In a recent filing with the Securities and Exchange Commission, Khalifa Sammy, the Chief Technology Officer of Vicarious Surgical Inc. (NYSE:RBOT), disclosed the sale of 653 shares of the company’s Class A common stock. The shares were sold at a weighted average price of $8.9675, generating a total value of approximately $5,855.
The transaction, which took place on November 20, 2024, was carried out to cover tax withholding obligations related to the vesting of restricted stock units granted in May 2022. Following this sale, Sammy holds 38,032 shares of Vicarious Surgical Inc. directly.
Vicarious Surgical, based in Waltham, Massachusetts, is known for its advancements in surgical robotics, aiming to enhance the precision and efficiency of surgical procedures.
In other recent news, Vicarious Surgical Inc. reported a narrowed net loss in its third quarter results, indicating progress in its financial performance. The adjusted net loss was $17 million, down from last year's $20.4 million. Operating expenses also decreased by 17%, totaling $17.8 million. Meanwhile, Piper Sandler adjusted its outlook on the company's shares, reducing the price target to $10.50 from $12.00, while maintaining a neutral rating.
Vicarious Surgical is on track with the integration of its V1.0 system, a significant step towards treating its first patient within the next 12 months. The company is also selecting specific sites for an overseas clinical trial for ventral hernia, advancing its clinical programs.
These are the recent developments in Vicarious Surgical's journey. The company maintains a strong cash position, with $61 million in hand and a projected cash burn of $50 million for the year. Despite the net loss, financial stability is evident, with a projected cash runway into 2026. The focus now shifts to the successful completion of clinical trials and the subsequent introduction of their technology to the market.
InvestingPro Insights
While Khalifa Sammy's recent stock sale was primarily to cover tax obligations, it's worth examining Vicarious Surgical Inc.'s (NYSE:RBOT) current financial position to provide context for investors. According to InvestingPro data, the company's market capitalization stands at $56.38 million, reflecting its relatively small size in the surgical robotics sector.
InvestingPro Tips highlight that RBOT holds more cash than debt on its balance sheet, which could be seen as a positive sign for its financial stability. However, the company is also quickly burning through cash, a common characteristic of innovative tech firms in their growth phase.
The stock's performance has been mixed, with a strong 29.93% return over the last three months, contrasting with a 14.16% decline in the past week. This volatility aligns with the InvestingPro Tip noting that the stock has taken a big hit over the last week.
Importantly for potential investors, analysts do not anticipate the company will be profitable this year, which is reflected in its negative P/E ratio of -0.91. This aligns with another InvestingPro Tip indicating that RBOT is not profitable over the last twelve months.
For those considering a deeper dive into Vicarious Surgical's prospects, InvestingPro offers 8 additional tips that could provide valuable insights for investment decisions.
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