Version 1.0 System Integration Complete;
Progressing Towards First Clinical Use Achieved 2024 Cash Burn
Guidance; Sets 2025 Cash Burn Guidance of $50 Million
Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”)
(NYSE: RBOT, RBOT WS), a next-generation robotics technology
company seeking to improve lives by transforming robotic surgery,
today announced financial results for the quarter and full year
ended December 31, 2024. Management will host a corresponding
conference call at 4:30 p.m. ET today, March 17, 2025.
“2024 was a pivotal year of progress for Vicarious Surgical, as
we expanded our strategic hospital partnerships with LSU Health New
Orleans, Temple Health, and University of Illinois Health, narrowed
our clinical site selection for first clinical use, and
successfully completed the integration of our Version 1.0 System,”
said Adam Sachs, Co-Founder and Chief Executive Officer. “Entering
2025, our focus is directed on preparing for our first clinical
patients later this year. Our team is diligently building inventory
to support all required essential performance and safety testing,
and securing Institutional Ethics Committee site approvals. We
eagerly anticipate the opportunity to demonstrate the value of the
Vicarious Surgical System in a live clinical setting.”
Business Highlights
- Achieved key milestone: Finalized integration of Version 1.0
system, validated through successful year-end cadaveric lab.
- Expanded strategic hospital system partnerships: Secured
agreements with leading academic health institutions LSU Health New
Orleans, Temple Health, and University of Illinois Health.
- Advanced clinical trial readiness: Site selection narrowed and
Institutional Ethics Committee approvals underway.
- Strengthened leadership team: Appointed Sarah Romano as Chief
Financial Officer, effective April 1st, 2025.
Fourth Quarter 2024 Financial Results
- Operating expenses were $15.0 million for the fourth quarter of
2024, compared to $15.5 million in the corresponding prior year
period, a decrease of 3%.
- R&D expenses for the fourth quarter of 2024 were $8.5
million, compared to $8.5 million in the fourth quarter of
2023.
- General and administrative expenses for the fourth quarter of
2024 were $5.5 million, compared to $5.9 million in the fourth
quarter of 2023.
- Sales and marketing expenses for the fourth quarter of 2024
were $1.0 million, compared to $1.2 million in the fourth quarter
of 2023.
- Adjusted net loss for the fourth quarter was $14.4 million,
equating to a loss of $2.43 per share, as compared to an adjusted
net loss of $14.6 million, or a loss of $2.50 per share, for the
same period of the prior year. GAAP net loss for the fourth quarter
was $13.9 million, equating to a net loss per share of $2.36, as
compared to a GAAP net loss of $13.1 million or a net loss per
share of $2.25 for the same period of the prior year.
Full Year 2024 Financial Results
- Operating expenses were $66.6 million for the full year of
2024, compared to $80.7 million in the corresponding prior year
period, a decrease of 17%.
- R&D expenses for the full year of 2024 were $40.2 million,
compared to $47.6 million in the full year of 2023.
- General and administrative expenses for the full year of 2024
were $21.9 million, compared to $26.9 million in the full year of
2023.
- Sales and marketing expenses for the full year of 2024 were
$4.5 million, compared to $6.2 million in the full year of
2023.
- Adjusted net loss for the full year of 2024 was $63.3 million,
equating to a loss of $10.75 per share, as compared to an adjusted
net loss of $76.3 million, or a loss of $15.67 per share, for the
same period of the prior year. GAAP net loss for the full year of
2024 was $63.2 million, equating to a net loss per share of $10.74,
as compared to a GAAP net loss of $71.1 million or a net loss per
share of $14.60 for the same period of the prior year.
- The Company had $49.1 million of cash and investments as of
December 31, 2024. The Company’s cash burn rate for the full year
of 2024 was $49.1 million, in line with full year 2024 guidance of
approximately $50 million.
Full Year 2025 Cash Burn Guidance
- Vicarious Surgical issues expected full year 2025 cash burn
guidance of approximately $50 million.
Conference Call
Vicarious Surgical will host a conference call today, Monday,
March 17, 2025, at 4:30 p.m. ET to discuss its fourth quarter and
full year 2024 financial results. The call may be accessed through
an operator by dialing +1 833-470-1428 for domestic callers or +1
404-975-4839 for international callers, using access code: 373279.
A live and archived webcast of the event will be available at
https://investor.vicarioussurgical.com.
About Vicarious Surgical
Founded in 2014, Vicarious Surgical is a next generation
robotics company, developing a unique disruptive technology with
the multiple goals of substantially increasing the efficiency of
surgical procedures, improving patient outcomes, and reducing
healthcare costs. The Company’s novel surgical approach uses
proprietary human-like surgical robots to virtually transport
surgeons inside the patient to perform minimally invasive surgery.
The Company is led by an experienced team of technologists, medical
device professionals and physicians, and is backed by technology
luminaries including Bill Gates, Vinod Khosla’s Khosla Ventures,
Innovation Endeavors, Jerry Yang’s AME Cloud Ventures, Sun Hung Kai
& Co. Ltd and Philip Liang’s E15 VC. The Company is
headquartered in Waltham, Massachusetts. Learn more at
www.vicarioussurgical.com.
Use of Non-GAAP Financial Measures
In addition to providing financial measurements that have been
prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”), Vicarious
Surgical provides additional financial metrics that are not
prepared in accordance with U.S. GAAP (“non-GAAP”). The non-GAAP
financial measures included in this press release are Adjusted Net
Loss and Adjusted Net Loss Per Share (“Adjusted EPS”, and together
with Adjusted Net Loss, “Non-GAAP Financial Measures”). The Company
presents Non-GAAP Financial Measures in order to assist readers of
its consolidated financial statements in understanding the core
operating results that its management uses to evaluate the business
and for financial planning purposes. Vicarious Surgical’s Non-GAAP
financial measures provide an additional tool for investors to use
in comparing its financial performance over multiple periods.
Adjusted Net Loss and Adjusted EPS are key performance measures
that Vicarious Surgical’s management uses to assess its operating
performance. These Non-GAAP Financial Measures facilitate internal
comparisons of Vicarious Surgical’s operating performance on a more
consistent basis. Vicarious Surgical uses these performance
measures for business planning purposes and forecasting. Vicarious
Surgical believes that the Non-GAAP Financial Measures enhance an
investor’s understanding of Vicarious Surgical’s financial
performance as it is useful in assessing its operating performance
from period-to-period by excluding certain items that Vicarious
Surgical believes are not representative of its core business.
The Non-GAAP Financials Measures may not be comparable to
similarly titled measures of other companies because they may not
calculate this measure in the same manner. Adjusted Net Loss and
Adjusted EPS are not prepared in accordance with U.S. GAAP and
should not be considered in isolation of, or as an alternative to,
measures prepared in accordance with U.S. GAAP. When evaluating
Vicarious Surgical’s performance, you should consider the Non-GAAP
Financial Measures alongside other financial performance measures
prepared in accordance with U.S. GAAP, including net loss.
The Non-GAAP Financial Measures do not replace the presentation
of Vicarious Surgical’s U.S. GAAP financial results and should only
be used as a supplement to, not as a substitute for, Vicarious
Surgical’s financial results presented in accordance with U.S.
GAAP. In this press release, Vicarious Surgical has provided a
reconciliation of Adjusted Net Loss to net loss, the most directly
comparable U.S. GAAP financial measure, and the calculation for
Adjusted EPS.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. The company’s
actual results may differ from its expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. All
statements other than statements of historical facts contained
herein, including without limitation the quotations of our Chief
Executive Officer regarding Vicarious Surgical’s opportunity,
timeline for achieving our Version 1.0 System integration and
timeline for completing our first clinical patient, among other
things, are forward-looking statements that reflect the current
beliefs and expectations of management. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from those discussed
in the forward-looking statements. Most of these factors are
outside Vicarious Surgical’s control and are difficult to predict.
Factors that may cause such differences include, but are not
limited to: the ability to maintain the listing of Vicarious
Surgical’s Class A common stock on the New York Stock Exchange; the
approval, commercialization and adoption of Vicarious Surgical’s
initial product candidates and the success of its single-port
surgical robot, called the Vicarious Surgical System, and any of
its future product candidates and service offerings; changes in
applicable laws or regulations; the ability of Vicarious Surgical
to raise financing in the future; the success, cost and timing of
Vicarious Surgical’s product and service development activities;
the potential attributes and benefits of Vicarious Surgical’s
product candidates and services; Vicarious Surgical’s ability to
obtain and maintain regulatory approval for the Vicarious Surgical
System, and any related restrictions and limitations of any
approved product; the size and duration of human clinical trials
for the Vicarious Surgical System; Vicarious Surgical’s ability to
identify, in-license or acquire additional technology; Vicarious
Surgical’s ability to maintain its existing license, manufacture,
supply and distribution agreements; Vicarious Surgical’s ability to
compete with other companies currently marketing or engaged in the
development of products and services that Vicarious Surgical is
currently marketing or developing; the size and growth potential of
the markets for Vicarious Surgical’s product candidates and
services, and its ability to serve those markets, either alone or
in partnership with others; the pricing of Vicarious Surgical’s
product candidates and services and reimbursement for medical
procedures conducted using its product candidates and services; the
company’s estimates regarding expenses, revenue, capital
requirements and needs for additional financing; Vicarious
Surgical’s financial performance; economic downturns, political and
market conditions and their potential to adversely affect Vicarious
Surgical’s business, financial condition and results of operations;
Vicarious Surgical’s intellectual property rights and its ability
to protect or enforce those rights, and the impact on its business,
results and financial condition if it is unsuccessful in doing so;
and other risks and uncertainties indicated from time to time in
Vicarious Surgical’s filings with the SEC. Vicarious Surgical
cautions that the foregoing list of factors is not exclusive. The
company cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Vicarious Surgical does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
VICARIOUS SURGICAL
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share
and per share data)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Operating expenses:
Research and development
$
8,463
$
8,468
$
40,155
$
47,578
Sales and marketing
979
1,203
4,525
6,230
General and administrative
5,536
5,870
21,875
26,858
Total operating expenses
14,978
15,541
66,555
80,666
Loss from operations
(14,978
)
(15,541
)
(66,555
)
(80,666
)
Other income (expense):
Change in fair value of warrant
liabilities
458
1,486
43
5,191
Interest and other income
594
966
3,289
4,429
Interest expense
—
(22
)
—
(25
)
Income/(loss) before income taxes
(13,926
)
(13,111
)
(63,223
)
(71,071
)
Provision for income taxes
—
—
—
—
Net income/(loss)
$
(13,926
)
$
(13,111
)
$
(63,223
)
$
(71,071
)
Net income/(loss) per share of Class A and
Class B common stock, basic
$
(2.36
)
$
(2.25
)
$
(10.74
)
$
(14.60
)
Weighted average shares, diluted
5,912,283
5,837,435
5,885,589
4,866,880
Other comprehensive income/(loss):
Net unrealized gain/(loss) on
investments
(74
)
99
40
10
Other comprehensive gain/(loss)
(74
)
99
40
10
Comprehensive net income/(loss)
$
(14,000
)
$
(13,012
)
$
(63,183
)
$
(71,061
)
VICARIOUS SURGICAL
INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share data)
December 31,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
9,737
$
52,822
Short-term investments
39,360
45,355
Prepaid expenses and other current
assets
2,601
2,776
Total current assets
51,698
100,953
Restricted cash
936
936
Property and equipment, net
4,476
6,402
Right-of-use assets
10,560
11,459
Other long-term assets
49
114
Total assets
$
67,719
$
119,864
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
1,166
$
1,258
Accrued expenses
5,283
4,975
Lease liabilities, current portion
1,218
1,047
Total current liabilities
7,667
7,280
Lease liabilities, net of current
portion
12,567
13,785
Warrant liabilities
787
830
Total liabilities
21,021
21,895
Stockholders’ equity:
Class A Common Stock
15
15
Class B Common Stock
2
2
Additional paid-in capital
242,566
230,654
Accumulated other comprehensive income
50
10
Accumulated deficit
(195,935
)
(132,712
)
Total stockholders’ equity
46,698
97,969
Total liabilities and stockholders’
equity
$
67,719
$
119,864
VICARIOUS SURGICAL
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands, except share
and per share data)
Adjusted net loss and Adjusted
EPS
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net income/(loss)
$
(13,926
)
$
(13,111
)
$
(63,223
)
$
(71,071
)
Change in fair value of warrant
liabilities
458
1,486
43
5,191
Adjusted net loss
(14,384
)
(14,597
)
(63,266
)
(76,262
)
Adjusted EPS, basic and diluted
$
(2.43
)
$
(2.50
)
$
(10.75
)
$
(15.67
)
Weighted average shares, basic and
diluted
5,912,283
5,837,435
5,885,589
4,866,880
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250317670401/en/
Investor Contact Kaitlyn Brosco Vicarious Surgical
Kbrosco@vicarioussurgical.com
Media Inquiries media@vicarioussurgical.com
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