Wed, Nov 13, 9:20 PM (60 days ago)
Microbot Medical Inc. (NASDAQ: MBOT) reported its Q3 2024 financial results, highlighting ongoing challenges in revenue generation, with no sales recorded to date. As of September 30, 2024, the company had total assets of $5,208,000, down from $8,327,000 at year-end 2023, driven by a reduction in cash and cash equivalents to $479,000 from $2,468,000. The net loss for Q3 2024 was $3,215,000, compared to $2,446,000 in Q3 2023, reflecting increased R&D expenses related to clinical studies and regulatory compliance. General and administrative expenses also rose, primarily due to higher payroll costs following the cessation of a cost reduction plan. Microbot's cash flow from operations was negative $7,136,000 for the nine months ended September 30, 2024. The company continues to seek additional capital, raising $5,104,000 through financing activities. However, ongoing geopolitical tensions in Israel pose risks to operations and future milestones. The company anticipates continued losses and cash flow challenges, raising substantial doubt about its ability to continue as a going concern. Future operations will be closely tied to successful fundraising efforts and the progression of clinical trials for its LIBERTY® Endovascular Robotic Surgical System.