Vicarious Surgical Inc.

Total operating expenses were $11.5 million in Q3 2025, down 35% from $17.8 million in Q3 2024. R&D expense was $8 million versus $10.8 million a year ago; G&A was $3.2 million versus $5.7 million; and sales and marketing was $350,000 versus $1.2 million. GAAP net loss was $11.1 million, or $1.86 per share, compared with a GAAP net loss of $17.1 million, or $2.90 per share, in Q3 2024. Non-GAAP adjusted net loss was $11.3 million, or $1.91 per share, versus $17 million, or $2.87 per share, last year. The company ended Q3 with about $13.4 million of cash, cash equivalents and short-term investments, and cited a third-quarter cash burn rate of about $10.5 million. Following quarter-end, it completed a registered direct offering with about $5.2 million in net proceeds, and management continues to expect full-year 2025 cash burn of approximately $50 million.

Stephen From said he has shifted the company from assessment to execution, with a clear focus on reaching design freeze, extending runway through burn reduction, and improving communication. He emphasized that the core technology areas to protect are the robotic arms, camera systems and core software, while outsourcing less unique capital equipment work. His tone was candid and operational, repeatedly acknowledging that some disruption is likely but saying the company will try to communicate issues more quickly and directly.

Sarah Romano highlighted the year-over-year expense reduction across the cost structure, including the 35% drop in total operating expenses to $11.5 million. She noted Q3 cash burn of about $10.5 million, cash and investments of about $13.4 million at quarter-end, and the additional $5.2 million in net proceeds from the post-quarter registered direct offering. She reiterated full-year 2025 cash burn guidance of approximately $50 million and said the company is actively focused on reducing burn in 2026 and exploring further ways to bolster the balance sheet.

Analysts focused on whether outsourcing would delay the build timeline and whether the company was effectively restarting work on the system. Management said it is still targeting design freeze toward the end of 2026, expects some disruption but hopes it will not materially affect timing, and stressed that the work is an upgrade of an evolving build rather than a restart. They also said PA Consulting was brought in for a short, fixed-fee engagement to pressure-test the outsourcing plan, with an aim to have much of the structure in place by the end of Q1.