Vicarious Surgical Inc. Q4 FY2024 earnings call

• Achieved successful completion of Version 1.0 System integration and demonstrated its functionality in a cadaveric preclinical setting.
• Formed partnerships with leading hospital systems like LSU Health New Orleans, Temple Health, and University of Illinois Health.
• Developed a robust supply chain and manufacturing foundation, though encountered some supplier challenges.
• Announced Sarah Romano will join as CFO in April 2025.
• Made progress in clinical protocol development and narrowing down international clinical sites.

For the full year 2024, total operating expenses were $66.6 million, down 17% year-over-year. R&D expenses were $40.2 million, down from $47.6 million in 2023. General and administrative expenses totaled $21.9 million, down from $26.9 million in 2023. Sales and marketing expenses were $4.5 million in 2024, compared to $6.2 million in the prior year. Adjusted net loss for the full year 2024 was $63.3 million. The 2024 cash burn rate was $49 million, resulting in a year-end cash balance of approximately $49 million in cash, cash equivalents, and short-term investments. For 2025, the company anticipates a cash burn of approximately $50 million.

• Anticipates a cash burn of approximately $50 million in 2025.
• Still on track to treat first patients later in 2024, but de novo submission now expected late in 2026.
• Capital system scheduled to be completed later in the week with instruments coming off the clean room production line.

• Encountered material procurement challenges with a few key suppliers, leading to delays in component deliverables and disrupting manufacturing progress. For example, a sub-tier supplier had unforeseen financial issues causing a cascading effect on material flow.

Q: Can you talk about specific supplier issues and how they're impacting manufacturing for clinical trials?

A: Randy Clark mentioned material procurement challenges with key suppliers led to delays in component deliverables, gating build. One partner's sub-tier supplier had unforeseen financial issues. Team escalated and leveraged other suppliers and internal resources. Currently, no gated items and production has resumed.

Q: On the dossier submission timing and clinical trial start?

A: Adam Sachs said dossier submission will be around the middle of the year, with first patients later in 2024 and first patients in clinic later that year.

Q: Details on cadaver lab results and their importance?

A: Cadaver labs were performed by medical team to do ventral hernia repairs, including defect closure and mesh implantation. Initial tests had some hiccups but were impressed with smooth mesh fixation and ability to secure mesh in multiple quadrants quickly, important for future submissions and clinical trial.