I’ll say to that as well, none of us as a management team have sold a single share. I haven’t sold a single share. Noel hasn’t sold a single share. Kamran hasn’t sold a single share. In fact, Kamran, I think you bought not too long ago — you participated in the IPO, I believe. Doug hasn’t sold a single share. So, we’re all in this. We’re not selling. And this is kind of an interesting just sort of anecdote, but if you go back and look, Mako Surgical, their stock was down 75% six months before Stryker bought them for $1.6 billion. And when you think about how much value that technology has added to the Stryker portfolio, I mean, it’s pretty remarkable. So, our comment to people who are panicked is sometimes the market is right. It certainly is in the short-term, a voting machine on sentiment, but we’re here for the long-term.
We’re not selling. And we believe in what we’re doing, and we’re here to stick it out and do everything we can to bring this technology to market. And if the stock goes down to $0.01 or if it goes to $10, we’re here for the long-term. Ultimately, this is about technology. We’re trying to do something in the orthopedic market, right? This isn’t oligopoly. We think that there’s been a scarcity of innovation in the space. We feel like it’s to the detriment of patients and we’re actually trying to do something and make a clinical difference and that’s what drives us. What doesn’t drive us is the stock price going up there and down every day. What drives us is — how do we make a technology solution that is going to enhance patient lives. That’s the fundamental motivator behind our company.
Everybody who’s here has the same passion for patients. And so that’s really how we’re thinking about it going forward. And with that, I want to open the floor for questions. And I have seen a number of impressions — questions here that we kind of maybe want to tap into. I’ll put them onto the screen. I know folks have been asking a lot of questions here. So, you see here.
A – Benjamin Sexson: Let’s put one from Greg. So, Greg says, I worry about the lack of capital to move it to the end. It just doesn’t seem like you’ll have enough to complete the program. So, Greg, what you have to understand is when you’re a start-up company and somebody says, never, the team you’re looking at here is we’re not quitters. That’s — you’re looking at some of the — we are very, very, very, very dedicated, okay? I worked at Monogram for two years without making money. And if I have to do that again, I will. If I have — and this is not going to die. It may die, it may fail. We may run out of money fine, but I refuse to let this thing die. If it does, it’s going to be a massive disappointment to — I know, to me personally, to the team, it’s going to be devastating.
I know Doug, I know Doug had to sacrifice a lot. We may run out of money. There may be people who don’t believe in this and don’t want to fund it and want to see us fail. And the only way this would die in my opinion is if this isn’t actually a good idea. If the products we’re developing does not help improve patient outcomes, if it’s not a good product, if the market doesn’t want this product, then it should die. But as long as we believe that this is actually going to make a clinical difference, as long as we believe we actually have something. I think the team — I think we’re going to refuse as much as we can to quit. I’m not saying that we can’t fail. We have a going concern from the other — I think that actually got cleared. But even if we did have one, there’s a lot of risk here.
We might fail. It’s not a guarantee of success. But what I can guarantee is that we really want to see this be successful, and our motivation is more than just to make money. We care about this technology. I don’t know if I speak for everyone else Doug, if I speak for you, we’re not okay just seeing this all way, I think there’s a market need that we are trying to address. So–
Doug Unis: Yes–
Benjamin Sexson: And thinking of capital, we do have the capital, we think, to submit the 510(k), right? And that is a major catalyst, right? So, once you have a product that’s submitted for clearance, then that really does change the game in our opinion. So, yes, Doug, go for it.
Doug Unis: Yes. I think, look, you look at the market and you look at the slide that Ben showed before where Mako still has essentially the monopoly on the robotic market, despite the fact that one of those robots on the list actually came out before Mako and has essentially nothing. So, what happened was Stryker came and bought Mako, it’s been extremely successful at driving sales of implants for them. And so there was a just desperate drive in the market to get a robot in the market and it was kind of cynical. It was like, we’ll just get a robot out there and surgeons will use it because the robot’s a robot. And that turns out not to be true, like surgeons know what helps them in the operating room. They know what helps patients.