Vicarious Surgical Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Vicarious Surgical Inc. has filed its 2023 annual report (10-K) detailing its financial performance and corporate information.</b>

AI Summary

Vicarious Surgical Inc. (RBOTW) filed a Annual Report (10-K) with the SEC on March 4, 2024. Vicarious Surgical Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is registered with the SEC under the ticker symbol RBOT. Its Class A common stock and warrants trade on The New York Stock Exchange. The company was formerly known as D8 Holdings Corp. and changed its name on May 14, 2020. Vicarious Surgical Inc. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Vicarious Surgical Inc., this filing contains several important signals. This filing provides a comprehensive overview of Vicarious Surgical Inc.'s operations and financial health for the fiscal year 2023, crucial for investors to assess the company's progress and future prospects. As a public company, Vicarious Surgical Inc. is required to submit this report, offering transparency into its business, risks, and financial standing, which influences investor confidence and market valuation.

Risk Assessment

Risk Level: low — Vicarious Surgical Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate negative news or significant changes, indicating a routine disclosure.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Vicarious Surgical Inc.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Annual Report)
• 2024-03-04 — Filing Date (10-K Submission)
• RBOT — Trading Symbol (Class A Common Stock)
• 11.50 — Exercise Price (Warrants)

Key Players & Entities

• Vicarious Surgical Inc. (company) — Registrant
• RBOT (company) — Trading Symbol
• The New York Stock Exchange (company) — Exchange
• D8 Holdings Corp. (company) — Former Company Name
• Delaware (company) — State of Incorporation
• 2023-12-31 (date) — Fiscal Year End
• 2024-03-04 (date) — Filing Date

FAQ

Industry Context

Vicarious Surgical Inc. operates in the medical devices sector, specifically focusing on robotic surgery technology.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Review the 'Risk Factors' section to understand potential challenges and threats to the company's business.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-04: Filing Date — Date the Form 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the annual report for the fiscal year ended December 31, 2023, following previous filings which would have covered prior periods.

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value per share RBOT The New York S
• $11.50 — mon stock, each at an exercise price of $11.50 per share RBOT WS The New York Stock Ex
• $2.0 million — stimate these capital costs to be up to $2.0 million or more per system upfront, plus an add

Filing Documents

• ea0200707-10k_vicarious.htm (10-K) — 1209KB
• ea0200707ex4-1_vicarious.htm (EX-4.1) — 116KB
• ea0200707ex10-6_vicarious.htm (EX-10.6) — 29KB
• ea0200707ex23-1_vicarious.htm (EX-23.1) — 3KB
• ea0200707ex31-1_vicarious.htm (EX-31.1) — 10KB
• ea0200707ex31-2_vicarious.htm (EX-31.2) — 10KB
• ea0200707ex32_vicarious.htm (EX-32) — 4KB
• image_001.jpg (GRAPHIC) — 23KB
• 0001213900-24-019594.txt (&nbsp;) — 5995KB
• rbot-20231231.xsd (EX-101.SCH) — 53KB
• rbot-20231231_cal.xml (EX-101.CAL) — 47KB
• rbot-20231231_def.xml (EX-101.DEF) — 279KB
• rbot-20231231_lab.xml (EX-101.LAB) — 475KB
• rbot-20231231_pre.xml (EX-101.PRE) — 278KB
• ea0200707-10k_vicarious_htm.xml (XML) — 536KB

BUSINESS

ITEM 1. BUSINESS. 1

RISK FACTORS

ITEM 1A. RISK FACTORS. 21

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS. 57

CYBERSECURITY

ITEM 1C. CYBERSECURITY. 57

PROPERTIES

ITEM 2. PROPERTIES. 59

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS. 59

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. 59 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. 60

[RESERVED]

ITEM 6. [RESERVED] 60

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 61

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 67

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 67

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. 68

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES. 68

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION. 68

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 68 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. 69

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION. 69

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. 69

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. 69

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 69 PART IV

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES. 70

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY. 71

SIGNATURES

SIGNATURES 72 i DOCUMENTS INCORPORATED BY REFERENCE The following documents (or parts thereof) are incorporated by reference into the following parts of this Form 10-K: Certain information required in Part III of this Annual Report on Form 10-K is incorporated by reference from the Registrant's Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission. EXPLANATORY NOTE In this Annual Report on Form 10-K, the terms "we," "us," "our," the "Company" and "Vicarious Surgical" mean Vicarious Surgical Inc. (formerly D8 Holdings Corp.) and our subsidiaries. On September 17, 2021 (the "Closing Date"), D8 Holdings Corp., a Delaware corporation that was previously a Cayman Islands exempted company ("D8" and after the Business Combination described herein, the "Company") that migrated to and domesticated (the "Domestication"), consummated the previously announced business combination (the "Business Combination") pursuant to the terms of the Agreement and Plan of Merger, dated as of April 15, 2021 (the "Business Combination Agreement"), by and among D8, Snowball Merger Sub, Inc., a Delaware corporation ("Merger Sub"), and Vicarious Surgical Inc., a Delaware corporation ("Legacy Vicarious"). Immediately upon the consummation of the Business Combination, the Domestication and the other transactions contemplated by the Business Combination Agreement (collectively, the "Transactions", and such completion, the "Closing"), Merger Sub merged with and into Legacy Vicarious, with Legacy Vicarious surviving the Business Combination as a wholly-owned subsidiary of D8 (the "Merger"). In connection with the Transactions, D8 changed its name to "Vicarious Surgical Inc." and Legacy Vicarious changed its name to "Vicarious Surgical US Inc." CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, a

BUSINESS

ITEM 1. BUSINESS. The following discussion reflects the business of Vicarious Surgical, as currently embodied by Vicarious Surgical. Unless the context otherwise requires, all references in this section to the "Company", "we", "us" and "our" generally refer to Vicarious Surgical in the present tense or Vicarious Surgical from and after the Business Combination. Overview We are combining advanced miniaturized robotics, computer science, sensing and 3D visualization to build an intelligent and affordable, single-port surgical robot, called the Vicarious Surgical System, that virtually transports surgeons inside the patient to perform minimally invasive surgery. With our disruptive next-generation robotics technology, we are seeking to increase the efficiency of surgical procedures, improve patient outcomes and reduce healthcare costs. Led by a visionary team of engineers from the Massachusetts Institute of Technology, or MIT, we intend to deliver the next generation in robotic-assisted surgery, designed to solve the shortcomings of open surgery, and current laparoscopic and robot-assisted minimally invasive surgery. We have developed multiple prototypes, have had pre-submission meetings with the FDA to align on our regulatory strategy, and plan to file a de novo application with the FDA for use in ventral hernia procedures as our first indication. The Vicarious Surgical System is uniquely designed to overcome the deficiencies that have limited broad adoption of robot-assisted minimally invasive surgery to date. By fundamentally engineering a better solution, we believe we have created a more capable surgical robot than those currently available on the market, and if authorized by the FDA, the Vicarious Surgical System will offer surgeons the ability to perform surgical procedures with greater dexterity and greater access to the entire abdomen, with better visibility and sensor-based feedback, through a small single incision in the abdomen. The Vicarious Surgica

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View this 10-K filing on SEC EDGAR