Vicarious Surgical (RBOT) - 2023 Q4 - Annual Results

Financial Performance - Vicarious Surgical achieved a full year 2023 cash burn objective of $63.4 million and narrowed full year 2024 cash burn guidance to approximately $50 million[1][7] - Adjusted net loss for Q4 2023 was $14.6 million, or $0.07 per share, compared to an adjusted net loss of $19.9 million, or $0.16 per share, in the same period of the prior year[5][7] - Net loss for the year was $71,071 in 2023 compared to a loss of $5,157 in 2022, indicating a significant increase in losses[21] - Adjusted net loss improved from $(19,889) in 2022 to $(14,597) in 2023, showing a reduction of approximately 26.5%[21] - Adjusted EPS improved from $(0.16) in 2022 to $(0.07) in 2023, indicating a positive trend in earnings per share[21] Operating Expenses - Operating expenses for Q4 2023 were $15.5 million, a decrease of 25% compared to $20.6 million in Q4 2022[3][5] - R&D expenses for Q4 2023 were $8.5 million, down from $11.9 million in Q4 2022[4] - Full year 2023 operating expenses totaled $80.7 million, slightly up from $80.1 million in 2022[6] - General and administrative expenses for the full year 2023 were $26.9 million, down from $29.7 million in 2022[6] Cash and Investments - The company ended 2023 with $98.2 million in cash and investments, positioning it well for future milestones[7] - The company successfully executed a $47 million equity follow-on offering, extending its cash runway[3] Assets and Liabilities - Total current assets decreased from $120,404 in 2022 to $100,953 in 2023, a decline of approximately 16.1%[19] - Total assets decreased from $140,291 in 2022 to $119,864 in 2023, representing a reduction of about 15.5%[19] - Total current liabilities decreased from $8,393 in 2022 to $7,280 in 2023, a decrease of approximately 13.3%[19] - Total liabilities decreased from $29,246 in 2022 to $21,895 in 2023, a decline of about 25.1%[19] - Stockholders' equity decreased from $111,045 in 2022 to $97,969 in 2023, a reduction of approximately 11.7%[19] Shareholder Information - The weighted average shares outstanding increased from 123,515,191 in 2022 to 175,123,050 in 2023, an increase of about 41.8%[21] Partnerships and Future Plans - Vicarious Surgical signed a fourth major U.S. hospital system agreement, increasing partner hospitals to over 250[3] - The integration of the Version 1.0 surgical system is expected to be completed in the fall of 2024[3][6] Fair Value of Warrant Liabilities - The change in fair value of warrant liabilities was $1,486 in December 2023 compared to $8,709 in December 2022, reflecting a decrease of approximately 83%[21]