Vicarious Surgical Inc (RBOT) 2024 Q2 法說會逐字稿

Good afternoon. Thank you for attending the Vicarious Surgical's 2024 second-quarter earnings call. My name is Cameron, and I will be your moderator for today. (Operator Instructions)

午安.感謝您參加 Vicarious Surgical 的 2024 年第二季財報電話會議。我叫卡梅倫，我將擔任今天的主持人。（操作員說明）

I would now like to pass the conference over to your host, Kaitlyn Brosco, Director of Investor Relations. You may proceed.

現在我想將會議交給東道主投資者關係總監凱特琳·布羅斯科 (Kaitlyn Brosco)。您可以繼續。

Thanks, Cameron, and thank you all for joining. With me today for prepared remarks are Adam Sachs, our Co-Founder and Chief Executive Officer; Bill Kelly, Chief Financial Officer; and Randy Clark, our company President, will join for the Q&A portion of the call. Today, after market closed, Vicarious Surgical released financial results for the three months ended June 30, 2024. A copy of this press release is available on the company website.

謝謝卡梅倫，也謝謝大家的加入。今天與我一起發表準備好的演講的是我們的共同創辦人兼執行長 Adam Sachs；比爾凱利，財務長；我們公司總裁 Randy Clark 將參加電話會議的問答部分。今天收盤後，Vicarious Surgical 發布了截至 2024 年 6 月 30 日的三個月財務表現。新聞稿的副本可在公司網站上取得。

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，其中包括聯邦證券法含義內的前瞻性聲明，這些聲明是根據美國《私人證券訴訟改革法案》的安全港條款制定的。本次電話會議中包含的任何與未來事件、結果或績效的預期或預測相關的陳述均為前瞻性陳述。

All forward-looking statements, including, without limitation, those relating to obtaining approval for Vicarious Surgical System and timely for any such approval, for operating trends and future financial performance, expense management, market opportunity, and commercialization are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place any undue reliance on these statements.

所有前瞻性陳述，包括但不限於與 Vicarious Surgical System 的批准以及及時獲得任何此類批准、營運趨勢和未來財務績效、費用管理、市場機會和商業化有關的陳述，均基於我們當前的估計和各種假設。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述預期或暗示的結果或事件有重大差異。因此，您不應過度依賴這些陳述。

For a list and description of the risks and uncertainties associated with our business, please refer to the risk factors set forth in our Securities and Exchange Commission filings, including our most recent Form 10-K and Form 10-Q.

有關與我們業務相關的風險和不確定性的清單和描述，請參閱我們向美國證券交易委員會提交的文件中列出的風險因素，包括我們最新的表格 10-K 和表格 10-Q。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 12, 2024. Vicarious Surgical disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise.

本次電話會議包含時效性訊息，僅截至今天（2024 年 8 月 12 日）直播時準確。除法律要求外，Vicarious Surgical 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是因為新資訊、未來事件或其他原因。

Now, I'll hand the call over to Adam for our prepared remarks.

現在，我將把電話轉交給 Adam，讓他準備好演講稿。

Thanks, Kate. Good afternoon, everyone, and thank you for joining. In the second quarter, the Vicarious Surgical team continued to build upon the momentum generated in the first months of this year, remaining steadfast in our mission to improve lives by transforming robotic surgery. Upon the completion of our spring cadaver lab at the end of March, our team began the process of aggregating and deciphering the numerous insights gained in the initial use of our Version 1.0 system. From there, the necessary design optimizations were outlined at both the system and subsystem levels, and the team promptly began the implementation of these system refinements.

謝謝，凱特。大家下午好，感謝您的加入。在第二季度，Vicarious Surgical 團隊繼續在今年頭幾個月的勢頭基礎上再接再厲，堅定不移地履行透過改造機器人手術來改善生活的使命。3 月底我們的春季屍體實驗室竣工後，我們的團隊開始匯總和解讀在 1.0 版系統的初始使用中獲得的大量見解。從那時起，在系統和子系統層級上概述了必要的設計最佳化，團隊立即開始實施這些系統改進。

As it stands today, both pieces of capital equipment, the surgeon console and the patient cart are in the latter stages of planned refinements. Given the promising status of our patient cart, we conducted our first Version 1.0, four-minute assessment evaluating the surgeon and care team of bedside user experiences. Assessing human factors such as maneuverability, docking, draping, and instrument insertion throughout the development cycle ensures our design could be end user at heart and will deliver a top-tier customer experience. Overall, we are pleased with the results of our recent formative assessment and plan to continue with our surgeon console formative mix.

就目前情況而言，外科醫生控制台和病患推車這兩種固定設備都處於計畫改進的後期階段。鑑於我們的病患推車的前景廣闊，我們進行了第一個 1.0 版、四分鐘的評估，評估外科醫生和護理團隊的床邊使用者體驗。在整個開發週期中評估人為因素，例如可操作性、對接、懸垂和儀器插入，確保我們的設計能夠以最終用戶為中心，並提供頂級的客戶體驗。總的來說，我們對最近的形成性評估的結果感到滿意，並計劃繼續我們的外科醫生控制台形成性組合。

Regarding the system instruments, while we finalized the latest camera build last month, our team continues to work through the enhancements of our most differentiated subsystem, the instrument arms, ensuring we are achieving the refined fidelity, range of motion, and dexterity to capture the attention of our hospital system partners. I'm happy to say that with the pace of progress achieved in the second quarter, we remain on track for our V1.0 system integration this fall.

關於系統儀器，雖然我們上個月完成了最新的相機構建，但我們的團隊仍在繼續增強我們最具差異化的子系統（儀器臂），確保我們實現精確的保真度、運動範圍和靈活性，以捕捉我們醫院系統合作夥伴的關注。我很高興地說，隨著第二季的進展，我們仍有望在今年秋季實現 V1.0 系統整合。

Following the integration milestone, our plan includes informal verification and validation activities across the individual subsystems and full system, incorporating both cadaveric procedures and animal labs. We will then transition into the formal verification and validation process, where we will undergo a range of comprehensive benchmark testing, including system-specific evaluations that assess procedural capability and safety, known as essential performance and safety testing.

在整合里程碑之後，我們的計劃包括跨各個子系統和整個系統的非正式驗證和確認活動，包括屍體程序和動物實驗室。然後，我們將過渡到正式的驗證和確認流程，在此過程中我們將進行一系列全面的基準測試，包括評估程序能力和安全性的特定係統評估，即基本性能和安全測試。

This includes, for example, biocompatibility and electromagnetic compatibility testing to assess interference risks, environmental testing to gauge performance under various conditions and durability testing to assess long-term reliability. All of this testing is done to ensure our device meets regulatory standards and is safe and effective for clinical use. Once our system satisfies the essential performance and safety standards, we can confidently proceed with our first clinical patients and subsequent clinical trials while simultaneously addressing the remaining verification and validation requirements related to human factors and manufacturing processes.

例如，這包括用於評估幹擾風險的生物相容性和電磁相容性測試、用於衡量各種條件下性能的環境測試以及用於評估長期可靠性的耐久性測試。所有這些測試都是為了確保我們的設備符合監管標準並且對於臨床使用安全有效。一旦我們的系統滿足基本的性能和安全標準，我們就可以自信地繼續我們的第一批臨床患者和後續臨床試驗，同時解決與人為因素和製造流程相關的剩餘驗證和確認要求。

With our first clinical patient anticipated around this time next year, our clinical and regulatory teams are diligently working with CROs to evaluate potential OUS clinical sites and their respective regulatory procedures and landscape. In an effort to avoid any unexpected regulatory changes and maintain our optionality, we have not yet announced a formal decision on clinical site selection but intend to do so once appropriate.

預計明年這個時候我們的第一位臨床患者將會出現，我們的臨床和監管團隊正在與 CRO 努力合作，評估潛在的 OUS 臨床地點及其各自的監管程序和環境。為了避免任何意外的監管變化並保持我們的選擇性，我們尚未宣布有關臨床地點選擇的正式決定，但打算在適當的時候宣布這項決定。

As we continue to make strides in our development cycle, we are also thrilled to announce an exciting new partnership with LSU Health New Orleans, Louisiana's premier academic health institution. Renowned for its high-quality academic and training programs, LSU Health New Orleans educates the majority of Louisiana's healthcare professionals. Their network includes the University Medical Center, a distinguished research and academic hospital known for its robust medical training facilities and comprehensive patient care services. As a leading regional provider, LSU Health New Orleans offers unique insights into administrative and clinical protocols typical of regional care centers, yielding valuable perspective to enhance our market strategy.

隨著我們在開發週期中不斷取得進展，我們也很高興地宣布與路易斯安那州首屈一指的學術健康機構路易斯安那州立大學新奧爾良分校健康中心建立令人興奮的新合作夥伴關係。路易斯安那州立大學健康中心新奧爾良分校以其高品質的學術和培訓課程而聞名，為路易斯安那州的大多數醫療保健專業人員提供教育。他們的網絡包括大學醫療中心，這是一家傑出的研究和學術醫院，以其強大的醫療培訓設施和全面的患者護理服務而聞名。作為領先的區域提供者，路易斯安那州立大學健康新奧爾良分校對區域護理中心典型的行政和臨床方案提供獨特的見解，為增強我們的市場策略提供了寶貴的視角。

Additionally, their commitment to clinician training involving learners at all levels presents a significant opportunity for our team to validate training protocols and the clinical and economic benefits of our single port system would be next generation of surgeon. Our partnership with LSU Health New Orleans marks our fifth hospital system alliance to date, further reinforcing our confidence in our innovative single-port approach to surgical robotics and our potential to take share of this market over time.

此外，他們對涉及各級學習者的臨床醫生培訓的承諾為我們的團隊提供了一個重要的機會來驗證培訓方案，並且我們的單端口系統的臨床和經濟效益將成為下一代外科醫生。我們與路易斯安那州立大學新奧爾良健康中心的合作標誌著我們迄今為止第五次建立醫院系統聯盟，進一步增強了我們對手術機器人創新單端口方法的信心，以及我們隨著時間的推移佔領該市場份額的潛力。

I'll now turn the call over to Bill for a review our financial performance.

我現在將把電話轉給比爾，以審查我們的財務表現。

Thank you Adam. In the second quarter of 2024, operating expenses totaled $17.7 million, representing a year-over-year increase (sic - see press release, "decrease") of 17%, and reflecting the success of last year's efforts to enhance capital efficiency and manage cash burn. R&D expenses for the second quarter of 2024 were $10.9 million, compared to $12.7 million in the second quarter of 2023. General and administrative expenses for the second quarter of 2024 were $5.6 million, down from $7.1 million in the second quarter of 2023. And second quarter 2024 sales and marketing expenses were $1.2 million versus $1.7 million in the second quarter of 2023.

謝謝亞當。2024 年第二季度，營運費用總計 1770 萬美元，年成長（原文如此 - 參見新聞稿，「減少」）17%，反映了去年在提高資本效率和管理方面所做努力的成功。2024 年第二季的研發費用為 1,090 萬美元，而 2023 年第二季的研發費用為 1,270 萬美元。2024 年第二季的一般及管理費用為 560 萬美元，低於 2023 年第二季的 710 萬美元。2024 年第二季的銷售和行銷費用為 120 萬美元，而 2023 年第二季為 170 萬美元。

Adjusted net loss for the second quarter of 2024 was $16.8 million, equating to an adjusted net loss of $2.86 per share, as compared to an adjusted net loss of $20.4 million, or $4.82 per share in the second quarter of 2023. GAAP net loss for the second quarter of 2024 was $15.2 million, equating to a net loss of $2.59 per share. This compares to a net loss of $15.3 million or $3.62 per share in the second quarter of 2023. For a reconciliation of all non-GAAP measures to GAAP, please review our earnings press release.

2024 年第二季調整後淨虧損為 1,680 萬美元，相當於每股調整後淨虧損 2.86 美元，而 2023 年第二季調整後淨虧損為 2,040 萬美元，即每股 4.82 美元。2024 年第二季 GAAP 淨虧損為 1,520 萬美元，相當於每股淨虧損 2.59 美元。相比之下，2023 年第二季的淨虧損為 1,530 萬美元，即每股淨虧損 3.62 美元。有關所有非公認會計準則衡量標準與公認會計準則的調整，請查看我們的收益新聞稿。

We ended the second quarter of this year with $73 million of cash, cash equivalents, and short-term investments on our balance sheet. This represents a second-quarter cash burn rate of approximately $11 million, which is slightly below the seasonally impacted first quarter burn of $14 million. We continue to expect the full-year 2024 cash burn to be approximately $50 million.

截至今年第二季度，我們的資產負債表上有 7,300 萬美元的現金、現金等價物和短期投資。這意味著第二季的現金消耗率約為 1,100 萬美元，略低於受季節性影響的第一季 1,400 萬美元的現金消耗率。我們仍然預計 2024 年全年現金消耗約為 5,000 萬美元。

While we are focused on meeting our development schedule and executing upon our upcoming milestones, we are equally dedicated to upholding strong financial discipline in ensuring efficient resource allocation.

在我們專注於滿足我們的開發計劃並執行即將到來的里程碑的同時，我們同樣致力於維護嚴格的財務紀律，以確保有效的資源分配。

And with that, I'll turn the call back to Adam for closing remarks. Adam?

接下來，我會將電話轉回給 Adam，讓其致閉幕詞。亞當？

Thanks, Bill. 2024 remains a pivotal development year for Vicarious Surgical as we march forward in our mission to improve lives by delivering a new innovative approach to surgical robotics. The strong execution by our team in the first half of this year has positioned us well to achieve our fall integration milestone, paving the way for our transition into the clinic next year and allowing us to showcase the immense value of our differentiated single-port system. I want to express my gratitude to our dedicated employees whose hard work and valuable contribution to lay the foundation for our future success.

謝謝，比爾。 2024 年仍然是 Vicarious Surgical 的關鍵發展年，我們將透過提供新的​​創新手術機器人方法來實現改善生活的使命。我們團隊在今年上半年的強勁執行力使我們能夠很好地實現秋季整合里程碑，為我們明年過渡到診所鋪平道路，並使我們能夠展示我們差異化單端口系統的巨大價值。我要向我們敬業的員工表示感謝，他們的辛勤工作和寶貴貢獻為我們未來的成功奠定了基礎。

Thank you to everyone who joined the call today. We look forward to updating you on our continued good progress in the quarters to come.

感謝今天加入電話會議的所有人。我們期待向您通報我們在未來幾季持續取得的良好進展。

Operator, we're now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) Josh Jennings, TD Cowen.

（操作員說明）Josh Jennings，TD Cowen。

Hi, guys. How are you doing? This is Eric on for Josh. Thanks for taking the question. I wanted to start just on the balance sheet. With the cash you guys have on hand, I appreciate the guidance you gave there. How do you think about funding your clinical trial now that that's set to kick off sometime in 2025?

嗨，大家好。你好嗎？這是埃里克替喬許發言。感謝您提出問題。我想從資產負債表開始。憑藉你們手頭上的現金，我很感謝你們在那裡提供的指導。既然臨床試驗定於 2025 年某個時候開始，您如何看待資助您的臨床試驗？

Yeah. No, thanks for the question. As we said on the call, we ended the year -- ended the period with $73 million and reiterated our burden guidance for about approximately $50 million for this year. So that leaves us with the better part of another 1.5 years' worth of cash. Obviously, a strong balance sheet has been a hallmark of this company since we've gone public, and we'll continue to be good stewards of capital to make sure that we take advantage of opportunities to augment that in the future. But really, right now, our focus is executing on the milestones in front of us, the Version 1.0 integration this fall and first clinical patient next year and so on from there. But it's a good question, but obviously, we'll look to update at the right time.

是的。不，謝謝你的提問。正如我們在電話會議上所說，我們以 7300 萬美元結束了這一年，並重申了我們今年約 5000 萬美元的負擔指導。這樣我們就剩下了另外 1.5 年現金的大部分。顯然，自從我們上市以來，強大的資產負債表一直是這家公司的標誌，我們將繼續成為良好的資本管理者，以確保我們利用未來的機會擴大資產負債表。但實際上，現在我們的重點是執行我們面前的里程碑，今年秋天的 1.0 版本整合以及明年的第一個臨床患者等等。但這是一個很好的問題，但顯然，我們會在適當的時間進行更新。

Yeah. If I can also come on top for a second here. I did want to emphasize that what we're formally guiding to that first clinical patient. It's not at all first -- standard first-in-human thoroughly feasibility study, but it's also not going to be formally part of our clinical trial. We're going to use it to evaluate the site, to evaluate the clinical trial protocols, and then enroll as quickly as we can into the clinical trial after that and still keeping us on track for other milestones that we are guiding to.

是的。如果我也能在這裡站上一秒鐘就好了。我確實想強調我們正在正式指導第一位臨床患者。這根本不是標準的首次人體徹底可行性研究，但它也不會正式成為我們臨床試驗的一部分。我們將使用它來評估站點，評估臨床試驗方案，然後儘快註冊進入臨床試驗，並繼續保持我們正在指導的其他里程碑的進展。

Understood, thanks for that. And maybe on the US hospital partners, congrats on adding another one with LSU Health. I was just wondering if you could share some details and insights that those partners have been providing to you through the development process of your system? And what role do you see them playing in the trial activity that you guys have coming out?

明白了，謝謝你。也許在美國醫院合作夥伴方面，祝賀路易斯安那州立大學健康中心又增加了一家。我只是想知道您是否可以分享這些合作夥伴在您的系統開發過程中向您提供的一些細節和見解？您認為他們在你們推出的試用活動中扮演什麼角色？

Yeah. So one of the wonderful things about having all these hospital system partner as it gets with the ton of insights into all of the different stages, including an informative assessments that we're conducting and will continue to conduct on our system going through verification and validation, understanding the full care team experience. Also the financial side, the purchasing, supply chain components and then rolling out into training of clinicians, something that we're already, of course, looking at and working with them today. And we'll continue to do so all the way through our clinical trial and commercial launch.

是的。因此，擁有所有這些醫院系統合作夥伴的美妙之處之一是，它可以對所有不同階段提供大量見解，包括我們正在並將繼續在我們的系統上進行的資訊評估，以進行驗證和確認，了解全程護理團隊的經驗。還有財務方面、採購、供應鏈組成部分，然後推廣到臨床醫生的培訓，當然，我們今天已經在研究並與他們合作。我們將在臨床試驗和商業發布過程中繼續這樣做。

That's great. Thank you, guys for taking the questions.

那太棒了。謝謝你們提出問題。

Yeah, of course. Thanks for asking.

是的，當然。謝謝你的詢問。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

It looks like your R&D and SG&A came in just a here higher than what we were expecting. But overall, your management of expenses has been pretty good so far. So as we move into the back half of the year, I was just wondering how you're thinking about the OpEx spend with that $50 million of cash burn in mind?

看來你們的研發和銷售、一般管理費用 (SG&A) 的表現比我們的預期要高一些。但總體而言，到目前為止，您的費用管理相當不錯。因此，當我們進入今年下半年時，我只是想知道考慮到 5000 萬美元的現金消耗，您如何看待營運支出？

Yeah. No. I think I'm not sure -- we missed the beginning of that question, but I do think we understand. Obviously, we do see a little bit of seasonal fluctuations, if you will, or just from time to time fluctuations. We're really focused on the Version 1.0 integration, and so in this past quarter, what we ended up slightly higher than average external expenditures as we're purchasing materials and whatnot. That's anticipated as we set out the guidance for the year on the $50 million.

是的。不。我想我不確定——我們錯過了這個問題的開頭，但我確實認為我們理解。顯然，如果你願意的話，我們確實看到了一點季節性波動，或者只是不時的波動。我們真正關注的是 1.0 版本的集成，因此在上個季度，我們最終的外部支出略高於平均水平，因為我們購買了材料等。這是我們在製定今年 5000 萬美元指導時所預料到的。

So we had a higher cash burn month -- a cash burn quarter in Q1, lower cash burn in Q2, just a little bit of fluctuations there. So factor that into our guidance when we said it, and we still remain comfortable that approximately $50 million cash burn for the year.

因此，我們的現金消耗量較高，第一季的現金消耗量較高，第二季的現金消耗量較低，只是有點波動。因此，當我們這麼說時，將這一點考慮到我們的指導中，我們仍然對今年大約 5000 萬美元的現金消耗感到滿意。

Got it, that's helpful. And then just on the integration process, given that we're only a couple of months out from that launch in the fall, what do you guys have left to do in preparation for that?

明白了，很有幫助。然後就整合過程而言，考慮到我們距離秋季發布只有幾個月的時間了，你們還需要做些什麼準備呢？

Yeah, it's a great question. So we're just in the kind of final stages of testing designs, evaluating everything at the subsystem level, and then jump off on the process of bringing everything together. So there's still a lot to be done. But that being said, the testing that we've done over the last couple of months and especially the previous versions testing that we did throughout the system, including at the full system level, it gives us a lot of confidence in the integration process and our ability to bring everything together. I do want to emphasize, though, it's an incredibly complex system. That's why we built in time to address hiccups and remediate issues as they come.

是的，這是一個很好的問題。因此，我們正處於測試設計的最後階段，評估子系統層級的所有內容，然後開始將所有內容整合在一起的過程。所以還有很多事情要做。但話雖這麼說，我們在過去幾個月所做的測試，特別是我們在整個系統（包括整個系統層級）所做的先前版本測試，它給了我們對整合過程的巨大信心，並且我們將一切整合在一起的能力。不過，我確實想強調，這是一個極為複雜的系統。這就是為什麼我們及時解決問題並在問題出現時進行補救。

Great. Thanks for taking the question.

偉大的。感謝您提出問題。

(Operator Instructions) Ryan Zimmerman, BTIG.

（操作員說明）Ryan Zimmerman，BTIG。

Hey, guys. I was jumping between calls. I'm on for (inaudible), actually. It's Ryan. So on the trial, so Adam, I heard you're not giving out specifics on the trial just yet. Anything -- any early thoughts about where you think it's appropriate, geographically speaking, where you think you can get good data out of preliminary the composition between potentially US sites versus OUS sites? Any color at this point you can share with us would be appreciated.

嘿，夥計們。我在通話之間跳來跳去。事實上，我正在等待（聽不清楚）。是瑞安。關於審判，亞當，我聽說你還沒有透露審判的具體細節。任何關於您認為在哪裡合適的早期想法，從地理角度來說，您認為您可以從潛在的美國站點與 OUS 站點之間的初步構成中獲得良好的數據？此時您可以與我們分享任何顏色，我們將不勝感激。

Yeah, for sure. So what I'll say is that, in general, we'd like to blazing a new path for this. And we've watched a handful of other surgical robotics companies get successful de novo approval actually even without any US clinical data in the past couple of -- really past year or two, and that has given us a lot of confidence. So the direction we're currently heading is actually filing without any US clinical data. It doesn't mean we're not going to kick off a US clinical trial, but rather it's not sort of the critical path data and plan of record here.

是的，當然。所以我要說的是，總的來說，我們希望為此開闢一條新道路。我們看到其他一些手術機器人公司在過去幾年（實際上是過去一兩年）沒有任何美國臨床數據，實際上也獲得了成功的從頭批准，這給了我們很大的信心。因此，我們目前的方向實際上是在沒有任何美國臨床數據的情況下進行備案。這並不意味著我們不會啟動美國臨床試驗，而是它不是這裡的關鍵路徑數據和記錄計劃。

South America is currently top of mind, so as Australia. There are a few countries, including Colombia, Chile as well, of course, Australia that we've seen other companies do clinical trials in and get successful approval. And because of exactly that, we're working with the CROs and the teams that have been able to pull that off in the past couple of years and are already working with them today and working with individual hospitals, vetting sites. Actually, our chief medical officer, had a few of them last week.

目前，南美洲是人們最關心的話題，澳洲也是如此。有一些國家，包括哥倫比亞、智利，當然還有澳大利亞，我們已經看到其他公司在其中進行臨床試驗並獲得成功批准。正因為如此，我們正在與 CRO 和團隊合作，他們在過去幾年中已經能夠實現這一目標，並且今天已經與他們合作，並與個別醫院、審查站點合作。事實上，我們的首席醫療官上週就經歷過一些這樣的情況。

That's helpful, Adam. And then just on the partnerships, I appreciate that it gives you early feedback and whatnot. But when you think about your ability to get these partnerships together, do you feel like you have enough? Do you -- should we expect potentially more of these between now and commercial approval? I mean, what's the strategy? And how much time do you dedicate to bringing in some of these new partnerships versus kind of focusing on the clinical trials at -- and over the next, call it, 18 to 24 months?

這很有幫助，亞當。然後就合作夥伴關係而言，我很感激它為您提供了早期反饋等等。但當你想到你有能力將這些夥伴關係整合在一起時，你覺得你有足夠的能力嗎？從現在到獲得商業批准，我們是否應該期待更多此類產品？我的意思是，策略是什麼？您投入了多少時間來引入一些新的合作關係，而不是專注於臨床試驗（在接下來的 18 到 24 個月內）？

Yeah. It's hard to give a generalized answer to that, but I think that kind of is the answer. Each individual partnership really needs to offer significant value that's incremental and different from what the existing partnerships offer. And because of that, in the case of LSU Health, it offers a ton of insight in a different way, especially from a regional system perspective, where the other four health systems that we're working with really operate at -- either operate at a national scale or in one case, operator very much like a national system at a more regional scale. And it gives us a different set of insights that are important to us and, therefore, justify the time that's invested. So no one-size-fits-all answer to that.

是的。很難給出一個普遍的答案，但我認為這就是答案。每個單獨的合作夥伴確實需要提供顯著的價值，這些價值是增量的且不同於現有合作夥伴所提供的價值。正因為如此，就路易斯安那州立大學衛生部門而言，它以不同的方式提供了大量的見解，特別是從區域系統的角度來看，我們正在合作的其他四個衛生系統的實際運作方式是——要麼在國家範圍或在某種情況下，營運商非常類似於區域範圍內的國家系統。它為我們提供了一套不同的見解，這些見解對我們很重要，因此證明了投入的時間是值得的。因此，沒有一刀切的答案。

Okay. Well, thank you for taking my questions. Appreciate it.

好的。嗯，謝謝你回答我的問題。欣賞它。

Yeah, thanks for joining.

是的，感謝您的加入。

Drew Ranieri, Morgan Stanley.

德魯‧拉涅利，摩根士丹利。

Hey, everyone. Thanks for taking the questions. I'll ask my two upfront. But maybe just to piggyback on Ryan's question just now on the clinical data side, just to make sure you're still thinking about the current clinical pathway of doing hernia first and then venturing to others or has there been any other kind of change in kind of your indication strategy for the US. And then just on the second, I'll let you answer that one, and then I'll go into the second one.

嘿，大家。感謝您提出問題。我先問我的兩個。但也許只是在臨床數據方面附上 Ryan 剛才的問題，只是為了確保您仍在考慮當前先做疝氣然後再冒險到其他人的臨床途徑，或者是否有任何其他類型的改變您對美國的指示策略。然後就在第二個問題上，我會讓你回答這個問題，然後我會進入第二個問題。

Yes, quick answer. Good question. No change at all, though. Same number of patients, same indication.

是的，快速回答。好問題。不過，一點變化都沒有。相同數量的患者，相同的適應症。

Okay. And then just on the integration, you're comfortable, confident it's still on track for this fall. Just as you do think about bringing the subassemblies to the final assembly, I guess, where do you see there could be potential risk? And I guess just how de-risked are these time lines that you're so confident in. Thanks for taking the questions.

好的。然後，就整合而言，您感到很舒服，並相信今年秋天它仍將按計劃進行。正如您確實考慮將子組件進行最終組裝一樣，我想您認為哪裡可能存在潛在風險？我猜想您如此有信心的這些時間表的風險有多大。感謝您提出問題。

Yeah. Look, I mean, I think that's an incredibly important question. Overall, the areas that were most likely to have picked up along the way, it just come down to the overall complexity. There's no specific one area. I mean, if there is one subsystem, it's probably the arms, it's where a lot of our secret sauce is. And frankly, that's the huge benefit of what we're doing is.

是的。聽著，我的意思是，我認為這是一個非常重要的問題。整體而言，一路走來最有可能回升的領域，歸結為整體複雜性。沒有特定的一個區域。我的意思是，如果有一個子系統，那可能就是武器，它是我們許多秘密武器所在的地方。坦白說，這就是我們正在做的事情的巨大好處。

The capital system is coming along incredibly well. And I don't want to call it simple, it's still quite complicated in itself, but much less on the cutting-edge, and we're a lot more confident in the risk there. So that's a long winding way to say that I'm pretty confident in the V1.0 milestone that we've added time for remediation of any issues that come up before pre V&V testing and even time to change the minor things that come -- that may come up.

資本體系進展得非常好。我不想說它簡單，它本身仍然相當複雜，但更不用說處於前沿，而且我們對那裡的風險更有信心。因此，這是一個漫長而曲折的方式，我對 V1.0 里程碑非常有信心，我們已經增加了時間來修復 V&V 測試前出現的任何問題，甚至還有時間更改即將發生的小事情 --這可能會出現。

But that all being said, if I really learned anything over the last year, the level of complexity as you try to bring everything together, try to integrate everything, get it through the process, things do come up. So I'll say, I'm about as confident as I can be, but there are real risks.

但話雖這麼說，如果我在過去的一年裡真的學到了什麼，那就是當你試圖將所有東西放在一起、嘗試整合所有東西、完成整個過程時的複雜程度，事情確實會出現。所以我想說，我已經盡了最大的信心，但確實有風險。

There are no additional questions waiting at this time. I would like to pass the conference back over to the management team for closing remarks.

目前沒有其他問題等待。我想將會議轉交管理團隊進行閉幕致詞。

Yeah. If that's all the questions, then we're good to end the call. Thank you, everybody, for joining.

是的。如果這就是所有問題，那麼我們就結束通話吧。謝謝大家的加入。

That will conclude the Vicarious Surgical's 2024 second-quarter earnings call. Thank you for your participation, and enjoy the rest of your day.

Vicarious Surgical 的 2024 年第二季財報電話會議就此結束。感謝您的參與，祝您有個愉快的一天。