0001493152-24-045136 | 10-Q | XBRL Viewer

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2024

Use of estimates:

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions pertaining to transactions and matters whose ultimate effect on the financial statements cannot precisely be determined at the time of financial statements preparation. Although these estimates are based on management’s best judgment, actual results may differ from these estimates.

Fair value of financial instruments

Fair value of financial instruments:

The carrying values of cash and cash equivalents, other receivables and other accounts payable and accrued liabilities approximate their fair value due to the short-term maturity of these instruments.

A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables summarizes the Company’s financial assets subject to fair value measurement and the level of inputs used in such measurements as of September 30, 2024 and December 31, 2023:

	As of September 30, 2024
	Total		Level 1		Level 2		Level 3

Money market mutual funds	$	3,859	$	3,859	$	-	$	-

	As of December 31, 2023
	Total		Level 1		Level 2		Level 3

Marketable securities:
U.S. treasury securities	$	2,497	$	2,497	$	-	$	-
Money market mutual funds		1,420		1,420		-		-
	$	3,917	$	3,917	$	-	$	-

The Company’s financial assets are measured at fair value on a recurring basis by level within the fair value hierarchy. The Company’s securities and money market funds are classified as Level 1. Other than that, the Company doesn’t have any other financial assets or financial liabilities marked to market at fair value as of September 30, 2024 and December 31, 2023.

Share-based compensation

Share-based compensation:

The Company applies ASC 718-10, “Share-Based Payment” (“ASC 718-10”), which requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors including stock options under the Company’s stock plans based on estimated fair values.

ASC 718-10 requires companies to estimate the fair value of stock options using an option-pricing model, which is recognized as an expense over the requisite service periods in the Company’s statement of comprehensive loss, based on a straight-line method. The Company recognizes compensation cost for an equity classified award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant date fair value of such award that is vested at that date.

The Company recognizes the expense for an equity classified awards subject to performance-based milestone vesting over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions at each reporting date. If no explicit service period is determined, the Company estimates the implicit service period based on the timing the employee is expected to achieve the related performance condition.

When no future services are required to be performed by the grantee in exchange for an award of equity instruments, and if such award does not contain a performance or market condition, the cost of the award is expensed on the grant date.

The Company estimates the fair value of stock options granted as share-based payment awards using a Black-Scholes options pricing model. The option-pricing model requires a number of assumptions, of which the most significant are expected volatility and the expected option term (the time from the grant date until the options are exercised or expire). Expected volatility is estimated based on the standard deviation of the Company’s closing prices according to the expected life (SAB107) for each of the grants. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from governmental zero-coupon bonds with an equivalent term.

The expected stock option term is calculated for stock options granted using the “simplified” method for awards that qualify as “plain-vanilla” options.

Changes in the determination of each of the inputs can affect the fair value of the stock options granted and the results of operations of the Company.

Contingencies

Contingencies:

Management records and discloses legal contingencies in accordance with ASC Topic 450 Contingencies. A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company monitors the stage of progress of its litigation matters to determine if any adjustments are required.

The Company carries liability insurance to mitigate its exposure to losses, including litigation losses. The Company records the estimated amount of expected insurance proceeds for litigation losses incurred as an asset (typically a receivable from the insurer) and offset to losses up to the amount of the losses incurred when the amount is determinable and approved by the insurance company.

Recently issued accounting pronouncements

Recently issued accounting pronouncements:

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.

Segment Reporting

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendment is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

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+ Details

Interim Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Net of issuance costs	$ 49	$ 328	$ 333

SUBSEQUENT EVENTS (Details Narrative) - Common Stock [Member] - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

Oct. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

^[1]

Mar. 31, 2024

^[2]

Jun. 30, 2023

^[2]

Subsequent Event [Line Items]

Issuance of common stock and warrants net of issuance costs, shares

1,566,669

1,685,682

3,576,689

At-the-Market Offering Agreement [Member]

Subsequent Event [Line Items]

Issuance of common stock and warrants net of issuance costs, shares

685,800

Total gross proceeds

$ 734

At-the-Market Offering Agreement [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Issuance of common stock and warrants net of issuance costs, shares

280,908

Total gross proceeds

$ 285

[1]	Net of issuance costs in the amount of approximately $328. See also Note 4B.
[2]	Net of issuance costs in the amount of approximately $333. See Note 4A.

SCHEDULE OF FINANCIAL ASSETS FAIR VALUE MEASUREMENT (Details) - Marketable Securities [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value	$ 3,859	$ 3,917
US Treasury Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value		2,497
Money Market Funds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value		1,420
Fair Value, Inputs, Level 1 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value	3,859	3,917
Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value		2,497
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value		1,420
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value
Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value
Fair Value, Inputs, Level 3 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value
Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Assets, fair value

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 5 – SUBSEQUENT EVENTS

At-the-market offerings subsequent to balance sheet date

During October 2024, the Company issued 280,908 shares of the Company’s common stock pursuant to the ATM Agreement, for total gross proceeds of approximately $285.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 3 - COMMITMENTS AND CONTINGENCIES

A. Government grants:

Microbot Israel has received grants from the Israeli Innovation Authority (“IIA”) for participation in research and development since 2013 through September 30, 2024 totaling approximately $1,878. This includes amounts received of approximately $378, which is a portion of an additional grant from the IIA in the amount of approximately NIS 1,620,000 (approximately $447) approved by the IIA on June 1, 2023, to further finance the development of the manufacturing process of the LIBERTY^® Endovascular Robotic Surgical System.

In addition, as a result of the agreement with CardioSert Ltd. (“CardioSert”) on January 4, 2018, Microbot Israel took over the liability to repay CardioSert’s IIA grants in the aggregate amount of approximately $530. See also Notes 3C and 5C below.

In addition, as a result of the agreement with Nitiloop, on October 6, 2022, Microbot Israel took over the liability to repay Nitiloop’s IIA grants in the aggregate amount of approximately $925.

In relation to the IIA grants described above, the Company is obligated to pay royalties amounting to 3.0%-5% of its future sales of the products relating to such grants.

The grants are linked to the exchange rate of the dollar to the New Israeli Shekel and bears interest of SOFR per year (SOFR is a benchmark interest rate which replaced LIBOR).

The repayment of the grants is contingent upon the successful completion of the Company’s research and development programs and generating sales. The Company has no obligation to repay these grants, if the project fails, is unsuccessful or aborted or if no sales are generated. The financial risk is assumed completely by the Government of Israel. The grants are received from the Government on a project-by-project basis.

On December 11, 2022, the Company received approval for a grant from the Ministry of Economy, in the amount of NIS 300,000 (approximately $83), for participation in expenses related to the LIBERTY^® Endovascular Robotic Surgical System in the U.S. market. As of September 30, 2024, the Company received approximately $50 of such grant. In relation with the Ministry of Economy grant, the Company is obligated to pay royalties amounting to 3% of future sales of the LIBERTY® Endovascular Robotic Surgical System up to the grant amount plus interest.

B. TRDF agreement:

Microbot Israel signed an agreement with the Technion Research and Development Foundation (“TRDF”) in June 2012 by which TRDF transferred to Microbot Israel a global, exclusive, royalty-bearing license (as amended, the “License Agreement”) with respect to the Company’s Self-Cleaning Shunt

(SCS) project and its TipCat assets in addition to certain technology relating to the Company’s LIBERTY^® Endovascular Robotic Surgical System. As partial consideration for the license, Microbot Israel shall pay TRDF royalties on net sales (between 1.5%-3.0%) and on sublicense income as detailed in the License Agreement.

In October 2022 the Company suspended the SCS project and as a result of the Company’s May 2023 implementation of its core-business focus program and cost reduction plan, the Company returned the licensed intellectual property for the TipCat back to TRDF in June 2023, and returned the licensed intellectual property for the SCS (ViRob) back to TRDF in July 2023. As a result, as of the date of these financial statements, the License Agreement is limited to the certain technology relating to the Company’s LIBERTY^® Endovascular Robotic Surgical System.

C. Agreement with CardioSert Ltd.:

On January 4, 2018, Microbot Israel entered into an agreement with CardioSert (the “CardioSert Agreement”) to acquire certain of its patent-protected technology (the “Technology”). Pursuant to the CardioSert Agreement, Microbot Israel made aggregate payments of $300 in cash and 6,738 shares of common stock estimated at $74 to complete the acquisition.

As a result of its core-business focus program and its cost reduction plan enacted in May 2023, the Company terminated the CardioSert Agreement effective as of August 17, 2023 in accordance with its terms and ceased its research and development and commercialization efforts for, and maintaining, the Technology, which resulted in CardioSert triggering on March 3, 2024 its right to reacquire the Technology for nominal consideration. See also Note 5C below.

In July 2024, Microbot Israel transferred the Technology back to CardioSert, for nominal consideration, pursuant to the terms of the CardioSert Agreement. As a result, Microbot Israel’s liability to repay CardioSert’s IIA grants in the aggregate amount of approximately $530 was also transferred back to CardioSert.

D. ATM agreement:

On June 10, 2021, the Company entered into an At-the-Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co. LLC (“Wainwright”), as sales agent, in connection with an “at the market offering” under which the Company may offer and sell, from time to time in its sole discretion, shares of its common stock having an aggregate offering price of up to $10,000 at market prices or as otherwise agreed with Wainwright. The Company entered into an amendment, dated July 1, 2024, to the ATM Agreement with Wainwright dated June 10, 2021, relating to the offer and sale of shares of the Company’s common stock having an aggregate offering price of up to approximately $4,820 from time to time through Wainwright, acting as sales agent. The compensation to Wainwright for sales of the shares is a placement fee of 3.0% of the gross sales price of the shares of common stock sold pursuant to this ATM Agreement. See also Notes 4D and 5 below.

E. Engagement letters with H.C. Wainwright:

In connection with registered direct and private placement offerings, the Company entered into engagement letters (the “Engagement Letters”) with Wainwright on October 3, 2022, on May 16, 2023, on October 24, 2023 and on May 29, 2024, pursuant to which Wainwright agreed to serve as the exclusive placement agent for the issuance and sale of securities of the Company.

As compensation for such placement agent services, the Company has agreed to pay Wainwright an aggregate cash fee equal to 7.0% of the gross proceeds received by the Company from offerings contemplated by the Engagement Letters, plus a management fee equal to 1.0% of the gross proceeds received by the Company from such offerings, as well as other reimbursable expenses. The Company has also agreed to issue to Wainwright or its designees preferred investment options upon the closing of such offerings, equal to five (5.0%) percent of the aggregate number of such shares of common stock in such offerings, including upon exercise for cash of any warrants issued to investors in such offering.

F. Acquisition of Nitiloop’s assets:

On October 6, 2022, Microbot Israel purchased substantially all of the assets, including intellectual property, devices, components and product related materials (the “Assets”), of Nitiloop Ltd., an Israeli limited liability company (“Nitiloop”). The Assets include intellectual property and technology in the field of intraluminal revascularization devices with anchoring mechanism and integrated microcatheter (the “Technology”) and the products or potential products incorporating the Technology owned by Nitiloop and designated by Nitiloop as “NovaCross”, “NovaCross Xtreme” and “NovaCross BTK” and any enhancements, modifications and improvements thereof (“Devices”). Microbot Israel did not assume any material liabilities of Nitiloop other than obligations Nitiloop has to the IIA and relating to certain renewal/maintenance fees for a European patent application.

In consideration for the acquisition of the Assets, Microbot Israel shall pay royalties to Nitiloop, which shall not, in the aggregate, exceed $8,000, as follows:

Royalties at a rate of 3% of net revenue generated as a result of sales, license or other exploitation of the Devices; and

Royalties at a rate of 1.5% of net revenue generated from the sale, license or other exploitation of commercialization of the technology as part of an integrated product.

Based on the Company’s analysis, the Company concluded that the acquisition of the assets does not meet the definition of a business for the purpose of applying SEC Rules (S-X Rules of 3-05, 8-04 and 11-01).

G. Litigation resulting from the 2017 financing:

The Company was named as the defendant in a lawsuit captioned Empery Asset Master Ltd., Empery Tax Efficient, LP, Empery Tax Efficient II, LP, Hudson Bay Master Fund Ltd., (the “Plaintiffs”), against Microbot Medical Inc., Defendant, in the Supreme Court of the State of New York, County of New York (Index No. 651182/2020) (the “Lawsuit”). The complaint alleged, among other things, that the Company breached multiple representations and warranties contained in the Securities Purchase Agreement (the “SPA”) related to the Company’s June 8, 2017 equity financing (the “2017 Financing”), of which the Plaintiffs participated, and fraudulently induced Plaintiffs into signing the SPA. The complaint sought rescission of the SPA and return of the Plaintiffs’ $6,750 purchase price with respect to the 2017 Financing.

On January 26, 2024 (the “Effective Date”), the Company entered into a settlement agreement and release with the Plaintiffs (the “Settlement Agreement”), effectively resolving the Lawsuit.

Pursuant to the Settlement Agreement, the Company paid $2,154 consisting of a cash payment of $1,100, covered by the Company’s insurance company, and 1,005,965 shares of restricted common stock which were subsequently registered for resale. Furthermore, the Company’s insurance company is responsible for covering legal expenses incurred by the Company in relation to the legal proceedings of the Lawsuit. In February 2024, the Plaintiffs filed a stipulation discontinuing the Lawsuit with prejudice.

The Company concluded the Settlement Agreement gave rise to loss contingencies in the scope of ASC Subtopic 450-20, Contingencies – Loss Contingencies, and as of December 31, 2023, the Company recorded a contingent liability, as the Company deemed it both probable and reasonably estimable.

The Company determined that the loss contingency should be recognized as non-operating losses, offset by loss recoveries received from the Company’s insurance company.

As a result of the Settlement Agreement and the insurance recovery received from the insurance company, as of December 31, 2023, the Company recorded a liability and an asset on its balance sheet totaling $2,211 and $1,335, respectively. Within this asset, $1,100 represents the recovery of the cash payment of the settlement amount, and $235 represents recovery of legal expenses. A net non-operating loss of $1,111 from legal settlement was reflected in the Company’s statement of comprehensive loss for the year ended December 31, 2023. In the first quarter of 2024, the Company received $1,335 from the insurance company, subsequently closing the asset recorded as of December 31, 2023. Additionally, during the first quarter of 2024, the Company paid the settlement amount by transferring $1,100 to the Plaintiffs and issuing 1,005,965 shares of the Company’s common stock, thereby closing the liability recorded as of December 31, 2023.

H. Mona litigation:

On April 28, 2019, the Company brought an action against Alliance Investment Management, Ltd. (“Alliance”), later amended to add Joseph Mona (“Mona”) as a defendant, in the Southern District of New York under Section 16(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), to compel Alliance and/or Mona to disgorge short swing profits realized from purchases and sales of the Company’s securities within a period of less than six months. The amount of profits was estimated in the complaint to be approximately $468.

On March 31, 2021, the Court entered a judgment against Mona and in favor of the Company in the amount of approximately $485. Collection of the judgment was deferred pending resolution of Mona’s counterclaim.

On August 22, 2023, the District Court dismissed the Section 10(b) counterclaim in its entirety. After the Company initiated efforts to execute on the $485 judgment against Mona (the “Judgment”), Mona urged the Court to decide the motion to vacate the 16(b) Judgment on the grounds that the Company purportedly lacks Constitutional standing to bring this case, which he originally filed prior to the final dismissal of his 10(b) counterclaim. On January 30, 2024, a Report & Recommendation was issued that the motion be denied, which the Court adopted in the entirety in an Order on March 5, 2024. Mona has purported to appeal that denial. The Company believes Mona’s purported appeal is untimely and substantively meritless. Mona’s appellate brief was filed on June 28, 2024 and the Company’s opposition has also been filed. The Company is waiting for the Court’s determination as to whether oral arguments will be required, which if so are expected to be held by January 2025.

As of May 10, 2024, Mona posted a bond in the full amount of the Judgment, which the Company will move to collect if the appeal is denied or the original judgment in the Company’s favor is upheld.

I. Contingent bonus commitments based on future capital raising:

In February 2024, the Compensation Committee of the Board of Directors of the Company approved certain bonuses for the 2023 fiscal year contingent on capital raising efforts. These bonuses are detailed as follows:

The Company’s CEO was granted a contingent cash bonus of up to approximately $298, which is divided into two contingent portions. The first 50% of the CEO’s contingent bonus ($149) is payable upon the Company raising at least $3,000 in new funds by June 30, 2024. As of June 30, 2024, the Company did not raise $3,000 in new funds. However, on July 17, 2024, the Compensation Committee of the Board of Directors of the Company nevertheless approved the payment of the first 50% of the contingent bonus to the Company’s CEO in the amount of approximately $149. This bonus was recorded as a charge to expenses in the three-month period ended September 30, 2024.

The remaining 50% ($149), payable upon the Company raising at least $6,000 in new funds by September 30, 2024 (cumulative, so if $3,000 is not raised by June 30, 2024 but the full $6,000 is raised by September 30, 2024, or if $10,000 is raised by December 31, 2024, the full amount is payable). The Company’s management is unable to predict the likelihood of securing additional capital; therefore, as of September 30, 2024, the Company has not recorded a liability for any contingent bonus.

Other executives are entitled to an aggregate contingent total bonus of NIS 230,736 (approximately $61), which is payable upon the Company raising at least $3,000 in new funds by September 30, 2024. During the third quarter of 2024, the Company achieved a cumulative capital raise of $3,000. On July 17, 2024, the Compensation Committee of the Board of Directors of the Company approved the payment of such bonuses to the Company’s CFO and CTO in the aggregate amount of approximately $61. This bonus was recorded as a charge to expenses in the three-month period ended September 30, 2024.

Interim Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	16,651,433	11,707,317
Common stock, shares outstanding	16,651,433	11,707,317

Interim Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Research and development, net	$ 2,060	$ 1,612	$ 4,646	$ 4,594
General and administrative, net	1,240	932	3,549	3,193
Operating loss	(3,300)	(2,544)	(8,195)	(7,787)
Financing income, net	85	98	144	201
Net loss	$ (3,215)	$ (2,446)	$ (8,051)	$ (7,586)
Basic net loss per share	$ (0.20)	$ (0.21)	$ (0.53)	$ (0.79)
Diluted net loss per share	$ (0.20)	$ (0.21)	$ (0.53)	$ (0.79)
Basic weighted average common shares outstanding	16,471,419	11,707,317	15,129,574	9,653,337
Diluted weighted average common shares outstanding	16,471,419	11,707,317	15,129,574	9,653,337

Cover - $ / shares	9 Months Ended
Cover - $ / shares	Sep. 30, 2024	Nov. 11, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-19871
Entity Registrant Name	MICROBOT MEDICAL INC.
Entity Central Index Key	0000883975
Entity Tax Identification Number	94-3078125
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	288 Grove Street
Entity Address, Address Line Two	Suite 388
Entity Address, City or Town	Braintree
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02184
City Area Code	(781)
Local Phone Number	875-3605
Title of 12(b) Security	Common Stock
Trading Symbol	MBOT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,932,341
Entity Listing, Par Value Per Share	$ 0.01

SHARE CAPITAL (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Jul. 01, 2024

Jun. 03, 2024

Feb. 29, 2024

Dec. 29, 2023

Jun. 26, 2023

Jun. 06, 2023

Oct. 25, 2022

Sep. 30, 2024

Feb. 29, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Jun. 30, 2023

^[2]

Sep. 30, 2024

Dec. 31, 2023

Subsidiary, Sale of Stock [Line Items]

Existing investment options

$ 2,730

Agent fees and other offering expenses

$ 333

Common stock, par value

$ 0.01

Net of issuance costs

$ 49

$ 328

$ 333

Annual bonus

$ 99

Chief Executive Officer Executives and Employees [Member]

Subsidiary, Sale of Stock [Line Items]

Share price per share

$ 1.2684

Agggregate number of options granted

130,000

Chief Executive Officer and Other Executives [Member]

Subsidiary, Sale of Stock [Line Items]

Share price per share

1.25

$ 1.25

Agggregate number of options granted

132,500

Chief Executive Officer Employees and Advisors [Member]

Subsidiary, Sale of Stock [Line Items]

Share price per share

1.2684

$ 1.2684

Agggregate number of options granted

195,000

Stock option vested term

3 years

Chief Executive Officer [Member]

Subsidiary, Sale of Stock [Line Items]

Share price per share

$ 1.25

Agggregate number of options granted

79,567

Compensation percentage

25.00%

Advisors [Member]

Subsidiary, Sale of Stock [Line Items]

Share price per share

$ 0.8558

Agggregate number of options granted

25,000

Stock option vested term

3 years

Common Stock [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

1,566,669

^[1]

1,685,682

^[2]

3,576,689

Common Stock [Member] | Securities Purchase Agreement [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

1,566,669

Share price per share

$ 1.50

Common stock, par value

$ 0.01

Common Stock [Member] | H.C. Wainwright & Co. LLC [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

78,333

Share price per share

$ 1.875

Common Stock [Member] | Litigation Settlement [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

1,005,965

Common Stock [Member] | At-the-Market Offering Agreement [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

685,800

Aggregate offering price value

$ 4,820

Gross proceeds

$ 734

Series A Preferred Investment Options [Member] | Common Stock [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

1,022,495

Share price per share

$ 2.20

Series C Preferred Investment Options [Member] | Common Stock [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

350,878

Share price per share

$ 2.075

Series D Preferred Investment Options [Member] | Common Stock [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

312,309

Share price per share

$ 3.19

Existing Preferred Investment Options [Member] | Common Stock [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

1,685,682

Share price per share

$ 1.62

Inducement Investment Options [Member] | Common Stock [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

1,685,682

Share price per share

$ 1.50

Preferred Investment Option Exercise Inducement Offers Letter [Member] | H.C. Wainwright & Co. LLC [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

84,284

Share price per share

$ 2.025

Private Placement [Member] | Common Stock [Member]

Subsidiary, Sale of Stock [Line Items]

Gross proceeds

$ 2,350

Offering expenses

$ 328

Series F Preferred Investment Options [Member] | Common Stock [Member]

Subsidiary, Sale of Stock [Line Items]

Issued shares

3,133,338

Share price per share

$ 1.50

[1]	Net of issuance costs in the amount of approximately $328. See also Note 4B.
[2]	Net of issuance costs in the amount of approximately $333. See Note 4A.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SCHEDULE OF FINANCIAL ASSETS FAIR VALUE MEASUREMENT

The following tables summarizes the Company’s financial assets subject to fair value measurement and the level of inputs used in such measurements as of September 30, 2024 and December 31, 2023:

	As of September 30, 2024
	Total		Level 1		Level 2		Level 3

Money market mutual funds	$	3,859	$	3,859	$	-	$	-

	As of December 31, 2023
	Total		Level 1		Level 2		Level 3

Marketable securities:
U.S. treasury securities	$	2,497	$	2,497	$	-	$	-
Money market mutual funds		1,420		1,420		-		-
	$	3,917	$	3,917	$	-	$	-

Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (8,051)	$ (7,586)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation of property and equipment	65	71
Interest income and unrealized gains from marketable securities, net	(2)	(105)
Share-based compensation	1,067	1,097
Changes in assets and liabilities:
Prepaid expenses and other assets	(274)	549
Other payables and accrued liabilities	(176)	(738)
Insurance recovery related to legal settlement and legal expenses received in cash	1,335
Legal settlement paid in cash	(1,100)
Net cash flows used in operating activities	(7,136)	(6,712)
Investing activities:
Purchases of property and equipment	(18)	(38)
Sale of property and equipment		2
Purchases of marketable securities	(5,120)	(8,379)
Proceeds from sales of marketable securities	2,680	2,039
Proceeds from maturities of marketable securities	2,500	5,389
Proceeds from short term deposit		3
Net cash flows provided by (used in) investing activities	42	(984)
Financing activities:
Issuance of common stock and warrants, net of issuance costs	5,104	6,558
Net cash flows provided by financing activities	5,104	6,558
Decrease in cash, cash equivalents and restricted cash	(1,990)	(1,138)
Cash, cash equivalents and restricted cash at beginning of period	2,517	2,519
Cash, cash equivalents and restricted cash at end of period	527	1,381
Supplemental disclosure of cash flow information:
Cash received from interest	168	100
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease liabilities	37	20
Legal settlement settled through issuance of common stock	1,111
Accrued executive bonus settled through grant of stock-option awards	$ 76

Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 479	$ 2,468
Marketable securities	3,859	3,917
Restricted cash	48	49
Insurance recovery receivable related to legal settlement and legal expenses		1,335
Prepaid expenses and other current assets	609	152
Total current assets	4,995	7,921
Property and equipment, net	99	146
Operating right-of-use assets	114	260
Total assets	5,208	8,327
Current liabilities:
Accounts payable	246	357
Lease liabilities	65	191
Legal settlement accrual		2,211
Accrued liabilities	1,060	1,027
Total current liabilities	1,371	3,786
Non-current liabilities:
Long-term lease liabilities	29	40
Total liabilities	1,400	3,826
Shareholders’ equity:
Common stock; $0.01 par value; 60,000,000 shares authorized; 16,651,433 and 11,707,317 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	168	118
Additional paid-in capital	91,192	83,884
Accumulated deficit	(87,552)	(79,501)
Total shareholders’ equity	3,808	4,501
Total liabilities and shareholders’ equity	$ 5,208	$ 8,327

SHARE CAPITAL

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

SHARE CAPITAL

NOTE 4 - SHARE CAPITAL

A. Preferred investment options inducement

On December 29, 2023, the Company entered into a preferred investment option exercise inducement offer letter with certain holders of existing (i) Series A preferred investment options to purchase 1,022,495 shares of the Company’s common stock at an exercise price of $2.20 per share, issued on October 25, 2022, as amended on May 24, 2023, (ii) Series C preferred investment options to purchase 350,878 shares of the Company’s common stock at an exercise price of $2.075 per share, issued on June 6, 2023, and (iii) Series D preferred investment options to purchase 312,309 shares of the Company’s common stock at an exercise price of $3.19 per share issued on June 26, 2023 (clauses (i) through (iii) collectively, the “Existing Preferred Investment Options”), pursuant to which the holders agreed to exercise for cash their Existing Preferred Investment Options to purchase an aggregate of 1,685,682 shares of the Company’s common stock, at a reduced exercised price of $1.62 per share, in consideration for the Company’s agreement to issue new series E preferred investment options having terms to purchase up to 1,685,682 shares of the Company’s common stock (the “Inducement Investment Options”). Each Inducement Investment Option will have an exercise price equal to $1.50 per share, and will be exercisable from the date of the issuance until five and one-half (5.5) years following the date of the issuance. The Company received aggregate gross proceeds of approximately $2,730 from the exercise of the Existing Preferred Investment Options by the Holders and the sale of the Inducement Investment Options, before deducting placement agent fees and other offering expenses of approximately $333. The Company also issued to Wainwright or its designees preferred investment options to purchase up to 84,284 shares of common stock which have the same terms as the Inducement Investment Options except for an exercise price equal to $2.025 per share. Further, pursuant to the engagement letter, Wainwright has a right of first refusal to act as sole book-running manager, sole underwriter, or sole placement agent with respect to any public offering or private placement of equity, equity-linked or debt securities using an underwriter or placement agent occurring during the twelve-month period following the closing date January 3, 2024.

B. June 2024 Offerings

On June 3, 2024, the Company entered into Securities Purchase Agreements with institutional investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering priced at-the-market under the rules of The Nasdaq Stock Market, an aggregate of 1,566,669 shares of the Company’s common stock, par value $0.01 per share, at an offering price of $1.50 per share, for aggregate gross proceeds from the Offerings of approximately $2,350 before deducting the placement agent fee and related offering expenses of approximately $328. In a concurrent private placement, the Company agreed to issue to the investors series F preferred investment options to purchase up to 3,133,338 shares of common stock at an exercise price of $1.50 per share. Each Series F preferred investment option is exercisable immediately and will expire two years from the initial exercise date.

The Company also issued to Wainwright or its designees preferred investment options to purchase up to 78,333 shares of common stock which have the same terms as investors’ preferred investment options except for an exercise price equal to $1.875 per share.

C. Equity component of settlement amount

As part of the Settlement Agreement (refer to Note 3G above), the Company issued 1,005,965 shares of the Company’s common stock.

D. At-the-market offerings

In connection with entering into the ATM Agreement, on July 1, 2024, the Company filed with the SEC a prospectus supplement relating to the offer, issuance and sale of up to $4,820 of the Company’s shares of common stock pursuant to the ATM Agreement. For the three months ended September 30, 2024, the Company issued 685,800 shares of the Company’s common stock pursuant to the ATM Agreement, for total gross proceeds of approximately $734 before deducting sales agent commissions and other offering expenses of $49.

E. Equity classification

The shares of common stock of the Company are recognized as equity under the requirements of ASC Topic 505 Equity.

The Company analyzed the accounting treatment for the series E and series F preferred investment options and concluded that they should be classified as equity.

The Company analyzed the accounting treatment for the preferred investment options issued to Wainwright. Since the Company did not identify any features causing liability classification according to ASC 718, it concluded that all such preferred investment options are equity-classified awards.

F. Employee and advisor stock option grants

In February 2024, the Company granted the CEO, certain executives and certain employees, fully vested options to purchase an aggregate of 130,000 shares of the Company’s common stock, at an exercise price per share of $1.2684, attributable to performance goals achieved in January 2024.

The Company also granted the CEO and other executives, options to purchase an aggregate of 132,500 shares of the Company’s common stock at an exercise price per share of $1.25, with vesting based on meeting certain performance conditions in the year 2024. For the nine-month period ended September 30, 2024, the Company did not record an expense for these performance-based grants. This was either because the Company’s management believes the conditions are tied to securing additional capital, or because specific performance obligations, with deadlines set on or before September 30, 2024, were not met by that date.

In February 2024, the Company granted the CEO and certain employees and advisors, options to purchase an aggregate of 195,000 shares of the Company’s common stock, at an exercise price per share of $1.2684, with a vesting period of three years. Regarding the CEO’s 2023 annual bonus, in February 2024, the Company paid the CEO 25% of his 2023 annual bonus, amounting to approximately $99, through the grant of fully vested options to purchase an aggregate of 79,567 shares of the Company’s common stock with an exercise price per share of $1.25.

In September 2024, the Company granted an advisor options to purchase an aggregate of 25,000 shares of the Company’s common stock, at an exercise price per share of $0.8558, with a vesting period of three years.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (3,215)	$ (2,465)	$ (2,371)	$ (2,446)	$ (2,287)	$ (2,853)	$ (8,051)	$ (7,586)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

COMMITMENTS AND CONTINGENCIES (Details Narrative)
$ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jul. 17, 2024

USD ($)

Jul. 01, 2024

USD ($)

Jun. 30, 2024

USD ($)

Jun. 03, 2024

Feb. 29, 2024

USD ($)

Jan. 26, 2024

USD ($)

Aug. 22, 2023

USD ($)

Oct. 06, 2022

USD ($)

Oct. 03, 2022

Mar. 31, 2021

USD ($)

Apr. 28, 2019

USD ($)

Jan. 04, 2018

USD ($)

Dec. 31, 2024

USD ($)

Sep. 30, 2024

USD ($)

Jul. 31, 2024

USD ($)

Jun. 30, 2024

USD ($)

Jun. 30, 2012

Sep. 30, 2024

USD ($)

Jun. 30, 2024

USD ($)

Mar. 31, 2024

USD ($)

Jun. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

Sep. 30, 2024

ILS (₪)

Dec. 11, 2022

USD ($)

Dec. 11, 2022

ILS (₪)

Jun. 10, 2021

USD ($)

Net sales royalty percenatge

3.00%

Gross proceeds from cash fee percentage

7.00%

Gross proceeds from management fee percentage

1.00%

Stock issued during period, value, new issues

$ 2,022

^[1]

$ 2,397

^[2]

$ 6,558

Litigation settlement amount

$ 2,154

Settlement agreement liability

$ 2,211

Insurance recoverable

1,335

Settlement amount recovery

1,100

Legal expense

235

Non operating loss on legal settlement

$ 1,111

New funds not raise

$ 5,104

$ 6,558

Joseph Mona [Member]

Purchase price of plaintiffs

$ 485

Chief Executive Officer [Member]

Contingent cash bonus

$ 149

149

Percentage of contingent cash bonus

50.00%

Chief Executive Officer [Member] | Forecast [Member]

New funds not raise

$ 10,000

Other Executives [Member]

Contingent cash bonus

$ 61

₪ 230,736

New funds not raise

$ 3,000

Chief Financial Officer and Chief Technology Officer [Member]

Contingent cash bonus

$ 61

Device [Member]

Royalties percentage

3.00%

Integrated Product [Member]

Royalties percentage

1.50%

Common Stock [Member]

Stock issued during period, value, new issues

$ 16

^[1]

$ 17

^[2]

$ 35

Number of share issued | shares

1,566,669

^[1]

1,685,682

^[2]

3,576,689

^[2]

Cardio Sert [Member]

Aggregate amount

$ 530

At-the-Market Offering Agreement [Member] | Common Stock [Member]

Sale of Stock, Consideration Received on Transaction

$ 4,820

Percentage of placement fee

3.00%

Number of share issued | shares

685,800

Securities Purchase Agreement [Member]

Purchase price of plaintiffs

$ 6,750

Securities Purchase Agreement [Member] | Common Stock [Member]

Number of share issued | shares

1,566,669

Litigation Settlement [Member]

Payment for litigation settlement

$ 1,100

Restricted common shares issued for legal settlement | shares

1,005,965

Insurance recovery amount

$ 1,335

Litigation Settlement [Member] | Common Stock [Member]

Number of share issued | shares

1,005,965

Minimum [Member] | Chief Executive Officer [Member]

New funds not raise

$ 3,000

6,000

$ 3,000

Maximum [Member] | Chief Executive Officer [Member]

Contingent cash bonus

$ 298

Israeli Innovation Authority [Member]

Grants receivable

378

$ 378

$ 83

₪ 300,000

Additional grant receivable

447

$ 447

₪ 1,620,000

Israeli Innovation Authority [Member] | Minimum [Member]

Net sales royalty percenatge

3.00%

Israeli Innovation Authority [Member] | Maximum [Member]

Net sales royalty percenatge

5.00%

Israeli Innovation Authority [Member] | CardioSert Ltd [Member]

Repayment of government grants

$ 530

Israeli Innovation Authority [Member] | Nitiloop [Member]

Repayment of government grants

$ 925

Ministry of Economy [Member]

Grants receivable

$ 50

Technion Research and Development Foundation Limited [Member] | Minimum [Member]

Net sales royalty percenatge

1.50%

Technion Research and Development Foundation Limited [Member] | Maximum [Member]

Net sales royalty percenatge

3.00%

CardioSert Ltd [Member] | Technology [Member]

Payment to acquire intangible assets

$ 300

Number of common shares issued for acquisition | shares

6,738

Number of common shares issued for acquisition, value

$ 74

H.C. Wainwright & Co. LLC [Member]

Warrant issued, descriptions

The Company has also agreed to issue to Wainwright or its designees preferred investment options upon the closing of such offerings, equal to five (5.0%) percent of the aggregate number of such shares of common stock in such offerings, including upon exercise for cash of any warrants issued to investors in such offering.

H.C. Wainwright & Co. LLC [Member] | At-the-Market Offering Agreement [Member]

Offering costs

$ 10,000

Stock issued during period, value, new issues

$ 8,000

Alliance Investment Management, Ltd. [Member]

Litigation settlement

$ 468

2013 Through June 30, 2024 [Member] | Israeli Innovation Authority [Member]

Revenue grants received

$ 1,878

[1]	Net of issuance costs in the amount of approximately $328. See also Note 4B.
[2]	Net of issuance costs in the amount of approximately $333. See Note 4A.

Interim Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Total

Balances at Dec. 31, 2022

$ 80

$ 75,970

$ (68,761)

$ 7,289

Balance, shares at Dec. 31, 2022

7,890,628

Share-based compensation

412

Issuance of common stock upon exercise of warrants

$ 3

(3)

Issuance of common stock upon exercise of warrants, shares

240,000

Net loss

(2,853)

Balances at Mar. 31, 2023

$ 83

76,379

(71,614)

4,848

Balance, shares at Mar. 31, 2023

8,130,628

Balances at Dec. 31, 2022

$ 80

75,970

(68,761)

7,289

Balance, shares at Dec. 31, 2022

7,890,628

Net loss

(7,586)

Balances at Sep. 30, 2023

$ 118

83,587

(76,347)

7,358

Balance, shares at Sep. 30, 2023

11,707,317

Balances at Mar. 31, 2023

$ 83

76,379

(71,614)

4,848

Balance, shares at Mar. 31, 2023

8,130,628

Share-based compensation

349

Net loss

(2,287)

Issuance of common stock and warrants net of issuance costs

$ 35

6,523

6,558

Issuance of common stock and warrants net of issuance costs, shares

^[1]

3,576,689

Balances at Jun. 30, 2023

$ 118

83,251

(73,901)

9,468

Balance, shares at Jun. 30, 2023

11,707,317

Share-based compensation

336

Net loss

(2,446)

Balances at Sep. 30, 2023

$ 118

83,587

(76,347)

7,358

Balance, shares at Sep. 30, 2023

11,707,317

Balances at Dec. 31, 2023

$ 118

83,884

(79,501)

4,501

Balance, shares at Dec. 31, 2023

11,707,317

Share-based compensation

529

Net loss

(2,371)

Issuance of common stock and warrants net of issuance costs

^[1]

$ 17

2,380

2,397

Issuance of common stock and warrants net of issuance costs, shares

^[1]

1,685,682

Issuance of common stock relating to settlement agreement

^[2]

$ 10

1,101

1,111

Issuance of common stock relating to settlement agreement, shares

^[2]

1,005,965

Balances at Mar. 31, 2024

$ 145

87,894

(81,872)

6,167

Balance, shares at Mar. 31, 2024

14,398,964

Balances at Dec. 31, 2023

$ 118

83,884

(79,501)

4,501

Balance, shares at Dec. 31, 2023

11,707,317

Net loss

(8,051)

Balances at Sep. 30, 2024

$ 168

91,192

(87,552)

3,808

Balance, shares at Sep. 30, 2024

16,651,433

Balances at Mar. 31, 2024

$ 145

87,894

(81,872)

6,167

Balance, shares at Mar. 31, 2024

14,398,964

Share-based compensation

331

Net loss

(2,465)

Issuance of common stock and warrants net of issuance costs

^[3]

$ 16

2,006

2,022

Issuance of common stock and warrants net of issuance costs, shares

^[3]

1,566,669

Balances at Jun. 30, 2024

$ 161

90,231

(84,337)

6,055

Balance, shares at Jun. 30, 2024

15,965,633

Share-based compensation

283

Net loss

(3,215)

Issuance of common stock under the at-the-market offering program, net of issuance costs

^[4]

$ 7

678

685

Issuance of common stock under the at-the-market offering program, net of issuance costs, shares

^[4]

685,800

Balances at Sep. 30, 2024

$ 168

$ 91,192

$ (87,552)

$ 3,808

Balance, shares at Sep. 30, 2024

16,651,433

[1]	Net of issuance costs in the amount of approximately $333. See Note 4A.
[2]	See Note 3G.
[3]	Net of issuance costs in the amount of approximately $328. See also Note 4B.
[4]	Net of issuance costs in the amount of approximately $49. See also Note 4D.

GENERAL

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GENERAL

NOTE 1 – GENERAL

A. Description of business

Microbot Medical Inc. (the “Company”) is a pre-clinical medical device company specializing in the research, design, and development of next generation robotic endoluminal surgery devices targeting the minimally invasive surgery space. The Company is primarily focused on leveraging its micro-robotic technologies with the goal of redefining surgical robotics while improving surgical outcomes for patients.

The Company incorporated on August 2, 1988 in the State of Delaware under the name Cellular Transplants, Inc. The original Certificate of Incorporation was restated on February 14, 1992 to change the name of the Company to Cyto Therapeutics, Inc. On May 24, 2000, the Certificate of Incorporation as restated was further amended to change the name of the Company to StemCells, Inc.

On November 28, 2016, the Company consummated a transaction pursuant to an Agreement and Plan of Merger, dated August 15, 2016, with Microbot Medical Ltd., a private medical device company organized under the laws of the State of Israel (“Microbot Israel”). On the same day and in connection with the Merger, the Company changed its name from StemCells, Inc. to Microbot Medical Inc. On November 29, 2016, the Company’s common stock began trading on the Nasdaq Capital Market under the symbol “MBOT”.

The Company and its subsidiary are sometimes collectively referred to as the “Company” as the context may require.

B. Risk Factors

Going Concern

To date, the Company has not generated revenues from its operations. As of September 30, 2024, the Company had cash equivalents and a marketable securities balance of approximately $4,338, excluding restricted cash. Due to continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future, as well as to seek to raise additional funds through future issuances of either debt and/or equity securities and possibly additional grants from government institutions. The Company will require additional capital and its ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.

Accordingly, these conditions raise substantial doubt about the Company’s ability to continue as a going concern.

War in Israel

On October 7, 2023, the State of Israel, where the Company’s operations are primarily based, suffered a surprise attack by hostile forces from Gaza, which led to ongoing military operations and armed conflicts in the Gaza Strip. It continues to evolve and has since spread to northern Israel and threatens to spread to other Middle Eastern countries including Lebanon and Iran. These military operations and related activities are on-going as of the issuance date of these financial statements.

The Company has considered various ongoing risks relating to the military operation and related matters, including:

● That some of the Company’s Israeli subcontractors, vendors, suppliers and other companies in which the Company relies, are currently only partially active, as instructed by the relevant authorities;

● A slowdown in the number of international flights in and out of Israel; and

● Reduced workforce due to military service of some employees

The Company is closely monitoring how the military operation and related activities could adversely affect its anticipated milestones and its Israel-based activities to support future clinical and regulatory milestones, including the Company’s ability to import materials that are required to construct the Company’s devices and to ship them outside of Israel. As of the filing date of the Quarterly Report on Form 10-Q of which these financial statements are a part, the Company has determined that there have not been any materially adverse effects on its business or operations, but it continues to monitor the situation, as any future escalation or change could result in a material adverse effect on the ability of the Company’s Israeli office to support the Company’s clinical and regulatory activities. The Company does not have any specific contingency plans in the event of any such escalation or change.

C. Unaudited Interim Condensed Financial Statements

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim condensed financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) regulations. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). These interim condensed consolidated financial statements should be read in conjunction with the latest audited financial statements.

Operating results for the nine-month period ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

GENERAL (Details Narrative) $ in Thousands	9 Months Ended
GENERAL (Details Narrative) $ in Thousands	Sep. 30, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Aug. 02, 1988
Cash equivalents and marketable securities	$ 4,338

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the Company’s latest annual audited financial statements, except if noted below.

Use of estimates:

Fair value of financial instruments:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables summarizes the Company’s financial assets subject to fair value measurement and the level of inputs used in such measurements as of September 30, 2024 and December 31, 2023:

	As of September 30, 2024
	Total		Level 1		Level 2		Level 3

Money market mutual funds	$	3,859	$	3,859	$	-	$	-

	As of December 31, 2023
	Total		Level 1		Level 2		Level 3

Marketable securities:
U.S. treasury securities	$	2,497	$	2,497	$	-	$	-
Money market mutual funds		1,420		1,420		-		-
	$	3,917	$	3,917	$	-	$	-

Share-based compensation:

The expected stock option term is calculated for stock options granted using the “simplified” method for awards that qualify as “plain-vanilla” options.

Changes in the determination of each of the inputs can affect the fair value of the stock options granted and the results of operations of the Company.

Contingencies:

Recently issued accounting pronouncements:

Segment Reporting