MBOT

MBOT is a pre-commercial medical-device company, not an operating business you can value on the printed multiples. The headline P/S of 1097x, 758.5% gross margin and -11,243% net margin are artifacts of stale XBRL revenue tags (the $117K figure is FY2015 and gross profit is FY2013); the 10-K states plainly that 'Microbot has not recognized any revenues from product sales through December 31, 2025.' So this is a launch story, and the whole thesis rests on one event: FDA clearance of the LIBERTY Endovascular Robotic Surgical System on September 4, 2025, after which management 'began ramping up inventory manufacturing for units intended for sale.' There is no commercial track record to underwrite — nothing to reward under a fundamentals lens.

What has genuinely improved is the balance sheet. Stockholders' equity jumped to $77.6M (from a sliver a year prior) and current assets are $79.8M against just $3.42M of current liabilities — the company raised a large equity round (shares +93.3% YoY to 67.2M) and parked the proceeds in liquid assets well beyond the $3.91M of pure cash. Against an operating cash burn of -$13.0M, that implies multiple years of runway to fund a commercial launch without an imminent going-concern gun to the head. Liabilities/equity of 0.05x means there is effectively no debt. For a device launch, being funded is the single most important thing, and MBOT is — for now.