Vicarious Surgical Inc. Q2 FY2025 earnings call

• Adam Sachs introduced Stephen From as the new CEO. - Stephen From emphasized prioritizing development of a fully integrated production equivalent system, pushing back clinical trial timelines to ensure thorough verification and validation. - Sarah Romano provided financial details, including expense breakdowns and cash position. - Stephen From stressed aligning the company for long-term success and thanked the team, investors, and partners.

Total operating expenses for the second quarter of 2025 were $13.5 million, a 24% decrease from $17.7 million in Q2 2024. R&D expenses in Q2 2025 were $9.1 million vs. $10.9 million in Q2 2024. General and administrative expenses were $4.1 million vs. $5.6 million in Q2 2024. Sales and marketing expenses were $300,000 vs. $1.2 million in Q2 2024. GAAP net loss for Q2 2025 was $13.2 million or $2.23 per share, non-GAAP adjusted net loss was $13.3 million or $2.23 per share. Ended Q2 2025 with approximately $24 million in cash, cash equivalents, and short-term investments. Expected full-year 2025 cash burn is approximately $50 million.

• Strategic shift to focus on completing a production equivalent system, delaying near-term clinical trial milestones. - Full-year 2025 cash burn expected to be ~$50 million. - Uncertainty around exact timelines for clinical milestones until assessment of development status is completed.

• Forward-looking statements involve material risks and uncertainties, including regulatory approval, clinical trial timelines, and cash burn. - Reassessing and realigning development efforts poses risks to meeting previous timelines.

Q: Can you talk about prioritizing system readiness and cash impact of shifting timelines?

A: Stephen From discussed prioritizing a production equivalent system, noting minimal cash spent on clinical trial groundwork so far. Sarah Romano mentioned budgeted clinical trial costs are not materially different from current 2025 budget.

Q: About milestones and cash funding?

A: Stephen From stated need for time to assess development status to provide reliable milestones; cash position and funding are part of evaluating long-term success.

Q: Reasons for pushing back clinical trials and potential timeline shifts?

A: Adam Sachs explained that previous plan involved mitigating issues in a controlled trial setting but Stephen From's direction is to focus on a production equivalent system, with Stephen From stating need for assessment to determine exact timeline shifts