Vicarious Surgical Inc. (NYSE:RBOT) Q4 2022 Earnings Call Transcript

Kyle Rose: A lot has been asked, so I just wanted to ask two quick ones on the burn expectations. 14% RIF here, just — can you help us understand how that will affect the P&L, at least in the first quarter? I assume there will be some onetime charges in the Q1 related to that? And just how we should think about that moving forward? And then I’ll have one follow-up.

William Kelly : Yes. No, it’s a good question. I would say in terms of severance costs, exit cost, that sort of thing, should not be material, I’d say, less than $1 million in the quarter.

Kyle Rose: Okay. Great. And then I just wanted to make sure I understood the timing here. You’ve made the rift here to bring down burn, I understand the guidance, $55 million to $65 million this year. I think you ended the year about $116 million, $120 million in cash, and you’re talking about 2 years of cash. I’m just trying to understand what we should think about burn expectations in ’24, given it sounds like that’s going to be the real year of the clinical trials and ramping up for FDA clearance and launch thereafter? So how should we think about the transition or the acceleration in burn as you move through ’24?

William Kelly : Yes. At this point, we’re not providing guidance on 2024. I think when we speak about 2 years of cash, that would be at 2023’s burn rate. So obviously, we’ve got a strong balance sheet right now. The changes that we’ve made. I think we feel strengthened our balance sheet and gives great flexibility in terms of investigating future financing in whatever form that might be for it gives us optionality. But at the moment, we’re not necessarily telegraphing that 2024, but same as 2023, but at least to frame up our current balance sheet, it’s 2 years’ worth of spend.

Operator: Thank you. There are no additional questions left at this time. That concludes today’s conference call. You may now disconnect your lines.