Microbot Medical(US:MBOT)2025-11-12 21:17Financial Performance - The net loss for the three months ended September 30, 2025, was $3,577,000, compared to a net loss of $3,215,000 for the same period in 2024, reflecting a 11.3% increase in losses[13] - For the nine months ended September 30, 2025, the company reported a net loss of $9,678,000, compared to a net loss of $8,051,000 for the same period in 2024, representing an increase in losses of approximately 20.2%[21] - Basic and diluted net loss per share for the nine months ended September 30, 2025, was $0.25, compared to $0.53 for the same period in 2024[13] - The company reported a net loss of $3,577 million for the three months ended September 30, 2025, compared to a net loss of $3,215 million for the same period in 2024[96] - Net loss for the nine months ended September 30, 2025, was $9,678 million, compared to $8,051 million for the same period in 2024, indicating a 20.2% increase in losses[96] Assets and Equity - As of September 30, 2025, total assets increased to $81,760,000 from $6,031,000 as of December 31, 2024[11] - Total shareholders' equity increased to $78,224,000 as of September 30, 2025, compared to $3,530,000 as of December 31, 2024[11] - Total current assets reached $80,785 thousand as of September 30, 2025, compared to $5,819 thousand as of December 31, 2024[11] - The company had cash equivalents and marketable securities totaling approximately $80,158,000 as of September 30, 2025, excluding restricted cash[27] Cash Flow and Liquidity - Cash and cash equivalents rose to $6,704,000, a significant increase from $3,114,000 in the previous year[11] - The net cash flows used in operating activities for the nine months ended September 30, 2025, were $9,288,000, compared to $7,136,000 for the same period in 2024, indicating a 30.2% increase in cash outflows[21] - The company reported financing income of $611,000 for the nine months ended September 30, 2025, compared to $144,000 in the same period of 2024[13] - The company reported an increase in cash, cash equivalents, and restricted cash to $6,758,000 at the end of the period, up from $527,000 at the end of the same period in 2024[21] Share Issuance and Capital Raising - The company issued 13,891,840 shares of common stock and warrants, raising $25,917,000 during the reporting period[17] - The company raised $83,733,000 through the issuance of common stock and warrants during the nine months ended September 30, 2025, compared to $5,104,000 in the same period of 2024[21] - The Company raised approximately $7,000 from a registered direct offering of 4,000,001 shares at $1.75 per share, with related expenses of approximately $690[69] - The Company raised approximately $27,918 in gross proceeds from the exercise of 14,689,228 outstanding preferred investment options during the three months ended September 30, 2025[79] Expenses - Research and development expenses for the nine months ended September 30, 2025, were $4,741,000, slightly higher than $4,646,000 for the same period in 2024[13] - Payroll and payroll-related expenses for the three months ended September 30, 2025, were $2,035 million, up from $1,391 million in 2024[96] - Operating lease expenses for the three months ended September 30, 2025, were $94 thousand, with total lease cost for the nine months at $191 thousand[99] - Share-based compensation for Q3 2025 was $328 million, compared to $283 million in Q3 2024, reflecting a 15.9% increase[96] Legal and Regulatory Matters - The Company settled a lawsuit for $2,154, including a cash payment of $1,100 and 1,005,965 shares of restricted common stock[63] - The company is evaluating the impact of ASU 2024-03, which requires disaggregation of certain expenses in financial statements, effective for annual fiscal years beginning after December 15, 2026[49] Market and Operational Context - The company has not generated any revenues from its operations to date, and it expects to continue incurring additional losses due to ongoing research and development activities[27] - The company is closely monitoring the impact of military operations in Israel on its operations and has not yet experienced any materially adverse effects, but it continues to assess potential risks[30] - The company is focused on developing next-generation robotic endoluminal surgery devices aimed at minimally invasive surgery, leveraging its micro-robotic technologies[23] Royalties and Grants - Microbot Israel received approximately $2,154 in government grants from the IIA for research and development participation since 2013, with a commitment to pay royalties of 3.0% - 5% on future sales[50][51] - The Company is obligated to pay approximately $50 in royalties related to a grant from the Ministry of Economy for the LIBERTY Endovascular Robotic Surgical System, amounting to 3% of future sales[53] - Microbot Israel acquired assets from Nitiloop Ltd. for a total royalty obligation not exceeding $8,000, with a rate of 3% on net revenue from sales of the acquired devices[59][60] Lease Obligations - Total future lease payments as of September 30, 2025, amount to $1,044 million, with total lease liabilities of $899 million after deducting imputed interest of $145 million[99] - The Company issued a bank guarantee of $54 million to secure lease payments for its Israel office[97]