Vicarious Surgical Inc. (NYSE:RBOT) Q4 2024 Earnings Conference Call March 17, 2025 4:30 PM ET Company Participants Kaitlyn Brosco - Director-IR Adam Sachs - Co-Founder and CEO Randy Clark - President Conference Call Participants Ryan Zimmerman - BTIG Adam Maeder - Piper Sandler Josh Jennings - Cowen Operator Good afternoon. Thank you for attending the Vicarious Surgical's 2024 Fourth Quarter and Full Year Earnings Call. My name is Cameron and I will be your moderator for today. All lines have been muted du ...

Financial Performance and Position - The company has incurred an accumulated deficit of $195.9 million as of December 31, 2024, with net losses of $63.2 million and $71.1 million for the years ended December 31, 2024 and 2023, respectively[128][129]. - As of December 31, 2024, the company held cash and cash equivalents of $9.7 million and short-term investments of $39.4 million, which are expected to fund operations only into the first quarter of 2026[128][132]. - The company has not generated any revenue from the sales of the Vicarious Surgical System to date and anticipates continuing to incur significant losses for several years as it develops and commercializes the system[129][131]. - Future revenue generation is heavily dependent on the successful commercialization of the Vicarious Surgical System and the establishment of a sales and distribution network[131][139]. - The company recorded a full valuation allowance related to its NOLs and other deferred tax assets due to uncertainty regarding the realization of future benefits[187]. - As of December 31, 2024, the company had federal net operating loss carry forwards (NOLs) of approximately $165.1 million, with about $2.8 million set to expire between 2034 and 2037 if not utilized[187]. Market and Competitive Landscape - The company faces substantial competition from established companies in the robotic-assisted surgical market, including Intuitive Surgical, Johnson & Johnson, and Medtronic, which may impact its ability to generate future revenue[138][137]. - The company aims to commercialize the Vicarious Surgical System initially for ventral hernia repair procedures, with plans to expand into gynecological, urological, and other general surgical applications[135][139]. - Competition in the medical device industry is intense, with major competitors like Intuitive Surgical and Johnson & Johnson having greater resources, which could impact the company's market position[148]. - The introduction of new products by competitors could render the company's offerings obsolete, affecting future revenue and market acceptance[176]. Regulatory and Compliance Challenges - The company must navigate regulatory challenges and maintain compliance to successfully launch the Vicarious Surgical System in the market[140][135]. - The company is subject to extensive government regulation, which could restrict the development and marketing of its product candidates, potentially leading to significant costs[193]. - The FDA's review process for premarket notifications typically takes 90 to 180 days, while De Novo classification applications can take 120 to 280 days, with potential for longer delays[196]. - There is no guarantee that the FDA will grant marketing authorization for the Vicarious Surgical System or any future product candidates, which could hinder business growth[204]. - Compliance with regulatory requirements includes post-market surveillance and inspections, which may involve significant operational disruptions[200]. Operational Risks - The company faces challenges in establishing relationships with key surgeons, hospitals, and ASCs due to existing ties with larger medical device companies, which may hinder effective marketing of the Vicarious Surgical System[142]. - Manufacturing delays or problems could limit revenue growth and increase losses, impacting the company's operational results[160]. - The company relies on limited suppliers for key components, and losing these suppliers could necessitate redesigns and significantly affect business operations[163]. - The company faces challenges in developing and optimizing sales and distribution channels, which could negatively impact operating results and customer experience[167]. Intellectual Property and Legal Risks - The company relies on patent protection to maintain a competitive advantage, but uncertainties exist regarding the validity and enforceability of its patents[246]. - Litigation over intellectual property rights could be costly and time-consuming, with unfavorable outcomes potentially impacting the company's business[263]. - The company may face significant expenses and resource consumption when challenging third-party patents through USPTO or EPO proceedings[266]. - Adverse outcomes in intellectual property litigation could lead to diminished perceived value of the company's product candidates and negatively impact stock prices[267]. Management and Personnel - The company is highly dependent on the contributions of its co-founders and key personnel, and losing them could adversely affect business operations[150]. - The company must continue to recruit and retain effective sales and marketing personnel to achieve market awareness and sales success for the Vicarious Surgical System[170]. Financial and Market Risks - Economic downturns could weaken demand for the company's products and hinder capital raising efforts[177]. - Decreasing prices for the Vicarious Surgical System due to market pressures could adversely affect the company's financial condition if expenses are not reduced accordingly[159]. - The company anticipates incurring additional costs to remediate identified control deficiencies, which may not guarantee success[186]. Corporate Governance and Structure - The company is classified as an "emerging growth company" and a "smaller reporting company," allowing it to take advantage of certain exemptions from disclosure requirements, which may affect the attractiveness of its securities to investors[300][302]. - Approximately 71.7% of the voting power is held by Adam Sachs, Sammy Khalifa, and Barry Greene, which may lead the company to become a "controlled company" under NYSE standards[313]. - The board of directors can issue preferred stock without stockholder approval, which could significantly dilute the ownership of a hostile acquirer[306].

Financial Performance - Vicarious Surgical achieved a cash burn of $49.1 million for the full year 2024, in line with guidance of approximately $50 million[7]. - Adjusted net loss for Q4 2024 was $14.4 million, or $2.43 per share, compared to an adjusted net loss of $14.6 million, or $2.50 per share, in Q4 2023[8]. - Net loss for the three months ended December 31, 2024, was $13,926 thousand, compared to a loss of $13,111 thousand in the same period of 2023[23]. - Adjusted net loss for the twelve months ended December 31, 2024, was $63,266 thousand, down from $76,262 thousand in 2023, indicating an improvement of approximately 16.9%[23]. - Adjusted EPS for the three months ended December 31, 2024, was $(2.43), slightly better than $(2.50) in 2023[23]. Expenses - Operating expenses for Q4 2024 were $15.0 million, a decrease of 3% compared to $15.5 million in Q4 2023[5]. - R&D expenses for the full year 2024 were $40.2 million, down from $47.6 million in 2023[6]. - General and administrative expenses for the full year 2024 were $21.9 million, compared to $26.9 million in 2023[6]. - Sales and marketing expenses for the full year 2024 were $4.5 million, down from $6.2 million in 2023[6]. Assets and Liabilities - Total assets decreased from $119,864 thousand in 2023 to $67,719 thousand in 2024, a decline of approximately 43.5%[20]. - Current assets fell from $100,953 thousand in 2023 to $51,698 thousand in 2024, representing a decrease of about 48.9%[20]. - Total liabilities decreased from $21,895 thousand in 2023 to $21,021 thousand in 2024, a reduction of about 4%[20]. - The company reported a total current liabilities increase from $7,280 thousand in 2023 to $7,667 thousand in 2024, an increase of approximately 5.3%[20]. - Stockholders' equity dropped significantly from $97,969 thousand in 2023 to $46,698 thousand in 2024, a decline of approximately 52.4%[20]. Strategic Developments - The company completed the integration of its Version 1.0 system and is preparing for its first clinical patients in 2025[2]. - The company has expanded strategic partnerships with LSU Health New Orleans, Temple Health, and University of Illinois Health[5]. - Vicarious Surgical appointed Sarah Romano as Chief Financial Officer, effective April 1, 2025[5]. Shareholder Information - Weighted average shares outstanding increased from 4,866,880 in 2023 to 5,885,589 in 2024, reflecting a rise of about 20.9%[23]. - The change in fair value of warrant liabilities for the twelve months ended December 31, 2024, was $43 thousand, compared to $5,191 thousand in 2023[23].

Financial Data and Key Metrics Changes - Vicarious Surgical reported financial results for the three months ended September 30, 2024, with specific metrics available in the press release [2]. Business Line Data and Key Metrics Changes - No specific details regarding changes in business line data and key metrics were provided in the available content. Market Data and Key Metrics Changes - No specific details regarding changes in market data and key metrics were provided in the available content. Company Strategy and Development Direction and Industry Competition - The management highlighted that forward-looking statements regarding the Vicarious Surgical System's approval and commercialization are based on current estimations and various assumptions [3]. Management Comments on Operating Environment and Future Outlook - Management cautioned that forward-looking statements involve material risks and uncertainties that could cause actual results to differ from expectations [4]. Other Important Information - The call included a reminder about the forward-looking statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 [3]. Q&A Session All Questions and Answers - No specific questions and answers from the Q&A session were provided in the available content.

Financial Performance - The company reported net losses of $49,927,000 for the nine months ended September 30, 2024, compared to $57,960,000 for the same period in 2023, representing a 14% decrease in losses [121]. - Loss from operations prior to warrant adjustments was $51,577,000 for the nine months ended September 30, 2024, a 21% improvement from $65,125,000 in the prior year [121]. - Net cash used in operating activities was $38,168 for the nine months ended September 30, 2024, compared to $50,935 for the same period in 2023, reflecting a net loss of $49,297 [157]. - The company expects net losses to continue as it invests in commercialization and new product development, with current cash and short-term investments of $60,864 sufficient to support operations beyond the next twelve months [150]. Expenses - Research and Development (R&D) expenses decreased by $2,240,000, or 17%, to $10,800,000 for the three months ended September 30, 2024, compared to $13,040,000 in the same period of 2023 [132]. - Sales and Marketing (S&M) expenses decreased by $193,000, or 14%, to $1,208,000 for the three months ended September 30, 2024, from $1,401,000 in the prior year [133]. - General and Administrative (G&A) expenses decreased by $1,164,000, or 17%, to $5,747,000 for the three months ended September 30, 2024, compared to $6,911,000 in 2023 [135]. - Total operating expenses decreased by $13,548, or 21%, to $51,577 during the three months ended September 30, 2024, compared to $65,125 in the same period in 2023 [140]. - Research and development expenses decreased by $7,418, or 19%, to $31,692 during the nine months ended September 30, 2024, compared to $39,110 in the same period in 2023, mainly due to a 32% decrease in average headcount [141]. - Sales and marketing expenses decreased by $1,481, or 29%, to $3,546 during the nine months ended September 30, 2024, compared to $5,027 in the same period in 2023, primarily due to a 47% decrease in average headcount [142]. - General and administrative expenses decreased by $4,649, or 22%, to $16,339 during the nine months ended September 30, 2024, compared to $20,988 in the same period in 2023, largely due to a 43% decrease in average headcount [143]. Revenue and Market Potential - The company has not generated any revenue as of September 30, 2024, and does not expect to do so until FDA authorization is received for its product candidate [122]. - The company estimates that over 45 million soft tissue surgical procedures are addressable annually worldwide by its technology, with more than 50% currently performed using open surgery [112]. - The company plans to file a de novo application with the FDA for its Vicarious Surgical System for use in ventral hernia procedures as its first indication [116]. Cash and Investments - As of September 30, 2024, the company held cash and cash equivalents of $7,069 and short-term investments of $53,795, with an accumulated deficit of $182,009 [149]. - Net cash used by investing activities for the nine months ended September 30, 2024 was $7,587, compared to $50,828 for the same period in 2023, indicating a significant decrease of approximately 85.1% [160][161]. - Proceeds from sales and maturities of available-for-sale investments for the nine months ended September 30, 2024 were $45,182, while in 2023, they were $12,535, showing an increase of approximately 260.5% [160][161]. - Net cash provided by financing activities for the nine months ended September 30, 2024 was $2, a substantial decrease from $44,668 in 2023, reflecting a decline of approximately 99.99% [162][163]. Compliance and Regulatory - The company regained compliance with NYSE continued listing requirements as of July 26, 2024, with an average closing share price of at least $1.00 [119]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to adopt new accounting standards within the same time periods as private companies [169]. - The company takes advantage of reduced regulatory and reporting requirements as an emerging growth company, including exemptions from certain auditor attestation requirements [170]. - The company is not required to provide quantitative and qualitative disclosures about market risk as it qualifies as a smaller reporting company [171]. Warrant Liabilities - The change in fair value of warrant liabilities resulted in a $415 loss during the nine months ended September 30, 2024, due to remeasurement of warrant liabilities [144]. - The company recognizes warrant liabilities at fair value, which are subject to re-measurement at each balance sheet date until exercised, impacting the statement of operations [165]. - The company estimates the volatility of its warrants based on implied volatility from Public Warrants and historical volatility of peer companies, which influences the fair value calculations [166].

Financial Performance - Adjusted net loss for Q3 2024 was $17.0 million, or $2.87 per share, compared to an adjusted net loss of $20.4 million, or $3.95 per share, in Q3 2023[5] - The company reported a GAAP net loss of $17.1 million for Q3 2024, equating to a net loss per share of $2.90, compared to a GAAP net loss of $15.7 million, or $3.04 per share, in Q3 2023[5] - Adjusted net loss for the three months ended September 30, 2024, was $(16,953,000), compared to $(20,407,000) for the same period in 2023, representing an improvement of about 17%[17] - Adjusted EPS improved to $(2.87) for the three months ended September 30, 2024, from $(3.95) in the same period last year, indicating a 27% reduction in loss per share[17] Operating Expenses - Operating expenses for Q3 2024 were $17.8 million, a decrease of 17% from $21.4 million in Q3 2023[3] - R&D expenses in Q3 2024 were $10.8 million, down from $13.0 million in the same quarter last year[3] - Sales and marketing expenses for Q3 2024 were $1.2 million, down from $1.4 million in Q3 2023[4] - General and administrative expenses decreased to $5.7 million in Q3 2024 from $6.9 million in the same period last year[3] Cash and Investments - As of September 30, 2024, the company had $60.9 million in cash and investments, with a cash burn rate of $12.4 million for Q3 2024[6] - Vicarious Surgical expects a full year 2024 cash burn of approximately $50 million[7] - Cash and cash equivalents decreased to $7,069,000 from $52,822,000, a significant drop of about 87%[16] Assets and Liabilities - Total current assets decreased to $63,977,000 from $100,953,000, a decline of approximately 37%[16] - Total liabilities increased slightly to $22,734,000 from $21,895,000, reflecting a rise of approximately 4%[16] - Total stockholders' equity decreased to $57,882,000 from $97,969,000, a decline of approximately 41%[16] - Total assets decreased to $80,616,000 from $119,864,000, a decline of approximately 33%[16] Shareholder Information - Weighted average shares outstanding increased to 5,899,616 from 5,171,380, a rise of about 14%[17] Other Financial Metrics - The accumulated deficit increased to $(182,009,000) from $(132,712,000), indicating a worsening of approximately 37%[16] - The change in fair value of warrant liabilities showed a significant fluctuation, with a loss of $(138,000) compared to a gain of $4,703,000 in the previous year[17] Development Milestones - The company is on track to achieve its Version 1.0 System integration milestone within the next few weeks, aiming to complete its first clinical patient in less than a year[2] - The company is developing a single-port robotic system, which is expected to demonstrate significant clinical value for patients and surgeons[2]

Financial Data and Key Metrics Changes - In Q2 2024, operating expenses totaled $17.7 million, a year-over-year increase of 17% [12] - R&D expenses decreased to $10.9 million from $12.7 million in Q2 2023 [12] - General and administrative expenses fell to $5.6 million from $7.1 million in Q2 2023 [13] - Adjusted net loss for Q2 2024 was $16.8 million, or $2.86 per share, compared to an adjusted net loss of $20.4 million, or $4.82 per share in Q2 2023 [13] - GAAP net loss for Q2 2024 was $15.2 million, or $2.59 per share, compared to a net loss of $15.3 million, or $3.62 per share in Q2 2023 [13] - Cash, cash equivalents, and short-term investments at the end of Q2 2024 were $73 million, with a cash burn rate of approximately $11 million [14] Business Line Data and Key Metrics Changes - The company is in the latter stages of refining both the surgeon console and patient cart, with a focus on enhancing user experience [7][8] - The first clinical patient is anticipated around this time next year, with ongoing evaluations of potential clinical sites [10] Market Data and Key Metrics Changes - The partnership with LSU Health New Orleans marks the fifth hospital system alliance, enhancing market strategy and insights [11] Company Strategy and Development Direction - The company aims to improve lives by transforming robotic surgery, with a focus on the Version 1.0 system integration and subsequent clinical trials [6][15] - The strategy includes maintaining strong financial discipline while executing development milestones [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the fall integration milestone and transitioning into clinical trials next year [15] - The company is focused on executing current milestones while being good stewards of capital [18] Other Important Information - The company is conducting various testing to ensure regulatory compliance and safety for clinical use [9] Q&A Session Summary Question: How does the company plan to fund its clinical trial set to kick off in 2025? - The company ended the period with $73 million and expects a cash burn of approximately $50 million for the year, providing about 1.5 years of cash [18] Question: What insights are being provided by U.S. hospital partners during the development process? - Hospital partners provide insights into various stages, including assessments and training protocols, which are crucial for the clinical trial and commercial launch [22] Question: How is the company managing operating expenses with the projected cash burn? - The company noted seasonal fluctuations in expenses and remains comfortable with the $50 million cash burn guidance for the year [24] Question: What preparations are left for the integration process? - The company is in the final stages of testing designs and evaluating subsystems, with confidence in the integration process despite its complexity [26] Question: What is the company's strategy regarding clinical data and trial locations? - The company is considering filing without U.S. clinical data, focusing on international sites for trials, particularly in South America and Australia [30] Question: How does the company view the necessity of additional partnerships before commercial approval? - Each partnership must offer significant incremental value, and the company is open to new partnerships that provide unique insights [32] Question: Is there any change in the clinical pathway for indications? - There has been no change in the clinical pathway, with the same number of patients and indications planned [35] Question: What potential risks are associated with the integration timeline? - The complexity of the system poses risks, particularly with the instrument arms, but the company has built in time for remediation of any issues [38]

Financial Performance - The company reported net losses of $32,206,000 for the six months ended June 30, 2024, compared to $42,256,000 for the same period in 2023, representing a 24% reduction in losses [132]. - The company incurred a loss from operations of $33,822,000 for the six months ended June 30, 2024, compared to $43,773,000 for the same period in 2023, reflecting a 23% improvement [132]. - Net loss for the six months ended June 30, 2024, was $32,206, a decrease of $10,050, or 24%, compared to a net loss of $42,256 for the same period in 2023 [150]. Expenses - Research and Development (R&D) expenses decreased by $1,790,000, or 14%, to $10,924,000 for the three months ended June 30, 2024, compared to $12,714,000 for the same period in 2023 [144]. - General and Administrative (G&A) expenses decreased by $1,486, or 21%, to $5,592 for the three months ended June 30, 2024, compared to $7,078 for the same period in 2023 [147]. - Research and Development (R&D) expenses decreased by $5,178, or 20%, to $20,892 for the six months ended June 30, 2024, compared to $26,070 for the same period in 2023 [152]. - Sales and Marketing (S&M) expenses decreased by $469,000, or 28%, to $1,197,000 for the three months ended June 30, 2024, compared to $1,666,000 for the same period in 2023 [145]. - Sales and Marketing (S&M) expenses decreased by $1,288, or 36%, to $2,338 for the six months ended June 30, 2024, compared to $3,626 for the same period in 2023 [153]. - Total operating expenses decreased by $9,951, or 23%, to $33,822 for the six months ended June 30, 2024, compared to $43,773 for the same period in 2023 [150]. Cash Flow - Cash and cash equivalents as of June 30, 2024, were $20,250, with short-term investments of $52,980, totaling $73,230 [157]. - Net cash used in operating activities for the six months ended June 30, 2024, was $25,479, compared to $33,652 for the same period in 2023 [164]. - Net cash used in operating activities for the six months ended June 30, 2023, was $33,652, with a net loss of $42,256, offset by non-cash items of $8,421 [166]. - Net cash used by investing activities for the six months ended June 30, 2023, was $50,184, consisting of $62,205 for purchases of available-for-sale investments, partially offset by $12,535 in proceeds from sales and maturities [167]. - Net cash provided by financing activities for the six months ended June 30, 2023, was $435, including $251 from stock option exercises and $200 from a stockholder [169]. Regulatory and Compliance - The company plans to file a de novo application with the FDA for its Vicarious Surgical System for ventral hernia procedures as its first indication [128]. - The company has had pre-submission meetings with the FDA to align on its regulatory strategy [128]. - The company regained compliance with NYSE continued listing requirements as of July 26, 2024, with an average closing share price of at least $1.00 [131]. - The company intends to take advantage of reduced regulatory and reporting requirements as an emerging growth company under the JOBS Act [175]. - The company plans to adopt new accounting standards within the same time periods as private companies, as allowed under the JOBS Act [175]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [177]. Operational Insights - The average headcount decreased by 37% from 205 employees in the six months ended June 30, 2023, to 129 employees for the same period in 2024 [132]. - The company is addressing significant limitations of existing robotic systems with its single-port Vicarious Surgical System, designed to improve patient outcomes and enhance adoption [128]. - The company expects to need substantial additional funding to complete clinical trials and commercialize the Vicarious Surgical System [158]. Other Financial Metrics - Change in fair value of warrant liabilities resulted in a $1,590 gain for the three months ended June 30, 2024 [147]. - The company experienced a $1,698 increase in prepaid and other current assets, partially offset by a $872 decrease in accrued expenses and a $374 decrease in lease liabilities [166]. - The fair value of Public Warrants is determined from their trading value on public markets, while Private Placement Warrants are calculated using the Black-Scholes option pricing model [172]. - The company recognized $6,578 in stock-based compensation as part of non-cash items for the six months ended June 30, 2023 [166]. - The company reported a $183 net change in operating assets and liabilities during the six months ended June 30, 2023 [166].

Financial Performance - Adjusted net loss for Q2 2024 was $16.8 million, or $2.86 per share, compared to an adjusted net loss of $20.4 million, or $4.82 per share, in Q2 2023[4] - The company reported a GAAP net loss of $15.2 million for Q2 2024, compared to a GAAP net loss of $15.3 million in Q2 2023[4] - Adjusted net loss for June 2024 was $16,795 thousand compared to $20,415 thousand in June 2023, showing an improvement of approximately 18%[18] - Adjusted EPS improved from $(4.82) in June 2023 to $(2.86) in June 2024, reflecting a positive change of about 40%[18] Operating Expenses - Vicarious Surgical reported operating expenses of $17.7 million for Q2 2024, a decrease of 17% from $21.5 million in Q2 2023[3] - R&D expenses for Q2 2024 were $10.9 million, down from $12.7 million in the same period last year[3] - General and administrative expenses decreased to $5.6 million in Q2 2024 from $7.1 million in Q2 2023[3] - Sales and marketing expenses were $1.2 million in Q2 2024, down from $1.7 million in the same period last year[3] Cash and Investments - The company had $73.2 million in cash and investments as of June 30, 2024, with a cash burn rate of $10.9 million for the quarter[4] - Vicarious Surgical expects a full year 2024 cash burn of approximately $50 million[4] - Cash and cash equivalents decreased from $52,822 thousand to $20,250 thousand, a decline of approximately 62%[16] Assets and Liabilities - Total current assets decreased from $100,953 thousand to $75,933 thousand, a decline of approximately 25%[16] - Total assets decreased from $119,864 thousand to $93,347 thousand, representing a reduction of about 22%[16] - Total liabilities decreased slightly from $21,895 thousand to $21,486 thousand, a reduction of about 2%[16] - Stockholders' equity decreased from $97,969 thousand to $71,861 thousand, a decline of approximately 27%[16] - The accumulated deficit increased from $(132,712) thousand to $(164,918) thousand, indicating a worsening financial position[16] Partnerships and Milestones - The company entered a partnership with LSU Health New Orleans, marking its fifth U.S. hospital system collaboration[3] - The V1.0 integration milestone is on track for this fall, with plans to advance towards the first clinical patient next year[2] Shareholder Information - Weighted average shares outstanding increased from 4,233,072 to 5,873,019, an increase of approximately 39%[18] - The change in fair value of warrant liabilities was $1,590 thousand for June 2024, compared to $5,081 thousand in June 2023, indicating a significant decrease[18]

Company Overview - Vicarious Surgical is a pioneering surgical robotics company focused on revolutionizing surgery through human-like robots that facilitate minimally invasive procedures, enhancing surgical efficiency, improving patient outcomes, and reducing healthcare costs [2][4] Partnership Details - Vicarious Surgical has entered a strategic development agreement with LSU Health New Orleans, which provides access to a vast network and expertise, aimed at refining training protocols and fostering surgeon adoption of its V1.0 surgical robot [1][3] - The partnership is expected to accelerate the validation and adoption of Vicarious Surgical's robotic platform, ultimately improving surgical outcomes and reducing healthcare costs [3] Product Development - The Vicarious Surgical robotic platform, Version 1.0 (V1.0), is designed to enhance surgical efficiency and patient outcomes while reducing healthcare costs through minimally invasive procedures [4] - The company plans to submit V1.0 for FDA approval by early to mid-2026, with cadaveric testing scheduled for spring and final refinements planned for fall [4] Industry Prospects - The surgical robots market was valued at $7.1 billion in 2023 and is projected to reach $26.4 billion by 2032, growing at a CAGR of 16.1%, driven by increased adoption of surgical robots, rising surgical procedures, and growing healthcare expenditures [5] Price Performance - Vicarious Surgical's shares (RBOT) have decreased by 45.6% this year, contrasting with a 3.6% rise in the industry and a 10% increase in the S&P 500 during the same period [6]