Vicarious Surgical's Q2 2025: Unraveling Contradictions in Clinical Trials, System Readiness, and Supply Chain Stability

Clinical trial timelines and readiness of the system, system



Leadership Transition and Strategic Focus:
- Vicarious Surgical announced the appointment of Stephen From as the new Chief Executive Officer.
- Adam Sachs, the former President, moves to the role of President, aligning with a broader look at development paths, including technical progress and program strategy.
- The new CEO aims to refine timelines and assess resources needed to support the next phase of development.

System Readiness and Milestone Adjustments:
- The company adjusted timelines for the First Clinical Use (FCU) by removing the end 2025 target and focusing on completing a fully integrated production equivalent system.
- The shift aims to ensure the FCU is conducted with the right system, which may require additional development based on testing results.
- This strategic move is expected to require approximately 4 to 6 weeks of assessment, providing clarity on development status, integration completion, and readiness for full system verification.

Cost Management and Expense Reduction:
- Total operating expenses for the second quarter of 2025 were $13.5 million, a 24% decrease compared to $17.7 million in the second quarter of 2024.
- Research and development expenses were $9.1 million, down from $10.9 million in Q2 2024, while general and administrative expenses were $4.1 million, a reduction from $5.6 million.
- The decrease in expenses is attributed to disciplined capital allocation and a focus on core areas of development and operations.

Financial Performance and Cash Management:
- Vicarious Surgical reported a GAAP net loss of $13.2 million or $2.23 per share for Q2 2025, improving from a net loss of $15.2 million or $2.59 per share in Q2 2024.
- The company ended the quarter with approximately $24 million in cash, cash equivalents, and short-term investments, with a second-quarter cash burn rate of approximately $13.4 million.
- The company expects full-year 2025 cash burn to be approximately $50 million, focusing on disciplined capital allocation and financial and clinical progress.