Vicarious Surgical Inc (RBOT) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending the Vicarious Surgical's 2025 third quarter earnings call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions) I would now like to pass the conference over to your host, Marissa Bych with the Gilmartin Group. You may proceed.

午安.感謝您參加 Vicarious Surgical 2025 年第三季財報電話會議。我叫卡梅倫，我將擔任今天的主持人。（操作員指示）現在，我將把會議交給主持人，吉爾馬丁集團的瑪麗莎·比奇。您可以繼續。

Great. Good afternoon. Today after market close, Vicarious Surgical released financial results for the three months ended September 30, 2025. A copy of the press release is available on the company website. 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.

偉大的。午安.今天收盤後，Vicarious Surgical 發布了截至 2025 年 9 月 30 日的三個月的財務業績。新聞稿全文可於公司網站查閱。在開始之前，我想提醒各位，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意義上的前瞻性聲明，這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. All forward-looking statements, including, without limitation, those relating to obtaining approval for the Vicarious Surgical System and timing for any such approval, the timing of future clinical trials and FDA submissions, cash burn expectations, our operating trends and future financial performance, expense management, market opportunity and commercialization are based upon our current estimates and various assumptions.

本次電話會議中任何與預期或預測未來事件、結果或績效有關的陳述均為前瞻性陳述。所有前瞻性聲明，包括但不限於與獲得 Vicarious Surgical System 的批准及任何此類批准的時間、未來臨床試驗和 FDA 提交的時間、現金消耗預期、我們的營運趨勢和未來財務業績、費用管理、市場機會和商業化相關的聲明，均基於我們目前的估計和各種假設。

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 undue reliance on these statements. 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.

這些聲明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聲明中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說法。有關我們業務相關的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（包括我們最新的 10-K 表格和 10-Q 表格）中列出的風險因素。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, November 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 because of new information, future events or otherwise. Now I'll hand the call over to Stephen From, Chief Executive Officer, to begin prepared remarks. Stephen?

本次電話會議包含有時效性的信息，僅截至 2025 年 11 月 12 日直播當天的資訊準確無誤。Vicarious Surgical 聲明，除法律要求外，無論由於新資訊、未來事件或其他原因，均無意願或義務更新或修改任何財務預測或前瞻性聲明。現在我將把電話交給執行長史蒂芬·弗羅姆，讓他開始發表準備好的演講。史蒂芬？

Thank you, Marissa, and good afternoon, everyone. It's been a little over three months since I stepped into this role. We've moved from assessment to execution, and my focus has become clear, reach design freeze, extend our runway through meaningful burn reduction and strengthen how we operate and communicate as a company. Our main priority remains achieving design freeze of the production-equivalent system, the version that includes all features and specifications required for commercialization. We continue to target completion by year-end 2026.

謝謝你，瑪麗莎，大家下午好。我擔任這個職位已經三個多月了。我們已經從評估階段過渡到執行階段，我的重點也變得明確起來：實現設計凍結，透過有效減少資金消耗來延長我們的資金週轉期，並加強我們作為一家公司的營運和溝通方式。我們的主要目標仍然是完成生產等效系統的設計凍結，該版本包含商業化所需的所有功能和規格。我們仍計劃在2026年底前完成該項目。

This milestone is the foundation for everything that follows from clinical entry to eventual commercialization, and it drives how we sequence resources and decision-making across the company. The second area of focus is reducing burn. We've acted quickly on feedback received through recent investor outreach in our October fundraise and launched a detailed exercise to identify the most effective ways to lower spending while maintaining our targeted design freeze timeline. That process has led us to evaluate targeted outsourcing opportunities and structural changes that can allow us to preserve engineering progress while improving capital efficiency. Since commencing this exercise, we have already restructured some of our internal teams and reduced headcount in certain functions.

這個里程碑是後續一切的基礎，從臨床進入到最終商業化，它決定了我們在公司內部如何安排資源和決策。第二個重點領域是減少燒傷。我們迅速根據10月份融資活動中投資者反饋意見採取了行動，並啟動了一項詳細的計劃，以確定在保持既定設計凍結時間表的同時降低支出的最有效方法。這個過程促使我們評估有針對性的外包機會和結構性變革，以便我們能夠在維持工程技術進步的同時提高資本效率。自從啟動這項工作以來，我們已經重組了一些內部團隊，並減少了某些職能部門的人員數量。

The framework is straightforward. We retain and invest in the areas that define and differentiate our technology, our robotic arms, camera systems and core software while evaluating outsourcing for elements that are less unique to us, such as portions of the capital equipment. This approach allows us to protect our core innovation while improving capital efficiency. To support this effort, we've engaged a well-known consulting firm to perform a [GAAP] analysis and prepare recommendations and request for proposals for outsourcing partners. That work is underway and expected to be completed by the end of November.

這個框架很簡單。我們保留並投資於定義和區分我們技術的領域，例如我們的機械手臂、相機系統和核心軟體，同時評估將那些我們不太獨特的部分（例如部分資本設備）外包出去。這種方法既能保護我們的核心創新，又能提高資本效率。為了支持這項工作，我們聘請了一家知名的顧問公司進行 [GAAP] 分析，並準備建議和外包合作夥伴的提案請求。該工作正在進行中，預計將於11月底完成。

The goal is to enter 2026 with a disciplined plan that meaningfully reduces burn while maintaining momentum toward design freeze. In October, we strengthened our balance sheet with approximately $5.9 million in gross proceeds from a registered direct offering. Those funds support the cost actions I just outlined, and the work required to keep development on track. We're also taking steps to improve our communication and transparency.

目標是在 2026 年之前製定一個嚴謹的計劃，在大幅減少燃料消耗的同時，保持設計凍結的勢頭。10 月份，我們透過註冊直接發行募集了約 590 萬美元的總收益，從而增強了資產負債表。這些資金用於支持我剛才概述的成本控制措施，以及保持開發工作按計劃進行所需的各項工作。我們也在採取措施來改善溝通和提高透明度。

Going forward, we will be sharing updates about the development of our platform, including our progress and the challenges that come with building a surgical robot in the form of short posts and videos on our LinkedIn page and our Investor Relations website.

接下來，我們將透過 LinkedIn 頁面和投資者關係網站上的短文和視頻，分享有關我們平台開發的最新進展，包括我們的進展以及建立手術機器人所面臨的挑戰。

We will also introduce educational features on why certain steps like control builds and our quality management system matter. The goal is to give investors and partners a clear view of how innovation happens here, not just what we build, but how we build it. That's the posture we're carrying forward, disciplined on spend, focused on design freeze and straightforward in how we communicate progress. With that, I'll turn it over to our CFO, Sarah Romano, to walk you through the financials.

我們還將介紹一些教育性內容，說明為什麼控制建造和我們的品質管理體係等某些步驟很重要。我們的目標是讓投資者和合作夥伴清楚地了解我們這裡是如何進行創新的，不僅是我們生產什麼，還有我們如何生產。這就是我們將繼續秉持的態度：嚴格控制支出，專注於凍結設計，並以直截了當的方式溝通進度。接下來，我將把麥克風交給我們的財務長莎拉·羅馬諾，讓她為大家講解財務狀況。

Thank you, Stephen. Total operating expenses for the third quarter 2025 were $11.5 million, which is a 35% decrease compared to $17.8 million in the third quarter of 2024. Research and development expenses for the third quarter 2025 were $8 million compared to $10.8 million in the third quarter of 2024. General and administrative expenses for the third quarter '25 were $3.2 million compared to $5.7 million in the third quarter 2024. And finally, third quarter 2025 sales and marketing expenses were $350,000 compared to $1.2 million in the third quarter of '24.

謝謝你，史蒂芬。2025 年第三季的總營運支出為 1,150 萬美元，比 2024 年第三季的 1,780 萬美元減少了 35%。2025 年第三季的研發費用為 800 萬美元，而 2024 年第三季的研發費用為 1,080 萬美元。2025 年第三季一般及行政費用為 320 萬美元，而 2024 年第三季為 570 萬美元。最後，2025 年第三季的銷售和行銷費用為 35 萬美元，而 2024 年第三季為 120 萬美元。

Our GAAP net loss for the third quarter of 2025 was $11.1 million or $1.86 per share. This compares to GAAP net loss of $17.1 million or $2.90 per share in the third quarter of '24. Non-GAAP adjusted net loss for the third quarter of 2025 was $11.3 million or adjusted net loss of $1.91 per share compared to $17 million or $2.87 per share in the third quarter of '24. For a reconciliation of all non-GAAP measures to GAAP, please review our earnings press release. We ended the third quarter 2025 with approximately $13.4 million of cash, cash equivalents and short-term investments on our balance sheet.

我們 2025 年第三季的 GAAP 淨虧損為 1,110 萬美元，即每股虧損 1.86 美元。相較之下，2024 年第三季以美國通用會計準則計算的淨虧損為 1,710 萬美元，即每股虧損 2.90 美元。2025 年第三季非 GAAP 調整後淨虧損為 1,130 萬美元，即每股調整後淨虧損 1.91 美元，而 2024 年第三季為 1,700 萬美元，即每股虧損 2.87 美元。如需了解所有非GAAP指標與GAAP指標的調節情況，請查看我們的獲利新聞稿。截至 2025 年第三季末，我們的資產負債表上約有 1,340 萬美元的現金、現金等價物及短期投資。

This represents a third quarter cash burn rate of approximately $10.5 million. Following the close of the third quarter 2025, we successfully completed a registered direct offering, adding approximately $5.2 million in net proceeds to our balance sheet. We continue to expect full year 2025 cash burn to be approximately $50 million, and we are actively focused on reducing our cash burn for 2026. We are confident in driving a material reduction in cash burn going forward, and we are actively exploring further opportunities to bolster our balance sheet. We look forward to continuing to drive progress on our financial and technical goals in the coming quarters.

這意味著第三季現金消耗率約為 1,050 萬美元。2025 年第三季結束後，我們成功完成了註冊直接發行，為我們的資產負債表增加了約 520 萬美元的淨收益。我們仍然預計 2025 年全年現金消耗約為 5000 萬美元，並且我們正在積極致力於減少 2026 年的現金消耗。我們有信心在未來大幅減少現金消耗，並且我們正在積極探索進一步的機會來增強我們的資產負債表。我們期待在接下來的幾個季度繼續推進我們在財務和技術方面的目標。

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

接下來，我將把電話轉回給史蒂芬，請他作總結發言。

Thank you, Sarah. In closing, I remain dedicated to our commitment of transforming surgical care. As previously mentioned, tomorrow, we will formally kick off our new communication effort with frequent informative updates regarding our progress toward design freeze. These will be available on our LinkedIn page. Transparency is central to how we intend to operate, documenting progress, acknowledging hurdles and maintaining an honest dialogue about the process.

謝謝你，莎拉。最後，我將繼續致力於改變外科醫療服務現況。如前所述，明天我們將正式啟動新的溝通工作，屆時將頻繁發布有關我們設計凍結進度的資訊更新。這些內容將在我們的LinkedIn頁面上提供。透明度是我們運作方式的核心，我們將記錄進展情況，承認所遇到的障礙，並在此過程中保持坦誠的對話。

These past few months since I began at Vicarious Surgical have been vital to the company's future, and I plan on continuing my hard work in restructuring the business and regaining focus on our key milestones. I'd like to express my gratitude to our dedicated team, supportive investors and valuable partners. Thank you all for your continued support and interest in Vicarious Surgical.

自從我加入 Vicarious Surgical 以來的這幾個月對公司的未來至關重要，我計劃繼續努力重組業務，重新專注於我們的關鍵里程碑。我要對我們敬業的團隊、支持我們的投資者和寶貴的合作夥伴表示衷心的感謝。感謝大家一直以來對Vicarious Surgical的支持與關注。

Operator, we are now ready to take questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Josh Jennings, TD Cowen.

喬什·詹寧斯，TD Cowen。

Hi, good afternoon. Thanks, Stephen and Sarah. I apologize, my audio went in and out, but I just wanted to confirm or correct that the timeline for system build to the standard for regulatory testing and clinical use is still mid '26 and just the progress that's been made in terms of the first control build and then the faster build over the summer that all that progress is still in play as you're looking to outsource some of the components. Maybe just help us understand in a little bit more detail, that timeline and then how it is or is not impacted by this outsourcing initiative?

您好，下午好。謝謝史蒂芬和莎拉。很抱歉，我的音頻斷斷續續的，但我只是想確認或更正一下，系統構建達到監管測試和臨床使用標準的時間表仍然是 2026 年年中，目前為止，第一個控制構建以及夏季的快速構建都取得了進展，所有這些進展仍在進行中，因為你們正在考慮將一些組件。或許您可以更詳細地解釋一下時間表，以及這項外包計畫對時間表的影響（或不影響）？

Yeah, so it's a really good question. And definitely, we're still doing everything we can to meet the timeline. And we're looking for design freeze to occur towards the end of 2026. And although there may be some disruption as we do the outsourcing, ultimately, we're hoping that it doesn't affect the timeline too much.

是的，這確實是個好問題。當然，我們仍在盡一切努力按時完成任務。我們預計設計凍結將在 2026 年底完成。雖然外包過程中可能會出現一些混亂，但最終我們希望它不會對進度造成太大影響。

But part of the communication plan is also to inform people, look, there's going to be some disruption. And that's -- there's just no way we can get around that. But what I'd like to be able to do is when we see that there's disruption that we can communicate it in a timely manner, so that you don't get blindsided. You don't have to wait every three months for quarterly earnings call to be told something is going on. We're trying to manage it in a really efficient manner so that we can mitigate any issues that may crop up with the outsourcing.

但溝通計畫的一部分也是為了告知人們，將會出現一些混亂。而這一點——我們根本無法迴避。但我希望能夠做到的是，當我們發現中斷時，我們能夠及時溝通，以免你們措手不及。你無需每三個月等待一次季度財報電話會議才能知道發生了什麼事。我們正努力以非常有效率的方式進行管理，以便減輕外包過程中可能出現的任何問題。

But it's still early days with the outsourcing. As I mentioned, we engaged a consulting firm. It's actually PA Consulting. We engaged their local office here in Boston to help us work through this plan. And we're working through that diligently. And that plan should be done by the end of this month.

但外包仍處於早期階段。正如我之前提到的，我們聘請了一家顧問公司。實際上，它是PA顧問公司。我們聯繫了他們在波士頓的當地辦事處，幫助我們制定這個計劃。我們正在努力解決這個問題。該計劃應在本月底前完成。

Thanks for that. And then just maybe just a follow-up, thinking about the most recent version, I believe, branded PDV, it should we be thinking that the construct, the design, I apologize for my non engineering language and knowledge, but just the construct, the design and the technology will -- majority of the effort to date will hold through and this outsourcing initiative isn't just a restart. It doesn't sound like that at all, but just to check that box and maybe any help thinking about the work to date and how that will contribute to the end product and just a matter of improving manufacturability, it sounds like, and also reducing cost of this outsourcing initiative.

謝謝。然後，或許可以補充一點，考慮到最新版本，我認為是 PDV 品牌，我們是否應該考慮一下，其結構、設計，恕我直言，我的非工程語言和知識可能存在問題，但結構、設計和技術——迄今為止的大部分努力都將得以保留，而這次外包計劃並非只是重新開始。聽起來完全不像那樣，但只是為了確認這一點，或許還能幫助思考一下迄今為止的工作，以及這些工作將如何為最終產品做出貢獻，以及提高可製造性的問題，聽起來好像還能降低這項外包計劃的成本。

Yeah, so definitely trying to reduce the burn is important to us, but we also want to maintain that timeline as much as we can. But yes, it's not like we stopped everything and we're restarting builds. We're always improving upon a build that we've done. So when we did our first couple of builds using the control system or under control using the quality management system, we did refer to those as PDV1 or pre-DV1 system.

是的，所以盡量減少燒傷對我們來說非常重要，但我們也希望盡可能地保持原定的時間表。但是，這並不意味著我們停止了所有工作，而是重新開始建置。我們一直在不斷改進我們已經完成的版本。所以，當我們最初使用控制系統或在品質管理系統的控制下進行幾次建置時，我們確實將它們稱為 PDV1 或 pre-DV1 系統。

And we're using those systems, and we're always upgrading them. Well, at a certain point, though, you've done so many upgrades to that build that you want to do a new build under control, and we'll refer to that as pre-DV2. But the pre-DV2, the idea is to complete that so that we have all the features that we want to be on that system as we approach for commercialization. So our final product before we go into regulatory V&V and into the clinic, that will be the product that we want to commercialize. And that's what we're working towards right now.

我們正在使用這些系統，並且一直在升級。不過，到了某個時候，你已經對那個版本進行了太多的升級，以至於你想在控制下進行一個新的版本構建，我們將它稱為 DV2 之前的版本。但是，在 DV2 之前，我們的想法是完善它，以便我們在接近商業化時，能夠在該系統上擁有我們想要的所有功能。因此，在我們進行監管驗證和臨床試驗之前，我們的最終產品將是我們想要商業化的產品。這就是我們目前努力的方向。

It's implementing all of the features that we want to have for commercialization, and they're working at the specifications that we want them to be working at. And that's where the biggest issue comes in is when you're finally doing a build using your quality management system or under control, you don't always have that luxury to push the boundaries as much as you'd like to, which you can do in an engineering build.

它實現了我們希望商業化的所有功能，並且他們正在按照我們希望他們遵循的規範進行工作。而最大的問題在於，當你最終使用品質管理系統或在控制下進行建造時，你並不總是有那種可以像在工程構建中那樣盡情突破界限的奢侈。

And so you're restricted or handcuffed to using the qualifications or requirements that exist under your quality management system. And so you don't always reach the specifications that you are able to reach in your engineering build, and that's what we're working upon right now is trying to get the full build done with all the features and at the specifications that we would like to be at where we would have a system that we would take into the clinic and then into commercialization.

因此，您只能使用品質管理系統中現有的資質或要求，這是受到限製或束縛的。因此，你並不總是能達到你在工程構建中能夠達到的規格，而我們現在正在努力的是完成完整的構建，使其具備所有功能並達到我們希望達到的規格，以便我們能夠將系統帶入臨床，然後進行商業化。

Okay, thank you for those extra details.

好的，謝謝你提供的這些額外細節。

Ben Haynor, Lake Street Capital Markets.

本·海諾，湖街資本市場。

Good afternoon. Thanks. For taking the question. Just wondering if you can provide any additional color on some of these development builds. Have you done sort of any cadaver labs, any sort of internal testing where you've had -- surgeons have hands on with the kind of intermediate builds, how have those gone? Any color there would be much appreciated.

午安.謝謝。感謝您回答問題。想問您能否就這些開發版本提供一些補充資訊。你們有沒有進行過屍體解剖實驗室之類的實驗，或是內部測試，讓外科醫生親身操作過中間版本，效果如何？任何顏色都非常歡迎。

Yeah, another good question, Ben. Thanks for that. So as you know, or maybe not everybody knows this, we have our own OR here in our building. So we have our own suite here. And we use that. We utilize that to have surgeons come in and play around with our system and see where we're at. And we do have one of the founders is also a surgeon, and he comes in and works with it frequently. And there's also other surgeons that come. And we just had a surgeon come up that's naive to the system and use it for the first time because we're always testing.

是的，又是一個好問題，本。謝謝。正如你們所知，或者也許不是每個人都知道，我們大樓裡有我們自己的手術室。所以我們在這裡有自己的套房。我們利用了這一點。我們利用這一點，讓外科醫生來體驗我們的系統，看看我們目前的進展。而且我們的創辦人之一還是一位外科醫生，他經常來這裡參與這項工作。還有其他外科醫生也會來。我們剛剛遇到一位對這套系統不太熟悉的外科醫生，這是他第一次使用這套系統，因為我們一直在進行測試。

So although we're not at full feature at the specifications we want them to be, wherever we are with the build, we need to actually test it. We need to have a surgeon come in and test it to see if it's functioning properly, see if it's stable, see if it's reliable. All of those things, we want to see how we're progressing. And as we're doing those tests, we're also able to see what's going wrong. And so yes, we're always bringing in surgeons.

所以，雖然我們還沒有達到我們想要的規格的全部功能，但無論我們目前的建造進度如何，我們都需要進行實際測試。我們需要請一位外科醫生來檢查一下，看看它是否運作正常，是否穩定可靠。所有這些方面，我們都想看看進展如何。在進行這些測試的過程中，我們也能夠看到哪裡出了問題。所以，是的，我們一直在請外科醫生幫忙。

We've been actually very heavy on that over the last month. We've been doing different OR labs almost weekly now for the last month. A lot of the times, those are with synthetic cadavers, but a couple of weeks ago, we did do it with cadaver, and it went really well. And what we've been able to demonstrate, and you're going to see this as we roll out the communication plan, is that we're actually seeing an increase in the stability of the system with the surgeons using it. We've been able to see a dramatic increase in time in doing the suturing for what would be known as an IPOM ventral hernia.

過去一個月，我們在這方面投入了大量精力。過去一個月，我們幾乎每週都會進行不同的手術室實驗。很多時候，我們用的是人造屍體，但幾週前，我們用真屍體做了一次，效果非常好。我們已經證明，隨著我們推出溝通計劃，你們將會看到，我們實際上看到外科醫生在使用該系統時，系統的穩定性有所提高。我們發現，對於所謂的 IPOM 腹壁疝，縫合所需的時間顯著增加。

And so when they're doing that suturing procedure, we've seen a dramatic drop in the time it takes to do that. And so that gets us really excited when we see that type of thing. And those are the type of things that -- although it's not the final system with all the features that the requirements needed, it is obviously a system that's working, and we're testing it. We're always testing it. We're always doing verification and we're always doing usability tests. And that really helps us understand where we are with our build.

因此，在進行縫合手術時，我們發現手術所需時間大幅縮短。所以當我們看到這類事情時，我們都會感到非常興奮。雖然它不是最終的系統，沒有滿足所有要求的功能，但顯然它是一個可以運行的系統，我們正在對其進行測試。我們一直在測試它。我們一直在進行驗證，也一直在進行可用性測試。這確實有助於我們了解我們目前的專案進度。

Got it. That's helpful. And then I appreciate the anecdotal commentary on what you've seen in the suturing, and you've got that great example, I think, in the slide deck on the regression that you had in the camera and the ability to fix it. Are there any others like that, that you'd like to share maybe as previous to the timely communication plan?

知道了。那很有幫助。然後，我很欣賞你對縫合過程中所見所聞的軼事評論，而且我認為，你在幻燈片中舉的關於相機故障以及如何修復故障的例子就是一個很好的例子。還有其他類似的情況嗎？您想在製定及時溝通計畫之前分享一下嗎？

Well, yeah, it's kind of along the same line that I was just speaking about because when you do the suturing of the mesh with an IPOM ventral hernia, the suture of the hernia itself, and then you put a mesh around it and you suture that up. And what we've seen, I mentioned the dramatic drop in timing in order to complete that. It's gone from, call it, an average of 40 minutes down to an average of 14 minutes. It's really dropped dramatically, which shows a huge improvement in the stability and reliability of the system, okay? And that's a huge drop-in time, which is really impressive and really exciting for the team.

嗯，是的，這和我剛才說的有點類似，因為當你用網片縫合腹壁疝氣時，先縫合疝氣本身，然後在周圍放上網片並縫合起來。正如我們所看到的，我之前提到過，為了完成這項工作，時間大幅縮短了。平均長度已經從大約 40 分鐘縮短到大約 14 分鐘。它確實大幅下降了，這表明系統的穩定性和可靠性有了巨大的提高，明白嗎？這是一個巨大的提升，這對團隊來說真的非常令人印象深刻，也令人非常興奮。

That’s great. Well, thanks for taking the questions, and I look forward to tracking the real-time progress on LinkedIn and such.

那太好了。感謝您回答這些問題，我期待在 LinkedIn 等平台上追蹤即時進展。

All right, thanks, Ben.

好的，謝謝你，本。

We also have two questions submitted by Ryan Zimmerman at BTIG. The first one is, how long do you anticipate the consulting engagement to take? And what is the cost? And second, what are you doing to solve the key issue of preserving cash while reaching design freeze at year-end 2026?

我們也收到了 BTIG 的 Ryan Zimmerman 提出的兩個問題。第一個問題是，您預計諮詢專案需要多長時間？費用是多少？其次，為了在 2026 年底達到設計凍結目標的同時，解決如何保留現金這一關鍵問題，你們採取了哪些措施？

Yeah, Thanks for those questions, Ryan. So PA Consulting was engaged a few weeks ago, and it's a short engagement. It's to go through this analysis with us for what makes the most sense to be outsourcing and how to approach the outsourcing. Although we already had a plan in place, we wanted to make sure we pressure test it with an outside consulting firm that does this for a living.

謝謝你的提問，瑞恩。所以，PA顧問公司幾週前受聘，這是一項短期合作。目的是和我們一起分析哪些方面最適合外包，以及如何進行外包。雖然我們已經制定了計劃，但我們還是想透過一家專門從事這項工作的外部顧問公司來確保對其進行壓力測試。

So that -- we anticipate that being completed by the end of this month. They're also going to be assisting us with putting the request for proposals in place. They know our system really well. We've used them in the past to help us with our capital equipment. So it was easy for us to bring them on board because they know the teams, they know the people, they know the system really well.

因此，我們預計這項工作將在本月底完成。他們也將協助我們制定招標書徵集方案。他們對我們的系統非常了解。我們過去曾利用他們來幫助我們購買資本設備。所以，我們很容易就能讓他們加入，因為他們了解團隊，了解人員，對系統非常熟悉。

So they were able to complete this exercise pretty quickly for us. And they did it at a really good cost. I'm not going to tell you exactly how much it was. It was a fixed fee, but it was really, really -- they did a good job for us on pricing as well. So that should be done by the end of the month.

所以他們很快就幫我們完成了這項練習。而且他們以非常優惠的價格做到了這一點。我不會告訴你具體是多少。雖然是固定費用，但他們在定價方面真的為我們做得很好。所以這件事應該會在月底前完成。

RFPs won't be done by the end of the month, but those will be done as part of this process as well. And we'll reach out to different firms with the request for proposals to get quotes and decide who we want to go forward with. The idea is to have a lot of this in place by the end of Q1. So hopefully, that will help us really dramatically lower, at least materially lower the budget for 2026 and definitely for 2027. Where that's going to end up, I don't know yet because we're still early stages in the outsourcing.

RFP（徵求建議書）不會在本月底前完成，但也會作為此流程的一部分進行。我們將聯繫不同的公司發出提案請求，以獲取報價，並決定我們想與哪家公司合作。我們的目標是在第一季末之前完成大部分工作。所以，希望這能幫助我們大幅降低，至少實質地降低 2026 年的預算，並且肯定能降低 2027 年的預算。最終結果會如何，我還不清楚，因為我們仍處於外包的早期階段。

As part of that, though, and trying to control the burn, we did do a small layoff a couple of weeks ago. It's about 15% of the employees, and that's helping us also control the burn. And we went through a very long exercise to understand how to approach that and who it was that we'd be laying off. It's never easy to do one of those, but it's something we felt we needed to do post that fundraise that we did a month ago.

不過，作為其中的一部分，為了控製成本，我們在幾週前確實進行了一次小規模裁員。約佔員工總數的 15%，這也有助於我們控製成本。我們進行了非常長時間的演練，以了解如何處理這個問題以及我們將裁掉哪些人。做這件事從來都不容易，但這是我們在一個月前進行籌款活動後覺得必須要做的事情。

Thank you. Ryan's follow-up is where do you stand with your hospital and health system partners through all of this?

謝謝。Ryan 的後續問題是：在這一切之中，你與醫院和醫療系統合作夥伴的關係如何？

Great. I mean we still reach out and they reach out to us. We have ongoing communications with them. So the relationships are really strong. They want the same thing everybody else does.

偉大的。我的意思是，我們還是會主動聯絡他們，他們也會主動聯絡我們。我們與他們保持持續的溝通。所以彼此的關係非常牢固。他們想要的東西和其他人一樣。

They want to be able to have the system in their hospital. But we engage with the surgeons at these hospitals, and they definitely want to come over here and play with it, so we let them. And so that's -- it works for us as well because we get the feedback from them, and they get really excited. Like I said, we had a surgeon that's never seen -- other than seeing it on our website, never seen the system in person. And so he came here for the first time.

他們希望能夠在自己的醫院安裝這套系統。但是我們與這些醫院的外科醫生進行了溝通，他們非常想來這裡嘗試一下，所以我們就讓他們來了。所以，這對我們來說也很有效，因為我們能得到他們的回饋，他們也為此感到非常興奮。正如我所說，我們有一位外科醫生，除了在我們的網站上看到過之外，從未親眼見過這套系統。於是，他第一次來到這裡。

We put them through simulation. The same day he was here, never seen the system before. He was able to perform an IPOM surgery for the first time, and he was very excited. So we have a really strong relationship with the health care and hospital systems, I should say. Thank you.

我們讓他們進行模擬測試。他當天就到了這裡，之前從未見過這套系統。他第一次成功實施了IPOM手術，他非常興奮。所以，應該說，我們與醫療保健和醫院系統有著非常牢固的關係。謝謝。

That will conclude the call. I would now like to pass the conference back to Stephen for closing remarks.

通話到此結束。現在我謹將會議交還給史蒂芬，請他作閉幕致詞。

Well, I'd just like to thank everybody for participating and great questions. And hopefully, everybody, we launched the communication plan at 12 noon tomorrow on our LinkedIn site. So if you would just refer to our LinkedIn as we go forward, you don't have to wait for another three months to hear from us. So thank you, everyone.

最後，我要感謝大家的參與與提出的精彩問題。希望大家都能看到，我們已於明天中午 12 點在 LinkedIn 網站上發布了溝通計畫。所以，如果您以後關注我們的 LinkedIn 帳號，就不必再等三個月才能收到我們的訊息了。所以，謝謝大家。

That concludes today's call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與，祝您今天餘下的時間愉快。