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Monogram Orthopaedics (MGRM) - 2024 Q4 - Annual Report
MGRMMonogram Orthopaedics (MGRM)2025-03-12 20:55
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Financial Performance - Monogram Technologies reported revenue of 364,999fortheyearendedDecember31,2023,fromthesaleofasingleunitofroboticsurgicalequipment,withnoproductsalesin2024anticipatedbeforeobtainingregulatoryapprovals[246].−Revenuefor2024wasreportedat364,999 for the year ended December 31, 2023, from the sale of a single unit of robotic surgical equipment, with no product sales in 2024 anticipated before obtaining regulatory approvals[246]. - Revenue for 2024 was reported at 0, a decrease from 365,000in2023,indicatingadeclineof100365,000 in 2023, indicating a decline of 100%[316]. - The company reported a net loss of 16.3 million in 2024, compared to a net loss of 13.7millionin2023[256].−Netlossfor2024was13.7 million in 2023[256]. - Net loss for 2024 was 16,328,000, compared to a net loss of 13,745,000in2023,representinganincreaseinlossof18.813,745,000 in 2023, representing an increase in loss of 18.8%[316]. - Basic and diluted loss per common share improved to (0.51) in 2024 from (0.61)in2023[316].−Thecompanyhasanaccumulateddeficitof(0.61) in 2023[316]. - The company has an accumulated deficit of 68.0 million as of December 31, 2024, highlighting ongoing financial challenges[345]. - Cash used in operating activities was 13.97millionfor2024,slightlyhigherthan13.97 million for 2024, slightly higher than 13.54 million in 2023, indicating a 3.2% increase in cash outflow[345]. - The company experienced a 1.2millionchargeforstock−basedcompensationin2024,contributingtothecashusedinoperatingactivities[277].OperatingExpenses−Totaloperatingexpensesdecreasedby131.2 million charge for stock-based compensation in 2024, contributing to the cash used in operating activities[277]. Operating Expenses - Total operating expenses decreased by 13% from 17,633,000 in 2023 to 15,310,000in2024,withresearchanddevelopmentexpensesdown1715,310,000 in 2024, with research and development expenses down 17% to 8,790,000[247]. - Operating expenses for marketing and advertising decreased by 30% from 2,994,000in2023to2,994,000 in 2023 to 2,108,000 in 2024[247]. - General and administrative expenses increased by 9% in 2024 from 2023, mainly due to a full year of public company expenses, including insurance and regulatory compliance[251]. - Total operating lease expense for the year ended December 31, 2024 was 136,000,slightlydownfrom136,000, slightly down from 141,000 in 2023[391]. Cash and Capital - As of December 31, 2024, the company had approximately 15.7millionincashandtotalstockholders′equityof15.7 million in cash and total stockholders' equity of 14.5 million, with working capital of approximately 14.8million[257].−Cashandcashequivalentsincreasedto14.8 million[257]. - Cash and cash equivalents increased to 15,658,000 in 2024 from 13,589,000in2023,anincreaseof15.313,589,000 in 2023, an increase of 15.3%[314]. - The company anticipates that existing cash and cash equivalents will be sufficient to meet cash requirements for at least 12 months from the date of the annual report[294]. - The company raised 5.19 million from common stock issuances in 2024, down from 15.33millionin2023,indicatingadecreaseofapproximately66.215.33 million in 2023, indicating a decrease of approximately 66.2%[345]. - The company has not yet generated revenue from its principal operations, with revenue recognized in 2023 related to the sale of a single unit of robotic surgical equipment[335]. Regulatory and Development Efforts - The Company submitted its 510(k) application for the surgical robot on July 19, 2024, which passed the initial FDA Administrative Review, but is currently on hold pending a complete response to an Additional Information Request[231]. - Monogram anticipates initiating a multicenter clinical trial in collaboration with Shalby Limited in 2025 to evaluate the safety and effectiveness of the Monogram TKA System[234]. - The company has not yet obtained 510(k) premarket clearances for any of its robotic products, which are necessary for commercialization[230]. - The company is focused on developing an autonomous surgical robot for orthopedic procedures, leveraging advanced technologies such as AI and machine vision[325]. - The company plans to continue its research and development efforts, with significant costs incurred in this area, including salaries and third-party contractor expenses[338]. Stock and Equity - The Company received gross proceeds of approximately 13 million from its Series D Preferred Stock Offering, which closed on October 2, 2024[241]. - The Series D Preferred Stock Offering closed on October 2, 2024, raising approximately 13millionfromthesaleof5,773,979sharesandassociatedwarrants[263].−Thecompanysold292,726sharesofCommonStocktoB.RileyPrincipalCapitalIIforgrossproceedsofapproximately13 million from the sale of 5,773,979 shares and associated warrants[263]. - The company sold 292,726 shares of Common Stock to B. Riley Principal Capital II for gross proceeds of approximately 1.0 million, with the potential to sell an additional 19.0millionworthofCommonStockunderthePurchaseAgreement[260].−TheCompanyhadstockoptionsoutstandingof4,990,827sharesatDecember31,2024,withaweighted−averageexercisepriceof19.0 million worth of Common Stock under the Purchase Agreement[260]. - The Company had stock options outstanding of 4,990,827 shares at December 31, 2024, with a weighted-average exercise price of 1.71 and a remaining contractual term of 7.0 years[378]. - The Company recognized no income tax expense for the years ended December 31, 2024 and 2023 due to net losses incurred[381]. Assets and Liabilities - Total current assets increased to 16,283,000in2024from16,283,000 in 2024 from 14,618,000 in 2023, representing an increase of 11.4%[314]. - Total assets rose to 17,770,000in2024,upfrom17,770,000 in 2024, up from 16,579,000 in 2023, reflecting a growth of 7.2%[314]. - The company reduced total liabilities to 1.7millionasofDecember31,2024,downfrom1.7 million as of December 31, 2024, down from 2.5 million in 2023, primarily due to decreased accounts payable[273]. - The company recorded a 3.1millionincreaseinthefairvalueofthewarrantliabilityfortheyearendedDecember31,2023[280].−Thecompanyhasacontingentobligationestimatedat3.1 million increase in the fair value of the warrant liability for the year ended December 31, 2023[280]. - The company has a contingent obligation estimated at 1.5 million related to a potential "Significant Transaction" with Mount Sinai[389].