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]

Vicarious Surgical (NYSE:RBOT) just reported results for the first quarter of 2024.Vicarious Surgical reported earnings per share of -9 cents. This met the analyst estimate for EPS of -9 cents.The company did not report any revenue for the quarter.InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estima ...

Vicarious Surgical Inc. (NYSE:RBOT) Q1 2024 Earnings Conference Call April 29, 2024 4:30 PM ET Company Participants Kaitlyn Brosco - Head, Investor Relations Adam Sachs - Co-Founder and CEO Bill Kelly - Chief Financial Officer Randy Clark - President Conference Call Participants Ryan Zimmerman - BTIG Adam Maeder - Piper Sandler Josh Jennings - TD Cowen Operator Hello. And welcome to Vicarious Surgical’s 2024 First Quarter Earnings Call. My name is Elliot, and I’ll be coordinating your call today. [Operator ...

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 March 31, 2024 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) | --- | --- | |--------------------------- ...

Exhibit 99.1 Vicarious Surgical Reports First Quarter 2024 Financial Results WALTHAM, Mass.-- (BUSINESS WIRE) – April 29, 2024 – Vicarious Surgical Inc. ("Vicarious Surgical" or the "Company") (NYSE: RBOT, RBOT WS), a next-generation robotics technology company seeking to improve lives through the transformation of surgical robotics, today announced financial results for the quarter ended March 31, 2024. Management will host a corresponding conference call at 4:30 p.m. ET today, April 29, 2024. "I'm proud t ...