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Vicarious Surgical Inc. (RBOT)·Q2 2025 Earnings Summary

Executive Summary

  • Cost control improved materially: total operating expenses fell 24% YoY to $13.5M; GAAP net loss narrowed to $13.2M ($2.23/sh) from $15.2M ($2.59/sh) a year ago . The company ended Q2 with $24.0M in cash and investments; quarterly cash burn was $13.4M .
  • Leadership transition: Stephen From appointed CEO effective August 7; former CEO/co‑founder Adam Sachs becomes President. New CEO is conducting a 4–6 week deep dive and is refocusing near‑term priorities on completing a production‑equivalent system and design lock before first‑in‑human use .
  • Clinical timeline reset: management removed the prior near‑term first clinical use (FCU) target to concentrate resources on a production‑equivalent system; the de novo submission timeline will depend on updated FCU timing following the assessment .
  • Guidance: Full‑year 2025 cash burn guidance maintained at ~$50M (unchanged from Q1) .
  • Estimates context: Q2 EPS beat S&P Global consensus (−$2.23 vs −$2.50), while EBITDA was slightly below (−$13.1M vs −$12.8M)*.

What Went Well and What Went Wrong

What Went Well

  • Cost discipline: Operating expenses declined 24% YoY (to $13.5M), led by lower R&D ($9.1M vs $10.9M), G&A ($4.1M vs $5.6M), and S&M ($0.3M vs $1.2M) .
  • Earnings quality: GAAP net loss per share improved to $2.23 from $2.59 YoY; adjusted EPS improved to $2.23 from $2.86 YoY .
  • Leadership upgrade and strategic clarity in progress: “It’s a privilege to step into the role of CEO… Our technology represents a meaningful leap forward in surgical innovation… My direction… is to focus on completing a fully integrated production‑equivalent system enabling design lock and initiating full system verification and validation.” .

What Went Wrong

  • Clinical milestone deferral: Management removed the near‑term FCU target to avoid expending resources on a non‑production‑equivalent system; de novo timing now depends on FCU timing after the assessment .
  • Technical remediation example surfaced: The surgeon console passed safety testing except EMC; a workaround (turning off ergonomic stages) was possible, but the team chose to fix issues to support a production‑equivalent system—implying additional work before FCU .
  • Burn ticked up sequentially: cash burn rose to $13.4M in Q2 from $11.7M in Q1, while cash and investments fell to $24.0M from $37.4M at March 31 .

Financial Results

Operating performance and liquidity (oldest → newest):

Metric (USD)Q2 2024Q1 2025Q2 2025
Total Operating Expenses$17.7M $15.7M $13.5M
R&D Expense$10.9M $9.4M $9.1M
G&A Expense$5.6M $5.3M $4.1M
Sales & Marketing$1.2M $1.0M $0.3M
GAAP Net Loss$(15.2)M $(15.4)M $(13.2)M
Net Loss per Share (GAAP)$(2.59) $(2.60) $(2.23)
Adjusted Net Loss$(16.8)M $(15.3)M $(13.3)M
Adjusted EPS$(2.86) $(2.58) $(2.23)
Cash & Investments (EOQ)N/A$37.4M $24.0M
Cash BurnN/A$11.7M $13.4M

Q2 2025 actuals vs S&P Global consensus:

MetricQ2 2025 ActualQ2 2025 ConsensusResult
EPS (GAAP)$(2.23) $(2.50)*Beat
EBITDA$(13.11)M $(12.80)M*Slight miss
Revenue$0.0 (pre‑revenue) $0.0*In line

Values marked with * are retrieved from S&P Global.

Notes:

  • No product revenue reported; company remains pre‑revenue .
  • EBITDA actual derived from “Loss from operations” and other income details disclosed (company highlights EBITDA via S&P estimates comparison; operating loss was $(13.5)M) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash BurnFY 2025~$(50)M (3/17 and 5/12) ~$(50)M (8/12) Maintained
First Clinical Use (FCU) timing2025Targeting later 2025 (prior narrative) Near‑term target removed; updated timing after 4–6 week assessment Withdrawn/deferred
de novo SubmissionN/ADependent on FCU (implied) Timing will depend on updated FCU timing Deferred linkage reiterated

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024)Previous Mentions (Q1 2025)Current Period (Q2 2025)Trend
System readinessV1.0 system integration complete; building inventory, safety testing underway Procurement/manufacturing builds advanced; “few quarters away” from first clinical patients Shift to complete production‑equivalent system, design lock, full V&V before FCU Refocus on quality/readiness over speed
Clinical timelinesAimed to begin first clinical patients later 2025 Reinforced clinical‑stage transition in 2025 4–6 week assessment to reset timelines; near‑term FCU target removed Timelines pushed pending reassessment
Regulatory pathPrep and testing toward de novo path implied Continued operational prep de novo timing tied to FCU timing Dependent on new plan
Cost disciplineFY24 OpEx down 17% YoY Q1 OpEx down 2% YoY Q2 OpEx down 24% YoY Accelerating savings
Leadership—Announced CFO appointment (effective Apr 1) New CEO appointed (effective Aug 7); former CEO now President New leadership, strategic reset
Technical issues——Example: EMC emissions on console ergonomic stages; fix preferred over workaround for FCU Emphasis on remediation pre‑clinic
Capital strategy——CEO evaluating capital strategy while progressing development Funding plan under review

Management Commentary

  • “It’s a privilege to step into the role of CEO… My direction to the teams [is] to focus on completing a fully integrated production equivalent system enabling design lock and initiating full system verification and validation.” — Stephen From, CEO .
  • “This strategic shift means removing the near term target of an FCU by the 2025 and instead concentrating all efforts on completing system design and readiness for full verification on a system that is ready to commercialize.” — Stephen From .
  • “We continue to expect full year 2025 cash burn to be approximately $50,000,000 and we remain committed to disciplined capital allocation.” — Sarah Romano, CFO .
  • “Our surgeon console… passed everything except for EMC testing… We can fix that… but… taking things that didn’t work and testing them to justify use… is a huge amount of work… we need to… get to… system verification on the full production equivalent system.” — Adam Sachs, President .
  • Leadership transition context: “As I move into the role of President, I’m pleased to welcome Stephen as CEO.” — Adam Sachs .

Q&A Highlights

  • Timeline reassessment: CEO initiated a 4–6 week assessment to determine exact timing to complete system integration and readiness for full V&V; unwilling to provide dates before completing analysis .
  • Rationale for deferring FCU: Multiple non‑deal‑breaking issues (e.g., EMC emissions on ergonomic stages) would require workarounds and validation; management prefers to fix, lock design, and verify a production‑equivalent system before FCU to accelerate commercialization post‑clinic .
  • Cost implications: CFO noted FCU‑related 2025 costs are “not overly material” to the budget; near‑term shift does not materially change 2025 budget; cash burn guidance unchanged .
  • Capital strategy: CEO acknowledged micro‑cap funding environment; sees meaningful need and differentiation; will engage investors alongside the development plan; capital strategy under evaluation .

Estimates Context

  • Q2 2025 vs S&P Global consensus: EPS beat (−$2.23 vs −$2.50), EBITDA slightly below (−$13.11M vs −$12.80M); revenue in line at $0.0 due to pre‑revenue status . Values marked with * in the tables are retrieved from S&P Global.
  • Implications: Consensus likely to push out clinical catalysts and revenue timing while giving credit for sharper cost control. Near‑term estimate changes should skew toward timing/EBITDA, not revenue.

Values retrieved from S&P Global.

Key Takeaways for Investors

  • Execution pivot: Management prioritized a production‑equivalent system and design lock before FCU, trading near‑term optics for higher‑quality validation that should de‑risk commercialization readiness .
  • Cost discipline accelerating: OpEx down 24% YoY with improved GAAP and adjusted losses; cash burn guidance maintained at ~$50M for 2025, signaling continued financial discipline .
  • Catalysts: Within 4–6 weeks, an update on development status and timelines; clarity on FCU and verification milestones is the key stock driver near term .
  • Liquidity watch: Cash/investments at $24.0M and Q2 burn of $13.4M underscore the importance of the capital strategy review while executing the technical plan .
  • Differentiation narrative: Management emphasized non‑copycat approach and need for the system; investor communications likely to highlight addressable opportunity once timing is clarified .
  • Risk balance: Timeline deferral introduces event‑path risk; however, a credible plan with resolved technical issues and design lock could improve investor confidence and reduce go‑to‑market friction .

Citations:

  • Q2 2025 press release/8‑K:
  • Earnings call transcript (Q2 2025):
  • Prior quarters (trend): Q1 2025 press release/8‑K ; Q4 2024 8‑K