Vicarious Surgical Reports $63.2 Million Net Loss for Fiscal Year 2024, Seeks FDA Approval for Surgical System

Vicarious Surgical Inc. reported a net loss of $63.2 million for the fiscal year ending December 31, 2024, a decrease from a loss of $71.1 million in the previous year. The reduction in losses was attributed to a 17% decrease in total operating expenses, which fell from $80.7 million in 2023 to $66.6 million in 2024. This decline was primarily driven by a significant reduction in personnel-related expenses, which decreased by approximately $11 million due to a 28% reduction in average headcount. The company has not yet generated any revenue from product sales, as it awaits FDA authorization for its Vicarious Surgical System, a single-port surgical robot designed to enhance minimally invasive surgical procedures.

In terms of operational developments, Vicarious Surgical has made strides in its research and development efforts, incurring $40.2 million in R&D expenses in 2024, down from $47.6 million in 2023. The company is focused on obtaining FDA approval for its surgical system, which it plans to initially market for ventral hernia repair procedures. The Vicarious Surgical System is designed to improve surgical outcomes through advanced robotics and visualization technology, addressing limitations of existing surgical methods. The company has also engaged in cadaver studies to refine the system's performance and has received FDA Breakthrough Device designation for a prior version of the system.

As of December 31, 2024, Vicarious Surgical held cash and cash equivalents of $9.7 million and short-term investments of $39.4 million, which are projected to fund operations into the first quarter of 2026. The company has expressed substantial doubt about its ability to continue as a going concern without additional funding, which it may seek through public or private placements of equity or debt. The company’s accumulated deficit has reached $195.9 million, underscoring the financial challenges it faces as it seeks to commercialize its technology.

Vicarious Surgical's workforce has decreased significantly, with an average headcount of 127 in 2024 compared to 177 in 2023. The company is also focused on expanding its sales and marketing capabilities in anticipation of product launch, although it currently lacks a sales infrastructure. The company plans to leverage strategic partnerships to facilitate market entry and is exploring international opportunities for its surgical system, which could further diversify its revenue streams.

Looking ahead, Vicarious Surgical aims to drive adoption of its surgical system in the ventral hernia market and expand into additional surgical applications. The company is also committed to enhancing its product offerings through advancements in technology, including potential integration of artificial intelligence. However, the successful commercialization of the Vicarious Surgical System remains contingent on obtaining regulatory approvals and demonstrating clinical and economic value to healthcare providers.