Latest news with #VicariousSurgical
Business Wire
01-08-2025
- Business
- Business Wire
Vicarious Surgical Announces Leadership Transition: Stephen From, Healthcare Industry Veteran, Appointed Chief Executive Officer
WALTHAM, Mass.--(BUSINESS WIRE)--Vicarious Surgical Inc. (NYSE: RBOT, RBOT WS) (the 'Company'), a next-generation robotics technology company seeking to improve lives by transforming robotic surgery, today announced the appointment of Stephen From as Chief Executive Officer and a member of the Company's Board of Directors (the 'Board'), effective August 7, 2025. Adam Sachs, current Chief Executive Officer, Co-Founder, and a member of the Board, will remain with the Company as President, Co-Founder, and a member of the Board in an operational capacity as a member of the Company's leadership team. Mr. From brings over 20 years of leadership in the healthcare and financial industry. He most recently served as CEO of Aruna Bio, guiding the company's strategic direction and clinical advancement of its proprietary neural exosome platform. From October 2005 through February 2021, Mr. From served as President and CEO, and from February 2021 through January 2022 served as Executive Chairman of Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX), formerly known as EyeGate Pharmaceuticals, Inc., leading the company through its initial public offering and multiple acquisitions and licensing transactions in the ophthalmic therapeutics space. Before EyeGate, Mr. From was CFO of Centelion SAS, then a biotech subsidiary of Sanofi‑Aventis, and spent several years in investment banking, focusing on the life sciences sector at Bank of America Securities and Robertson Stephens. Mr. From holds a Bachelor of Science from the University of Western Ontario and earned his accounting designation from Wilfrid Laurier University 'I am honored to join the Vicarious Surgical team at this pivotal time in its evolution. The Company's technology offers a significant advancement from today's surgical approaches with the potential to transform modern surgery and improve outcomes for patients worldwide,' said Mr. From. 'I look forward to working alongside this talented team and Board to advance our strategic priorities and deliver on the promise of this innovative platform.' 'It has been an incredible journey to lead Vicarious Surgical from its inception through pre-clinical testing, and I'm proud of all we've accomplished to date. As I transition into the role of President, I'm excited to welcome Stephen as our new CEO,' said Adam Sachs, current Chief Executive Officer, Co-Founder, and Board member. 'I believe his leadership and experience are exactly what we need at this pivotal stage, and I look forward to working closely with him to advance our mission of transforming surgical care through innovative robotics.' In connection with the appointment of Mr. From, the Company is also announcing, as required by New York Stock Exchange Listed Company Manual Rule 303A.08 (the 'Inducement Rule'), a stock option award to be made to Mr. From as a material inducement to his entering into employment with the Company. The stock option award was approved by the Company's Board and by its Compensation Committee with a grant date of August 7, 2025. The stock option to be granted to Mr. From will be exercisable for up to 297,600 shares of the Company's Class A common stock, will have an exercise price equal to the closing price of the Class A common stock on the date of grant, and will expire on the ten-year anniversary of the grant date. One-quarter of the stock options will vest and become exercisable on the one-year anniversary of the grant date, and the remainder of the stock options will vest in thirty-six equal consecutive, equal monthly installments thereafter, subject to Mr. From's continued service to the Company through each vesting date and subject to accelerated vesting in certain circumstances. The stock option award will be made outside of the Company's existing 2021 Equity Incentive Plan, as amended (the 'Plan'), but will be subject to terms and conditions generally consistent with those in the Plan, other than with respect to such terms and conditions intended to comply with the Inducement Rule. About Vicarious Surgical Founded in 2014, Vicarious Surgical is a next-generation surgical 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 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, statements regarding the potential for the Company's technology to improve patient outcomes, 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 the Company'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 the Company's Class A common stock on the New York Stock Exchange; the approval, commercialization and adoption of the Company'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 the Company to raise financing in the future; the success, cost and timing of the Company's product and service development activities; the potential attributes and benefits of the Company's product candidates and services; the Company'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; the Company's ability to identify, in-license or acquire additional technology; the Company's ability to maintain its existing license, manufacture, supply and distribution agreements; the Company's ability to compete with other companies currently marketing or engaged in the development of products and services that the Company is currently marketing or developing; the size and growth potential of the markets for the Company's product candidates and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the Company'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; the Company's financial performance; economic downturns, political and market conditions and their potential to adversely affect the Company's business, financial condition and results of operations; the Company'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 the Company's filings with the SEC. The Company 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. The Company 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.
Associated Press
28-05-2025
- Business
- Associated Press
Glucotrack Strengthens Board of Directors with Election of Victoria E. Carr-Brendel, PhD
RUTHERFORD, N.J., May 28, 2025 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK), a medical device company focused on the design, development, and commercialization of novel technologies for people with diabetes, announced today that Victoria E. Carr-Brendel, PhD, was elected to the Company's Board of Directors, effective May 22, 2025. 'We are delighted to welcome Dr. Carr-Brendel to Glucotrack's Board of Directors,' said Paul V. Goode, PhD, President and Chief Executive Officer of Glucotrack. 'With her exceptional leadership in medical devices and deep expertise in implantable technologies, she will be an invaluable addition to the Board as we advance our continuous blood glucose monitoring (CBGM) technology through clinical development and move closer to commercialization.' Dr. Carr-Brendel currently serves as a member of the board of directors of Vicarious Surgical Inc. (NYSE: RBOT) since January 2023 and previously served from 2018 to 2024 as President and Group Vice President of Cochlear Implants at Sonova Group. Prior to that, she served as Chief Executive Officer of JenaValve Technology, Inc., a medical device company focused on developing minimally invasive transcatheter aortic valve repair systems for patients suffering from severe aortic valve disease. Previously, Dr. Carr-Brendel held various leadership roles at Boston Scientific, including overseeing the acquisition of Bayer's interventional radiology division in 2014. She started her career as a scientist in R&D with roles at Dexcom and Baxter Healthcare, amassing over forty patents and taking on increasingly senior business and management roles. She holds a BA in Biology from Monmouth College, an MS in Microbiology from Iowa State University, and a PhD in Microbiology and Immunology from the University of Illinois at Chicago. 'I am honored to be joining Glucotrack's Board of Directors at this pivotal time in the company's development,' said Victoria E. Carr-Brendel, PhD. 'The innovative CBGM has tremendous potential to address significant unmet needs for people with diabetes and enhance automated insulin delivery. I look forward to contributing to the Company as it works to achieve its strategic and clinical milestones.' Glucotrack's CBGM is a long-term implantable system with no wearable component, designed for up to three years of continuous, accurate blood glucose monitoring, offering a more convenient and less intrusive glucose monitoring solution. The CBGM measures glucose directly from blood, unlike traditional continuous glucose monitoring systems which measure glucose from interstitial fluid. Thus, it aims to provide real-time readings without the lag time typically associated with interstitial glucose measurements. The Glucotrack Continuous Blood Glucose Monitor is an Investigational Device and is limited by federal (or United States) law to investigational use. For more information about Glucotrack's CBGM technology, visit Information on the Company's website does not constitute a part of and is not incorporated by reference into this press release. About Glucotrack, Inc. Glucotrack, Inc. (NASDAQ: GCTK) is focused on the design, development, and commercialization of novel technologies for people with diabetes. The Company is currently developing a long-term implantable continuous blood glucose monitoring system for people living with diabetes. Glucotrack's CBGM is a long-term, implantable system that continually measures blood glucose levels with a sensor longevity of 3 years, no on-body wearable component and with minimal calibration. For more information, please visit Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as 'anticipate', 'believe', 'expect', 'plan' and 'will' are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, management. These statements relate only to events as of the date on which the statements are made, and Glucotrack undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated by Glucotrack will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Readers are cautioned that certain important factors may affect Glucotrack's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Glucotrack's results include, but are not limited to, the ability of Glucotrack to raise additional capital to finance its operations (whether through public or private equity offerings, debt financings, strategic collaborations or otherwise); risks relating to the receipt (and timing) of regulatory approvals (including U.S. Food and Drug Administration approval); risks relating to enrollment of patients in, and the conduct of, clinical trials; risks relating to Glucotrack's future distribution agreements; risks relating to its ability to hire and retain qualified personnel, including sales and distribution personnel; and the additional risk factors described in Glucotrack's filings with the U.S. Securities and Exchange Commission (the 'SEC'), including its Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on March 31, 2025. Contacts: Investor Relations: [email protected] Media: [email protected]
Yahoo
13-05-2025
- Business
- Yahoo
Q1 2025 Vicarious Surgical Inc Earnings Call
Web Campbell; Investor Relations; Vicarious Surgical Inc Adam Sachs; Chief Executive Officer, Director; Vicarious Surgical Inc Sarah Romano; Chief Financial Officer, Treasurer; Vicarious Surgical Inc Eric Anderson; Analyst; TD Cowen Operator Hello, everyone, and welcome to the Vicarious Surgical's 2025 first-quarter earnings call. My name is Nadia and I'll be coordinating the call today. (Operator Instructions) I will now hand over to your host, [Web Campbell], Investor Relations, to begin. Web, please go ahead. Web Campbell Good afternoon. Today, aftermarket closed, Vicarious Surgical released financial results for the three months ended March 31, 2025. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities law, which are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. All forward-looking statements, including without limitation, those relating to obtaining approval for the Vicarious Surgical system and the timing of any such approval, or operating trends and future financial performance, expense management, market opportunity, and commercialization are based upon current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results to differ, or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of these risks and uncertainties associated with our business, please refer to the risk factors in our Securities and Exchange Commission filings, including in our most recent Form 10-K and Form 10-Q. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 12, 2025. Vicarious Surgical disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether based on new information, future events or otherwise. Now I'll hand the call over to Adam Sachs, Co-Founder and CEO, for prepared remarks. Adam? Adam Sachs Thanks, Web. Good afternoon, everyone, and thank you for joining Vicarious Surgical's first-quarter 2025 earnings call. I'm pleased to be here today alongside Sarah Romano, our Chief Financial Officer. We're especially delighted to have Sarah with us for her first earnings call as an official member of the Vicarious team, having joined us at the beginning of April. Sarah begins -- excuse me, brings decades of financial leadership experience and substantial knowledge from prior CFO positions at innovative businesses in the healthcare sector. She has run successful fundraising activities, M&A initiatives, and operations strategies in her career. Turning to our recent business progress. It is truly an exciting time at Vicarious Surgical. For the last decade, our vision has been to revolutionize robotic surgery by overcoming the limitations inherent in open, laparoscopic, and existing robotic approaches. After years of dedicated effort in developing our proprietary decoupled actuating technology and meticulously refining our surgical system to enable minimally invasive procedures through a single small incision, we are just a few quarters away from our biggest milestone yet, our first clinical patients. We anticipate 2025 will be the year Vicarious Surgical evolves into a clinical-stage company and demonstrates the immense value of our single-port surgical system. For the current year, our efforts are directed toward the precise and timely execution of all critical intermediate steps essential for our success in the [client]. These include, first, the expansive inventory buildout of instrument arms, cameras, and capital equipment to support our schedule of rigorous testing; second, the successful completion of all essential performance and safety testing with our surgical system, such as sterility, biocompatibility, and electromagnetic compatibility; third, securing appropriate in-country regulatory approvals to advance clinical work at our respective planned sites. In the first quarter, we successfully built our first patient card and surgeon console for formal pre-clinical testing and have since begun system integration as well as the construction of our second surgeon console and patient card that will be utilized in our first human cases. Further, our initial instrument sets have completed production and have completed bio-burden review. With these results in hand, we expect to begin initial biocompatibility and sterility testing on new inventory momentarily, as well as to send additional instruments for sterilization and subsequent essential performance and safety testing. On the clinical side, we are preparing for our first human cases. We expect to treat a handful of patients at a few sites. The endpoint for these initial patients will align with that of our pivotal trial, focusing on the surgeon's ability to successfully complete the intended ventral hernia repair. We continue to advance through the approval process required to perform our first clinical procedures. We are maintaining close collaboration with reviewers in this process, providing necessary information for their review of the study design, methodology, and procedures. Beyond our development and clinical progress in the quarter, we are also pleased to announce our latest strategic hospital system partnership with UMass Memorial Medical Center, a premier healthcare system in the greater Boston area and clinical partner of the esteemed University of Massachusetts Chan Medical School. This collaboration will concentrate on optimizing critical elements of implementing a robotic system, including refining perioperative practices, enhancing surgeon education through mentorship and system testing, and establishing ambassadorship activities to drive best practices and adoption of our version 1.0 system. UMass Memorial's regional prominence, academic focus, and close proximity to our Waltham headquarters make them an invaluable partner as we work to optimize the integration of our technology into hospital environments. This collaboration adds to our strong set of existing partnerships with several leading healthcare institutions and providers, including HCA Healthcare, University Hospitals, Pittsburgh CREATES, Intermountain Health, and LSU Health New Orleans. These strategic collaborations, combined with the unwavering commitment of our team, give us a strong conviction and our capability to realize our corporate mission and achieve our objectives for the year. We are increasingly optimistic that the progress made in the first quarter will enable us to showcase the groundbreaking value of our V1.0 system in clinical setting later this year, a pivotal moment which we are keenly focused on. With that, I'll now turn the call over to Sarah to review our first-quarter financial results. Sarah Romano Thank you, Adam. Total operating expenses for the first quarter of 2025 were $15.7 million, a 2% decrease compared to $16.1 million in the first quarter of 2024. R&D expenses for the first quarter of 2025 were $9.4 million compared to $10 million in the first quarter of '24. General and administrative expenses for the first quarter of '25 were $5.3 million compared to $5 million in the first quarter of '24. And first quarter of 2025 sales and marketing expenses were $1 million, essentially flat from the prior-year period. Further, adjusted net loss for the first quarter of 2025 was $15.3 million, or $2.58 per share, as compared to $15.1 million, or also $2.58 per share in the first quarter of 2024. GAAP net loss for the first quarter of '25 was $15.4 million, or $2.60 per share. This compares to a net loss of $17 million, or $2.90 per share in the first quarter of '24. For a reconciliation of all non-GAAP measures to GAAP, please review our earnings press release. We ended the first quarter of this year with approximately $37 million of cash, cash equivalents, and short-term investments on our balance sheet. This represents a first-quarter cash burn rate of approximately $12 million. We continue to expect full-year 2025 cash burn to be approximately $50 million, and we remain committed to disciplined capital allocation. 2025 is off to a strong start, and we look forward to updating you as we progress with our business initiatives in the coming quarters. With that, I will turn the call back to Adam for closing remarks. Adam Sachs Thanks, Sarah. Vicarious Surgical is on course for a transformative 2025. The team's solid first-quarter performance puts us firmly on the path to achieving our first major clinical milestone later this year. Our team's achievements are, as ever, a direct result of the unwavering dedication of our team coupled with the invaluable support of our investors and stakeholders. Thank you for your continued belief in Vicarious Surgical. And thank you to everyone who joined the call today. We appreciate your support and look forward to updating you on our continued progress. Nadia, we're ready for questions. Operator (Operator Instructions) Ryan Zimmerman, BTIG. Hi, everyone. This is Izzy on for Ryan. Thank you for taking the questions. And Sarah, congrats on your new role here. Just to start out, given your current cash balance right now and the expectations for burning through the year, I was just curious what assurances you can give to investors about your continued ability to fund operations. Sarah Romano So, hi, nice to hear from you. Thank you for the question. So our main focus is on disciplined spending, ensuring that we stay within budget while also ensuring that we produce a safe and effective product. So we're reviewing all costs, ensuring that our cash is being used in the most effective way possible. Additionally, we are thinking strategically about our financing. We're currently evaluating all options that are available to us. We do have a very supportive insider base. We believe that they'll be very supportive going forward as well and hopefully some new investors coming to the table as well. With several upcoming exciting milestones ahead, we're hoping to structure a financing around these. So I think we're all very optimistic here with our ability to finance the company. Got it. That's helpful. Thank you, Sarah. And as we think about the supply, just curious if you guys are -- how you're feeling about your ability to supply any remaining components for the V1.0 build. Anything that we should be aware of there? Thank you for taking the questions. Adam Sachs Yeah. So last quarter, we did note some challenges with our supply chain. It's obviously quite a complex supply chain for a fairly complex system overall. And that being said, we've managed this effectively and we have not seen any further changes or adjustments in our schedule as a result of supply. So I would say at the moment, we're feeling quite good about our supply chain. We have a pretty amazing team that manages the entire supply chain for our business and they've been able to do so effectively in the last quarter. Operator (Operator Instructions) Josh Jennings, TD Cowen. Eric Anderson Hi, this is Eric calling for Josh. Thank you for taking the question. I wanted to ask you about the technical dossier submission that should be unlocking your ability to conduct first-patient testing. I was just hoping for a little more detail on the review timeline expectations. So I think you said in the past that it could be a few months, and I was just hoping we could talk through the assumption there and where it comes from, and also if that factors in some potential questions that you could be receiving from the agency. Adam Sachs Yeah, thanks, Eric. I appreciate the question. So overall, we're looking around mid this year at filing our technical dossier in country in order to do these first clinical patients. This includes a ton of information, all of the safety testing and performance data that's required to use our system in the first human cases later this year. So we're all really excited about this. We've made a set of assumptions that enable us to do these first patients later this year. And that's based on a number of assumptions around other companies with similar products, similar levels of complexity that have filed in similar countries that are actually the same country with the same agency in the last year or two. So we feel fairly confident in these assumptions. We have that does bake in some time to go back and forth. Hence why we're filing in the middle of this year and doing those first cases later this year. Eric Anderson Understood that makes sense. And then on the hospital partners that you've been announcing, and congrats on the recent announcement today, to what extent could they be additive to your development process as we stand right now? Or is that really something that once you reach commercial stage, the benefit of those partners will become evident? Adam Sachs So first, the second part of your question there, 100%. I mean, we are working with these partners and they are working with us because they're excited about what we're doing and they want to see it in the operating room and be able to use it in the operating room. And this is a market that is 96% white space that has incredible opportunity and not nearly enough surgical robotics or robots out in the field today, which gives these hospital systems the opportunity and the availability to purchase our system when we're on market because of its differentiation and the promise of visualization, dexterity, sensing capabilities, and ability to operate. It's answered directly about what we're working on with them, especially with the latest system with UMass. It's primarily focused around perioperative workflow and procedures, really making sure not only that we've designed a system that is excellent for workflow and able to do procedures in an efficient, streamlined manner, but on top of that, that we're actually designing the workflow around the system and around what makes sense for the operating room today. Operator (Operator Instructions) If you have no further questions, I'll hand back to Adam for any closing comments. Adam Sachs I appreciate the questions, everybody. That concludes the call. Thank you. Operator Thank you. This concludes today's call. Thank you for joining. You may now disconnect your lines.
Business Wire
28-04-2025
- Business
- Business Wire
Vicarious Surgical to Report First Quarter 2025 Financial Results on May 12, 2025
WALTHAM, Mass.--(BUSINESS WIRE)--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 it will report financial results for the first quarter ended March 31, 2025 after the market closes on Monday, May 12, 2025. Company management will host a corresponding conference call beginning at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by dialing +1 833-470-1428 for domestic callers or +1 404-975-4839 for international callers, using access code: 316641. A live and archived webcast of the event will be available at About Vicarious Surgical Founded in 2014, Vicarious Surgical is a next generation surgical 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
