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Microbot Medical Inc. (MBOT-7.35%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Microbot Medical Inc. has not yet generated revenues and has incurred significant operating losses since inception. The company expects to continue incurring losses for the foreseeable future as it develops its LIBERTY® Endovascular Robotic Surgical System.
The company raised approximately $30 million in January and February 2025 through various offerings, which management believes will fund operations for more than twelve months from the issuance date of the financial statements.
Microbot Medical Inc. is focused on developing the LIBERTY® Endovascular Robotic Surgical System, a fully disposable robot for endovascular procedures. The company is seeking regulatory clearance and plans to commence U.S. commercialization activities following anticipated FDA marketing clearance in the second quarter of 2025.
The company has received grants from the Israeli Innovation Authority totaling approximately $1.9 million through December 31, 2024, and is obligated to pay royalties on future sales of products developed with these grants.
Microbot Medical Inc. has entered into a settlement agreement related to a lawsuit from the 2017 financing, resulting in a cash payment of $1.1 million and issuance of 1,005,965 shares of restricted common stock.
The company operates primarily in Israel, and recent military operations in the region have not yet materially affected its business or operations, though the situation is being closely monitored.
Microbot Medical Inc. continues to rely on third-party manufacturers for the production of its product candidates and expects this to continue for the foreseeable future.
The company does not anticipate paying cash dividends on its common stock in the near future and plans to retain earnings for growth and development purposes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Microbot Medical Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.