That’s a good point. Really does limit options to have that out there.

A raise is not possible

With the market cap at $10-$20MM, they need $40MM to make it another year. They would need to raise 3-4x the current value of the company just to make it another year. That's not going to happen, these guys are toast. Best outcome is someone buys the carcass and a few pennies get distributed it.

Tic toc, mcscoopem, boom, waittting, smiling ...

Can't even buy a gum ball for $0.24

The roadmap was laid out clearly for all - predicted by many on this board, including myself.

If anyone lost money on this between now and a year or so ago, then that fault lies with the investor, not with TMDI. It has all been out in the open for all to see, quite clearly, where this is going ... unless your senses were overcome with all the tic tocs, mcscoopems, bing bang booms, waaaiiiitings, smilings, 1-3 billies, etc etc

And while there are plenty of clowns on this board, by far the biggest of them all is that Robin22 character on stocktwits - self proclaimed med device expert who outsmarted himself - and unfortunately, likely others as well - into an outright fraud!

Is it time for some more "NEWS tomorrow!!!" posts?

I think the insiders are starting to chirp again, giving proprietary tips to the kindly savvy investors on this very board!

This has to be one of the most nonsensical things I've seen posted:

"The longer we go without news means the buyout has already taken place."

What? If a buyout has been agreed definitively or taken place, it needs to be disclosed per SEC rules. Also, it seems absurd to think that a deal is more likely to have taken place after 6 months of no news vs. 3 months of no news. The opposite is true - the longer it goes, the less likely a deal is coming.

Do you read this stuff before you post it?!

What happened to Posilock's "news" that was supposed to come last week?

Wonder if the sale process now has pivoted to fire sale ... ?

If you believe that honestly, I assume you have mortgaged your house, leveraged your IRA, and put every last dollar into Titan? Would be the return of the century!

Likely something less than $40MM given the prior MDT transactions which purchased the IP of any value

Question is if anyone values the tax losses or not. Not easy to get paid on those and have to be discounted heavily by WACC

You miss the biggest other option that is the most likely ...

4. Liquidation / bankruptcy / firesale Bear Stearnes style, though TMDI would be lucky to get the $2.00 a share Bear got!

Time to muster all the mcscoopems, tic tocs, smilings, were waiting’s, booms!, and “NEWS tomorrow’s” we can!

Medtronic probably met with Titan to inquire where their cameras are after forking up $2M ... and if they will ever receive them given most employees were fired. Not sure Vance or Kristen know how to assemble them.

It’s funny, because it seems the medical community, the big robotics players, major institutional investors, hospital chains, and all other major constituents in surgical robotics have written off Titan (including its own mgmt team) BUT for a handful of savant retail investors!

They all are clearly missing it and multi billion buyout on the way!

This feels like a bad knock off of Ground Hog Day in the making ….

What is your plan assuming they don’t get bought out on Tuesday?

Because that’s what’s the most likely outcome Tuesday morning. Nothing will change.

The bots aren't coming

Look at the investor presentation - no bots for two months based on the "illustrative timeline"

What buyer wants to inherit a science project with another $200MM of funding needed to get done - and the product closest to FDA approval (allegedly) is now already outdated.

Interesting to see one of the investment merits is the fact that there are tax write offs for all the historical losses, that's incredible

Titan Medical's CEO Earnings Script of the Future

David Vance McCataScoopinTicToc McNally (Jul 26, 2035): I am pleased to report progress on our continued development of the Enos IV platform. We have just filed and received our 1,025th patent for a novel application of providing for a 5th arm camera that provides 10K lumens of light to the colon and prostate. We plan to pursue indications toward minimally invasive corrective surgery for sphincterem constrictitus, which afflicts thousands of bagholders each year.

Further, we have reduced headcount such that only myself and our CFO are the only employees remaining - and our favorite gump, Siebert. The rest of our loyal, dedicated, and hardworking colleagues are on indefinite furlough.

Separately, we are encouraged by the positive feedback we have received from our medical advisory board, including Dr. Prithanth Sanjaguboranjamathan of the central surgical hut of Chitradura, India.

While we still await the delivery of our robot from Benchmark, we still believe in the potential of single port surgery as evidenced by the many likes (at least four so far) we have received on linkedin of our posts providing positive feedback of our competitors' robots that are already in market.

We are also pleased to report that we have yet to buy a single share of our own stock from our cash compensation, though we continue to be awarded options at strike prices of 0.000154 per share which completely aligns interests with our loyal shareholder base.

I assume Benchmark is a sophisticated company. I am guessing they put Titan on COD terms for any deliveries ... thus no deliveries.

That, or Benchmark is having supply chain issues or engineering issues in completing the manufacturing.

The scarier question is if some design flaw or otherwise was discovered during the manufacturing process, creating delays indefinitely given the Chapel Hill location was just liquidated.

LinkedIn picks up former employees and people who mention Titan in their bios whether an employee or not.

I would trust the company’s own filing to the SEC vs your social media skills!

Do you have any proof of that?

Because the quarterly burn rate never really changed and mgmt made no comment of a massive hiring ramp in 2022 especially when they did not have the money to do it.

As of December 31, 2021, the Company had a total of 49 full-time employees, 7 are located in Canada and the other 42 are located in the U.S.

https://ir.titanmedicalinc.com/sec-filings/all-sec-filings/content/0000891092-22-001024/0000891092-22-001024.pdf

The company's latest SEC filings indicate the company only has ~50 employees as of YE 2021, so they have laid off at least 80% of the company.

Your argument is close to a "you hate us for our freedom" type of strawman.

All of us in the medical community want to see surgery improve, outcomes get better, adverse incidents go down. The problem with Titan is that the Enos doesn't deliver any of that - at least not any better than existing alternatives. The Enos doesn't even work or have the right software engineering to operate in tandem with other OR equipment.

There's been a revolving door of surgeon advisors who've trialed the system and then faded off into the ether. The best anyone can say about the Enos is that it has a good camera and light - that was Estape. No doubt the medical community feels as misled about Titan as do the investors. Wouldn't you think if all the docs and hospitals involved with the Enos development loved it, they'd be buying the stock, talking it up with their friends, and the buzz building?

I ultimately hope the engineers who lost their jobs didn't commit their careers to Titan in vain - that some of the IP hopefully can be used by whomever ends up taking it in future designs of other devices. Problem is the IP is only valuable with the people themselves as MDT took the patents of any intrinsic value ... and now the people are gone.

You must have missed the last several months.

Titan's own IR materials were saying they were actively trying to raise financing - either equity or debt. That clearly fell through, leading to them terminating the majority of their employees as they did not have the cash to continue operations in normal course.

Just look at the balance sheet.

They had as of 9/30 about 11 million of cash and 10 million of current liabilities - basically what’s owed to vendors, employees, landlords, etc. They also had 1.2 million of deferred revenue, which means Medtronic paid in advance for the cameras and Titan still needs to deliver them, at least as of Sept 30.

They didn’t fire everyone until December, so they burned at least 5-6m of cash, and assuming they didn’t pay their vendors, they owe twice as much of the cash than they have. Yikes.

That means any of their vendors, landlords, etc could force them into bankruptcy if they don’t pay their bills. This is why they fired everyone. They might have 3-4 months left max.

It’s an open question if Benchmark would even ship the robots to Titan or continue manufacturing given their desperate cash position.

Titan's IDE is indefinitely postponed.

They will not meet any previous milestone dates as practically all their staff has been fired. So to claim MDT and Titan are coordinating on product releases ... is dubious. Again, if Titan were so critical to MDT's robotic surgery program, they would not let Titan free fall into a fire sale / liquidation situation.

I didn't claim in that comment they were going bankrupt ... maybe you doth protest too much?

In any case, here's a thought exercise for you:

Why did the following companies/entities go bankrupt despite having positive asset positions relative to debt (if any)?

- Boy Scouts of America
- Owens Corning
- Purdue Pharma
- Merck

MDT already has what they need from Titan.

If Titan were such a strategic supplier and partner to MDT, MDT would not have allowed Titan to get to the brink of bankruptcy (terminate almost all employees) and would have stepped in before that happened. For those who think MDT is trying to get Titan "cheap," that's a very simple minded view of it. MDT may get Titan cheap, but all the human capital assets are gone, so you are left with a shell ... just some fancy wallpaper in the form of patents protecting a product that has no demand.

This all comes back to the reality that the Enos is not a viable commercial product, still has hundreds of millions of development left, and has no endorsement or advocacy from the medical community. It has been a multi-year science project ... a hammer looking for a nail so to speak.

The linked in post suggests they are all looking for new jobs. They dont view the furlough as a temporary thing. Company appears to be winding down and will be an asset sale of tooling, inventory, and patents ... maybe enough to cover current liabilities and prevent a liquidation process.

This actually shows a lot of sales.

Chris, Kristen and Paul all sellers.

People assume the patents are valuable, I am just not sure they are documenting technology that actually makes a difference to the medical community. What incrementally does the Enos provide relative to alternatives (assuming the Enos is even investigationally or commercially viable)?

As I've mentioned before, the enos doesn't accomplish anything. There is limited dexterity and stability - plus force control - with the snake arms just from an engineering standpoint let alone learning curve. The user interface and controls appear cumbersome at best.

The best Dr. Estape could say about the bot was that, and I'm paraphrasing a bit, "this current version is a lot better than the other version I tried" (note, not better than multiport, not better than da Vinci, etc) and "the camera is nice." Those were the two things. And he was getting paid to say it, and that's it. It will be hard to get any strategic excited to acquire Titan with all the costs left to commercialize and get approvals when there's no excitement in the medical community for the device.

Titan's only real strategy to create value for shareholders is to go sue ISRG, MDT, JNJ and others out of hopes they can argue some patent infringement and then extract ransom payments. I don't think though their IP really is novel enough to do that.

I have been saying all along the cash was running out by the end of the year - now they have laid off practically everyone at the company and likely don’t even have money to pay for the robot from benchmark. They stretched this down to the end without a plan.

The drama around strategic alternatives seems fluff - they have no options and best case is getting a few nickels for the assets.

Launching a “strategic review” with less than 120 days of cash. That’s also known colloquially as a “going out of business” sale

Just think about that. This company has a gun to its head to get a deal done - if there’s a deal to get done. It’s clear there was no interest from institutions to provide equity or financing and no interest from MDT in continuing to support the high school science project in Chapel Hill. Remember Titan mentioned in its presentations that it was actively seeking financings or a way to raise cash.

You could very well see a “take under” happen where the deal clears below the trading price. Titans choice will be take whatever offer is there if one shows up or bankruptcy. It’s what happened to Bear Stearns

A good video, reminds me of investors trying to contemplate what's going on at Titan

Voting yes on the R/S is an absolute MUST

Whether you think this company has any prospects or not, it certainly won't if its delisted. There will be no ability to attract any investor interest as there would be no way for them to get liquidity on the pink sheets.

Nice to see more patents

Wonder if Titan employees will be willing to get paid in patents, not cash. Plenty of patents to go around, not so much of the latter.

This is all predictable, on target with expected outcomes from Titan

The cash is running out, the company is basically insolvent. They even now have $1.2MM in deferred revenue (MDT please advance us cash!) and they continue to stretch out AP.

If there was a buyout anytime soon, there would be no vote on a reverse split. They are dangerously close to needing to file, cash is probably down to $6-7MM at this point, maybe lower, only a couple of months left.

The delivery of the robot may not even happen if the vendors put Titan on COD.

Who wants to write a $20MM check into a $50-$60M market cap company that really needs $100-$150MM to be able to get to commercial viability?

Less than 2 months to no money - board then becomes liable personally for payroll that is forgone.

We really need to ramp up those tic tocs, scoop'ems, smiles, and waiiiitings to get the good vibes going.

Cash is king ... where is the king?

Perry Genova, the author of many of these patents, was so excited for all this innovation that he bailed and went to another company.

Dont think they will do an investor day or open house

I think the robot still actually doesn't work to specification due to mentioned software issues in prior PR and transcripts. Also, the investor base is a bunch of small mom and pops so any investor day would turn into a tupperware party / grievance session

The big question on Vicarious will be the economics of the single use robotic arms and available instrumentation.