Microbot Medical Inc. Files Q2 2024 10-Q

TL;DR

**Microbot Medical Q2 10-Q filed. Financials and ops update.**

AI Summary

Microbot Medical Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position and operational updates. Specific financial figures and operational highlights for the quarter and year-to-date are presented within the report.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance and operational status of Microbot Medical Inc., crucial for understanding the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: medium — As a medical device company, Microbot Medical faces inherent risks related to product development, regulatory approvals, market adoption, and competition, which are typical for its industry.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-14 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Microbot Medical Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240814 (date) — Filing date of the report

FAQ

Filing Documents

• form10-q.htm (10-Q) — 729KB
• ex31-1.htm (EX-31.1) — 20KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-032031.txt ( ) — 3374KB
• mbot-20240630.xsd (EX-101.SCH) — 23KB
• mbot-20240630_cal.xml (EX-101.CAL) — 27KB
• mbot-20240630_def.xml (EX-101.DEF) — 88KB
• mbot-20240630_lab.xml (EX-101.LAB) — 246KB
• mbot-20240630_pre.xml (EX-101.PRE) — 180KB
• form10-q_htm.xml (XML) — 374KB

- 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 Condensed Consolidated Balance Sheets U.S. dollars in thousands (Except share and per share data) As of As of Notes June 30, 2024 December 31, 2023 Unaudited Audited ASSETS Current assets: Cash and cash equivalents $ 2,465 $ 2,468 Marketable securities 2 3,997 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 628 152 Total current assets 7,138 7,921 Property and equipment, net 122 146 Operating right-of-use assets 174 260 Total assets $ 7,434 $ 8,327 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 178 $ 357 Lease liabilities 110 191 Legal settlement accrual 3G - 2,211 Accrued liabilities 1,053 1,027 Total current liabilities 1,341 3,786 Non-current liabilities: Long-term lease liabilities 38 40 Total liabilities 1,379 3,826 Shareholders' equity: Common stock; $ 0.01 par value; 60,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 15,965,633 and 11,707,317 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. 161 118 Additional paid-in capital 90,231 83,884 Accumulated deficit ( 84,337 ) ( 79,501 ) Total shareholders' equity 6,055 4,501 Total liabilities and shareholders' equity $ 7,434 $ 8,327 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 MICROBOT MEDICAL INC. Interim Condensed Consolidated Statements of Comprehensive Loss U.S. dollars in thousands 2024 2023 2024 2023 For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Unaudited Unaudited Research and development, net $ ( 1,417 ) $ ( 1,365 ) $ ( 2,586 ) $ ( 2,982 ) General and administrative, net ( 1,094 ) ( 959 ) ( 2,3

Risk Factors

Risk Factors Going Concern To date, the Company has not generated revenues from its operations. As of June 30, 2024, the Company had cash equivalents and marketable securities balance of approximately $ 6,462 , excluding restricted cash. Due to continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future, as well as to seek to raise additional funds through future issuances of either debt and/or equity securities and possibly additional grants from government institutions. The Company will require additional capital and its 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 ongoing military operations and armed conflicts in the Gaza Strip. It continues to evolve and has since spread to northern Israel and threatens to spread to other Middle Eastern countries including Lebanon and Iran. These military operations 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 n

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View this 10-Q filing on SEC EDGAR