Form 8-K - Current report

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 12, 2024

 

 

 

VICARIOUS SURGICAL INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware		001-39384		87-2678169
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

78 Fourth Avenue
Waltham, Massachusetts		02451
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: [phone]

 

N/A

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.0001 per share		RBOT		The New York Stock Exchange
Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share		RBOT WS		The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On November 12, 2024, Vicarious Surgical Inc. (the “Company”) issued a press release announcing its results for the third quarter ended September 30, 2024 and providing a business update.

 

A copy of the press release issued on November 12, 2024 is furnished as Exhibit 99.1 hereto.

 

The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press Release of Vicarious Surgical Inc. dated November 12, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	VICARIOUS SURGICAL INC.
	By:	/s/ Adam Sachs
	Name:	Adam Sachs
	Title:	Chief Executive Officer

 

Date: November 12, 2024

 

 

 

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Exhibit 99.1

 

Vicarious Surgical Reports Third Quarter 2024 Financial Results

 

WALTHAM, Mass.-- (BUSINESS WIRE) – November 12, 2024 – Vicarious Surgical Inc. (“Vicarious Surgical” or the “Company”) (NYSE: RBOT, RBOT WS), a next-generation robotics technology company seeking to improve lives by transforming robotic surgery, today announced financial results for the quarter ended September 30, 2024. Management will host a corresponding conference call at 4:30 p.m. ET today, November 12, 2024.

 

“Our team’s strong execution throughout the year, continuing in the third quarter, has us on track to achieve our Version 1.0 System integration milestone within the next few weeks,” said Adam Sachs, Co-Founder and Chief Executive Officer. “This sets the stage for us to complete our first clinical patient in less than a year, a critical step that we believe will demonstrate the immense clinical value of our single-port robotic system for both patients and surgeons.”

 

Third Quarter 2024 Financial Results

 

●

Operating expenses were $17.8 million for the third quarter of 2024, compared to $21.4 million in the corresponding prior year period, a decrease of 17%.

 

●

R&D expenses for the third quarter of 2024 were $10.8 million, compared to $13.0 million in the third quarter of 2023.

 

●

General and administrative expenses for the third quarter of 2024 were $5.7 million, compared to $6.9 million in the third quarter of 2023.

 

●

Sales and marketing expenses for the third quarter of 2024 were $1.2 million, compared to $1.4 million in the third quarter of 2023.

 

●

Adjusted net loss for the third quarter was $17.0 million, equating to a loss of $2.87 per share, as compared to an adjusted net loss of $20.4 million, or a loss of $3.95 per share, for the same period of the prior year. GAAP net loss for the third quarter was $17.1 million, equating to a net loss per share of $2.90, as compared to a GAAP net loss of $15.7 million or a net loss per share of $3.04 for the same period of the prior year.

 

●

The Company had $60.9 million of cash and investments as of September 30, 2024. The Company’s cash burn rate for the third quarter of 2024 was $12.4 million.

 

Full Year 2024 Cash Burn Guidance

 

●

Vicarious Surgical reiterates expected full year 2024 cash burn of approximately $50 million.

 

Conference Call

 

Vicarious Surgical will host a conference call today, Tuesday, November 12, 2024, at 4:30 p.m. ET to discuss its third quarter 2024 financial results. The call may be accessed through an operator by dialing [phone] for domestic callers or [phone] for international callers, using access code: 246564. A live and archived webcast of the event will be available at https://investor.vicarioussurgical.com.

 

 

 

 

About Vicarious Surgical

 

Founded in 2014, Vicarious Surgical is a next generation robotics company, developing a unique disruptive technology with the multiple goals of substantially increasing the efficiency of surgical procedures, improving patient outcomes, and reducing healthcare costs. The Company’s novel surgical approach uses proprietary human-like surgical robots to virtually transport surgeons inside the patient to perform minimally invasive surgery. The Company is led by an experienced team of technologists, medical device professionals and physicians, and is backed by technology luminaries including Bill Gates, Vinod Khosla’s Khosla Ventures, Innovation Endeavors, Jerry Yang’s AME Cloud Ventures, Sun Hung Kai & Co. Ltd and Philip Liang’s E15 VC. The Company is headquartered in Waltham, Massachusetts. Learn more at www.vicarioussurgical.com.

 

Use of Non-GAAP Financial Measures

 

In addition to providing financial measurements that have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), Vicarious Surgical provides additional financial metrics that are not prepared in accordance with U.S. GAAP (“non-GAAP”). The non-GAAP financial measures included in this press release are Adjusted Net Loss and Adjusted Net Loss Per Share (“Adjusted EPS”, and together with Adjusted Net Loss, “Non-GAAP Financial Measures”). The Company presents Non-GAAP Financial Measures in order to assist readers of its consolidated financial statements in understanding the core operating results that its management uses to evaluate the business and for financial planning purposes. Vicarious Surgical’s Non-GAAP financial measures provide an additional tool for investors to use in comparing its financial performance over multiple periods.

 

Adjusted Net Loss and Adjusted EPS are key performance measures that Vicarious Surgical’s management uses to assess its operating performance. These Non-GAAP Financial Measures facilitate internal comparisons of Vicarious Surgical’s operating performance on a more consistent basis. Vicarious Surgical uses these performance measures for business planning purposes and forecasting. Vicarious Surgical believes that the Non-GAAP Financial Measures enhance an investor’s understanding of Vicarious Surgical’s financial performance as it is useful in assessing its operating performance from period-to-period by excluding certain items that Vicarious Surgical believes are not representative of its core business.

 

The Non-GAAP Financials Measures may not be comparable to similarly titled measures of other companies because they may not calculate this measure in the same manner. Adjusted Net Loss and Adjusted EPS are not prepared in accordance with U.S. GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP. When evaluating Vicarious Surgical’s performance, you should consider the Non-GAAP Financial Measures alongside other financial performance measures prepared in accordance with U.S. GAAP, including net loss.

 

The Non-GAAP Financial Measures do not replace the presentation of Vicarious Surgical’s U.S. GAAP financial results and should only be used as a supplement to, not as a substitute for, Vicarious Surgical’s financial results presented in accordance with U.S. GAAP. In this press release, Vicarious Surgical has provided a reconciliation of Adjusted Net Loss to net loss, the most directly comparable U.S. GAAP financial measure, and the calculation for Adjusted EPS.

 

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Forward-Looking Statements

 

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The company’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical facts contained herein, including without limitation the quotations of our Chief Executive Officer regarding Vicarious Surgical’s opportunity, timeline for achieving our Version 1.0 System integration and timeline for completing our first clinical patient, among other things, are forward-looking statements that reflect the current beliefs and expectations of management. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Vicarious Surgical’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the ability to maintain the listing of Vicarious Surgical’s Class A common stock on the New York Stock Exchange; the approval, commercialization and adoption of Vicarious Surgical’s initial product candidates and the success of its single-port surgical robot, called the Vicarious Surgical System, and any of its future product candidates and service offerings; changes in applicable laws or regulations; the ability of Vicarious Surgical to raise financing in the future; the success, cost and timing of Vicarious Surgical’s product and service development activities; the potential attributes and benefits of Vicarious Surgical’s product candidates and services; Vicarious Surgical’s ability to obtain and maintain regulatory approval for the Vicarious Surgical System, and any related restrictions and limitations of any approved product; the size and duration of human clinical trials for the Vicarious Surgical System; Vicarious Surgical’s ability to identify, in-license or acquire additional technology; Vicarious Surgical’s ability to maintain its existing license, manufacture, supply and distribution agreements; Vicarious Surgical’s ability to compete with other companies currently marketing or engaged in the development of products and services that Vicarious Surgical is currently marketing or developing; the size and growth potential of the markets for Vicarious Surgical’s product candidates and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of Vicarious Surgical’s product candidates and services and reimbursement for medical procedures conducted using its product candidates and services; the company’s estimates regarding expenses, revenue, capital requirements and needs for additional financing; Vicarious Surgical’s financial performance; economic downturns, political and market conditions and their potential to adversely affect Vicarious Surgical’s business, financial condition and results of operations; Vicarious Surgical’s intellectual property rights and its ability to protect or enforce those rights, and the impact on its business, results and financial condition if it is unsuccessful in doing so; and other risks and uncertainties indicated from time to time in Vicarious Surgical’s filings with the SEC. Vicarious Surgical cautions that the foregoing list of factors is not exclusive. The company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Vicarious Surgical does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

 

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VICARIOUS SURGICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except share and per share data)

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Operating expenses:
Research and development		$	10,800			$	13,040			$	31,692			$	39,110
Sales and marketing			1,208				1,401				3,546				5,027
General and administrative			5,747				6,911				16,339				20,988
Total operating expenses			17,755				21,352				51,577				65,125
Loss from operations			(17,755	)			(21,352	)			(51,577	)			(65,125	)
Other income (expense):
Change in fair value of warrant liabilities			(138	)			4,703				(415	)			3,705
Interest and other income			802				946				2,695				3,463
Interest expense			—				(1	)			—				(3	)
Income/(loss) before income taxes			(17,091	)			(15,704	)			(49,297	)			(57,960	)
Provision for income taxes			—				—				—				—
Net income/(loss)		$	(17,091	)		$	(15,704	)		$	(49,297	)		$	(57,960	)
Net income/(loss) per share of Class A and Class B common stock, basic		$	(2.90	)		$	(3.04	)		$	(8.39	)		$	(12.77	)
Weighted average shares, diluted			5,899,616				5,171,380				5,876,626				4,539,806
Other comprehensive income/(loss):
Net unrealized gain/(loss) on investments			175				41				114				(89	)
Other comprehensive gain/(loss)			175				41				114				(89	)
Comprehensive net income/(loss)		$	(16,916	)		$	(15,663	)		$	(49,183	)		$	(58,049	)

 

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VICARIOUS SURGICAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share data)

 

		September 30,				December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents		$	7,069			$	52,822
Short-term investments			53,795				45,355
Prepaid expenses and other current assets			3,113				2,776
Total current assets			63,977				100,953
Restricted cash			936				936
Property and equipment, net			4,820				6,402
Right-of-use assets			10,794				11,459
Other long-term assets			89				114
Total assets		$	80,616			$	119,864
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Current liabilities:
Accounts payable		$	2,416			$	1,258
Accrued expenses			5,013				4,975
Lease liabilities, current portion			1,174				1,047
Total current liabilities			8,603				7,280
Lease liabilities, net of current portion			12,886				13,785
Warrant liabilities			1,245				830
Total liabilities			22,734				21,895
Stockholders’ equity:
Class A Common Stock			15				15
Class B Common Stock			2				2
Additional paid-in capital			239,750				230,654
Accumulated other comprehensive income			124				10
Accumulated deficit			(182,009	)			(132,712	)
Total stockholders’ equity			57,882				97,969
Total liabilities and stockholders’ equity		$	80,616			$	119,864

 

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VICARIOUS SURGICAL INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, except share and per share data)

Adjusted net loss and Adjusted EPS

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Net income/(loss)		$	(17,091	)		$	(15,704	)		$	(49,297	)		$	(57,960	)
Change in fair value of warrant liabilities			(138	)			4,703				(415	)			3,705
Adjusted net loss			(16,953	)			(20,407	)			(48,882	)			(61,665	)
Adjusted EPS, basic and diluted		$	(2.87	)		$	(3.95	)		$	(8.32	)		$	(13.58	)
Weighted average shares, basic and diluted			5,899,616				5,171,380				5,876,626				4,539,806

 

Investor Contact

 

Kaitlyn Brosco

Vicarious Surgical

[e-mail]

 

Media Inquiries

 

[e-mail]

23076573v.1

 

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Cover	Nov. 12, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 12, 2024
Entity File Number	001-39384
Entity Registrant Name	VICARIOUS SURGICAL INC.
Entity Central Index Key	0001812173
Entity Tax Identification Number	87-2678169
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	78 Fourth Avenue
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	617
Local Phone Number	868-1700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Class A common stock, par value $0.0001 per share
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	RBOT
Security Exchange Name	NYSE
Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share
Title of 12(b) Security	Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share
Trading Symbol	RBOT WS
Security Exchange Name	NYSE

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