Full Press Release Details
Vicarious Surgical Reports First Quarter 2022
WALTHAM, Mass.-- (BUSINESS WIRE) - May 9, 2022 - Vicarious
Surgical Inc. ("Vicarious Surgical" or the "Company") (NYSE: RBOT, RBOT WS), a next-generation robotics technology
company seeking to improve patient outcomes as well as both the cost and efficiency of surgical procedures, today announced financial
results for the quarter ended March 31, 2022. Management will host a corresponding conference call
at 4:30 p.m. ET today, May 9, 2022.
"We have made measurable progress against our developmental and
organizational goals, including the completion of our Beta 1 cadaveric surgical testing, qualification of our cleanroom for manufacturing
of the Vicarious System, and the launch of our surgeon Luminary Group," said Adam Sachs, Chief Executive Officer of Vicarious Surgical.
"We continue generating valuable insights as we finalize the Vicarious System, and we remain as excited as ever about our ability
to advance the field of robotic surgery."
Quarter 2022 Financial Results
Surgical will host a conference call at 4:30 p.m. ET on Monday, May 9, 2022, to discuss its first quarter 2022 financial results. The
call may be accessed through an operator by dialing + 1 (646) 904 5544 for domestic callers or + 1 (929) 526 1599 for international
callers, using access code: 646287. 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 disruptive technology with the goals of 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 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", together "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
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,
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 impact of COVID-19 on Vicarious Surgical's business; 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
products and services; Vicarious Surgical's ability to obtain and maintain regulatory approval for the Vicarious System, and any
related restrictions and limitations of any approved product; the size and duration of human clinical trials for the Vicarious Surgical;
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 products and services, and its ability to serve those markets,
either alone or in partnership with others; the pricing of Vicarious Surgical's products and services and reimbursement for medical
procedures conducted using its products and services; the company's estimates regarding expenses, revenue, capital requirements
and needs for additional financing; Vicarious Surgical's financial performance; 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.
Press and Media Inquiries:
Matter Communications
VICARIOUS SURGICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except, per share data)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 9,848 | $ | 3,607 | ||||
| Sales and marketing | 1,402 | 226 | ||||||
| General and administrative | 6,930 | 1,398 | ||||||
| Total operating expenses | 18,180 | 5,231 | ||||||
| Loss from operations | (18,180 | ) | (5,231 | ) | ||||
| Other income (expense): | ||||||||
| Change in fair value of warrant liabilities | 60,728 | - | ||||||
| Interest income | 8 | 1 | ||||||
| Interest expense | (29 | ) | (1 | ) | ||||
| Income/(loss) before income taxes | 42,527 | (5,231 | ) | |||||
| Provision for income taxes | - | - | ||||||
| Net income/(loss) and comprehensive gain/(loss) | $ | 42,527 | $ | (5,231 | ) | |||
| Net income/(loss) per share of Class A and Class B common stock, basic | $ | 0.35 | $ | (0.06 | ) | |||
| Net income/(loss) per share of Class A and Class B common stock, diluted | $ | 0.33 | $ | (0.06 | ) |
VICARIOUS SURGICAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 157,011 | $ | 173,507 | ||||
| Prepaid expenses and other current assets | 3,852 | 4,867 | ||||||
| Total current assets | 160,863 | 178,374 | ||||||
| Restricted cash | 936 | 1,055 | ||||||
| Property and equipment, net | 4,087 | 2,250 | ||||||
| Right-of-use assets | 14,085 | - | ||||||
| Total assets | $ | 179, 971 | $ | 181,679 | ||||
| Liabilities, Convertible Preferred Stock and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,118 | $ | 1,500 | ||||
| Accrued expenses | 3,045 | 4,098 | ||||||
| Lease liabilities, current portion | 580 | - | ||||||
| Current portion of equipment loans | 47 | 47 | ||||||
| Current portion of term loan | 600 | 600 | ||||||
| Total current liabilities | 6,390 | 6,245 | ||||||
| Lease liabilities, net of current portion | 15,520 | - | ||||||
| Deferred rent | - | 1,631 | ||||||
| Equipment loans, net of current portion | 4 | 16 | ||||||
| Term loan, net of current portion and issuance costs | 534 | 675 | ||||||
| Warrant liabilities | 29,292 | 90,021 | ||||||
| Total liabilities | 51,740 | 98,588 | ||||||
| Commitments and Contingencies (Note 8) | ||||||||
| Legacy convertible preferred stock (Note 11) | - | - | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding at March 31, 2022 and December 31, 2021 | - | - | ||||||
| Class A Common stock, $0.0001 par value; 300,000,000 shares authorized at March 31, 2022 and December 31, 2021; 101,378,795 and 99,979,207 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 10 | 10 | ||||||
| Class B Common stock, $0.0001 par value; 22,000,000 shares authorized at March 31, 2022 and December 31, 2021; 19,789,860 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 2 | 2 | ||||||
| Additional paid-in capital | 152,490 | 149,877 | ||||||
| Accumulated deficit | (24,271 | ) | (66,798 | ) | ||||
| Total stockholders' equity | 128,231 | 83,091 | ||||||
| Total liabilities and stockholders' equity | $ | 179, 971 | $ | 181,679 |
VICARIOUS SURGICAL INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
(in thousands except, per share data)
Adjusted net loss and Adjusted EPS
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Net income (loss) | $ | 42,527 | $ | (5,231 | ) | |||
| Change in fair value of warrant liabilities | 60,728 | - | ||||||
| Adjusted net loss | $ | (18,201 | ) | $ | (5,231 | ) | ||
| Adjusted EPS | $ | (0.15 | ) | $ | (0.06 | ) |