Vicarious Surgical Inc.

Good afternoon. Thank you for attending the Vicarious Surgicals 2024 Second Quarter Earnings Call. My name is Cameron, and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the conference over to your host, Caitlin Brosco, Director of Investor Relations. You may proceed.

Thanks, Cameron, and thank you all for joining. With me today for prepared remarks are Adam Sachs, our co-founder and Chief Executive Officer, Bill Kelly, Chief Financial Officer, and later, Randy Clark, our company president, will join for the Q&A portion of the call. Today, after market close, Vicarious Surgical released financial results for the three months ended June 30, 2024. A copy of this 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. 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 a vicarious surgical system and timing for any such approval for 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 can cause actual results for events to materially differ from those anticipated or implied by these fully booking statements. Accordingly, you should not place any 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 submission filings, 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, August 12, 2024. Vicarious physical 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 Adam for our prepared remarks.

Thank you. Good afternoon, everyone. Thank you for joining. In the second quarter, the vicarious surgical team continued to build upon the momentum generated in the first months of this year, remaining steadfast in our mission to improve lives by transforming robotic surgery. Upon the completion of our spring cadaver lab at the end of March, our team began the process of aggregating and deciphering the numerous insights gained in the initial use of our version 1.0 system. From there, the necessary design optimizations were outlined at both the system and subsystem levels, and the team promptly began the implementation of these system refinements. As it stands today, both pieces of capital equipment, the surgeon console and the patient cart, are in the latter stages of planned refinements. Given the promising status of our patient cart, we conducted our first version 1.0 formative assessment, evaluating the surgeon and care team bedside user experiences. Assessing human factors such as maneuverability, docking, draping, and instrument insertion throughout the development cycle ensures our designs put the end user at heart and will deliver a top-tier customer experience. Overall, we are pleased with the results of our recent formative assessment and plan to continue with our Surgeon Console formative next. Regarding the system instruments, while we finalized the latest camera build last month, our team continues to work through the enhancements of our most differentiated subsystem, the instrument ARS, ensuring We are achieving the refined fidelity, range of motion, and dexterity to capture the attention of our hospital system partners. I'm happy to say that with the pace of progress achieved in the second quarter, we remain on track for our V1.0 system integration this fall. Following the integration milestone, our plan includes informal verification and validation activities across the individual subsystems and full system, incorporating both cadaveric procedures and animal labs. We will then transition into the formal verification and validation process, where we will undergo a range of comprehensive benchmark testing, including system-specific evaluations that assess procedural capability and safety, known as essential performance and safety testing. This includes, for example, biocompatibility and electromagnetic compatibility testing to assess interference risk, environmental testing to gauge performance under various conditions, and durability testing to assess long-term reliability. All of this testing is done to ensure our device meets regulatory standards and is safe and effective for clinical use. Once our system satisfies the essential performance and safety standards, we can confidently proceed with our first clinical patient and subsequent clinical trial while simultaneously addressing the remaining verification and validation requirements related to human factors and manufacturing processes. With our first clinical patient anticipated around this time next year, our clinical and regulatory teams are diligently working with CROs to evaluate potential OUS clinical sites and their respective regulatory procedures and landscapes. In an effort to avoid any unexpected regulatory changes and maintain our optionality, we have not yet announced a formal decision on clinical site selection, but intend to do so once appropriate. As we continue to make strides in our development cycle, also thrilled to announce an exciting new partnership with LSU Health New Orleans, Louisiana's premier academic health institution. Renowned for its high-quality academic and training programs, LSU Health New Orleans educates the majority of Louisiana's healthcare professionals. Their network includes the University Medical Center, a distinguished research and academic hospital known for its robust medical training facilities and comprehensive patient care services. As a leading regional provider, LSU Health New Orleans offers unique insights into administrative and clinical protocols typical of regional care centers, yielding valuable perspective to enhance our market strategy. Additionally, their commitment to clinician training involving learners at all levels presents a significant opportunity for our team to validate training protocols and the clinical and economic benefits of our single port system with the next generation of surgeons. Our partnership with LSU Health New Orleans marked our fifth hospital system alliance to date, further reinforcing our confidence in our innovative single port approach to surgical robotics and our potential to take share of this market over time. I'll now turn the call over to Bill for a review of financial performance. Thank you, Adam.