Vicarious Surgical (RBOT) - 2024 Q2 - Earnings Call Transcript

Financial Data and Key Metrics Changes - In Q2 2024, operating expenses totaled $17.7 million, a year-over-year increase of 17$10.9 million from $12.7 million in Q2 2023 [12] - General and administrative expenses fell to$5.6 million from $7.1 million in Q2 2023 [13] - Adjusted net loss for Q2 2024 was$16.8 million, or $2.86 per share, compared to an adjusted net loss of$20.4 million, or $4.82 per share in Q2 2023 [13] - GAAP net loss for Q2 2024 was$15.2 million, or $2.59 per share, compared to a net loss of$15.3 million, or $3.62 per share in Q2 2023 [13] - Cash, cash equivalents, and short-term investments at the end of Q2 2024 were$73 million, with a cash burn rate of approximately 11 million [14] Business Line Data and Key Metrics Changes - The company is in the latter stages of refining both the surgeon console and patient cart, with a focus on enhancing user experience [7][8] - The first clinical patient is anticipated around this time next year, with ongoing evaluations of potential clinical sites [10] Market Data and Key Metrics Changes - The partnership with LSU Health New Orleans marks the fifth hospital system alliance, enhancing market strategy and insights [11] Company Strategy and Development Direction - The company aims to improve lives by transforming robotic surgery, with a focus on the Version 1.0 system integration and subsequent clinical trials [6][15] - The strategy includes maintaining strong financial discipline while executing development milestones [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the fall integration milestone and transitioning into clinical trials next year [15] - The company is focused on executing current milestones while being good stewards of capital [18] Other Important Information - The company is conducting various testing to ensure regulatory compliance and safety for clinical use [9] Q&A Session Summary Question: How does the company plan to fund its clinical trial set to kick off in 2025? - The company ended the period with 73 million and expects a cash burn of approximately $50 million for the year, providing about 1.5 years of cash [18] Question: What insights are being provided by U.S. hospital partners during the development process? - Hospital partners provide insights into various stages, including assessments and training protocols, which are crucial for the clinical trial and commercial launch [22] Question: How is the company managing operating expenses with the projected cash burn? - The company noted seasonal fluctuations in expenses and remains comfortable with the$50 million cash burn guidance for the year [24] Question: What preparations are left for the integration process? - The company is in the final stages of testing designs and evaluating subsystems, with confidence in the integration process despite its complexity [26] Question: What is the company's strategy regarding clinical data and trial locations? - The company is considering filing without U.S. clinical data, focusing on international sites for trials, particularly in South America and Australia [30] Question: How does the company view the necessity of additional partnerships before commercial approval? - Each partnership must offer significant incremental value, and the company is open to new partnerships that provide unique insights [32] Question: Is there any change in the clinical pathway for indications? - There has been no change in the clinical pathway, with the same number of patients and indications planned [35] Question: What potential risks are associated with the integration timeline? - The complexity of the system poses risks, particularly with the instrument arms, but the company has built in time for remediation of any issues [38]