Microbot Medical Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a continued trend of operating losses and a decrease in total assets and shareholders' equity compared to the previous fiscal period.

As of September 30, 2024, total current assets were $4,995,000, down from $7,921,000 as of December 31, 2023. Total assets also decreased to $5,208,000 from $8,327,000 during the same period. Total liabilities were significantly reduced to $1,400,000 from $3,826,000, while total shareholders’ equity fell to $3,808,000 from $4,501,000.

For the three months ended September 30, 2024, Microbot reported an operating loss of $3,300,000, compared to a loss of $2,544,000 in the same quarter of 2023. The net loss for the quarter was $3,215,000, up from $2,446,000 year-over-year. For the nine-month period, the operating loss increased to $8,195,000 from $7,787,000, with a net loss of $8,051,000 compared to $7,586,000 in the prior year. Basic and diluted net loss per share improved slightly to $(0.20) for Q3 2024 from $(0.21) in Q3 2023, while for the nine months, it decreased to $(0.53) from $(0.79).

The company has not generated any revenue from operations to date and continues to rely on financing activities to support its operations. For the nine months ended September 30, 2024, net cash flows used in operating activities were $(7,136,000), compared to $(6,712,000) in 2023. Financing activities provided $5,104,000, down from $6,558,000 in the previous year.

Strategically, Microbot has made significant changes, including the termination of the CardioSert Agreement in August 2023, which ceased all related R&D efforts. The company also transferred technology back to CardioSert in July 2024. Additionally, Microbot has been actively raising funds, having raised approximately $5.05 million from financing activities as of September 30, 2024, and intends to raise up to $4.82 million through future public and private debt/equity issuances.

Research and development expenses increased due to higher clinical study costs and payroll expenses, while general and administrative expenses rose primarily from increased payroll costs following the end of a cost reduction plan. The company continues to monitor the impact of ongoing military operations in Israel, which have not yet materially affected its business operations.

Overall, Microbot Medical Inc. remains in a challenging financial position, with ongoing losses and a need for additional funding to support its development efforts in the medical device sector.