Full Press Release Details
Vicarious Surgical Reports Fourth Quarter and
Full Year 2024 Financial Results
Version 1.0 System Integration Complete; Progressing
Towards First Clinical Use
Achieved 2024 Cash Burn Guidance; Sets 2025 Cash
Burn Guidance of $50 Million
WALTHAM, Mass.-- (BUSINESS WIRE) - March 17, 2025 - 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."
Quarter 2024 Financial Results
Year 2024 Financial Results
Full Year 2025 Cash Burn Guidance
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
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
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
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
(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
(in thousands, except share and per share data)
Adjusted net loss and Adjusted EPS