Vicarious Surgical Inc (RBOT) 2025 Q1 法說會逐字稿

Hello, everyone, and welcome to the Vicarious Surgical's 2025 first-quarter earnings call. My name is Nadia and I'll be coordinating the call today. (Operator Instructions)

大家好，歡迎參加 Vicarious Surgical 2025 年第一季財報電話會議。我叫納迪亞，今天我將負責協調這場電話會議。（操作員指示）

I will now hand over to your host, [Web Campbell], Investor Relations, to begin. Web, please go ahead.

現在我將把主持人 [Web Campbell] 交給投資者關係部，開始吧。Web，請繼續。

Good afternoon. Today, aftermarket closed, Vicarious Surgical released financial results for the three months ended March 31, 2025. A copy of the press release is available on the company's website.

午安.今天，盤後市場休市，Vicarious Surgical 發布了截至 2025 年 3 月 31 日的三個月的財務業績。新聞稿副本可在該公司網站上查閱。

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 law, which are made pursuant to the Safe Harbor provision 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中發表聲明，其中包括聯邦證券法所定義的前瞻性聲明，這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。本次電話會議中包含的任何與未來事件、結果或表現的預期或預測有關的陳述均為前瞻性陳述。

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

所有前瞻性陳述，包括但不限於與 Vicarious Surgical 系統批准和任何此類批准時間有關的陳述，或營運趨勢和未來財務績效、費用管理、市場機會和商業化陳述均基於當前估計和各種假設。這些聲明涉及重大風險和不確定性，可能導致實際結果與這些前瞻性聲明所預期或暗示的結果有重大差異。因此，您不應過度依賴這些聲明。

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

有關與我們的業務相關的這些風險和不確定性的清單和說明，請參閱我們向美國證券交易委員會提交的文件中的風險因素，包括我們最新的 10-K 表格和 10-Q 表格。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 12, 2025. Vicarious Surgical disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether based on new information, future events or otherwise.

本次電話會議包含時間敏感訊息，僅截至今天（2025 年 5 月 12 日）的現場直播時準確。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，除非法律要求，無論是基於新資訊、未來事件或其他情況。

Now I'll hand the call over to Adam Sachs, Co-Founder and CEO, for prepared remarks. Adam?

現在，我將把電話交給聯合創始人兼執行長亞當·薩克斯 (Adam Sachs)，請他發表準備好的演講。亞當？

Thanks, Web. Good afternoon, everyone, and thank you for joining Vicarious Surgical's first-quarter 2025 earnings call. I'm pleased to be here today alongside Sarah Romano, our Chief Financial Officer. We're especially delighted to have Sarah with us for her first earnings call as an official member of the Vicarious team, having joined us at the beginning of April.

謝謝，Web。大家下午好，感謝您參加 Vicarious Surgical 2025 年第一季財報電話會議。我很高興今天能與我們的財務長 Sarah Romano 一起來到這裡。我們非常高興 Sarah 能夠作為 Vicarious 團隊的正式成員參加她的第一次收益電話會議，她於 4 月初加入我們。

Sarah begins -- excuse me, brings decades of financial leadership experience and substantial knowledge from prior CFO positions at innovative businesses in the healthcare sector. She has run successful fundraising activities, M&A initiatives, and operations strategies in her career.

莎拉開始說——對不起，她擁有數十年的財務領導經驗，並曾在醫療保健領域的創新企業擔任首席財務官，擁有豐富的知識。在她的職業生涯中，她成功地開展了籌款活動、併購計劃和營運策略。

Turning to our recent business progress. It is truly an exciting time at Vicarious Surgical. For the last decade, our vision has been to revolutionize robotic surgery by overcoming the limitations inherent in open, laparoscopic, and existing robotic approaches. After years of dedicated effort in developing our proprietary decoupled actuating technology and meticulously refining our surgical system to enable minimally invasive procedures through a single small incision, we are just a few quarters away from our biggest milestone yet, our first clinical patients.

談談我們最近的業務進展。對於 Vicarious Surgical 來說這確實是一個令人興奮的時刻。在過去的十年裡，我們的願景是透過克服開放式、腹腔鏡式和現有機器人方法的固有限制來徹底改變機器人手術。經過多年的專注努力，我們開發了專有的解耦驅動技術，並精心改進了我們的手術系統，以便透過單一小切口進行微創手術，我們距離迄今為止最大的里程碑——我們的第一批臨床患者只有幾個季度了。

We anticipate 2025 will be the year Vicarious Surgical evolves into a clinical-stage company and demonstrates the immense value of our single-port surgical system. For the current year, our efforts are directed toward the precise and timely execution of all critical intermediate steps essential for our success in the [client].

我們預計 2025 年將是 Vicarious Surgical 發展成為臨床階段公司的一年，並展示我們的單孔手術系統的巨大價值。今年，我們的努力重點是準確及時地執行所有關鍵的中間步驟，這些步驟對於我們在[客戶]。

These include, first, the expansive inventory buildout of instrument arms, cameras, and capital equipment to support our schedule of rigorous testing; second, the successful completion of all essential performance and safety testing with our surgical system, such as sterility, biocompatibility, and electromagnetic compatibility; third, securing appropriate in-country regulatory approvals to advance clinical work at our respective planned sites.

首先，包括擴大儀器臂、攝影機和資本設備的庫存，以支持我們嚴格的測試計劃；第二，我們的手術系統成功完成了所有必要的性能和安全測試，例如無菌性、生物相容性和電磁兼容性；第三，確保獲得適當的國內監管部門批准，以推進我們各自計劃地點的臨床工作。

In the first quarter, we successfully built our first patient card and surgeon console for formal pre-clinical testing and have since begun system integration as well as the construction of our second surgeon console and patient card that will be utilized in our first human cases. Further, our initial instrument sets have completed production and have completed bio-burden review. With these results in hand, we expect to begin initial biocompatibility and sterility testing on new inventory momentarily, as well as to send additional instruments for sterilization and subsequent essential performance and safety testing.

在第一季度，我們成功建立了第一張病人卡和外科醫生控制台，用於正式的臨床前測試，並已開始系統整合以及第二張外科醫生控制台和病人卡的構建，這些將用於我們的首批人體病例。此外，我們最初的儀器組已經完成生產並完成了生物負荷審查。有了這些結果，我們預計將立即開始對新庫存進行初步的生物相容性和無菌性測試，並發送額外的儀器進行滅菌和隨後的基本性能和安全測試。

On the clinical side, we are preparing for our first human cases. We expect to treat a handful of patients at a few sites. The endpoint for these initial patients will align with that of our pivotal trial, focusing on the surgeon's ability to successfully complete the intended ventral hernia repair.

在臨床方面，我們正在為第一例人類病例做準備。我們預計將在幾個地點治療少數患者。這些初始患者的終點將與我們的關鍵試驗的終點一致，重點關注外科醫生成功完成預期的腹部疝氣修復的能力。

We continue to advance through the approval process required to perform our first clinical procedures. We are maintaining close collaboration with reviewers in this process, providing necessary information for their review of the study design, methodology, and procedures.

我們將繼續推進執行首批臨床程序所需的審批程序。在此過程中，我們與審閱者保持密切合作，為他們審查研究設計、方法和程序提供必要的資訊。

Beyond our development and clinical progress in the quarter, we are also pleased to announce our latest strategic hospital system partnership with UMass Memorial Medical Center, a premier healthcare system in the greater Boston area and clinical partner of the esteemed University of Massachusetts Chan Medical School. This collaboration will concentrate on optimizing critical elements of implementing a robotic system, including refining perioperative practices, enhancing surgeon education through mentorship and system testing, and establishing ambassadorship activities to drive best practices and adoption of our version 1.0 system.

除了本季度的發展和臨床進展之外，我們還很高興地宣布與馬薩諸塞大學紀念醫學中心建立最新的戰略醫院系統合作夥伴關係，馬薩諸塞大學紀念醫學中心是大波士頓地區首屈一指的醫療保健系統，也是著名的馬薩諸塞大學陳醫學院的臨床合作夥伴。此次合作將集中在優化實施機器人系統的關鍵要素，包括改進圍手術期實踐、透過指導和系統測試來加強外科醫生教育，以及建立大使活動以推動最佳實踐和採用我們的 1.0 版系統。

UMass Memorial's regional prominence, academic focus, and close proximity to our Waltham headquarters make them an invaluable partner as we work to optimize the integration of our technology into hospital environments. This collaboration adds to our strong set of existing partnerships with several leading healthcare institutions and providers, including HCA Healthcare, University Hospitals, Pittsburgh CREATES, Intermountain Health, and LSU Health New Orleans. These strategic collaborations, combined with the unwavering commitment of our team, give us a strong conviction and our capability to realize our corporate mission and achieve our objectives for the year.

麻州大學紀念醫院的地區地位、學術重點以及與我們沃爾瑟姆總部的緊密聯繫使其成為我們致力於優化技術與醫院環境整合的寶貴合作夥伴。此次合作增強了我們與多家領先醫療機構和提供者的現有合作夥伴關係，其中包括 HCA Healthcare、大學醫院、匹茲堡 CREATES、Intermountain Health 和 LSU Health New Orleans。這些策略合作，加上我們團隊堅定不移的承諾，使我們有堅定的信念和能力實現我們的企業使命並實現今年的目標。

We are increasingly optimistic that the progress made in the first quarter will enable us to showcase the groundbreaking value of our V1.0 system in clinical setting later this year, a pivotal moment which we are keenly focused on.

我們越來越樂觀地認為，第一季的進展將使我們能夠在今年稍後在臨床環境中展示我們的 V1.0 系統的突破性價值，這是我們熱切關注的關鍵時刻。

With that, I'll now turn the call over to Sarah to review our first-quarter financial results.

說完這些，我現在將電話轉給莎拉，讓她回顧我們第一季的財務表現。

Thank you, Adam. Total operating expenses for the first quarter of 2025 were $15.7 million, a 2% decrease compared to $16.1 million in the first quarter of 2024. R&D expenses for the first quarter of 2025 were $9.4 million compared to $10 million in the first quarter of '24. General and administrative expenses for the first quarter of '25 were $5.3 million compared to $5 million in the first quarter of '24. And first quarter of 2025 sales and marketing expenses were $1 million, essentially flat from the prior-year period.

謝謝你，亞當。2025 年第一季的總營運費用為 1,570 萬美元，與 2024 年第一季的 1,610 萬美元相比下降 2%。2025 年第一季的研發費用為 940 萬美元，而 2024 年第一季為 1,000 萬美元。25 年第一季的一般及行政開支為 530 萬美元，而 24 年第一季為 500 萬美元。2025 年第一季的銷售和行銷費用為 100 萬美元，與去年同期基本持平。

Further, adjusted net loss for the first quarter of 2025 was $15.3 million, or $2.58 per share, as compared to $15.1 million, or also $2.58 per share in the first quarter of 2024. GAAP net loss for the first quarter of '25 was $15.4 million, or $2.60 per share. This compares to a net loss of $17 million, or $2.90 per share in the first quarter of '24. For a reconciliation of all non-GAAP measures to GAAP, please review our earnings press release.

此外，2025 年第一季的調整後淨虧損為 1,530 萬美元，即每股 2.58 美元，而 2024 年第一季的調整後淨虧損為 1,510 萬美元，即每股 2.58 美元。25 年第一季的 GAAP 淨虧損為 1,540 萬美元，即每股 2.60 美元。相比之下，2024 年第一季的淨虧損為 1,700 萬美元，即每股 2.90 美元。若要了解所有非 GAAP 指標與 GAAP 指標的對照，請查看我們的收益新聞稿。

We ended the first quarter of this year with approximately $37 million of cash, cash equivalents, and short-term investments on our balance sheet. This represents a first-quarter cash burn rate of approximately $12 million. We continue to expect full-year 2025 cash burn to be approximately $50 million, and we remain committed to disciplined capital allocation.

截至今年第一季度，我們的資產負債表上共有約 3,700 萬美元的現金、現金等價物和短期投資。這意味著第一季的現金消耗率約為 1200 萬美元。我們繼續預計 2025 年全年現金消耗約為 5000 萬美元，並且我們仍然致力於嚴格的資本配置。

2025 is off to a strong start, and we look forward to updating you as we progress with our business initiatives in the coming quarters.

2025 年開局強勁，我們期待在未來幾季向您通報我們業務計畫的進度。

With that, I will turn the call back to Adam for closing remarks.

說完這些，我會把電話轉回給亞當，請他作最後發言。

Thanks, Sarah. Vicarious Surgical is on course for a transformative 2025. The team's solid first-quarter performance puts us firmly on the path to achieving our first major clinical milestone later this year. Our team's achievements are, as ever, a direct result of the unwavering dedication of our team coupled with the invaluable support of our investors and stakeholders.

謝謝，莎拉。Vicarious Surgical 正朝著變革性的 2025 年邁進。球隊第一季的出色表現使我們堅定地走在今年稍後實現第一個重大臨床里程碑的道路。我們團隊的成就一如既往地直接得益於我們團隊的堅定奉獻以及我們的投資者和利害關係人的寶貴支持。

Thank you for your continued belief in Vicarious Surgical. And thank you to everyone who joined the call today. We appreciate your support and look forward to updating you on our continued progress.

感謝您一直以來對 Vicarious Surgical 的信任。感謝今天參加電話會議的所有人。我們感謝您的支持，並期待向您通報我們的持續進展。

Nadia, we're ready for questions.

納迪亞，我們準備好回答問題了。

(Operator Instructions) Ryan Zimmerman, BTIG.

（操作員指示）Ryan Zimmerman，BTIG。

Hi, everyone. This is Izzy on for Ryan. Thank you for taking the questions. And Sarah, congrats on your new role here. Just to start out, given your current cash balance right now and the expectations for burning through the year, I was just curious what assurances you can give to investors about your continued ability to fund operations.

大家好。這是 Izzy 為 Ryan 表演的。感謝您回答這些問題。莎拉，恭喜你在這裡擔任新職務。首先，考慮到您目前的現金餘額以及全年的現金消耗預期，我很好奇您能向投資者提供什麼保證，保證您能夠持續為營運提供資金。

So, hi, nice to hear from you. Thank you for the question. So our main focus is on disciplined spending, ensuring that we stay within budget while also ensuring that we produce a safe and effective product. So we're reviewing all costs, ensuring that our cash is being used in the most effective way possible.

你好，很高興收到你的來信。謝謝你的提問。因此，我們的主要重點是控制支出，確保我們不會超出預算，同時確保生產出安全有效的產品。因此，我們正在審查所有成本，確保我們的現金以最有效的方式使用。

Additionally, we are thinking strategically about our financing. We're currently evaluating all options that are available to us. We do have a very supportive insider base. We believe that they'll be very supportive going forward as well and hopefully some new investors coming to the table as well.

此外，我們正在策略性地考慮我們的融資問題。我們目前正在評估所有可用的選項。我們確實擁有非常支持我們的內部人士基礎。我們相信他們未來也會給予大力支持，並希望有一些新的投資者加入。

With several upcoming exciting milestones ahead, we're hoping to structure a financing around these. So I think we're all very optimistic here with our ability to finance the company.

隨著幾個令人興奮的里程碑即將到來，我們希望圍繞這些里程碑來建立融資。因此我認為我們都對我們為公司融資的能力非常樂觀。

Got it. That's helpful. Thank you, Sarah. And as we think about the supply, just curious if you guys are -- how you're feeling about your ability to supply any remaining components for the V1.0 build. Anything that we should be aware of there? Thank you for taking the questions.

知道了。這很有幫助。謝謝你，莎拉。當我們考慮供應時，我很好奇你們對於自己提供 V1.0 版本剩餘組件的能力有何感受。我們該注意什麼嗎？感謝您回答這些問題。

Yeah. So last quarter, we did note some challenges with our supply chain. It's obviously quite a complex supply chain for a fairly complex system overall. And that being said, we've managed this effectively and we have not seen any further changes or adjustments in our schedule as a result of supply.

是的。因此，上個季度我們確實注意到了供應鏈面臨的一些挑戰。對於一個整體相當複雜的系統來說，這顯然是一個相當複雜的供應鏈。話雖如此，我們已經有效地管理了這一點，並且我們並沒有看到由於供應而對我們的計劃進行任何進一步的改變或調整。

So I would say at the moment, we're feeling quite good about our supply chain. We have a pretty amazing team that manages the entire supply chain for our business and they've been able to do so effectively in the last quarter.

所以我想說，目前我們對我們的供應鏈感覺相當良好。我們擁有一支非常出色的團隊，負責管理我們業務的整個供應鏈，他們在上個季度已經能夠有效地完成這項工作。

(Operator Instructions) Josh Jennings, TD Cowen.

（操作員指示）Josh Jennings，TD Cowen。

Hi, this is Eric calling for Josh. Thank you for taking the question. I wanted to ask you about the technical dossier submission that should be unlocking your ability to conduct first-patient testing. I was just hoping for a little more detail on the review timeline expectations. So I think you said in the past that it could be a few months, and I was just hoping we could talk through the assumption there and where it comes from, and also if that factors in some potential questions that you could be receiving from the agency.

你好，我是 Eric，找 Josh。感謝您回答這個問題。我想問您關於技術檔案提交的問題，這應該可以解鎖您進行首例患者測試的能力。我只是希望對審核時間表的預期有更詳細的了解。所以我想你過去說過這可能需要幾個月的時間，我只是希望我們可以討論一下這個假設以及它的來源，以及這是否考慮到了你可能從該機構收到的一些潛在問題。

Yeah, thanks, Eric. I appreciate the question. So overall, we're looking around mid this year at filing our technical dossier in country in order to do these first clinical patients. This includes a ton of information, all of the safety testing and performance data that's required to use our system in the first human cases later this year. So we're all really excited about this.

是的，謝謝，艾瑞克。我很感謝你提出這個問題。因此總體而言，我們計劃在今年年中左右在國內提交技術檔案，以便為首批臨床患者進行治療。其中包括大量資訊、所有安全測試和性能數據，這些都是今年稍後在首批人類病例中使用我們的系統所必需的。所以我們對此都感到非常興奮。

We've made a set of assumptions that enable us to do these first patients later this year. And that's based on a number of assumptions around other companies with similar products, similar levels of complexity that have filed in similar countries that are actually the same country with the same agency in the last year or two.

我們做出了一系列假設，使我們能夠在今年稍後為第一批患者進行治療。這是基於一系列假設，這些假設是基於其他擁有類似產品、類似複雜程度的公司，這些公司在過去一兩年內已在類似的國家（實際上是同一個國家）向同一機構提交了申請。

So we feel fairly confident in these assumptions. We have that does bake in some time to go back and forth. Hence why we're filing in the middle of this year and doing those first cases later this year.

所以我們對這些假設相當有信心。我們確實需要花一些時間來回烘烤。這就是我們為什麼選擇在今年年中提起訴訟並在今年稍後處理第一批案件的原因。

Understood that makes sense. And then on the hospital partners that you've been announcing, and congrats on the recent announcement today, to what extent could they be additive to your development process as we stand right now? Or is that really something that once you reach commercial stage, the benefit of those partners will become evident?

明白了，有道理。然後關於您宣布的醫院合作夥伴，並祝賀今天的最新公告，他們在多大程度上可以補充您目前的發展進程？或者說，一旦進入商業階段，這些合作夥伴的利益就會變得明顯？

So first, the second part of your question there, 100%. I mean, we are working with these partners and they are working with us because they're excited about what we're doing and they want to see it in the operating room and be able to use it in the operating room. And this is a market that is 96% white space that has incredible opportunity and not nearly enough surgical robotics or robots out in the field today, which gives these hospital systems the opportunity and the availability to purchase our system when we're on market because of its differentiation and the promise of visualization, dexterity, sensing capabilities, and ability to operate.

首先，你問題的第二部分是 100%。我的意思是，我們正在與這些合作夥伴合作，他們也與我們合作，因為他們對我們所做的事情感到興奮，他們希望在手術室中看到它並能夠在手術室中使用它。這個市場 96% 都是空白，蘊藏著巨大的機遇，但目前手術機器人或現場機器人的數量遠遠不夠，這使得這些醫院系統有機會和可用性在我們的系統上市時購買我們的系統，因為它具有差異化，並且在可視化、靈活性、感知能力和操作能力方面具有潛力。

It's answered directly about what we're working on with them, especially with the latest system with UMass. It's primarily focused around perioperative workflow and procedures, really making sure not only that we've designed a system that is excellent for workflow and able to do procedures in an efficient, streamlined manner, but on top of that, that we're actually designing the workflow around the system and around what makes sense for the operating room today.

它直接回答了我們正在與他們合作的內容，特別是與馬薩諸塞大學合作的最新系統。它主要關注圍手術期的工作流程和程序，不僅要確保我們設計的系統非常適合工作流程，並且能夠以高效、簡化的方式執行程序，而且最重要的是，我們實際上是圍繞系統和當今手術室的意義來設計工作流程。

(Operator Instructions) If you have no further questions, I'll hand back to Adam for any closing comments.

（操作員指示）如果您沒有其他問題，我將把麥克風交還給亞當，請他發表最後評論。

I appreciate the questions, everybody. That concludes the call. Thank you.

我很感謝大家的提問。通話到此結束。謝謝。

Thank you. This concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。