Vicarious Surgical downgraded to Neutral from Buy at BTIG

BTIG downgraded Vicarious Surgical to Neutral from Buy without a price target. With timelines for development extended another 12 to 18 months in order to preserve cash, the firm thinks its best to move to the sidelines until Vicarious “can retire all its development risk.” The company is “walking a very tight rope” with limited resources, the firm contends. Even with cash burn reduced, there is still risk that these development timelines could extend further and the macro environment may not allow the company to get the capital it needs to get to De Novo clearance, says BTIG.