RBOT

Vicarious Surgical is a pre-commercial, pre-FDA surgical-robotics story that has never earned a dollar of revenue in its history (FY2021–FY2025 all show revenue '—') while burning down to almost nothing. The 10-K states it plainly: management has 'substantial doubt about whether we can continue as a going concern,' with an accumulated deficit of $246.1M and only $2.6M cash plus $7.2M short-term investments as of 12/31/2025 — a balance the company itself says funds operations only 'through the second quarter of 2026.' As of today (July 2026), that runway is spent or nearly so, and there is 'no assurance' the funding efforts (equity/debt placements, licensing, strategic alternatives, or liquidation) will succeed. This is the definition of unknowable, binary risk.

The numbers corroborate a company in wind-down, not turnaround. Total assets collapsed 71% YoY to $19.6M and stockholders' equity fell 79% to $9.84M; cash fell 74% to $2.57M. The narrowing net loss (-$50.2M vs -$63.2M) and 25% drop in operating expenses are not signs of a maturing business — the MD&A attributes them to a 23% headcount cut (127→98 average, with a further reduction effective 3/6/2026) and lower professional fees. R&D itself fell 16% to $33.6M. Cutting your way to a smaller loss while pre-revenue and out of cash is retrenchment ahead of a capital crisis, not operating leverage. ROE of -510% and an operating cash burn of -$45.1M against $2.57M of cash tell the whole story.