Vicarious Surgical (NYSE:RBOT) FY Conference September 10, 2025 09:00 AM ET Company ParticipantsStephen From - CEO[Unknown Speaker]Vicarious Surgical. To talk about Vicarious Surgical, we have Stephen From, CEO from Vicarious. Vicarious is a medical device company that is developing a robotic surgical system. To talk more about Vicarious, we have Stephen here.Stephen FromAll right, thank you. Good morning, everybody, and thank you for sticking around to the last day and coming to the presentation. I'm just ...

Financial Data and Key Metrics Changes - Total operating expenses for Q2 2025 were $13.5 million, a 24% decrease from $17.7 million in Q2 2024 [14] - GAAP net loss for Q2 2025 was $13.2 million or $2.23 per share, compared to a net loss of $15.2 million or $2.59 per share in Q2 2024 [15] - Non-GAAP adjusted net loss for Q2 2025 was $13.3 million or $2.23 per share, compared to $16.8 million or $2.86 per share in Q2 2024 [15] - Cash burn rate for Q2 2025 was approximately $13.4 million, with an expectation of full-year 2025 cash burn around $50 million [16] Business Line Data and Key Metrics Changes - Research and development expenses for Q2 2025 were $9.1 million, down from $10.9 million in Q2 2024 [14] - General and administrative expenses for Q2 2025 were $4.1 million, compared to $5.6 million in Q2 2024 [14] - Sales and marketing expenses for Q2 2025 were $300,000, down from $1.2 million in Q2 2024 [14] Company Strategy and Development Direction - The company is focusing on completing a fully integrated production equivalent system before initiating clinical trials, shifting away from near-term targets for first clinical use (FCU) [11] - The new CEO emphasizes the importance of ensuring the system is ready for commercialization before proceeding with clinical trials [10][11] - The company aims to refine its timelines and evaluate progress across development programs while engaging with the Board and investors regarding capital strategy [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges of the current market environment but expresses confidence in the company's technology and mission to transform surgical care [18] - The new CEO is optimistic about the company's potential and the need for a system that addresses real problems in the surgical field [40][44] - Management is committed to providing reliable guidance to investors once a clearer understanding of development timelines is established [36][58] Other Important Information - The company ended Q2 2025 with approximately $24 million in cash, cash equivalents, and short-term investments [15] - The leadership transition is seen as an opportunity to reassess the company's development path and strategy [5][6] Q&A Session Summary Question: Can you discuss the process of prioritizing system readiness and the impact on clinical trial timelines? - The new CEO is focused on understanding the requirements for a full production equivalent system and ensuring that resources are allocated effectively to avoid rushing into clinical trials with an incomplete system [24][25] Question: What was anticipated to be spent on clinical trials, and how does that affect cash burn guidance? - Current budgeted costs for clinical trials are not expected to materially change the overall 2025 budget, as most groundwork does not require significant spending [30] Question: What milestones should investors expect by the end of the year? - The CEO indicates that it is too early to provide specific dates for milestones, as clarity will come after a thorough assessment of the current development status [35][36] Question: How does the company view its ability to fund development with current cash on hand? - The CEO expresses confidence in the company's potential and the need for the system being developed, emphasizing that the groundwork has already been laid for future success [39][41] Question: What led to the conclusion that the system is not ready for first in human trials? - Management identified several issues that need to be addressed before proceeding, including hardware and software adjustments, which require additional time and effort [50][52] Question: Will the timeline for clinical milestones shift significantly? - The CEO cannot provide specific guidance on timeline shifts until the assessment is completed, but he is optimistic about the visibility of the goal line as the assessment progresses [58][59]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39384 VICARIOUS SURGICAL INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporati ...

Exhibit 99.1 Vicarious Surgical Reports Second Quarter 2025 Financial Results WALTHAM, Mass.-- (BUSINESS WIRE) – August 12, 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 second quarter ended June 30, 2025. Management will host a corresponding conference call at 4:30 p.m. ET today, August 12, 2025. "Leading Vicarious ...

Vicarious Surgical's future product and service offerings, and its ability to serve those markets once commercialized, either alone or in partnership with others; Vicarious Surgical's estimates regarding expenses, future revenue, capital requirements and needs for additional financing; Vicarious Surgical's ability to raise financing in the future; Vicarious Surgical's financial performance; Vicarious Surgical's intellectual property rights and how failure to protect or enforce these rights could harm its bu ...

Financial Performance - Vicarious Surgical reported an adjusted net loss of $15.3 million for Q1 2025, equating to an adjusted loss per share of $2.58, compared to an adjusted net loss of $15.1 million and a loss per share of $2.58 in Q1 2024[6]. - The GAAP net loss for Q1 2025 was $15.4 million, or $2.60 per share, compared to a GAAP net loss of $17.0 million, or $2.90 per share, in Q1 2024[6]. - The company had a comprehensive net loss of $15.4 million for Q1 2025, compared to a comprehensive net loss of $17.1 million in Q1 2024[16]. Operating Expenses - The company's total operating expenses for Q1 2025 were $15.7 million, a decrease of 2% from $16.1 million in the same period last year[6]. - Research and development expenses for Q1 2025 were $9.4 million, down from $10.0 million in Q1 2024[6]. Cash Position - Cash and investments as of March 31, 2025, totaled $37.4 million, with a cash burn rate of $11.7 million for the first quarter[6]. - Vicarious Surgical expects a full-year cash burn of approximately $50 million for 2025[5]. Assets and Deficit - Total assets decreased from $67.7 million as of December 31, 2024, to $55.1 million as of March 31, 2025[18]. - Vicarious Surgical's accumulated deficit increased to $211.3 million as of March 31, 2025, from $195.9 million at the end of 2024[18]. Clinical Milestones - The company is on track to achieve its first clinical patients within the next few quarters, marking a significant milestone in its transition to a clinical-stage company[3].

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 were $15.7 million, a 2% decrease from $16.1 million in Q1 2024 [10] - R&D expenses for Q1 2025 were $9.4 million, down from $10 million in Q1 2024 [10] - GAAP net loss for Q1 2025 was $15.4 million or $2.6 per share, compared to a net loss of $17 million or $2.9 per share in Q1 2024 [11] Business Line Data and Key Metrics Changes - Sales and marketing expenses for Q1 2025 were $1 million, essentially flat compared to the prior year [10] - The company successfully built its first patient card and surgeon console for preclinical testing, marking significant progress in its development phase [7] Market Data and Key Metrics Changes - The company is preparing for its first human cases, focusing on ventral hernia repair, which aligns with its pivotal trial endpoints [8] - The collaboration with UMass Memorial Medical Center aims to optimize the implementation of the robotic system in clinical settings [9] Company Strategy and Development Direction - The company aims to revolutionize robotic surgery by overcoming limitations of existing surgical approaches, with a focus on minimally invasive procedures [5] - 2025 is positioned as a transformative year, with expectations to evolve into a clinical stage company and demonstrate the value of its single port surgical system [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress made in Q1 2025, which is expected to lead to the first major clinical milestone later this year [14] - The company is committed to disciplined spending and strategic financing to ensure continued operations and product development [17][18] Other Important Information - The company ended Q1 2025 with approximately $37 million in cash and short-term investments, with a cash burn rate of about $12 million for the quarter [11][12] - Full-year cash burn is expected to be around $50 million, indicating a focus on capital allocation [12] Q&A Session Summary Question: What assurances can you give to investors about your continued ability to fund operations? - Management emphasized disciplined spending and strategic evaluation of financing options, expressing optimism about support from existing and potential new investors [17][18] Question: How are you feeling about your ability to supply remaining components for the V1.0 build? - Management reported effective management of the supply chain, with no significant changes or adjustments to the schedule due to supply issues [20][21] Question: Can you provide details on the review timeline expectations for the technical dossier submission? - Management anticipates filing the technical dossier around mid-2025, with confidence based on assumptions from similar companies' experiences [27][28] Question: How could your hospital partners be additive to your development process? - Management highlighted that hospital partners are excited about the technology and are working on optimizing workflows, which will benefit the system's integration into clinical settings [29]

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 were $15.7 million, a 2% decrease from $16.1 million in Q1 2024 [11] - R&D expenses for Q1 2025 were $9.4 million, down from $10 million in Q1 2024 [11] - GAAP net loss for Q1 2025 was $15.4 million or $2.6 per share, compared to a net loss of $17 million or $2.9 per share in Q1 2024 [12] Business Line Data and Key Metrics Changes - Sales and marketing expenses for Q1 2025 were $1 million, essentially flat compared to the prior year [11] - The company successfully built its first patient card and surgeon console for preclinical testing, marking significant progress in its development timeline [7] Market Data and Key Metrics Changes - The company is preparing for its first human cases, focusing on ventral hernia repair, which aligns with its pivotal trial endpoints [8][9] - The collaboration with UMass Memorial Medical Center aims to optimize the implementation of the robotic system in clinical settings [9][10] Company Strategy and Development Direction - The company aims to revolutionize robotic surgery by overcoming limitations of existing surgical approaches, with a focus on minimally invasive procedures through a single small incision [5] - 2025 is positioned as a transformative year, with expectations to evolve into a clinical stage company and demonstrate the value of its single port surgical system [6][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving major clinical milestones later in 2025, attributing progress to the dedication of the team and support from investors [14] - The company is focused on disciplined spending and strategic financing to ensure continued operations and product development [17][18] Other Important Information - The company ended Q1 2025 with approximately $37 million in cash, cash equivalents, and short-term investments, with a cash burn rate of about $12 million for the quarter [12][13] - Full-year cash burn for 2025 is expected to be around $50 million, with a commitment to disciplined capital allocation [13] Q&A Session Summary Question: What assurances can you give to investors about your continued ability to fund operations? - Management emphasized disciplined spending and strategic evaluation of financing options, with confidence in support from existing and potential new investors [17][18] Question: How are you feeling about your ability to supply remaining components for the V1.0 build? - Management reported effective management of the supply chain, with no significant changes or adjustments to the schedule [20][21] Question: Can you provide details on the review timeline expectations for the technical dossier submission? - The company anticipates filing the technical dossier around mid-2025, with confidence based on assumptions from similar companies' experiences [27][28] Question: To what extent could hospital partners be additive to your development process? - Management indicated that hospital partners are excited about the technology and are actively working on optimizing workflows, which will benefit both development and future commercialization [29]

PART I: FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited Q1 2025 financials show a $15.4 million net loss, reduced cash, and substantial doubt about going concern [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $55.1 million by March 31, 2025, driven by reduced cash and investments Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,599 | $9,737 | | Short-term investments | $34,763 | $39,360 | | **Total Assets** | **$55,052** | **$67,719** | | Total Liabilities | $20,976 | $21,021 | | **Total Stockholders' Equity** | **$34,076** | **$46,698** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 net loss improved to $15.4 million from $17.0 million in Q1 2024 Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Income Statement Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $9,415 | $9,968 | | General and administrative | $5,291 | $5,000 | | Total operating expenses | $15,747 | $16,109 | | Loss from operations | $(15,747) | $(16,109) | | **Net loss** | **$(15,394)** | **$(17,001)** | | Net loss per share, basic and diluted | $(2.60) | $(2.90) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations improved to $11.8 million in Q1 2025, with total cash decreasing by $7.1 million Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(11,768) | $(14,458) | | Net cash provided by (used in) investing activities | $4,613 | $(144) | | Net cash provided by financing activities | $17 | $2 | | **Change in cash, cash equivalents and restricted cash** | **$(7,138)** | **$(14,600)** | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes highlight pre-revenue status, going concern doubt, 1-for-30 reverse stock split, and stock-based compensation - The company is developing a surgical robotic system and has not yet generated any revenue, with an accumulated deficit of **$211.3 million** as of March 31, 2025[28](index=28&type=chunk)[29](index=29&type=chunk) - Management concluded there is substantial doubt about the company's ability to continue as a going concern, as cash, cash equivalents, and short-term investments of **$37.4 million** are not sufficient to fund operations for the next 12 months, and the company is actively pursuing additional financing[30](index=30&type=chunk) - On June 12, 2024, the company effected a **1-for-30 reverse stock split** of its Class A and Class B common stock, with all share and per-share data retroactively adjusted[37](index=37&type=chunk)[78](index=78&type=chunk) - Total stock-based compensation expense was **$2.8 million** for the three months ended March 31, 2025, down from **$3.1 million** in the prior-year period[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%C2%B4s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses pre-revenue status, NYSE non-compliance, Q1 2025 net loss, and going concern issues - The company is developing a single-port surgical robot to address limitations of current open and robot-assisted surgeries, targeting a market of over **45 million** annual soft tissue procedures worldwide[107](index=107&type=chunk)[108](index=108&type=chunk) - On April 10, 2025, the company received a notice from the NYSE for non-compliance with the minimum market capitalization standard, as its average market cap fell below **$50 million** while stockholders' equity was also below **$50 million**, and the company intends to submit a compliance plan[112](index=112&type=chunk) - The company's cash, cash equivalents, and short-term investments of **$37.4 million** as of March 31, 2025, are expected to fund operations into the first quarter of 2026, raising substantial doubt about the company's ability to continue as a going concern[131](index=131&type=chunk) - The company has a universal shelf registration statement on Form S-3, allowing it to raise up to **$400 million**, which includes an "at-the-market" equity program, though no shares were sold under this program in Q1 2025 or 2024[134](index=134&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q1 2025 operating expenses decreased by 2% to $15.7 million, with R&D and S&M down, and G&A up Comparison of Operating Expenses (in thousands) | Operating Expense | Q1 2025 | Q1 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Research and development | $9,415 | $9,968 | $(553) | (6)% | | Sales and marketing | $1,041 | $1,141 | $(100) | (9)% | | General and administrative | $5,291 | $5,000 | $291 | 6% | | **Total operating expenses** | **$15,747** | **$16,109** | **$(362)** | **(2)%** | - The decrease in R&D expenses was primarily due to a **$658 thousand** reduction in personnel-related costs, driven by a **6%** decrease in average R&D headcount[124](index=124&type=chunk) - The increase in G&A expenses was mainly due to a **$374 thousand** rise in professional fees, partially offset by a **$112 thousand** decrease in insurance expenses[126](index=126&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) Cash of $37.4 million as of March 31, 2025, is insufficient for 12 months, raising going concern doubt - The company's cash, cash equivalents, and short-term investments balance of **$37,362 thousand** as of March 31, 2025, is not believed to be sufficient to support operations for the next 12 months[131](index=131&type=chunk) - The company expects its current cash to be sufficient to support operations into the **first quarter of 2026**[131](index=131&type=chunk) - Net cash used in operating activities decreased to **$11.8 million** in Q1 2025 from **$14.5 million** in Q1 2024[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - The company will need to obtain substantial additional funding to complete clinical trials, obtain market authorization, and commercialize the Vicarious Surgical System[133](index=133&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is exempt from market risk disclosures - As a smaller reporting company, Vicarious Surgical is not required to provide quantitative and qualitative disclosures about market risk[149](index=149&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Material weaknesses in internal controls persisted through Q1 2025, rendering disclosure controls ineffective; remediation is ongoing - Material weaknesses in internal control over financial reporting were identified, including issues with segregation of duties, IT controls, risk assessment, and monitoring of control processes[150](index=150&type=chunk) - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were not effective as of March 31, 2025[152](index=152&type=chunk) - Remediation efforts include hiring additional experienced personnel and implementing enhanced review controls and processes[151](index=151&type=chunk)[155](index=155&type=chunk) PART II: OTHER INFORMATION [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material pending legal proceedings - As of the filing date, the company is not party to any material pending legal proceedings[157](index=157&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) Significant risk factors include NYSE non-compliance due to minimum market capitalization failure, risking delisting - On April 10, 2025, the company received a notice from the NYSE for non-compliance with the minimum market capitalization standard, as its average market cap and stockholders' equity both fell below **$50 million**[159](index=159&type=chunk) - The company must submit a compliance plan to the NYSE; if the plan is not accepted or if compliance is not regained within the cure period, the company's stock will be subject to delisting procedures[160](index=160&type=chunk) - Potential delisting could result in limited market quotations, reduced stock liquidity, less news and analyst coverage, and a decreased ability to obtain future financing[161](index=161&type=chunk)[164](index=164&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales or repurchases of equity securities occurred during the quarter - The company did not have any unregistered sales of equity securities in the period[161](index=161&type=chunk) - The company did not repurchase any of its equity securities during the three months ended March 31, 2025[162](index=162&type=chunk) [Defaults Upon Senior Securities](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities - There were no defaults upon senior securities[163](index=163&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[165](index=165&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading plans were adopted or terminated by directors or officers during the quarter - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the three months ended March 31, 2025[166](index=166&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) The report includes filed exhibits such as agreements and required CEO/CFO certifications

Core Viewpoint - Vicarious Surgical Inc. (RBOT) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, driven by institutional investors who adjust their valuations based on these estimates [4][6]. - An increase in earnings estimates typically leads to higher fair value for a stock, prompting institutional buying or selling, which in turn affects stock prices [4]. Company-Specific Insights - For Vicarious Surgical, the upgrade reflects an improvement in the company's underlying business, suggesting that investor sentiment will likely drive the stock price higher [5]. - The Zacks Consensus Estimate for the company has increased by 15.9% over the past three months, with an expected earnings per share of -$7.15 for the fiscal year ending December 2025, representing a year-over-year change of 33.5% [8]. Zacks Rating System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - The upgrade to Zacks Rank 2 positions Vicarious Surgical in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10].