Vicarious Surgical (RBOT -23.48%), a developer focused on next-generation robotic technology for minimally invasive surgery, released its second quarter 2025 financial results on August 12, 2025. The standout news: the company posted a narrower non-GAAP net loss than analysts anticipated, with an EPS (Non-GAAP) loss of $2.23 versus the forecasted $2.50. Operating expenses dropped across all categories, supporting cost control efforts. Still, no revenue was reported, reinforcing its ongoing pre-commercial status. With cash and investments falling to $24.0 million and continued cash burn, the company faces important milestones and funding needs ahead as it works toward regulatory approval and future commercialization.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (Non-GAAP) | $(2.23) | $(2.50) | $(2.86) | 22.0 % |
| Revenue (GAAP) | $0.0 | $0.0 | $0.0 | — |
| Operating Expenses | $13.5 million | $17.7 million | (23.7 %) | |
| R&D Expenses | $9.1 million | $10.9 million | (16.5 %) | |
| Net Loss (GAAP) | $(13.2 million) | $(15.2 million) | -13.2 % |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Strategic Focus
Vicarious Surgical is developing a surgical robot aimed at enabling minimally invasive procedures through a single small incision. Its flagship product, the Vicarious Surgical System, is designed to increase dexterity, improve visualization for surgeons, and streamline operating room workflow. The company’s key objective is to secure U.S. Food and Drug Administration (FDA) authorization for its system so it can begin selling in the United States, initially targeting ventral hernia repairs.
The business strategy centers on several critical success factors. Achieving FDA approval is essential to entering the U.S. market, followed by building market adoption through cost-effectiveness and ease of use. The company cites the system’s mobility and smaller footprint as differentiators for hospitals. Expanding to address additional procedures—such as inguinal and hiatal hernias, as well as gynecological surgeries—is a planned strategy for future growth. Partnerships with hospital systems, strengthening intellectual property, and careful cash management are also ongoing priorities.
Q2 2025 in Detail: Financial and Operational Highlights
The most notable achievement was a reduced non-GAAP loss per share of $2.23, which was lower than both analyst expectations and the prior year. The EPS (Non-GAAP) loss of $2.23 per share exceeded the consensus forecast by $0.27 or 10.8%. This performance resulted primarily from lower operating expenses, which fell 24% from the same period in 2024. Research and development costs, which cover engineering and clinical programs, fell 16.5% to $9.1 million compared to the second quarter of 2024. General and administrative expenses (GAAP) were $4.1 million, while sales and marketing dropped even more sharply, down 75% from the second quarter of 2024 to just $0.3 million.
No revenue was booked as the company remains pre-commercial. GAAP net loss narrowed to $13.2 million from $15.2 million in Q2 2024. though cash burn rose to $13.4 million compared to approximately $12 million in Q1 2025. Cash and investments stood at $24.0 million, reflecting a continued drawdown from $37.4 million at the end of Q1 2025 and $67.7 million at the close of FY2024. At the current rate, available funding is expected to last roughly two more quarters unless additional financing is secured.
No product revenue, margin changes, or sales growth was reported because the company’s system has not yet reached the market. Management reaffirmed its expectation for full-year 2025 cash burn of $50 million, indicating that spending discipline remains a focus. While this extends the cash runway through the remainder of the year, it also underscores the urgency of commercial progress or new capital raises. Recent strategic partnerships, such as those with UMass Memorial Medical Center and other hospital systems, are designed to help refine product workflow integration, but have yet to generate measurable financial impact.
A leadership transition occurred during the quarter, with Stephen From replacing Adam Sachs as CEO. Sachs remains with the company as President and Co-Founder. Management positions this new structure as a step toward supporting the next stage of development.
Product and Market Position Update
The Vicarious Surgical System, a robotic surgical platform, remains under development and pre-commercial. The system is engineered for mobility and compactness, aiming to operate outside of fixed operating rooms and streamline setup. This is designed to reduce operating room turnover times and potentially lower costs for hospitals. The company also emphasizes streamlined training, intending to make adoption easier for new users and institutions.
During the quarter, there were no new disclosures related to clinical progress or regulatory milestones, such as an FDA De Novo filing or the start of pivotal clinical trials. Management reiterated its participation in the FDA Safer Technologies Program, which is designed to support safer medical technology innovation by offering a prioritized review process. However, tangible updates on when the system will advance to human cases remain outstanding. The company did not announce any new hospital workflow studies or pilot deployments in the earnings release, nor did it cite new data from existing partners.
The market opportunity for robotic-assisted soft tissue surgery remains significant. The company estimates its system could eventually address up to 45 million abdominal and gynecological procedures worldwide. Management continues to highlight partnerships as a source of future expansion, but product adoption is entirely dependent on achieving regulatory clearance first. In the meantime, the company faces established industry players, particularly Intuitive Surgical and Johnson & Johnson, which currently dominate the robotic-assisted surgery space. Differentiation is sought through unique features such as decoupled actuators for enhanced motion and advanced imaging, along with intellectual property protections.
There were no material one-time events, policy changes, or shifts in accounting disclosed for the quarter. The company did not declare or adjust a dividend and remains focused on getting its first system through final validation steps and into clinical use. Patent activity and ongoing technological innovation were not updated since the prior quarter, with the company stating only that it holds numerous patents and pending applications for its core technology.
Looking Forward: Milestones and Investor Watch Points
Full-year guidance remains unchanged, with management expecting FY2025 cash burn to reach $50 million. No specific commercial, clinical, or regulatory milestone guidance was offered for the coming quarter or year. Leadership did not provide a timeline for FDA submission, pivotal trial start, or initial system revenues in this earnings release. Management reemphasized strategic priorities, including completing required validation and securing financing as progress continues toward clinical launch.
Investors should closely monitor developments linked to the start of human clinical trials, updates on the FDA De Novo process, and further data from product workflow and partner integration. The rate of cash spend, progress toward new clinical or regulatory milestones, and any announcement of financing will be key determinants of the company’s trajectory through the next two quarters. RBOT does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
