Vicarious Surgical investors voted to shut down and liquidate the company immediately after years of mounting losses.
The firm had raised approximately $300 million, with the majority coming from its 2021 SPAC merger that took it public.
Stephen From, who became CEO in 2025, told MassDevice he had been negotiating with a potential buyer until the end, yet medical device OEMs ultimately only signed NDAs to review assets now headed for auction.
The company’s core asset was an advanced soft-tissue robotics platform intended for minimally invasive procedures inside hospitals.
From pushed restructuring that cut annual spending from roughly $50 million to below $20 million while still targeting a design freeze by the end of 2026.
NYSE watch-list status triggered by a collapsing market capitalization blocked further equity raises, leaving the firm with only $3.7 million in cash equivalents as of March 31 against $9 million in liabilities.
The board concluded no viable path remained to continue operations or repay investors after repeated unsuccessful attempts to attract partners or financing.
In the broader surgical robotics sector, the closure underscores how SPAC-driven capital can accelerate early development yet leave firms exposed when clinical milestones slip and public-market support evaporates.
Founders and PMs should track the timing of design-freeze commitments against runway, because hardware programs in soft-tissue robotics demand sustained clinical and regulatory spend that public investors often refuse to fund without clear near-term revenue.
Source: Robotics Business Review.