of its product candidate[140]. - The company plans to file a de novo application with the FDA for use in ventral hernia procedures as its first indication for the Vicarious Surgical System[133]. - The company expects general and administrative expenses to continue to increase as it expands its infrastructure to support anticipated growth[142]. - The company is monitoring the impact of global economic factors, including inflation and supply chain disruptions, which may affect its financial condition in the future[137][138]. - The company has experienced limited constraints in material availability and increasing costs due to the Russia-Ukraine military conflict, but its business has not been materially impacted to date[138]. - The company may seek additional funding through equity or debt securities, which could result in dilution to stockholders and impose restrictions on operations[158]. Income and Other Financial Metrics - Interest and other income increased by $1,465 to $1,473 during the three months ended March 31, 2023, compared to $8 in the same period in 2022, mainly due to increased interest income from short-term investments[154].