Vicarious Surgical (RBOT) - 2025 Q2 - Quarterly Results

Company Overview and Recent Developments Vicarious Surgical reported Q2 2025 financial results, announced a CEO transition, and provided full-year cash burn guidance Introduction and Leadership Transition Vicarious Surgical announced its second quarter 2025 financial results alongside a significant leadership change, with co-founder Adam Sachs transitioning to President and Stephen From appointed as the new CEO - Vicarious Surgical announced Q2 2025 financial results and a CEO transition, with Stephen From taking over from co-founder Adam Sachs, who moves to President[2][3] - New CEO Stephen From highlighted the company's technology as a meaningful leap in surgical innovation with the capacity to reshape the standard of care and enhance patient outcomes globally[3] Second Quarter 2025 Financial Highlights Vicarious Surgical reported decreased operating expenses and a reduced GAAP net loss for Q2 2025, alongside full-year cash burn guidance Second Quarter 2025 Key Financial Highlights | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (%) | | :-------------------------------- | :----------------- | :----------------- | :--------- | | Operating Expenses | $13.5 | $17.7 | -24% | | R&D Expenses | $9.1 | $10.9 | -16.5% | | G&A Expenses | $4.1 | $5.6 | -26.8% | | Sales & Marketing Expenses | $0.3 | $1.2 | -75% | | GAAP Net Loss | $(13.2) | $(15.2) | -13.1% | | GAAP Net Loss Per Share | $(2.23) | $(2.59) | -13.9% | | Non-GAAP Adjusted Net Loss | $(13.3) | $(16.8) | -20.8% | | Non-GAAP Adjusted Loss Per Share | $(2.23) | $(2.86) | -22.0% | - Vicarious Surgical expects full year 2025 cash burn of approximately $50 million[5] - As of June 30, 2025, the Company had $24.0 million in cash and investments, with a cash burn rate of $13.4 million for the second quarter of 2025[6] Detailed Financial Results This section presents condensed consolidated statements of operations and balance sheets, detailing changes in expenses, net loss, assets, and equity Condensed Consolidated Statements of Operations The condensed consolidated statements of operations show reduced operating expenses and net loss for Q2 and H1 2025, reflecting decreased spending Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 (Thousands) | Three Months Ended June 30, 2024 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Research and development | $9,050 | $10,924 | $18,465 | $20,892 | | Sales and marketing | $349 | $1,197 | $1,390 | $2,338 | | General and administrative | $4,120 | $5,592 | $9,411 | $10,592 | | Total operating expenses | $13,519 | $17,713 | $29,266 | $33,822 | | Net loss | $(13,215) | $(15,205) | $(28,609) | $(32,206) | | Net loss per share | $(2.23) | $(2.59) | $(4.82) | $(5.49) | - Total operating expenses decreased by 23.7% for the three months and 13.5% for the six months ended June 30, 2025, year-over-year[18] Condensed Consolidated Balance Sheets The condensed consolidated balance sheets show a significant reduction in total assets and stockholders' equity from December 2024 to June 2025, due to decreased cash and investments Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 (Thousands) | December 31, 2024 (Thousands) | | :-------------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $3,910 | $9,737 | | Short-term investments | $20,053 | $39,360 | | Total current assets | $26,067 | $51,698 | | Total assets | $40,890 | $67,719 | | Total liabilities | $17,827 | $21,021 | | Total stockholders' equity | $23,063 | $46,698 | - Cash and cash equivalents decreased by 59.9% from $9.7 million at December 31, 2024, to $3.9 million at June 30, 2025[20] - Total stockholders' equity decreased by 50.6% from $46.7 million at December 31, 2024, to $23.1 million at June 30, 2025[20] Non-GAAP Financial Measures This section defines and reconciles non-GAAP financial measures, including Adjusted Net Loss and Adjusted EPS, to GAAP results Purpose and Definition of Non-GAAP Measures Vicarious Surgical uses non-GAAP measures like Adjusted Net Loss and EPS to clarify core operating performance and aid financial planning, as supplements to GAAP results - Vicarious Surgical provides non-GAAP financial measures (Adjusted Net Loss and Adjusted EPS) to help investors understand core operating results and for financial planning purposes[9][10] - These non-GAAP measures are not prepared in accordance with U.S. GAAP and should be considered as a supplement to, not a substitute for, GAAP financial results[11][12] Reconciliation of GAAP to Non-GAAP The company provides a detailed reconciliation table showing adjustments from GAAP net loss to non-GAAP adjusted net loss and EPS, primarily excluding warrant liability fair value changes Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands) | Metric | Three Months Ended June 30, 2025 (Thousands) | Three Months Ended June 30, 2024 (Thousands) | Six Months Ended June 30, 2025 (Thousands) | Six Months Ended June 30, 2024 (Thousands) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net loss (GAAP) | $(13,215) | $(15,205) | $(28,609) | $(32,206) | | Change in fair value of warrant liabilities | $40 | $1,590 | $(53) | $(277) | | Adjusted net loss (Non-GAAP) | $(13,255) | $(16,795) | $(28,556) | $(31,929) | | Adjusted EPS, basic and diluted | $(2.23) | $(2.86) | $(4.81) | $(5.44) | - The primary adjustment from GAAP net loss to Adjusted net loss is the exclusion of the change in fair value of warrant liabilities[14] Corporate Information and Disclosures This section provides information about Vicarious Surgical, details conference call access, outlines forward-looking statement disclaimers, and lists investor and media contacts About Vicarious Surgical Vicarious Surgical, founded in 2014, develops disruptive human-like surgical robots for minimally invasive procedures, aiming to improve efficiency, patient outcomes, and reduce costs - Vicarious Surgical is a next-generation robotics company developing unique disruptive technology with human-like surgical robots for minimally invasive surgery[8] - The company's goals include substantially increasing surgical efficiency, improving patient outcomes, and reducing healthcare costs[8] - Vicarious Surgical has received backing from technology luminaries including Bill Gates, Vinod Khosla's Khosla Ventures, and Jerry Yang's AME Cloud Ventures[8] Conference Call Information Vicarious Surgical hosted a conference call on August 12, 2025, to discuss Q2 2025 financial results, offering dial-in and webcast access - A conference call was held on Tuesday, August 12, 2025, at 4:30 p.m. ET to discuss the second quarter 2025 financial results[7] - Access was available via domestic and international dial-in numbers, and a live and archived webcast was provided on the company's investor relations website[7] Forward-Looking Statements This cautionary disclosure indicates that forward-looking statements are subject to risks and uncertainties, advising readers not to unduly rely on them, and disclaiming update obligations - The press release includes forward-looking statements subject to significant risks and uncertainties that could cause actual results to differ materially from expectations[15] - Factors that may cause differences include regulatory approvals, financing, product development success, market competition, and intellectual property rights[15] - Readers are cautioned not to place undue reliance on these statements, and the company disclaims any obligation to publicly update or revise them[15] Investor and Media Relations Contact information for investor relations and media inquiries is provided for stakeholders seeking further information - Investor inquiries can be directed to ir@vicarioussurgical.com[16] - Media inquiries can be directed to media@vicarioussurgical.com[16]