Vicarious Surgical Inc.

Good afternoon and welcome to Vicarious Surgical's first quarter 2023 earnings conference call. My name is Alyssa and I will be your operator for today's call. At this time, all participants are in a listen-only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Caitlin Brosco with Vicarious Surgical for a few introductory comments.

Thank you, Alyssa, and thank you all for participating in today's call. Earlier today, Vicarious Surgical released financial results for the three months ended March 31, 2023. A copy of the press release is available on the company's 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. Any statements contained in this call that relate to expectations or prediction of future events, results, or performance are forward-looking statements. All forward-looking statements, including, without limitation, those relating to our 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 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 filing, including our most recent Form 10-K and Form 10-Q. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 8, 2023. 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. With that, I'll now turn the call over to Adam Sachs, Chief Executive Officer.

Good afternoon, and thank you all for joining us. At Vicarious Surgical, we envision a future where exceptional surgical outcomes are achieved for every patient and by every surgeon. Driven by our vision, we re-engineered surgical robotics from the actuator up, enabling superior capabilities, streamlined training and OR workflow, and compelling economics. More than that, our unique system architecture is the key that unlocks best-in-class visualization, sensing, and data collection, all designed to collect key information that will enable incorporation of automated safeguards in robotically performed procedures. It is our unique combination of practical and efficient architecture with sensing for safety automation that will enable us to unlock the true potential of digital surgery. In the last month, we took an important step toward realizing our vision with the design lock of our version 1.0 system. Our team spent the first quarter of 2023 collecting extensive feedback on our Beta 2 system across our Surgeon Luminary Group, Center of Excellence partners, and a handful of other leading surgeons to inform and shape the design of our V1.0 system. In total, we had almost two dozen surgeons test drive our latest robotic system in Q1 alone. with numerous hospital system administrators and operating room assistants also providing invaluable insights as we continue to refine our robotic platform. As a reminder, we are not just iterating on our system for ventral hernia. By garnering feedback from a number of specialties, we better understand the potential of our system across a broad spectrum of indications. In addition to ventral hernia, We have used our Beta-2 system in cadaveric models for hysterectomy, inguinal hernia, cholecystectomy, and GI procedures such as bowel resection. For instance, we recently hosted a high-volume gynecologist from one of our Center of Excellence partners for a full day at our headquarters. This surgeon spent the morning training with our system for the first time and performed core steps of a cadaveric hysterectomy in the afternoon. Not only was it encouraging to watch him progress through the cadaveric procedure with just hours of familiarity using the current vicarious system, but the team walked away from the procedure excited and with a renewed confidence in our system's versatility and potential to work around the uterus and leverage our greater range of motion and dexterity to provide additional value across a diverse set of procedures. Informed by the insights gathered in the first quarter, Our V1.0 design incorporates a number of enhancements, which we believe will improve our system's long-term value proposition. These include reducing the length of the system arms for greater dexterity in confined spaces, refinement to the motor and joint controls into our video processing pipeline, along with a restructured software and electronic architecture. We believe these changes will enable further refined motion profile and higher image quality with increased system safety. With V1.0 design locked, we are now focused on assembly of units and the development of manufacturing processes ahead of formal verification testing. We believe that through extensive testing, we will ensure our system achieves the technical specifications and functional capabilities required to deliver a best-in-class safety profile. While our team remains hard at work, a challenging market environment for emerging growth companies persists. In response, we are maintaining a more streamlined organizational structure to extend our cash runway. Part of our efforts to reduce expenses requires we no longer parallel path multiple contingencies to mitigate timeline risk. As we expressed in our prior call, this naturally introduces risk of delays to current timelines. Our team remains flexible and adaptable as we work toward defining our formal FDA submission. And we are excited to continue collaborating with the agency on the path to bringing our technology to market. All in all, the Vicarious Surgical team is head down, hard at work, executing on the tasks at hand, and ensuring the rest of 2023 is a continued success. With that, I'll turn the call over to Bill Kelly, our Chief Financial Officer. Bill?