Vicarious Surgical, Inc. · OTC:RBOT
Vicarious Surgical — Investor Presentation (April 2026)
24 slides from Vicarious Surgical's investor presentation, April 2026
Slide 1: A New Surgical Architecture for the Abdomen
A New Surgical Architecture for the Abdomen: Open-like Access, Minimally Invasive A New Surgical Architecture for the Abdomen Built to solve the limitations of current robotic systems Designed to solve the limitations of current robotic systems
Slide 2: Legal Disclaimers
Vicarious Surgical Legal Disclaimers This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Vicarious Surgical’s actual results may differ from its expectations, estimates, and
Slide 3: The Majority of Abdominal Surgery Remains Open
Vicarious Surgical The Majority of Abdominal Surgery Remains Open Open surgery persists despite higher trauma, longer recovery, and increased cost Robotics transformed pelvic surgery Adoption drops sharply in abdominal surgery High-volume abdominal procedures still performed open Driven by s
Slide 4: Current Robotic Systems Were Not Designed for the Abdomen
Vicarious Surgical Current Robotic Systems Were Not Designed for the Abdomen Core architectural limitations restrict access and scalability Designed for confined anatomy, not the full abdomen External arms create collisions and procedural complexity Limited reach across multi-quadrant surgery
Slide 5: A New Architecture Designed for Full Abdominal Access
Vicarious Surgical A New Architecture Designed for Full Abdominal Access Enables procedures current systems cannot reach Internalized single-port eliminates collisions → Enables true abdominal access Human-like articulation enables full dexterity → Enables complex procedures minimally invasively
Slide 6: A New Category in Robotic Surgery
Vicarious Surgical A New Category in Robotic Surgery Not an incremental improvement, a structurally different platform Different architecture Different market Different economics A new architecture unlocks a new market. 6
Slide 7: Clear Path to Near-Term Value Inflection
Vicarious Surgical Clear Path to Near-Term Value Inflection Design freeze = the moment risk collapses → development risk behind us Parallel Execution Strategy: Australia FIH and U.S. IDE conducted in parallel • ~6 months from FIH submission to initial clinical data Mid- YE- Mid- YE- 1H-2027 2026 202
Slide 8: Starting with Ventral Hernia Repair
Vicarious Surgical Starting with Ventral Hernia Repair A high-volume procedure where access limitations drive open surgery Initial adoption is driven by open conversion, not displacement of existing robotic systems Reach where others cannot Full abdominal wall access → enables minimally invasive tre
Slide 9: Why Vicarious Enables Conversion of Open Procedures
Vicarious Surgical Why Vicarious Enables Conversion of Designed for full abdominal access and visualization Open Procedures Limited Access Constrained Access Full Access (Laparoscopy) (Multi-port Robotics) (Vicarious Surgical) Like chopsticks, limited motion Chopsticks with wrists, added dexterity ✔
Slide 10: Simplified Workflow Drives Utilization and Recurring Revenue
Vicarious Surgical Simplified Workflow Drives Utilization and Recurring Revenue. Higher throughput → more procedures per system → increased recurring revenue per installed system Current Multi-Port Systems Vicarious Single-Port System Multi-Port Systems Single-Port System Limit Throughput: Enables E
Slide 11: Integrated Architecture Lowers Cost and Expands Adoption
Vicarious Surgical Integrated Architecture Lowers Cost and Expands Adoption Patient Cart Surgeon Console compact footprint, easy integration with integrated display, no vision cart required Lower cost, improved economics, and recurring revenue drive adoption beyond large academic centers. 11
Slide 12: Bringing Open Surgery Capability to Minimally Invasive Robotics
Vicarious Surgical Bringing Open Surgery Capability to Minimally Invasive Robotics. Replicating the access of open surgery through a minimally invasive approach Decoupled actuators enable 360° camera articulation with Instrument arms generate additional intra-abdominal joints 120° field of view prov
Slide 13: Integrated Visualization Enables True Abdominal Access
Vicarious Surgical Integrated Visualization Enables True Abdominal Access Unprecedented Range of Motion 9.7 mm Best in Class Visual Performance • Immersive, natural depth perception • Wider field of view compared to competitors VS Camera: 120° FOV Extended Interaxial Lens Distance Self Cleaning • Im
Slide 14: Designed for Real Surgical Workflows That Drive Adoption
Vicarious Surgical Designed for Real Surgical Workflows That Drive Adoption Miniaturization Faster workflow, reduced complexity Full abdominal access Enables minimally invasive treatment of open procedures Stable visualization Improves precision and consistency Faster setup, more consistent workflow
Slide 15: Full-Stack IP Protection Across Core System Architecture
Vicarious Surgical Full-Stack IP Protection Across Core System Architecture IP spans the full system, not isolated components 1PATENT APPLICATIONS MAY CLAIM MORE THAN ONE FEATURE. 15
Slide 16: Initial Target Procedures: >1M Open Surgeries Annually in the U.S.
Vicarious Surgical Initial Target Procedures: >1M Open Surgeries Annually in the U.S. Across global markets, the opportunity expands significantly Initial Target Procedures (~2M annually)1: Ventral hernia: ~350-500K (60-70% open) Inguinal hernia: ~700-800K+ (60-80% open) Hysterectomy: ~500-600
Slide 17: Same-Architecture Competition Compresses Price, Not Market Expansion
Vicarious Surgical Same-Architecture Competition Compresses Price, Not Market Expansion New entrants compete for the same procedures, not expand the market Competing for the same procedures using similar architectures New entrants are reinforcing this dynamic, not expanding the market Pricing
Slide 18: Technical Risk Reduced; Value Now Driven by Execution
Vicarious Surgical Technical Risk Reduced; Value Now Driven by Execution Leadership now operating with a focused, capital-efficient model ~$300M invested in platform development What remains is execution, not invention Core architecture complete Architecture is defined, system is integrated Ma
Slide 19: Transitioning from Technical Feasibility to Clinical Execution
Vicarious Surgical Transitioning from Technical Feasibility to Clinical Execution With a differentiated architecture, clear clinical application, and strong economic profile, the focus shifts to execution and clinical validation.
Slide 20: Eleven Years to a Defined, Integrated System Architecture
Vicarious Surgical Eleven Years to a Defined, Integrated System Architecture Core architecture defined and integrated 2014 2018 2022 2025 The beginning Beta builds Engineering builds Controlled builds Miniaturization Breakthrough: Platform Architecture Defined: Integrated System Development: Control
Slide 21: Integrated System Performance Has Increased from 49% to 84%
Vicarious Surgical Integrated System Performance Has Increased from 49% to 84% System functionality has increased significantly since summer 2025: • 49% (June 2025) → 63% (September 2025) → 74% (November 2025) → 84% (April 2026) • Transition from partial functionality to integrated, clinically rel
Slide 22: Preclinical Data Demonstrates Feasibility and Reproducibility
Vicarious Surgical Preclinical Data Demonstrates Feasibility and Reproducibility Early data supports execution of target procedures and reproducibility across surgeons Procedural Feasibility Demonstrated Ventral hernia repairs successfully performed in cadaveric and porcine models Core procedura
Slide 23: Demonstrated Improvements: Instrument Precision & Reliability
Vicarious Surgical Demonstrated Improvements: Instrument Precision & Reliability ~70% reduction in procedure time 8/19 Syndaver lab with KOL Dr. Belyansky, pre-DV System 11/4 Syndaver lab with KOL Dr. Belyansky, pre-DV System 45 Minute mesh fixation time 13 Minute mesh fixation time “The progress in
Slide 24: A Differentiated Platform with a Clear Path to Value Creation
Vicarious Surgical A Differentiated Platform with a Clear Path to Value Creation This opportunity is defined by four structural advantages: Different architecture → full abdominal access, no legacy constraints Different market → expands into procedures not currently served Different economics
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