Vicarious Surgical (RBOT) - 2025 Q1 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 were $15.7 million, a 2% decrease from $16.1 million in Q1 2024 [11] - R&D expenses for Q1 2025 were $9.4 million, down from $10 million in Q1 2024 [11] - GAAP net loss for Q1 2025 was $15.4 million or $2.6 per share, compared to a net loss of $17 million or $2.9 per share in Q1 2024 [12] Business Line Data and Key Metrics Changes - Sales and marketing expenses for Q1 2025 were $1 million, essentially flat compared to the prior year [11] - The company successfully built its first patient card and surgeon console for preclinical testing, marking significant progress in its development timeline [7] Market Data and Key Metrics Changes - The company is preparing for its first human cases, focusing on ventral hernia repair, which aligns with its pivotal trial endpoints [8][9] - The collaboration with UMass Memorial Medical Center aims to optimize the implementation of the robotic system in clinical settings [9][10] Company Strategy and Development Direction - The company aims to revolutionize robotic surgery by overcoming limitations of existing surgical approaches, with a focus on minimally invasive procedures through a single small incision [5] - 2025 is positioned as a transformative year, with expectations to evolve into a clinical stage company and demonstrate the value of its single port surgical system [6][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving major clinical milestones later in 2025, attributing progress to the dedication of the team and support from investors [14] - The company is focused on disciplined spending and strategic financing to ensure continued operations and product development [17][18] Other Important Information - The company ended Q1 2025 with approximately $37 million in cash, cash equivalents, and short-term investments, with a cash burn rate of about $12 million for the quarter [12][13] - Full-year cash burn for 2025 is expected to be around $50 million, with a commitment to disciplined capital allocation [13] Q&A Session Summary Question: What assurances can you give to investors about your continued ability to fund operations? - Management emphasized disciplined spending and strategic evaluation of financing options, with confidence in support from existing and potential new investors [17][18] Question: How are you feeling about your ability to supply remaining components for the V1.0 build? - Management reported effective management of the supply chain, with no significant changes or adjustments to the schedule [20][21] Question: Can you provide details on the review timeline expectations for the technical dossier submission? - The company anticipates filing the technical dossier around mid-2025, with confidence based on assumptions from similar companies' experiences [27][28] Question: To what extent could hospital partners be additive to your development process? - Management indicated that hospital partners are excited about the technology and are actively working on optimizing workflows, which will benefit both development and future commercialization [29]