In This Story
Monogram Technologies Inc. (MGRM+0.75%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period as the company focuses on commercialization of its robotic products and seeks FDA 510(k) clearances.
Operating expenses for the quarter were $5,147,122, an increase from $3,757,032 in the same quarter the previous year. This increase was primarily due to higher marketing and advertising costs.
Research and development expenses decreased to $2,214,729 from $2,664,542 in the previous year due to the completion of certain phases in product development.
General and administrative expenses increased slightly to $1,093,456 from $1,060,270, driven by higher insurance and regulatory compliance costs.
The company reported a net loss of $5,034,501 for the quarter, compared to $995,660 in the previous year, primarily due to increased marketing expenses and the absence of gains from changes in warrant liability.
Cash used in operating activities was $10,967,238 for the nine months ended September 30, 2024, compared to $10,430,384 in the same period the previous year.
Cash provided by financing activities was $13,991,161, primarily from the sale of Common Stock and Series D Preferred Stock.
As of September 30, 2024, Monogram had $16,565,142 in cash and cash equivalents, with total liabilities of $2,808,121.
The company continues to focus on obtaining FDA clearances for its robotic products and exploring market opportunities for its active cutting robotic system.
Monogram is engaged in discussions with Mount Sinai regarding potential obligations under a licensing agreement, which could have a material impact on operations if resolved unfavorably.
Management believes current cash balances and additional capital available under existing agreements will be sufficient to meet near-term capital needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Monogram Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.