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Monogram Technologies Inc. (MGRM+1.92%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details Monogram's focus on developing a next-generation autonomous surgical robot for orthopedic surgery, leveraging AI, machine vision, and augmented reality. The company has not yet obtained FDA 510(k) premarket clearance for its robotic products.
Monogram reported a net loss of $16.3 million for the year, compared to a net loss of $13.7 million in the previous year. The increase in net loss is attributed to ongoing research and development expenses, as well as general and administrative costs.
The company raised approximately $13 million in gross proceeds from its Series D Preferred Stock Offering and $5.3 million from its At Market Common Stock Offering during 2024. These funds are intended to support the company's development and commercialization efforts.
Monogram's cash and cash equivalents were approximately $15.7 million as of December 31, 2024. The company plans to continue raising additional capital to support its operations and achieve FDA clearance for its products.
The company has entered into a strategic collaboration with Shalby Limited to conduct a multicenter clinical trial in India to demonstrate the safety and effectiveness of its Monogram TKA System.
Monogram's market strategy includes a phased commercialization approach, initially focusing on robotic systems for total knee replacement procedures, with plans to expand into other orthopedic applications.
The filing outlines various risks, including the need for FDA clearance, dependence on third-party manufacturers, and the competitive landscape in the orthopedic robotics market.
Monogram's management highlights the importance of obtaining FDA clearance to market its robotic products in the United States and the potential impact of regulatory changes on its business operations.
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. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.