Wed, May 15, 12:48 PM (253 days ago)
Microbot Medical Inc. reported its financial results for the quarter ended March 31, 2024. The company, still in its pre-revenue stage, saw a decrease in total assets from $8.3 million at the end of 2023 to $7.4 million. Cash and cash equivalents dropped significantly from $2.5 million to $1.2 million. Total liabilities also decreased from $3.8 million to $1.2 million, primarily due to the settlement of a legal dispute. The company incurred a net loss of $2.4 million for Q1 2024, a slight improvement from the $2.9 million loss in Q1 2023. This reduction in loss was driven by lower research and development expenses, which fell to $1.2 million from $1.6 million, and a decrease in general and administrative expenses. Microbot raised approximately $2.7 million in January 2024 through a warrant reset offering, which contributed to its financing activities. The company continues to face substantial doubt about its ability to continue as a going concern due to its ongoing losses and limited cash reserves. The current geopolitical situation in Israel, where the company’s operations are primarily based, adds further uncertainty. Management is closely monitoring the impact of these factors on its operations and is actively seeking additional funding to support its ongoing research and development efforts, particularly for its LIBERTY® Endovascular Robotic Surgical System.