Microbot Medical(MBOT) - 2025 Q2 - Quarterly Report

Financial Performance - For the six months ended June 30, 2025, the net loss was $6,101,000, an increase of 26% from the net loss of $4,836,000 in the same period of 2024[13] - The company reported a basic and diluted net loss per share of $0.10 for the three months ended June 30, 2025, compared to $0.17 in 2024[13] - For the six months ended June 30, 2025, the company reported a net loss of $6,101,000, compared to a net loss of $4,836,000 for the same period in 2024, representing a 26.2% increase in losses[22] - The net loss for the three months ended June 30, 2025, was $3,500 million, compared to a net loss of $2,465 million in the same period of 2024, reflecting a 42% increase in losses[95] Assets and Liabilities - As of June 30, 2025, total assets increased to $33,131,000 from $6,031,000 as of December 31, 2024[11] - Total current assets increased to $32,891,000 as of June 30, 2025, up from $5,819,000 as of December 31, 2024[11] - The company’s total liabilities increased to $2,774,000 as of June 30, 2025, compared to $2,501,000 as of December 31, 2024[11] - The total current liabilities rose to $2,727,000 as of June 30, 2025, compared to $2,460,000 at the end of 2024, reflecting a 10.9% increase[11] Shareholder Equity - Total shareholders' equity increased to $30,357,000 as of June 30, 2025, compared to $3,530,000 at the end of 2024[11] - The company’s accumulated deficit as of June 30, 2025, was $97,045,000, up from $90,944,000 as of December 31, 2024[11] Cash Flow and Financing - Cash and cash equivalents rose to $4,082,000 compared to $3,114,000 at the end of 2024, marking an increase of 31%[11] - Net cash flows used in operating activities for the six months ended June 30, 2025, were $5,447,000, compared to $4,377,000 in 2024[22] - The company raised $32,558,000 from the issuance of common stock and warrants during the six months ended June 30, 2025[22] - The company raised approximately $13,275,000 in gross proceeds from the exercise of outstanding Series G and F preferred investment options during the period from July 1, 2025, to August 8, 2025[96] Research and Development - Research and development expenses for the three months ended June 30, 2025, were $2,111,000, up 49% from $1,417,000 in 2024[13] - The Company has not generated any revenues from its operations to date and expects to incur additional losses for the foreseeable future due to ongoing research and development activities[29] - The company expects to continue incurring additional losses due to ongoing research and development and pre-commercialization activities[29] Grants and Royalties - The Company has received approximately $1.88 million in grants from the Israeli Innovation Authority since 2013, with a repayment obligation of 3.0% - 5% of future sales linked to these grants[53] - The Company received a grant of approximately $83,000 from the Ministry of Economy for expenses related to the LIBERTY® Endovascular Robotic Surgical System, with a royalty obligation of 3% on future sales[56] - The company is obligated to pay royalties of 3.0% - 5% on future sales related to the IIA grants, linked to the exchange rate of the dollar to the New Israeli Shekel[54] Marketable Securities - Marketable securities increased significantly to $28,592,000 as of June 30, 2025, from $2,356,000 at the end of 2024[11] - The company had cash equivalents and marketable securities of approximately $32,674,000 as of June 30, 2025, excluding restricted cash[29] - The company’s marketable securities increased from $2.36 million as of December 31, 2024, to $28.59 million as of June 30, 2025[43] Operational Updates - The Company suspended its Self-Cleaning Shunt project in October 2022 and returned related intellectual property to the Technion Research and Development Foundation in 2023[58] - The Company is closely monitoring the impact of ongoing military operations in Israel on its clinical and regulatory activities, although no material adverse effects have been reported as of the issuance date[32] - The company has one operating and reportable segment focused on the development of robotic devices for endoluminal surgery[93] Stock and Shareholder Actions - The company increased its authorized shares to 120,000,000 during the annual meeting on June 10, 2025[76] - The company granted options to purchase an aggregate of 80,000 shares to the CEO and 52,500 shares to certain executives at an exercise price of $1.25, with vesting contingent on performance conditions[91] - The company issued 3,433,880 shares under the ATM Agreement in 2024, generating gross proceeds of approximately $3,756[78] Legal and Compliance - The Company recorded a net non-operating loss of $1,111 from a legal settlement in 2023, with a current liability of $2,211 and a current asset of $1,335 as of December 31, 2023[68] - The company received a judgment of approximately $316 from litigation against Alliance Investment Management, recorded as other income[69] - The company has adopted ASU 2023-07 for segment reporting, effective for the fiscal year ended December 31, 2024, enhancing disclosures about significant segment expenses[50]