Microbot Medical Inc.
For the period ended Jun 30, 2026. Filed Aug 11, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 11, 2026
MBOT$1.11+3.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001493152-26-022792
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-11.
0001493152-26-037009
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 83 previous paragraphs and 84 current paragraphs.
58 unchanged; 23 reworded; 3 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Cost of revenues increased in the three-month period ended June 30, 2026 compared to the three-month period ended March 31, 2026 primarily due to the following factors:
Current report
During the first quarter, certain units sold included inventory that had been manufactured prior to FDA clearance, for which those costs were included in R&D expenses in prior periods. Cost of revenues increased during the second quarter primarily due to higher manufacturing labor costs and increased customer concessions.
Current report
We expect our cost of revenues per system to decrease over time as production volumes grow. In addition, we are implementing several cost-reduction initiatives.
Removed paragraphs (2)
Previous report
In addition, on April 10, 2026, the Company filed with the SEC a prospectus supplement relating to the offer, issuance and sale of up to $39,230,691 of the Company’s shares of common stock pursuant to the At-the-Market facility.
Previous report
As of filing date of these interim financial statements, the Company issued 6,757 shares of its common stock pursuant to the Company’s At the Market facility, for total gross proceeds of approximately $17,021 before deducting sales agent commissions and other offering expenses of $781.
Reworded paragraphs (23)
Previous wording
The LIBERTY® Endovascular Robotic System is designed to have the following attributes:
Current wording
The LIBERTY® Endovascular Robotic System has been designed to have the following attributes:
Previous wording
On August 13, 2024, we announced that we received ISO 13485:2016 certification for our quality management system. Receiving ISO 13485 certification indicates that a company has developed and implemented robust policies and procedures for the development and manufacture of regulated medical products. This is a certification ensuring compliance with the Quality Management System (QMS) requirements of the EU Medical Devices Regulation (MDR 2017/745) and supporting our future CE Mark approval, and ultimately allowing us to market the LIBERTY® Endovascular Robotic System in Europe as well as other regions who accept the CE Mark. We anticipate CE Mark approval in the second half of 2026. However, we can give no assurance that we will meet this or any other projected milestones, if ever. In addition, in view of recent FDA quality system management regulations and its incorporation by reference of the ISO 13485 standard, we believe it will help streamline our transition into this revised FDA regulation.
Current wording
On August 13, 2024, we announced that we received ISO 13485:2016 certification for our quality management system. Receiving ISO 13485 certification indicates that a company has developed and implemented robust policies and procedures for the development and manufacture of regulated medical products. This is a certification ensuring compliance with the Quality Management System (QMS) requirements of the EU Medical Devices Regulation (MDR 2017/745) and supporting our future CE Mark approval, and to ultimately allow us to market the LIBERTY® Endovascular Robotic System in Europe as well as other regions who accept the CE Mark. We anticipate CE Mark approval in the second half of 2026. However, we can give no assurance that we will meet this or any other projected milestones, if ever. In addition, in view of the recent revision published by the FDA regarding the quality system management regulation and its incorporation by reference of the ISO 13485 standard, we believe it will help streamline our transition into this revised FDA regulation.
Previous wording
The Company entered into an agreement with Emory University, which will allow the parties to evaluate and explore the potential for a future collaboration in connection with autonomous robotics in endovascular procedures. Under the terms of the agreement, Emory University will assume the responsibility of exploring the feasibility of integrating the LIBERTY® Endovascular Robotic System with an imaging system to create an autonomous robotic system for endovascular procedures. In November 2025, we announced that Emory University Hospital adopted LIBERTY® Endovascular Robotic System for patient care, and that we are collaborating with it to establish an Endovascular Robotics Program in interventional radiology.
Current wording
The Company entered into an agreement with Emory University, which will allow the parties to evaluate and explore the potential for a future collaboration in connection with autonomous robotics in endovascular procedures. Under the terms of the agreement, Emory University will assume the responsibility of exploring the feasibility of integrating the LIBERTY® Endovascular Robotic System with an imaging system to create an autonomous robotic system for endovascular procedures .
Previous wording
The Company has considered various ongoing risks relating to these and other military operation and related matters, including:
Current wording
The Company has considered various ongoing risks relating to the military operations and related matters, including:
Previous wording
The Company closely monitors how these and other military operations and related activities could adversely affect its anticipated milestones and its Israel-based activities to support future commercial, clinical and regulatory milestones, including the Company’s ability to import materials that are required to construct the LIBERTY® Endovascular Robotic System devices and to ship them outside of Israel. In addition, the Company is also monitoring how negative international reaction to the events in Gaza, the West Bank and elsewhere in the Middle East or any further escalation of hostilities involving Iran could create a corresponding negative perception of companies based in Israel, which if broad enough, could negatively impact the Company’s business.
Current wording
The Company closely monitors how the military operations and related activities could adversely affect its anticipated milestones and its Israel-based activities to support future commercial, clinical and regulatory milestones, including the Company’s ability to import materials that are required to construct the LIBERTY® Endovascular Robotic System devices and to ship them outside of Israel. In addition, the Company is also monitoring how negative international reaction to the events in Gaza, the West Bank and elsewhere in the Middle East or any further escalation of hostilities involving Iran could create a corresponding negative perception of companies based in Israel, which if broad enough, could negatively impact the Company’s business.
Previous wording
As of the filing date of these consolidated financial statements, the Company has determined that there have not been any materially adverse effects on its business or operations as a result of the ongoing regional armed conflict involving Israel, Iran, and the United States. However, the Company continues to closely monitor the situation, as the current conflict remains fluid and subject to further escalation or expansion. Any material intensification or broadening of hostilities, including additional direct or indirect actions involving Iran or Iran-supported groups, the collapse of any cease-fire or de-escalation efforts, or other changes in the security environment could result in a material adverse effect on the ability of the Company’s Israeli office to support its clinical, regulatory, and other operational activities. The Company currently does not have any specific contingency plans in place in the event of any such escalation or change in circumstances.
Current wording
As of the filing date of these consolidated financial statements, the Company has determined that there have not been any materially adverse effects on its business or operations as a result of the ongoing regional armed conflict involving Israel, Iran, and the United States. However, the Company continues to closely monitor the situation, as the current conflict remains fluid and subject to further escalation or expansion. Any material intensification or broadening of hostilities, including additional direct or indirect actions involving Iran or Iran-supported groups, the collapse ofany cease-fire or de-escalation efforts, or other changes in the security environment could result in a material adverse effect on the ability of the Company’s Israeli office to support its clinical, regulatory, and other operational activities. The Company currently does not have any specific contingency plans in place in the event of any such escalation or change in circumstances.
Previous wording
Our revenues consists of selling our LIBERTY® Endovascular Robotic System to hospitals.
Current wording
Revenues consist of selling our LIBERTY® Endovascular Robotic System to hospitals.
Previous wording
Our cost of revenues consists primarily of labor expenses, materials, and other related manufacturing costs associated with manufacturing units of the LIBERTY® Endovascular Robotic System.
Current wording
Cost of revenues consists primarily of labor expenses, materials, and other related manufacturing costs associated with manufacturing units of the LIBERTY® Endovascular Robotic System.
Previous wording
Comparison of Three Months Ended March 31, 2026 and 2025
Current wording
Comparison of Three and Six Months Ended June 30, 2026 and 2025
Previous wording
The following table sets forth the key components of Microbot’s results of operations for the three-month periods ended March 31, 2026 and 2025 (in thousands):
Current wording
The following table sets forth the key components of Microbot’s results of operations for the three- and six-month periods ended June 30, 2026 and 2025 (in thousands):
Previous wording
Revenues. During the three-month period ended March 31, 2026, the Company generated revenue exclusively from the sale of the LIBERTY® Endovascular Robotic System in its Limited Market Release to certain hospital customers, compared with no revenue in the corresponding period of 2025 as the Company had not yet commenced commercial operations. In the third quarter of 2025, the Company launched the Limited Market Release of the LIBERTY® Endovascular Robotic System, where it strategically introduced the product into select high procedure volume regions. This Limited Market Release continued through the end of the three-month period ended March 31, 2026. The Company commenced its Full Market Release subsequent to the three month period ended March 31, 2026, in April 2026.
Current wording
*Revenues.*During the three- and six-month periods ended June 30, 2026, the Company generated revenue exclusively from the sale of the LIBERTY® Endovascular Robotic System in its limited market release and full market release to certain hospital customers, compared with no revenue in the corresponding period of 2025 as the Company had not yet commenced commercial operations. The Company transitioned from the limited market release to the full market release in April 2026.
Previous wording
In the third quarter of 2025, the Company launched the Limited Market Release of the LIBERTY® Endovascular Robotic System, where it strategically introduced the product into select high procedure volume regions. This Limited Market Release continued through the end of the three-month period ended March 31, 2026, generating $105,000 in revenues during that period. The Company commenced its Full Market Release subsequent to the three month period ended March 31, 2026, in April 2026, and is seeking to grow its customer base and its revenues.
Current wording
In the third quarter of 2025, the Company launched the limited market release of the LIBERTY® Endovascular Robotic System, where it strategically introduced the product into select high procedure volume regions. This limited market release continued through March 31, 2026, generating $105,000 in revenues during the three-month period then ended. In April 2026, the Company transitioned from the limited market release to the full market release of the LIBERTY® Endovascular Robotic System and is pursuing broader commercial adoption to grow its customer base and revenues. The Company generated $241,000 in revenues during the three-month period ended on June 30, 2026.
Previous wording
Cost of revenues. Cost of revenue consists primarily of direct and indirect costs related to the manufacturing of units of the LIBERTY® Endovascular Robotic System for commercial sale, including personnel costs, third-party manufacturing costs, packaging services, freight, storage costs, and write down of inventories. The Company did not recognize cost of revenues for the three-month period ended March 31, 2025 as it had not yet commenced commercial operations.
Current wording
*Cost of revenues.*Cost of revenues consists primarily of direct and indirect costs related to the manufacturing of units of the LIBERTY® Endovascular Robotic System for commercial sale, including personnel costs, third-party manufacturing costs, packaging services, freight, storage costs, royalties, and write down of inventories. The Company did not recognize cost of revenues for the three- and six-month periods ended June 30, 2025 as it had not yet commenced commercial operations.
Previous wording
Research and Development Expenses. The decrease for the three months ended March 31, 2026, compared to the same periods in 2025, was primarily due to increases government grants recognized as a reduction of research and development expenses in 2026, as well as a decrease in professional services expenses which was primarily due to the capitalization of manufacturing costs into inventory in 2026. In contrast, during 2025, prior to the Company’s receipt of FDA clearance for the LIBERTY® Endovascular Robotic System in September 2025, such manufacturing costs were expensed as incurred within research and development expense. This decrease was partially offset by an increase in payroll and related expenses due to new hires, salary increases and bonuses.
Current wording
Research and Development Expenses. The decrease for the three and six months ended June 30, 2026, compared to the same periods in 2025, was primarily due to an increase in government grants recognized as a reduction of research and development expenses in 2026. Additionally, manufacturing costs were capitalized into inventory in 2026, by contrast, during 2025, prior to the Company’s receipt of FDA clearance for the LIBERTY® Endovascular Robotic System in September 2025, such manufacturing costs were expensed as incurred within research and development expense. This decrease was partially offset by an increase in payroll and related expenses due to new hires, salary increases and bonuses, increase in patent expenses, and increase in allocation expenses due to increase in office maintenance.
Previous wording
Sales, General and Administrative Expenses. The increase for the three months ended March 31, 2026, compared to the same periods in 2025, was primarily due to an increase in payroll and related expenses mainly due to new hiring, salary increases and bonuses and increase in commercialization activities.
Current wording
Sales, General and Administrative Expenses. The increase for the three and six months ended June 30, 2026, compared to the same periods in 2025, was primarily due to an increase in payroll and related expenses mainly due to new hiring of sales and marketing personnel, salary increases and bonuses, as well as increases in legal and other general operating expenses related to commercialization activities.
Previous wording
Other Income. During the three months ended March 31, 2025, the Company received a judgment in the amount of approximately $316,000 net of legal fees and expenses. This judgment is non-recurring and no similar payments or other income was paid to the Company during the three months ended March 31, 2026.
Current wording
Other Income. During the six months ended June 30, 2025, the Company received a judgment in the amount of approximately $316,000 net of legal fees and expenses. This judgment is non-recurring and no similar payments or other income was paid to the Company during the three or six months ended June 30, 2026.
Previous wording
Financing Income. The increase for the three months ended March 31, 2026 compared to the same periods in 2025, was primarily due to higher interest income from short-term investments resulting from the capital raised in 2025.
Current wording
Financing Income. The increase for the three and six months ended June 30, 2026, compared to the same periods in 2025, was primarily due to interest income from short-term investments resulting from the capital raised in 2025.
Previous wording
As of March 31, 2026, Microbot has not recognized any significant revenues, and cannot make any assurances of generating significant revenues in the future. Microbot has incurred losses since inception and negative cash flows from operating activities for all periods presented. As of March 31, 2026, Microbot had a net working capital of approximately $73.1 million, consisting primarily of cash and cash equivalents and marketable securities. This compares to net working capital of approximately $76.4 million as of December 31, 2025. Microbot anticipates that it will continue to incur net losses for the foreseeable future as it continues to ramp up manufacturing and commercialization of the LIBERTY® Endovascular Robotic System, continues research and development efforts with respect to other uses for it and other potential technologies and products, and continues to incur costs associated with being a public company.
Current wording
During the six months ended June 30, 2026, the Company has commenced recognition of revenues, in the amount of $346,000. The Company cannot make any assurances of continuing to generate revenues, or of generating significant revenues, in the future. Microbot has incurred losses since inception and negative cash flows from operating activities for all periods presented. As of June 30, 2026, Microbot had a net working capital of approximately $67.3 million, consisting primarily of cash and cash equivalents and marketable securities. This compares to net working capital of approximately $76.4 million as of December 31, 2025. Microbot anticipates that it will continue to incur net losses for the foreseeable future as it continues to ramp up manufacturing and commercialization of the LIBERTY® Endovascular Robotic System, continues research and development efforts with respect to other uses for it and other potential technologies and products, and continues to incur costs associated with being a public company.
Previous wording
Microbot has funded its operations through the issuance of capital stock, grants from the Israeli Innovation Authority, and convertible debt. Since inception (November 2010) through March 31, 2026, Microbot has raised cash proceeds of approximately $168.3 million. Since inception (November 2010) through March 31, 2026, Microbot incurred a total cumulative loss of approximately $107.8 million.
Current wording
Microbot has funded its operations through the issuance of capital stock, grants from the Israeli Innovation Authority, and convertible debt. Since inception (November 2010) through June 30, 2026, Microbot has raised cash proceeds of approximately $168.3 million and incurred a total cumulative loss of approximately $113.4 million.
Previous wording
During our fiscal year ended December 31, 2025 and through March 31, 2026, we raised the following amounts:
Current wording
During the fiscal year ended December 31, 2025 and through June 30, 2026, we raised the following amounts:
Previous wording
The increase in net cash flows used in operating activities during the three months ended March 31, 2026 compared the same periods in 2025, was primarily from an increase in the cost to manufacture inventory of the LIBERTY® Endovascular Robotic System, sales and marketing, and general and administration expenses.
Current wording
The increase in net cash flows used in operating activities during the six months ended 2026 compared with the same period in 2025 was primarily from an increase in manufacturing expenses and sales and marketing expenses relating to the release of the LIBERTY® Endovascular Robotic System as we shift to commercialization of the product and due to an increase in salary and bonus expenses.
Previous wording
The increase of net cash flows provided by investing activities was primarily due to mostly purchases of marketable securities during the period ending March 31, 2025 compared to mostly sales of marketable securities during the same period in 2026.
Current wording
The increase of net cash flows provided by investing activities was primarily due to purchases of marketable securities during the six-month period ended June 30, 2025, compared to mostly sales of marketable securities during the comparable period in 2026.
Previous wording
The decrease in net cash flows provided by financing activities was due to issuance of common stock and warrants during the first quarter of 2025, with no similar activity during the comparable period in 2026.
Current wording
The decrease in net cash flows provided by financing activities was due to issuances of common stock and warrants during the first quarter of 2025, with no similar activity during the comparable period in 2026.