Vicarious Surgical Inc.

What they do

Vicarious Surgical is developing the Vicarious Surgical System, a single-port surgical robot designed to virtually transport surgeons inside the patient for minimally invasive surgery. The system features proprietary de-coupled actuators, human-like motion with nine degrees of freedom per arm, and 28 sensors per instrument arm for real-time feedback. The company has not generated any revenue to date and is seeking FDA authorization for its first clinical application in ventral hernia repair.

Revenue drivers

• No revenue to date — The company has not generated any revenue and does not expect to until FDA authorization of its product candidate, the Vicarious Surgical System.
• Addressable market for soft tissue procedures — Management estimates 45 million annual soft tissue abdominal and gynecological procedures worldwide could be addressable, with ventral hernia as the first target (3.9 million cases worldwide, 0.9 million in the U.S.).
• Future system and disposable sales — Revenue will depend on future sales of the Vicarious Surgical System and related disposable instruments, expected to be priced cost-effectively relative to legacy systems, though no commercial sales have occurred.

Recent performance

For the full year 2025, Vicarious Surgical reported a net loss of $50.2 million, an improvement from $63.2 million in 2024, with operating expenses down 25% to $50.0 million. R&D expenses fell 16% to $33.6 million, G&A fell 31% to $15.2 million, and sales and marketing fell 52% to $2.2 million. Cash burn for 2025 was $45.1 million, below guidance. As of December 31, 2025, the company held $9.8 million in cash and investments, including $2.6 million in cash and equivalents, and $7.2 million in short-term investments.

Strategy

Management is focusing on reducing costs and streamlining operations, with headcount down 23% to an average of 98 people in 2025. They are developing the Vicarious Surgical System for FDA authorization, targeting ventral hernia procedures first, then expanding to other abdominal and gynecological applications. The company plans to differentiate on smaller size, mobility, and lower cost compared to legacy robotic systems. To address funding needs, management is pursuing strategies including equity or debt offerings, licensing or collaboration arrangements, and strategic alternatives.

Risks

• Going concern risk — Substantial doubt exists about the company's ability to continue for the next 12 months; cash and investments are expected to fund operations only through Q2 2026.
• No revenue and FDA dependence — The company has no revenue and will not generate any until FDA authorization of the Vicarious Surgical System, which is uncertain and may never be obtained.
• Limited cash runway — With only $9.8 million in cash and investments at year-end 2025, the company may need to curtail programs, cut costs, or liquidate if additional funding is not secured.
• Delisting notice — The company received a delisting notice or listing-rule failure in March 2026, and its stock trades on the OTC market (OTCID: RBOT), which may affect liquidity and investor access.

Outlook

Management expects full year 2026 cash burn of approximately $19 million, down from $45.1 million in 2025 due to cost reduction measures. They anticipate R&D and G&A expenses to decrease in absolute dollars as cost controls are implemented. However, the company acknowledges that without additional funding, it may not be able to continue operations beyond the second quarter of 2026.