Vicarious Surgical Inc.

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. If you would like to ask a question, please press star, fill it by one on your telephone keypad. I will now hand over to your host, Webb Campbell, Investor Relations, to begin. Webb, please go ahead.

Good afternoon. Today, after market closed, Vicarious Surgical released financial results for the three months ended March 31st, 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 are 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?

Thanks, Webb. 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 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 clinic. These include, first, The expansive inventory build-out 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 cart and surgeon console for formal preclinical testing and have since begun system integration as well as the construction of our second surgeon console and patient cart that will be utilized in our first human cases. Further, our initial instrument sets have completed production and have completed bioburden 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 para-operative 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 WALTAM 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 in 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 a 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.