Microbot Medical Inc. Files Q3 2024 10-Q

TL;DR

Microbot Medical's Q3 10-Q is in. Financials and operations updated as of Sept 30, 2024.

AI Summary

Microbot Medical Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and balance sheet information are presented, reflecting the company's status as of that date.

Why It Matters

This filing provides investors with the latest financial health and operational status of Microbot Medical Inc., crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — As a medical device company, Microbot Medical faces inherent risks related to product development, regulatory approvals, and market adoption.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the financial snapshot date for the 10-Q.)
• 2024-11-13 — Filing Date (Shows when the company submitted its quarterly report to the SEC.)

Key Players & Entities

• Microbot Medical Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• 2024-11-13 (date) — Date the 10-Q was filed

FAQ

Filing Documents

• form10-q.htm (10-Q) — 623KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-045136.txt ( ) — 3275KB
• mbot-20240930.xsd (EX-101.SCH) — 24KB
• mbot-20240930_cal.xml (EX-101.CAL) — 27KB
• mbot-20240930_def.xml (EX-101.DEF) — 92KB
• mbot-20240930_lab.xml (EX-101.LAB) — 250KB
• mbot-20240930_pre.xml (EX-101.PRE) — 182KB
• form10-q_htm.xml (XML) — 366KB

- 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 12

- Quantitative and Qualitative Disclosures About Market Risk

Item 3 - Quantitative and Qualitative Disclosures About Market Risk 17

- Controls and Procedures

Item 4 - Controls and Procedures 17

- Other Information

Part II - Other Information

- Legal Proceedings

Item 1 - Legal Proceedings 18

- Risk Factors

Item 1A - Risk Factors 18

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 18

- Defaults Upon Senior Securities

Item 3 - Defaults Upon Senior Securities 18

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 18

- Other Information

Item 5 - Other Information 18

- Exhibits

Item 6 - Exhibits 19

Signatures

Signatures 20 i MICROBOT MEDICAL INC. Interim Condensed Consolidated Balance Sheets U.S. dollars in thousand (Except share and per share data) As of As of Notes September 30, 2024 December 31, 2023 Unaudited Audited ASSETS Current assets: Cash and cash equivalents $ 479 $ 2,468 Marketable securities 2 3,859 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 609 152 Total current assets 4,995 7,921 Property and equipment, net 99 146 Operating right-of-use assets 114 260 Total assets $ 5,208 $ 8,327 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 246 $ 357 Lease liabilities 65 191 Legal settlement accrual 3G - 2,211 Accrued liabilities 1,060 1,027 Total current liabilities 1,371 3,786 Non-current liabilities: Long-term lease liabilities 29 40 Total liabilities 1,400 3,826 Shareholders' equity: Common stock; $ 0.01 par value; 60,000,000 shares authorized; 16,651,433 and 11,707,317 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 168 118 Additional paid-in capital 91,192 83,884 Accumulated deficit ( 87,552 ) ( 79,501 ) Total shareholders' equity 3,808 4,501 Total liabilities and shareholders' equity $ 5,208 $ 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 For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Unaudited Unaudited Research and development, net $ 2,060 $ 1,612 $ 4,646 $ 4,594 General and administrative, net 1,240 932 3,549 3,193 Operating loss ( 3,300 ) ( 2,544 )

Risk Factors

Risk Factors Going Concern To date, the Company has not generated revenues from its operations. As of September 30, 2024, the Company had cash equivalents and a marketable securities balance of approximately $ 4,338 , 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. 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; A slowdown in the nu

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View this 10-Q filing on SEC EDGAR