Microbot Medical Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Microbot Medical Inc. has filed its Q1 2024 10-Q report, detailing financial information and corporate history.</b>

AI Summary

Microbot Medical Inc. (MBOT) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Microbot Medical Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is located at 25 Recreation Park Dr, Suite 108, Hingham, MA 02043. Microbot Medical Inc. was formerly known as STEMCELLS INC and CYTOTHERAPEUTICS INC/DE. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking Microbot Medical Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for Microbot Medical Inc. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential investment value.

Risk Assessment

Risk Level: low — Microbot Medical Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial disclosures and does not indicate any immediate or significant risks.

Analyst Insight

Review the detailed financial statements and any management discussion and analysis within the 10-Q to understand Microbot Medical Inc.'s current financial position and operational performance.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-15 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-03-31 — Prior Year Quarter End (Comparison period)
• 2023-12-31 — Prior Year End (Comparison period)

Key Players & Entities

• Microbot Medical Inc. (company) — Filer name
• 25 Recreation Park Dr Suite 108 (address) — Business address
• Hingham (location) — Business address city
• MA (location) — Business address state
• 02043 (postal_code) — Business address zip
• STEMCELLS INC (company) — Former company name
• CYTOTHERAPEUTICS INC/DE (company) — Former company name
• 2024-03-31 (date) — Period of report

FAQ

Industry Context

Microbot Medical Inc. operates in the medical instruments and apparatus industry, focusing on surgical and medical devices.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and net income for the quarter ended March 31, 2024.
2. Review any disclosures regarding cash flow and liquidity.
3. Examine the company's business description and any updates on product development or strategic initiatives.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the year.

Key Financial Figures

• $0.01 — te: 14,398,964 shares of Common Stock, $0.01 par value at May 14, 2024. MICROBOT M

Filing Documents

• form10-q.htm (10-Q) — 491KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-24-019535.txt (&nbsp;) — 2777KB
• mbot-20240331.xsd (EX-101.SCH) — 21KB
• mbot-20240331_cal.xml (EX-101.CAL) — 26KB
• mbot-20240331_def.xml (EX-101.DEF) — 76KB
• mbot-20240331_lab.xml (EX-101.LAB) — 231KB
• mbot-20240331_pre.xml (EX-101.PRE) — 164KB
• form10-q_htm.xml (XML) — 279KB

- Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 14

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 20

- Controls and Procedures

Item 4 - Controls and Procedures 21

- Other Information

Part II - Other Information

- Legal Proceedings

Item 1 - Legal Proceedings 21

- Risk Factors

Item 1A - Risk Factors 22

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 22

- Defaults Upon Senior Securities

Item 3 - Defaults Upon Senior Securities 22

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 22

- Other Information

Item 5 - Other Information 22

- Exhibits

Item 6 - Exhibits 23

Signatures

Signatures 24 i MICROBOT MEDICAL INC. Interim Consolidated Balance Sheets U.S. dollars in thousands (Except share and per share data) Unaudited Audited Notes As of March 31, 2024 As of December 31, 2023 Unaudited Audited ASSETS Current assets: Cash and cash equivalents $ 1,162 $ 2,468 Marketable securities 2 5,187 3,917 Restricted cash 48 49 Insurance recovery receivable related to legal settlement and legal expenses 3G - 1,335 Prepaid expenses and other current assets 603 152 Total current assets 7,000 7,921 Property and equipment, net 132 146 Operating right-of-use assets 235 260 Total assets $ 7,367 $ 8,327 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 96 $ 357 Lease liabilities 191 191 Legal settlement accrual 3G - 2,211 Accrued liabilities 896 1,027 Total current liabilities 1,183 3,786 Non-current liabilities: Long-term lease liabilities 17 40 Total liabilities 1,200 3,826 Shareholders' equity: Common stock; $ 0.01 par value; 60,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 14,398,964 and 11,707,317 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. 145 118 Additional paid-in capital 87,894 83,884 Accumulated deficit ( 81,872 ) ( 79,501 ) Total shareholders' equity 6,167 4,501 Total liabilities and shareholders' equity $ 7,367 $ 8,327 The accompanying notes are an integral part of these consolidated financial statements. 1 MICROBOT MEDICAL INC. Interim Consolidated Statements of Comprehensive Loss U.S. dollars in thousands (Except share and per share data) 2024 2023 For the Three Months Ended March 31, 2024 2023 Unaudited Research and development, net $ ( 1,169 ) $ ( 1,617 ) General and administrative ( 1,215 ) ( 1,302 ) Operating loss ( 2,384 ) ( 2,919 ) Financing income, net 13 66 Net loss

Risk Factors

Risk Factors Going Concern To date, the Company has not generated revenues from its operations. As of March 31, 2024, the Company had cash equivalents and marketable securities balance of approximately $ 6,349 , excluding restricted cash. Due to continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future. The Company implemented a cost reduction program in May 2023, and consummated capital raises in May, June 2023 and in January 2024. The Company will seek to raise additional funds through future issuances of either debt and/or equity securities and possibly additional grants from the Israeli Innovation Authority and other government institutions. The Company's ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company's stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. Accordingly, these conditions raise substantial doubt about the Company's ability to continue as a going concern. War in Israel On October 7, 2023, the State of Israel, where the Company's operations are primarily based, suffered a surprise attack by hostile forces from Gaza, which led to the declaration by Israel of the "Iron Swords" military operation. This military operation and related activities are on-going as of the issuance date of these financial statements. 5 The Company has considered various ongoing risks relating to the military operation and related matters, including: That some of the Company's Israeli subcontractors, vendors, suppliers and other companies in which the Company relies, are currently only partially active, as instructed by the relevant authorities; and A slowdown in the number of i

View Full Filing

View this 10-Q filing on SEC EDGAR