Full Press Release Details
Vicarious Surgical Reports Second Quarter 2023
Results and Announces Clinical Plan and Regulatory
WALTHAM, Mass.-- (BUSINESS WIRE) - July 27, 2023 - 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 June 30, 2023. Management will host a corresponding conference call
at 4:30 p.m. ET today, July 27, 2023.
"Following our latest pre-submission meeting with the FDA, we
are thrilled to have clarity on our regulatory pathway, giving us reassurance in our plans for a first in human procedure mid-next year,"
said Adam Sachs, Chief Executive Officer at Vicarious Surgical. "With a clear path ahead, our team is now hard at work assembling
and integrating initial units ahead of V1.0 Integration in the fall. We believe that our innovative approach will allow us to
transform the standard of care in surgical robotics."
Quarter 2023 and Recent Highlights
Quarter 2023 Financial Results
Vicarious Surgical will host
a conference call at 4:30 p.m. ET on Thursday, July 27, 2023, to discuss its second quarter 2023 financial results. The call may be accessed
through an operator by dialing +1 (404) 975-4839 for domestic callers or clicking this link for international callers, and using
access code: 114480. 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 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
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: 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 System on the timeline it expects, 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 and scale manufacturing of the Vicarious Surgical System and any future product candidates to commercial
quantities; 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, as well as with the use of open surgeries; 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 ability to meet its estimates regarding expenses,
revenue, capital requirements, cash runway and needs for additional financing; Vicarious Surgical's financial performance; Vicarious
Surgical's intellectual property rights, its ability to protect or enforce these rights, and the impact on its business, results
and financial condition if it is unsuccessful in doing so; economic downturns, political and market conditions and their potential to
adversely affect Vicarious Surgical's business, financial condition and results of operations; the impact of COVID-19 on Vicarious
Surgical's business; 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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 12,714 | $ | 10,055 | $ | 26,070 | $ | 19,903 | ||||||||
| Sales and marketing | 1,666 | 1,311 | 3,626 | 2,713 | ||||||||||||
| General and administrative | 7,078 | 7,760 | 14,077 | 14,690 | ||||||||||||
| Total operating expenses | 21,458 | 19,126 | 43,773 | 37,306 | ||||||||||||
| Loss from operations | (21,458 | ) | (19,126 | ) | (43,773 | ) | (37,306 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of warrant liabilities | 5,081 | 17,601 | (998 | ) | 78,329 | |||||||||||
| Interest and other income | 1,044 | 101 | 2,517 | 109 | ||||||||||||
| Interest expense | (1 | ) | (29 | ) | (2 | ) | (58 | ) | ||||||||
| Income/(loss) before income taxes | (15,334 | ) | (1,453 | ) | (42,256 | ) | 41,074 | |||||||||
| Provision for income taxes | - | - | - | - | ||||||||||||
| Net income/(loss) | $ | (15,334 | ) | $ | (1,453 | ) | $ | (42,256 | ) | $ | 41,074 | |||||
| Net income/(loss) per share of Class A and Class B common stock, basic | $ | (0.12 | ) | $ | (0.01 | ) | $ | (0.33 | ) | $ | 0.34 | |||||
| Net income/(loss) per share of Class A and Class B common stock, diluted | $ | (0.12 | ) | $ | (0.01 | ) | $ | (0.33 | ) | $ | 0.32 | |||||
| Weighted average shares, basic | 126,992,152 | 121,341,460 | 126,563,552 | 120,813,572 | ||||||||||||
| Weighted average shares, diluted | 126,992,152 | 121,341,460 | 126,563,552 | 127,847,825 | ||||||||||||
| Other comprehensive income/(loss): | ||||||||||||||||
| Net unrealized gain/(loss) on investments | (195 | ) | - | (130 | ) | - | ||||||||||
| Other comprehensive gain/(loss) | (195 | ) | - | (130 | ) | - | ||||||||||
| Comprehensive net income/(loss) | $ | (15,529 | ) | $ | (1,453 | ) | $ | (42,386 | ) | $ | 41,074 |
VICARIOUS SURGICAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 32,807 | $ | 116,208 | ||||
| Short-term investments | 49,976 | $ | - | |||||
| Prepaid expenses and other current assets | 2,498 | 4,196 | ||||||
| Total current assets | 85,281 | 120,404 | ||||||
| Restricted cash | 936 | 936 | ||||||
| Property and equipment, net | 6,254 | 6,586 | ||||||
| Right-of-use assets | 11,875 | 12,273 | ||||||
| Other long-term assets | 180 | 92 | ||||||
| Total assets | $ | 104,526 | $ | 140,291 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,585 | $ | 1,731 | ||||
| Accrued expenses | 4,937 | 5,808 | ||||||
| Lease liabilities, current portion | 967 | 838 | ||||||
| Current portion of equipment loans | - | 16 | ||||||
| Total current liabilities | 7,489 | 8,393 | ||||||
| Lease liabilities, net of current portion | 14,329 | 14,832 | ||||||
| Warrant liabilities | 7,019 | 6,021 | ||||||
| Total liabilities | 28,837 | 29,246 | ||||||
| Stockholders' equity: | ||||||||
| Class A Common stock | 11 | 11 | ||||||
| Class B Common stock | 2 | 2 | ||||||
| Additional paid-in capital | 179,703 | 172,673 | ||||||
| Accumulated other comprehensive loss | (130 | ) | - | |||||
| Accumulated deficit | (103,897 | ) | (61,641 | ) | ||||
| Total stockholders' equity | 75,689 | 111,045 | ||||||
| Total liabilities and stockholders' equity | $ | 104,526 | $ | 140,291 |
VICARIOUS SURGICAL INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
(in thousands, except share and per share data)
Adjusted net loss and Adjusted EPS
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net income/(loss) | $ | (15,334 | ) | $ | (1,453 | ) | $ | (42,256 | ) | $ | 41,074 | |||||
| Change in fair value of warrant liabilities | 5,081 | 17,601 | (998 | ) | 78,329 | |||||||||||
| Adjusted net loss | (20,415 | ) | (19,054 | ) | (41,258 | ) | (37,255 | ) | ||||||||
| Adjusted EPS, basic and diluted | $ | (0.16 | ) | $ | (0.16 | ) | $ | (0.33 | ) | $ | (0.31 | ) | ||||
| Weighted average shares, basic and diluted | 126,992,152 | 121,341,460 | 126,563,552 | 120,813,572 |
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