Workflow
Monogram Orthopaedics (MGRM) - 2024 Q3 - Quarterly Results
MGRMMonogram Orthopaedics (MGRM)2024-11-14 21:07

Financial Performance - The net loss for Q3 2024 was 5.0million,comparedtoanetlossof5.0 million, compared to a net loss of 1.0 million in the prior-year quarter, primarily due to increased marketing expenses[15]. - For the three months ended September 30, 2024, Monogram Orthopaedics reported a net loss of 5,034,501,comparedtoanetlossof5,034,501, compared to a net loss of 995,660 for the same period in 2023[25]. - The net loss per common share for the three months ended September 30, 2024, was (0.16),comparedto(0.16), compared to (0.03) for the same period in 2023[25]. - Total operating expenses for the nine months ended September 30, 2024, were 12,390,803,adecreasefrom12,390,803, a decrease from 13,391,299 in the same period of 2023, reflecting a reduction of approximately 7.4%[25]. Research and Development - Research and development expenses for Q3 2024 were 2.2million,downfrom2.2 million, down from 2.7 million in the prior-year quarter, due to finalizing the validation phase of its robot prototype[13]. - Research and development expenses for the three months ended September 30, 2024, were 2,214,729,comparedto2,214,729, compared to 2,664,542 for the same period in 2023, indicating a decrease of about 16.8%[25]. Marketing and Advertising - Marketing and advertising expenses surged to 1.8millioninQ32024,comparedto1.8 million in Q3 2024, compared to 32,220 in the prior-year quarter, driven by a marketing campaign for the Series D preferred stock offering[14]. Cash and Assets - Cash and cash equivalents totaled 16.6millionasofSeptember30,2024,upfrom16.6 million as of September 30, 2024, up from 13.6 million as of December 31, 2023[16]. - Total assets increased to 20.2millionasofSeptember30,2024,comparedto20.2 million as of September 30, 2024, compared to 16.6 million as of December 31, 2023[24]. - The company reported cash and cash equivalents of 16,565,142attheendoftheperiod,anincreasefrom16,565,142 at the end of the period, an increase from 14,875,476 at the end of September 30, 2023[26]. Stock and Shares - Proceeds from issuances of Common Stock for the three months ended September 30, 2024, amounted to 4,177,931,comparedto4,177,931, compared to 15,254,300 for the same period in 2023[26]. - The weighted-average number of basic and diluted shares outstanding increased to 32,223,656 for the three months ended September 30, 2024, from 29,284,949 in the same period of 2023[25]. Regulatory and Strategic Developments - The company received an Additional Information Request from the FDA regarding its 510(k) premarket filing for the mBôs TKA System, placing the application on hold pending a response[3]. - Monogram secured a strategic collaboration with Shalby Limited to conduct a multicenter clinical trial for the mBôs TKA System in India[3]. - The company anticipates an issue-specific meeting with the FDA by December 2024 to discuss the planned approach for responding to the AIR[11]. Recognition - Monogram was named Orthopedic Joint Replacement Company of the Year 2024 by Medical Tech Outlook, highlighting its industry recognition[4]. Other Financial Metrics - The company experienced a significant change in fair value of warrant liability, with a loss of 3,088,533recordedintheninemonthsendedSeptember30,2023[26].−MonogramOrthopaedicsreportedstock−basedcompensationof3,088,533 recorded in the nine months ended September 30, 2023[26]. - Monogram Orthopaedics reported stock-based compensation of 942,528 for the three months ended September 30, 2024, down from 1,158,499inthesameperiodof2023[26].−CashusedinoperatingactivitiesfortheninemonthsendedSeptember30,2024,was1,158,499 in the same period of 2023[26]. - Cash used in operating activities for the nine months ended September 30, 2024, was 10,967,238, slightly higher than $10,430,384 for the same period in 2023[26].