Dive Brief:
- Vicarious Surgical on Wednesday said it received notice that the New York Stock Exchange has begun the process of delisting the company’s Class A common stock. Trading in the shares was suspended after Tuesday’s market close.
- The NYSE determined Vicarious had fallen below a standard requiring listed companies to maintain an average global market capitalization of at least $15 million over 30 consecutive trading days. The company can appeal the NYSE’s delisting determination.
- The robot developer, which has encountered a series of delays in bringing its surgical system to market, said it received approval to have its stock quoted on the OTCID market operated by OTC Markets Group, under the “RBOT” trading symbol.
Dive Insight:
Vicarious, which went public in 2021 through a merger with a special purpose acquisition company that raised $220 million, previously avoided a potential delisting from the NYSE in 2023.
The Waltham, Massachusetts-based company has been working to reduce its cash burn after extending development timelines for its robot, a single-port system for abdominal procedures. Last year, the company canceled plans to begin a clinical trial for the robot to focus on completing the design for the commercial version of the system.
In January, Vicarious said it was making progress toward a system design freeze targeted for the end of this year, completing elements of a ventral hernia repair in its first animal lab conducted in several years.
As part of an effort to improve execution and lower operating costs under new CEO Stephen From, Vicarious recently partnered with an engineering and software development firm to handle certain functions of the robot’s design. Work on key elements of the system, including its miniaturized robotic arms and immersive visualization technology, remains in-house.
In December, Vicarious lowered its full-year 2025 cash burn forecast to about $45 million, a reduction of $5 million, and projected a 2026 cash burn of about $35 million.
