Microbot Medical (MBOT) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
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		11,707,317

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,335	$ 2,442
Marketable securities	6,818	5,760
Short-term deposit		3
Restricted cash	46	77
Prepaid expenses and other current assets	208	532
Total current assets	8,407	8,814
Property and equipment, net	184	221
Operating right-of-use assets	297	502
Total assets	8,888	9,537
Current liabilities:
Accounts payable	238	116
Lease liabilities	206	283
Accrued liabilities	1,047	1,670
Total current liabilities	1,491	2,069
Non-current liabilities:
Long-term lease liabilities	39	179
Total liabilities	1,530	2,248
Shareholders’ equity:
Common stock; $0.01 par value; 60,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 11,707,317 and 7,890,628 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.	118	80
Additional paid-in capital	83,587	75,970
Accumulated deficit	(76,347)	(68,761)
Total shareholders’ equity	7,358	7,289
Total liabilities and shareholders’ equity	$ 8,888	$ 9,537

Interim Consolidated Balance _2

Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	11,707,317	7,890,628
Common stock, shares outstanding	11,707,317	7,890,628

Interim Consolidated Statements

Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Research and development, net	$ (1,612)	$ (1,953)	$ (4,594)	$ (5,852)
General and administrative	(932)	(1,521)	(3,193)	(4,361)
Operating loss	(2,544)	(3,474)	(7,787)	(10,213)
Financing income, net	98	6	201	43
Net loss	$ (2,446)	$ (3,468)	$ (7,586)	$ (10,170)
Basic net loss per share	$ (0.21)	$ (0.49)	$ (0.79)	$ (1.43)
Diluted net loss per share	$ (0.21)	$ (0.49)	$ (0.79)	$ (1.43)
Basic weighted average common shares outstanding	11,707,317	7,108,133	9,653,337	7,108,133
Diluted weighted average common shares outstanding	11,707,317	7,108,133	9,653,337	7,108,133

Interim Consolidated Statemen_2

Interim Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021		$ 72	$ 69,902	$ (55,593)	$ 14,381
Balance, shares at Dec. 31, 2021		7,108,133
Share-based compensation			429		429
Net loss				(3,189)	(3,189)
Balances at Mar. 31, 2022		$ 72	70,331	(58,782)	11,621
Balance, shares at Mar. 31, 2022		7,108,133
Balance at Dec. 31, 2021		$ 72	69,902	(55,593)	14,381
Balance, shares at Dec. 31, 2021		7,108,133
Net loss					(10,170)
Balances at Sep. 30, 2022		$ 72	71,224	(65,763)	5,533
Balance, shares at Sep. 30, 2022		7,108,133
Balance at Mar. 31, 2022		$ 72	70,331	(58,782)	11,621
Balance, shares at Mar. 31, 2022		7,108,133
Share-based compensation			432		432
Net loss				(3,513)	(3,513)
Balances at Jun. 30, 2022		$ 72	70,763	(62,295)	8,540
Balance, shares at Jun. 30, 2022		7,108,133
Share-based compensation			461		461
Net loss				(3,468)	(3,468)
Balances at Sep. 30, 2022		$ 72	71,224	(65,763)	5,533
Balance, shares at Sep. 30, 2022		7,108,133
Balance at Dec. 31, 2022		$ 80	75,970	(68,761)	7,289
Balance, shares at Dec. 31, 2022		7,890,628
Share-based compensation			412		412
Net loss				(2,853)	(2,853)
Issuance of common stock and warrants net of issuance costs ()		$ 3	(3)
Issuance of common stock upon exercise of warrants, shares		240,000
Balances at Mar. 31, 2023		$ 83	76,379	(71,614)	4,848
Balance, shares at Mar. 31, 2023		8,130,628
Balance 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
Balance at Mar. 31, 2023		$ 83	76,379	(71,614)	4,848
Balance, shares at Mar. 31, 2023		8,130,628
Share-based compensation			349		349
Net loss				(2,287)	(2,287)
Issuance of common stock and warrants net of issuance costs ()	[1]	$ 35	6,523		6,558
Issuance of common stock upon exercise of warrants, 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		336
Net loss				(2,446)	(2,446)
Balances at Sep. 30, 2023		$ 118	$ 83,587	$ (76,347)	$ 7,358
Balance, shares at Sep. 30, 2023		11,707,317
[1]Net of issuance costs in the amount of $ 1,075

Interim Consolidated Statemen_3

Interim Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Net of issuance costs	$ 1,075

Interim Consolidated Statemen_4

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net loss	$ (7,586)	$ (10,170)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization	71	69
Interest income and unrealized gains from marketable securities, net	(105)
Share-based compensation expense	1,097	1,322
Changes in assets and liabilities:
Prepaid expenses and other assets	549	350
Other payables and accrued liabilities	(738)	(657)
Net cash flows used in operating activities	(6,712)	(9,086)
Investing activities:
Purchases of property and equipment	(38)	(83)
Sale of property and equipment	2
Purchases of marketable securities	(8,379)
Proceeds from sales of a marketable securities	2,039
Proceeds from maturities of marketable securities	5,389
Short term deposit	3
Net cash flows used in investing activities	(984)	(83)
Financing activities:
Issuance of common stock and warrants, net of issuance costs	6,558
Net cash flows provided by financing activities	6,558
Decrease in cash, cash equivalents and restricted cash	(1,138)	(9,169)
Cash, cash equivalents and restricted cash at beginning of period	2,519	13,580
Cash, cash equivalents and restricted cash at end of period	1,381	4,411
Supplemental disclosure of cash flow information:
Cash received from interest	100	15
Right-of-use asset and lease liability	$ 20	$ 147

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2023
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 robotic technologies with the goal of redefining surgical robotics while improving surgical outcomes for patients. The Company incorporated on August 2, 1988 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, par value $ 0.01 The Company and Microbot Israel, its sole subsidiary, are sometimes collectively referred to as the “Company” as the context may require. B. Risk Factors To date, the Company has not generated revenues from its operations. As of September 30, 2023, the Company had cash equivalents and marketable securities balance of approximately $ 8,153 Due to continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future. While management of the Company believes that it has sufficient funds until approximately April 2024, partially as a result of the Company’s cost reduction program implemented in May 2023 and capital raises in May and June 2023, the Company will seek to raise additional funds through future issuances of either debt and/or equity securities and possibly additional grants from the Israeli Innovation Authority and other government institutions. The Company’s 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. See Note 6 for additional risk factors which have developed subsequent to September 30, 2023. C. 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. D. Unaudited Interim Financial Statements The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim 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). Operating results for the nine and three-month periods ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ended December 31, 2023.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
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 consolidated financial statements are identical to those applied in the preparation of the latest annual audited financial statements. 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 Level 2 Level 3 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, 2023 and December 31, 2022: SCHEDULE OF FINANCIAL ASSETS FAIR VALUE MEASUREMENT As of September 30, 2023 Total Level 1 Level 2 Level 3 Marketable securities: U.S. treasury securities $ 6,220 $ 6,220 $ - $ - Money market mutual funds 598 598 - - $ 6,818 $ 6,818 $ - $ - As of December 31, 2022 Total Level 1 Level 2 Level 3 Cash equivalents: U.S. treasury securities $ 1,247 $ 1,247 $ - $ - Marketable securities: U.S. treasury securities $ 3,761 $ 3,761 $ - $ - Money market mutual funds 1,999 1,999 - - $ 5,760 $ 5,760 $ - $ - 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, 2023 and December 31, 2022. Contingencies Management records and discloses legal contingencies in accordance with ASC Topic 450, Contingencies. Accordingly, management of the Company will recognize a liability for a legal contingency 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 in each reporting period in order to determine if any adjustments are required. 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.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2023
Leases
LEASES	NOTE 3 – LEASES The Company has lease agreements with lease and non-lease components, which it accounts for as a single lease component. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a term of 12 months or less. The effect of short-term leases on the Company’s ROU assets and lease liabilities was not material for the periods presented. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. In addition, the Company does not have any related party leases. Supplemental cash flow information related to operating leases was as follows: SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES 2023 2022 For the Nine Months Ended 2023 2022 Cash payments and expenses $ 216 $ 247 Undiscounted maturities of operating lease payments as of September 30, 2023 are summarized as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES 2023 (Remainder of the year) $ 60 2024 182 2025 15 Total future lease payments 257 Less imputed interest (12 ) Total lease liability balance $ 245 SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES September 30, December 31, 2023 2022 Operating leases weighted average remaining lease term (in years) 1 2 2 Operating leases weighted average discount rate 9 % 9 %

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 4 - COMMITMENTS AND CONTINGENCIES Israeli Innovation Authority Grants Microbot Israel has received grants from the Israeli Innovation Authority (“IIA”) for participation in research and development since 2013 through September 30, 2023 totaling approximately $ 1,656 . This amount includes advance payment in the third quarter of 2023 of approximately $ 156 which is a portion of additional grant previously approved from the IIA in the amount of approximately NIS 1.62 million, which based on an exchange rate on September 30, 2023 of NIS 1.00 = $0.2614, would be approximately $423 , to further finance the development of the Company’s manufacturing process of the LIBERTY ® 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 As a result of the agreement with Nitiloop Ltd., an Israeli limited liability company (“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 5 The grants are linked to the exchange rate of the dollar to the New Israeli Shekel and bears interest of Libor per annum. 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. Approval for Grant from Ministry of Economy On March 2, 2023, the Company announced that it received approval for a grant from the Ministry of Economy of the State of Israel in the amount of approximately NIS 300 exchange rate on such date of NIS 1.00 = $0.27457, would be approximately $82 On November 1, 2023, the Company received NIS 109,474 27 In relation to the Ministry of Economy grant, the Company is obligated to pay royalties amounting to between 3 5 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 device. As partial consideration for the license, Microbot Israel shall pay TRDF royalties on net sales (between 1.5 3.0 The Company in October 2022 suspended the SCS project while it evaluated alternatives for the SCS assets (mainly related patents), including seeking buyers for the assets, joint ventures or licensing arrangements, spinning off the assets into a new operating company or discontinuing the project altogether, 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. 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 6,738 74 The CardioSert Agreement may be terminated by Microbot Israel at any time for convenience upon 90-days’ notice. The CardioSert Agreement may be terminated by CardioSert in case the first commercial sale does not occur by the third anniversary of the date of signing of the CardioSert Agreement except if Microbot Israel has invested more than $ 2,000 In each of the above termination events, or in case of breach by Microbot Israel, CardioSert shall have the right to buy back the Technology from Microbot Israel for $ 1.00 Additionally, the CardioSert Agreement may be terminated by either party upon breach of the other (subject to cure). Until May 2023, Microbot Israel paid CardioSert a monthly consultation fee of NIS 40,000 11 exchange rate of NIS 3.7 to the dollar As of the filing date of this Quarterly Report on Form 10-Q, CardioSert has not purchased back the Technology; however, the Company is in discussions with CardioSert with respect to post-termination matters. 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 Engagement Letter with H.C. Wainwright On May 16, 2023 and in connection with the registered direct and private placement offerings referred to in Note 5 below, the Company entered into an engagement letter (the “Engagement Letter”) with Wainwright, 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 1.0 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 “Nitiloop Technology”) and the products or potential products incorporating the Nitiloop 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 ● Royalties at a rate of 3 ● Royalties at a rate of 1.5 Litigation 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., 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 complaint alleges, 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 seeks rescission of the SPA and return of the Plaintiffs’ $ 6,750 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 October 28, 2019, Alliance filed a motion for summary judgment requesting that the Court dismiss the claims against Alliance, which was subsequently granted by the Court. On February 4, 2020, Mona answered the 16(b) claim and filed a counterclaim against the Company under Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, claiming a net loss on trading the Company’s stock of approximately $ 151 On March 31, 2021, the Court entered a judgment against Mona and in favor of the Company in the amount of approximately $ 485 On August 4, 2023, the Magistrate Judge issued a Report & Recommendation, which recommended that the District Court dismiss Mona’s Section 10(b) counterclaim in the entirety. On August 22, 2023, the District Court adopted the Report and Recommendation in full and dismissed the Section 10(b) counterclaim in its entirety. The time for appeal has expired and the Company is proceeding with collection efforts for the $ 485

SHARE CAPITAL

SHARE CAPITAL	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
SHARE CAPITAL	NOTE 5 - SHARE CAPITAL Share Capital Developments As of September 30, 2023 and December 31, 2022, the Company had, respectively, 11,707,317 7,890,628 On February 13, 2023, 240,000 0.0001 Employee Stock Option Grants During the nine months ended September 30, 2023, the Company granted stock option awards to certain officers, directors and employees to purchase an aggregate of 241,000 2.664 Registered Direct and Private Placement Offerings On May 22, 2023, the Company entered into a securities purchase agreement with an institutional investor, pursuant to which it agreed to issue and sell in a registered direct offering an aggregate of 655,569 2.20 1,442 222 32,778 2.75 On May 23, 2023, the Company entered into a securities purchase agreement with an institutional investor, pursuant to which it agreed to issue and sell in a registered direct offering (i) an aggregate of 975,000 2.20 234,500 2.1999 2,661 345 60,476 2.75 0.0001 On June 2, 2023, the Company entered into a securities purchase agreement with institutional investors, pursuant to which it agreed to issue and sell in a registered direct offering an aggregate of 701,756 2.1375 1,500 227 35,088 2.6719 350,878 2.075 On June 26, 2023, the Company entered into a securities purchase agreement with institutional investors, pursuant to which it agreed to issue and sell in a registered direct offering an aggregate of 624,618 3.25 2,030 281 31,231 4.0625 312,309 3.19 Preferred Investment Options Amendment In connection with the Second May Offering, the Company amended the terms of (i) the Series A preferred investment options to purchase 1,022,495 4.64 October 25, 2027 1,022,495 4.64 October 25, 2024 2.20 October 25, 2027 1,230 385,246

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6 - SUBSEQUENT EVENTS On October 7, 2023, subsequent to the reporting period, the State of Israel, where the Company’s operations are primarily based, suffered a surprise attack by hostile forces from Gaza, which led to the declaration by Israel of the “Iron Swords” military operation. This military operation and related activities are on-going as of the issuance date of these financial statements. Consequently: ● 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, which has caused delays in aspects of our development and regulatory activities; The lack of international flights in and out of Israel may affect the Company’s ability to import materials that are required to construct the Company’s devices which are required to complete development and regulatory activities; and ● The lack of international flights in and out of Israel may affect the Company’s commercial and regulatory activities. The Company is currently assessing whether there are any material adverse effects on its anticipated milestones and results of operations in the fourth quarter of 2023 and perhaps beyond due to the military operation and related matters, the extent of which cannot be estimated at this stage.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
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 Level 2 Level 3 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, 2023 and December 31, 2022: SCHEDULE OF FINANCIAL ASSETS FAIR VALUE MEASUREMENT As of September 30, 2023 Total Level 1 Level 2 Level 3 Marketable securities: U.S. treasury securities $ 6,220 $ 6,220 $ - $ - Money market mutual funds 598 598 - - $ 6,818 $ 6,818 $ - $ - As of December 31, 2022 Total Level 1 Level 2 Level 3 Cash equivalents: U.S. treasury securities $ 1,247 $ 1,247 $ - $ - Marketable securities: U.S. treasury securities $ 3,761 $ 3,761 $ - $ - Money market mutual funds 1,999 1,999 - - $ 5,760 $ 5,760 $ - $ - 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, 2023 and December 31, 2022.
Contingencies	Contingencies Management records and discloses legal contingencies in accordance with ASC Topic 450, Contingencies. Accordingly, management of the Company will recognize a liability for a legal contingency 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 in each reporting period in order to determine if any adjustments are required.
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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 and December 31, 2022: SCHEDULE OF FINANCIAL ASSETS FAIR VALUE MEASUREMENT As of September 30, 2023 Total Level 1 Level 2 Level 3 Marketable securities: U.S. treasury securities $ 6,220 $ 6,220 $ - $ - Money market mutual funds 598 598 - - $ 6,818 $ 6,818 $ - $ - As of December 31, 2022 Total Level 1 Level 2 Level 3 Cash equivalents: U.S. treasury securities $ 1,247 $ 1,247 $ - $ - Marketable securities: U.S. treasury securities $ 3,761 $ 3,761 $ - $ - Money market mutual funds 1,999 1,999 - - $ 5,760 $ 5,760 $ - $ -

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2023
Leases
SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES	Supplemental cash flow information related to operating leases was as follows: SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES 2023 2022 For the Nine Months Ended 2023 2022 Cash payments and expenses $ 216 $ 247
SCHEDULE OF MATURITIES OF LEASE LIABILITIES	Undiscounted maturities of operating lease payments as of September 30, 2023 are summarized as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES 2023 (Remainder of the year) $ 60 2024 182 2025 15 Total future lease payments 257 Less imputed interest (12 ) Total lease liability balance $ 245
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES	SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES September 30, December 31, 2023 2022 Operating leases weighted average remaining lease term (in years) 1 2 2 Operating leases weighted average discount rate 9 % 9 %

GENERAL (Details Narrative)

GENERAL (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Nov. 29, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Aug. 02, 1988
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Cash equivalents and marketable securities	$ 8,153

SCHEDULE OF FINANCIAL ASSETS FA

SCHEDULE OF FINANCIAL ASSETS FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable Securities [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	$ 6,818	$ 5,760
Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	6,818	5,760
Marketable Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Marketable Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
US Treasury Securities [Member] | Marketable Securities [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	6,220	3,761
US Treasury Securities [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	6,220	3,761
US Treasury Securities [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
US Treasury Securities [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
US Treasury Securities [Member] | Cash Equivalents [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value		1,247
US Treasury Securities [Member] | Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value		1,247
US Treasury Securities [Member] | Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
US Treasury Securities [Member] | Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Money Market Funds [Member] | Marketable Securities [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	598	1,999
Money Market Funds [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	598	1,999
Money Market Funds [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Money Market Funds [Member] | Marketable Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value

SCHEDULE OF SUPPLEMENTAL CASH F

SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases
Cash payments and expenses	$ 216	$ 247

SCHEDULE OF MATURITIES OF LEASE

SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases
2023 (Remainder of the year)	$ 60
2024	182
2025	15
Total future lease payments	257
Less imputed interest	(12)
Total lease liability balance	$ 245

SCHEDULE OF SUPPLEMENTAL INFORM

SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES (Details)	Sep. 30, 2023	Dec. 31, 2022
Operating leases weighted average remaining lease term (in years)		2 years
Operating leases weighted average discount rate	9%	9%
Minimum [Member]
Operating leases weighted average remaining lease term (in years)	1 year
Maximum [Member]
Operating leases weighted average remaining lease term (in years)	2 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2023 USD ($)

Aug. 22, 2023 USD ($)

May 16, 2023

Mar. 02, 2023 ILS (₪)

Oct. 06, 2022 USD ($)

Mar. 31, 2021 USD ($)

Feb. 04, 2020 USD ($)

Apr. 28, 2019 USD ($)

Jan. 04, 2018 USD ($) $ / shares shares

Jan. 04, 2018 ILS (₪) shares

Jun. 30, 2012

Jun. 30, 2023 USD ($)

[1]

Mar. 31, 2023 USD ($)

Sep. 30, 2023 USD ($)

Nov. 01, 2023 USD ($)

Nov. 01, 2023 ILS (₪)

Sep. 30, 2023 ILS (₪)

Jun. 10, 2021 USD ($)

Loss Contingencies [Line Items]

Gross proceeds from cash fee percentage

7%

Gross proceeds from management fee percentage

1%

Stock issued during period, value, new issues

$ 6,558,000

Net loss on trading of common stock

$ 151,000

Joseph Mona [Member]

Loss Contingencies [Line Items]

Purchase price of plaintiffs

$ 485,000

$ 485,000

Device [Member]

Loss Contingencies [Line Items]

Royalties percentage

3%

Integrated Product [Member]

Loss Contingencies [Line Items]

Royalties percentage

1.50%

Securities Purchase Agreement [Member]

Loss Contingencies [Line Items]

Purchase price of plaintiffs

$ 6,750,000

Israeli Innovation Authority [Member]

Loss Contingencies [Line Items]

Grants receivable

$ 156,000

₪ 300,000,000

$ 156,000

₪ 1,620,000

Currency exchange rate, description

exchange rate on September 30, 2023 of NIS 1.00 = $0.2614, would be approximately $423

exchange rate on such date of NIS 1.00 = $0.27457, would be approximately $82

Israeli Innovation Authority [Member] | Subsequent Event [Member]

Loss Contingencies [Line Items]

Grants receivable

$ 27

₪ 109,474

Israeli Innovation Authority [Member] | Minimum [Member]

Loss Contingencies [Line Items]

Royalties payable as percentage of future sales

3%

3%

Israeli Innovation Authority [Member] | Maximum [Member]

Loss Contingencies [Line Items]

Royalties payable as percentage of future sales

5%

5%

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

Loss Contingencies [Line Items]

Repayment of government grants

$ 530,000

Israeli Innovation Authority [Member] | Nitiloop [Member]

Loss Contingencies [Line Items]

Repayment of government grants

$ 925,000

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

Loss Contingencies [Line Items]

Royalties payable as percentage of future sales

1.50%

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

Loss Contingencies [Line Items]

Royalties payable as percentage of future sales

3%

CardioSert Ltd. [Member] | Technology [Member]

Loss Contingencies [Line Items]

Currency exchange rate, description

exchange rate of NIS 3.7 to the dollar

exchange rate of NIS 3.7 to the dollar

Payment to acquire intangible assets

$ 300,000

Number of common shares issued for acquisition | shares

6,738

6,738

Number of common shares issued for acquisition, value

$ 74,000

Buy back amount per patent | $ / shares

$ 1

Consulting fee description

Additionally, the CardioSert Agreement may be terminated by either party upon breach of the other (subject to cure). Until May 2023, Microbot Israel paid CardioSert a monthly consultation fee of NIS40,000 (or approximately US$11, based on an exchange rate of NIS 3.7 to the dollar) covering up to 60 consulting hours per month, relating to the development of the Technology.

Additionally, the CardioSert Agreement may be terminated by either party upon breach of the other (subject to cure). Until May 2023, Microbot Israel paid CardioSert a monthly consultation fee of NIS40,000 (or approximately US$11, based on an exchange rate of NIS 3.7 to the dollar) covering up to 60 consulting hours per month, relating to the development of the Technology.

Monthly consultation fee | ₪

₪ 40,000,000

Monthly consultation fee in USD | $ / shares

$ 11

CardioSert Ltd. [Member] | Minimum [Member] | Technology [Member]

Loss Contingencies [Line Items]

Investments

$ 2,000,000

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

Loss Contingencies [Line Items]

Offering costs

$ 10,000,000

Stock issued during period, value, new issues

$ 8,000,000

Alliance Investment Management, Ltd. [Member]

Loss Contingencies [Line Items]

Litigation settlement

$ 468,000

2013 To September 30, 2023 [Member] | Israeli Innovation Authority [Member]

Loss Contingencies [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

$ 1,656,000

[1]Net of issuance costs in the amount of $ 1,075

SHARE CAPITAL (Details Narrativ

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

3 Months Ended

9 Months Ended

Oct. 25, 2023

Jun. 28, 2023

Jun. 26, 2023

Jun. 16, 2023

Jun. 02, 2023

May 23, 2023

May 22, 2023

Jun. 30, 2023

[1]

Mar. 31, 2023

Sep. 30, 2023

Feb. 13, 2023

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss) [Line Items]

Common stock, shares issued

11,707,317

7,890,628

Common stock, shares outstanding

11,707,317

7,890,628

Class of warrant or right, outstanding

240,000

Exercise price

$ 0.0001

Modifications amount

$ 1,230

Series B Preferred Investment Options [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Expiry date

Oct. 25, 2027

Options exercise price per share

$ 2.20

Common Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

3,576,689

240,000

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Cashless exercise of shares

385,246

Common Stock [Member] | Private Placement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

35,088

Share price per share

$ 2.6719

Gross proceeds

$ 2,030

$ 1,500

$ 2,661

$ 1,442

Offering expenses

$ 281

$ 227

$ 345

$ 222

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

312,309

32,778

Share price per share

$ 3.19

$ 2.1999

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

350,878

Share price per share

$ 2.075

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

1,022,495

Share price per share

$ 4.64

Expiry date

Oct. 25, 2027

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

1,022,495

Share price per share

$ 4.64

Expiry date

Oct. 25, 2024

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

624,618

701,756

975,000

Share price per share

$ 3.25

$ 2.1375

$ 2.20

$ 2.75

$ 0.0001

Prefunded warrants exercisable

234,500

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

60,476

Share price per share

$ 2.75

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

31,231

Share price per share

$ 4.0625

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

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate shares of common stock

655,569

Share price per share

$ 2.20

Director [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Agggregate number of options granted

241,000

Weighted average exercise price per share

$ 2.664

[1]Net of issuance costs in the amount of $ 1,075