Vicarious Surgical (US:RBOT)2025-11-12 22:00Financial Performance - As of September 30, 2025, the company reported net losses of $39,667, compared to $49,927 for the same period in 2024, reflecting a 21% improvement in loss from operations [124]. - Net loss for the nine months ended September 30, 2025, was $39,667, a decrease of $9,630, or 20%, compared to a net loss of $49,297 for the same period in 2024 [139]. Operating Expenses - The total operating expenses for the three months ended September 30, 2025, were $11,503, a decrease of $6,252 or 35% from $17,755 in the same period in 2024 [132]. - For the nine months ended September 30, 2025, total operating expenses decreased by $10,808, or 21%, to $40,769 compared to $51,577 for the same period in 2024 [139]. - Research and development expenses decreased by $2,807, or 26%, to $7,993 for the three months ended September 30, 2025, compared to $10,800 for the same period in 2024 [133]. - Research and development expenses decreased by $5,234, or 17%, to $26,458 during the nine months ended September 30, 2025, primarily due to a $1,627 decrease in personnel-related expenses and a $4,704 decrease in professional fees [140]. - Sales and marketing expenses dropped by $858, or 71%, to $350 during the three months ended September 30, 2025, compared to $1,208 in the same period in 2024 [134]. - Sales and marketing expenses decreased by $1,806, or 51%, to $1,740 during the nine months ended September 30, 2025, mainly due to a decrease in personnel-related expenses attributed to a 33% reduction in average headcount [141]. - General and administrative expenses decreased by $2,587, or 45%, to $3,160 for the three months ended September 30, 2025, compared to $5,747 for the same period in 2024 [135]. - General and administrative expenses decreased by $3,768, or 23%, to $12,571 during the nine months ended September 30, 2025, primarily due to a $3,330 decrease in personnel-related expenses [142]. Cash Flow - Cash and cash equivalents as of September 30, 2025, were $3,164, with short-term investments of $10,250, leading to a total balance of $13,414 [148]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $35,764, compared to $38,168 for the same period in 2024 [153]. - Net cash provided by investing activities for the nine months ended September 30, 2025, was $29,124, primarily from proceeds of $44,208 from sales and maturities of available-for-sale investments [156]. Company Operations and Compliance - The company has not generated any revenue as of September 30, 2025, and does not expect to do so until FDA authorization is received for its product candidate [125]. - The company completed its first controlled build of the Vicarious Surgical platform in April 2025 and a second build in August 2025, indicating progress in scalability [119]. - The company plans to file a de novo application with the FDA for use in ventral hernia procedures as its first indication [118]. - The average headcount decreased by 7% from 130 in the nine months ended September 30, 2024, to 121 in the same period in 2025 [124]. - The company received a notice from the NYSE regarding non-compliance with listing standards due to market capitalization and stockholders' equity being below $50 million, but has submitted a plan to regain compliance [121]. Funding and Valuation - The company expects to need substantial additional funding to conduct clinical trials and commercialize the Vicarious Surgical System, indicating potential dilution for existing shareholders [150]. - The company maintains a full valuation allowance against its U.S. and state deferred tax assets due to historical cumulative losses and expected future losses [145]. Accounting and Reporting - The company recognizes warrant liabilities at fair value, adjusting them at each reporting period, with changes in fair value reflected in the statement of operations [161]. - The fair value of Public Warrants is determined by their trading value, while Private Placement Warrants are calculated using the Black-Scholes option pricing model [161]. - 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 [164]. - The company plans to utilize reduced regulatory and reporting requirements available to emerging growth companies, including exemptions from certain auditor attestation requirements [165]. - The company is a smaller reporting company and is not required to provide certain market risk disclosures [166].