Vicarious Surgical Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company’s cash and cash equivalents decreased to $7.1 million from $52.8 million at the end of 2023, contributing to a total current assets decline to $64.0 million from $100.9 million. Total assets also fell to $80.6 million from $119.9 million, while total stockholders’ equity decreased to $57.9 million from $98.0 million. The accumulated deficit grew to $(182.0 million) from $(132.7 million).

For the three months ended September 30, 2024, Vicarious Surgical reported total operating expenses of $17.8 million, down from $21.4 million in the same period of 2023, reflecting a 17% reduction. Research and development expenses decreased to $10.8 million from $13.0 million, primarily due to a 29% reduction in average headcount. The loss from operations improved to $(17.8 million) from $(21.4 million), while the net loss increased slightly to $(17.1 million) from $(15.7 million). The net loss per share improved to $(2.90) from $(3.04).

For the nine months ended September 30, 2024, the cumulative net loss was $(49.3 million), an improvement from $(58.0 million) in the prior year. Total operating expenses for this period decreased by 21% to $51.6 million from $65.1 million, with notable reductions in research and development, sales and marketing, and general and administrative expenses. The average headcount was reduced by 35%, from 199 to 130 employees.

The company has not generated any revenue to date, with future revenue contingent on FDA authorization of its surgical system, which is designed for minimally invasive procedures. Vicarious Surgical plans to file a de novo application for ventral hernia procedures.

In terms of financing, the company entered an underwriting agreement in August 2023 for a public offering of 45 million shares at $1.00 per share, resulting in gross proceeds of approximately $47.0 million. However, it anticipates needing substantial additional funding to complete clinical trials and commercialize its surgical system.

The company has also faced challenges, including high capital investment requirements for its robotic systems and a low adoption rate of robot-assisted surgeries. As of September 30, 2024, Vicarious Surgical remains classified as an "emerging growth company," allowing it to adopt new accounting standards similarly to private companies.