Microbot Medical Inc. (MBOT): Business Model Canvas [Dec-2025 Updated]

You're digging into Microbot Medical Inc. right at the inflection point-the moment they transition from burning capital on innovation to actually commercializing the FDA-cleared LIBERTY system. Honestly, the Business Model Canvas paints a clear picture of this pre-revenue phase: you see significant historical annual spend, with R&D near $6.63M and SG&A around $4.99M, resulting in that $-3.72M operating loss as of September 2025. The core bet rests on their unique value proposition-a single-use, disposable endovascular robotic system that slashes physician radiation exposure by up to 92%-and how their direct sales force and key academic partnerships will drive adoption starting with that Q4 2025 Limited Market Release to capture recurring revenue from the disposables. Dive in below to see the full structure supporting this high-stakes launch.

Microbot Medical Inc. (MBOT) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Microbot Medical Inc. has cemented to drive the commercialization of its LIBERTY Endovascular Robotic System. These aren't just handshake deals; they represent the operational backbone and clinical validation necessary for a medical device launch.

The partnerships are structured to handle logistics, secure early clinical adoption, foster ongoing research, and provide necessary capital backing.

U.S.-based Third-Party Logistics (3PL) company for distribution and inventory.

Microbot Medical Inc. secured a partnership with a U.S.-based third-party logistics (3PL) company specializing in the medical device industry, announced on October 14, 2025. This partner is set up to provide effective and efficient order processing and inventory maintenance from a strategically located, climate-controlled warehouse. This infrastructure is key for the planned rollout timeline. The company expects to initiate the limited market release (LMR) of the LIBERTY System during the fourth quarter of 2025. The broader launch is anticipated to occur in April 2026 during the Society of Interventional Radiology conference, which is the largest Interventional Radiology conference in the U.S.

Emory University Hospital for initial adoption and Endovascular Robotics Program development.

Emory University Hospital, a nationally recognized academic medical center, became the first hospital in the world to adopt the LIBERTY Endovascular Robotic System for patient care on November 26, 2025. This adoption followed the system's recent limited market release. The collaboration involves establishing an Endovascular Robotics Program within interventional radiology at Emory. Following this announcement, shares of Microbot Medical Inc. jumped 23%. The LIBERTY system is noted as the only FDA-cleared, single-use, remotely operated robotic system for peripheral endovascular procedures.

Research collaborations with academic and medical institutions.

Microbot Medical Inc. actively collaborates with leading academic and clinical research centers. These collaborations support the advancement of the company's pipeline through preclinical studies and early-stage human trials. The work with Emory University Hospital to establish the Endovascular Robotics Program is a prime example of this strategy in action.

Strategic investors like Deerfield Management and Perceptive Advisors.

While specific 2025 investment details for Deerfield Management or Perceptive Advisors in Microbot Medical Inc. are not explicitly detailed in recent filings, the company has been active in capital formation. For instance, on February 11, 2025, Microbot Medical Inc. closed a registered direct offering that generated gross proceeds of approximately $13 million. The company had 67,158,044 shares of Common Stock outstanding as of November 12, 2025. As of November 14, 2025, the stock price was $2.07, resulting in a market capitalization of $139M. The trailing twelve months (TTM) Earnings Per Share (EPS) was -$0.45. Perceptive Advisors was noted as a participant in a $100 million Series C funding round for Galvanize Therapeutics in September 2025, but this is not a direct investment in Microbot Medical Inc. The company's total assets as of September 30, 2025, stood at $81.76M (in thousands), against liabilities of $3.536M (in thousands).

Here's a quick look at the key partnership milestones and relevant financial context as of late 2025:

Research collaborations are ongoing to advance the pipeline through preclinical studies and early-stage human trials. The company's enterprise value was pegged at approximately $134.17M as of September 8, 2025.

You should review the latest Form 10-Q filed on November 12, 2025, for the most current balance sheet details.

Finance: draft 13-week cash view by Friday.

Microbot Medical Inc. (MBOT) - Canvas Business Model: Key Activities

You're looking at the core engine driving Microbot Medical Inc. (MBOT) right now-the essential things the company must do well to make its business model work, especially as it transitions from R&D to commercialization following regulatory success.

Manufacturing and quality control of the LIBERTY robotic system.

The key activity here centers on producing the LIBERTY system, which is positioned as the world's first single-use, fully disposable robotic system for endovascular procedures. This design choice directly impacts the manufacturing and quality control focus, as it eliminates reprocessing risks associated with reusable systems. The company secured ISO 13485 certification, which is the standard for quality management systems in the medical device industry, signaling readiness for production scale-up. The single-use nature is expected to translate to 30-50% cost savings for the customer compared to capital-intensive, reusable robots. The company initiated inventory build-up in late 2024 in preparation for market entry.

Ongoing R&D for next-generation micro-robotic technologies.

While commercialization is the focus, continued R&D is necessary to secure future value. Microbot Medical Inc. is leveraging its pipeline to potentially address large addressable indications in neuro and cardiac areas. This investment in innovation strains the current financials; the net loss for the third quarter ending September 30, 2025, was USD 3.58 million. The trailing 12-month earnings ending September 30, 2025, showed a loss of $13.1 million. To fund this and commercial efforts, the company secured significant capital, including a first closing of $25.2 million from preferred investment options around September 16, 2025, and a second closing of $4 million by October 15, 2025, out of a potential total of up to $92.2 million gross proceeds.

Securing and defending a global intellectual property (IP) portfolio.

Protecting the core technology is a vital activity, especially given the competitive nature of the robotics space. The IP portfolio is actively being expanded to defend its technological lead and open new market avenues. The company has been successful in securing patents in key regions like China and Japan, alongside U.S. grants. The structure of this portfolio is critical for justifying the system's value proposition.

The expansion to over 6 million potential annual U.S. procedures is tied to a newly granted U.S. patent covering a modular system with interchangeable tool-receiver units.

Executing the Limited Market Release (LMR) commercial strategy in Q4 2025.

Following regulatory clearance, the immediate key activity shifted to controlled market entry. Microbot Medical Inc. announced its LIBERTY system became commercially available in the U.S. via a Limited Market Release starting in Q4 2025, focusing on selected high-procedure-volume regions. This LMR is designed to gather real-world feedback to guide future growth. The company established operational readiness by hiring a core commercial team and securing a U.S.-based third-party logistics (3PL) partner to handle fulfillment and inventory. Emory University Hospital was announced as the first hospital to adopt the system. The planned broader commercial launch is scheduled for April 2026.

• LMR Start Date: Q4 2025.
• Full Launch Target: April 2026.
• Initial U.S. Target Market Size: Approximately 2.5 million annual peripheral vascular procedures.
• Cash and investments as of September 2025: $80.2 million.

Obtaining and maintaining global regulatory clearances (e.g., U.S. FDA 510(k)).

This was the most significant hurdle cleared to enable the current activities. Microbot Medical Inc. received U.S. FDA 510(k) clearance for the LIBERTY system on September 8, 2025. This clearance was contingent on the results of the pivotal study, which demonstrated 100% success in robotic navigation to target and zero device-related adverse events. Furthermore, the study indicated a 92% relative reduction in radiation exposure for physicians. Maintaining this clearance involves continued clinical data collection during the commercial launch phase.

Microbot Medical Inc. (MBOT) - Canvas Business Model: Key Resources

You're looking at the core assets Microbot Medical Inc. (MBOT) is leaning on as it moves toward commercialization. These aren't abstract concepts; they are tangible, quantifiable resources that underpin the entire business structure.

Regulatory and Product Asset: LIBERTY Endovascular Robotic System

The primary resource is the regulatory approval for the flagship device. The LIBERTY Endovascular Robotic System received its U.S. FDA 510(k) clearance in early September 2025. This clearance positions the company to commence commercialization, with a limited market release planned for Q4 2025.

Performance data from the pivotal study validates the technology:

• 100% success rate in robotic navigation to target.
• Zero device related adverse events.
• 92% relative reduction in radiation exposure for physicians.

The system targets the U.S. peripheral vascular procedure market, estimated at approximately 2.5 million annual procedures.

Intellectual Property: Extensive Patent Portfolio

Microbot Medical Inc. (MBOT) has built significant barriers to entry through its intellectual property. As of August 2025, the portfolio strength is detailed below:

A recently granted U.S. patent specifically covers a modular robotic surgical system, potentially expanding the Total Addressable Market (TAM) to over 6 million annual endovascular procedures in the U.S. alone. The Chinese market opportunity is estimated at 2.9 million procedures annually.

Financial Capital Raised

The ability to fund the transition from R&D to sales is a critical resource, evidenced by recent capital raises executed through the exercise of investment options. The company's strong liquidity is also a factor, reporting a current ratio of 12.06 as of September 2025. The market valuation reached approximately $843 million.

Key financing events in 2025 include:

• January 2025: Raised approximately $11.8 million in gross proceeds from offerings, including $4.8 million from the ATM facility.
• January 2025: Registered direct offering generated approximately $7 million from the sale of 4,000,001 shares at $1.75 per share.
• July 2025: Raised approximately $4.2 million from Series G option exercises (2,395,715 shares at $1.75 per share).
• August 2025: Raised approximately $5.9 million from option exercises, issuing 2,967,953 shares.
• September 2025: First closing of option exercise raised approximately $25.2 million in gross proceeds from the purchase of 12,064,627 shares.

The total shares of common stock outstanding was approximately 48,513,892 as of August 25, 2025. The discounted cash flow assessment for the LIBERTY System itself was valued at $781 million.

Specialized Human Capital and Commercial Infrastructure

The expertise of the team is a non-financial asset that supports the technology. The company completed hiring its commercial leadership team. A key addition to this team is Michael Lytle, appointed as head of Sales Operations & Analytics, bringing experience from ZOLL Cardiac Management Solutions.

The R&D team's expertise is validated by the portfolio growth, which includes patents covering robotic manipulation of surgical tool handles. The company also secured a $630,000 non-dilutive grant from the Israel Innovation Authority to fund manufacturing and commercialization scaling.

Microbot Medical Inc. (MBOT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a hospital or interventional radiologist would choose Microbot Medical Inc.'s LIBERTY system over existing solutions. The value here is concentrated on making complex procedures safer, more accessible, and less burdensome for the physician.

First single-use, fully disposable endovascular robotic system. This is a major differentiator. Unlike large, fixed robotic platforms that require significant capital expenditure and sterilization overhead, the LIBERTY system is designed to be single-use and fully disposable. This fundamentally changes the economic barrier to entry for hospitals. The system achieved FDA 510(k) clearance in September 2025, allowing for its initial limited market release just weeks before November 2025.

Significantly reduced physician radiation exposure. The design explicitly aims to reduce the radiation dose absorbed by the physician during procedures, which is a critical occupational hazard in interventional radiology. While the target reduction is high, the actual realized percentage from clinical data is what matters most for adoption; the system is designed to reduce radiation exposure and physical strain.

Enhanced precision and control in complex endovascular procedures. The system is engineered for precise vascular navigation, which is key for treating complex peripheral vascular anatomy. This precision is what drives better clinical outcomes and procedural efficiency. The system's potential is already being recognized, as Emory University Hospital became the first hospital in the world to adopt the LIBERTY system for patient care in late November 2025.

Compact, portable design lowers barriers to robotic adoption in hospitals. The single-use nature inherently lowers the upfront capital commitment compared to traditional multi-million dollar robotic suites. This allows smaller or less specialized centers to adopt advanced robotics. The company ended Q3 2025 with $80.2 million in cash and investments to support this commercial rollout.

Potential to reduce contrast media use and improve patient safety. By enabling more precise navigation, the system aims to minimize the need for repeated contrast injections, which carry risks like contrast-induced nephropathy. This focus on safety is paramount for patient care improvements.

Here's a quick look at the early adoption and financial context surrounding these value propositions as of late 2025:

The value proposition is also supported by the company's underlying financial structure, even while operating at a loss. For instance, the balance sheet showed total assets of $81.76M against liabilities of $3.536M as of late November 2025, indicating a strong equity position relative to debt. However, operational efficiency metrics show room for improvement, with a Return on Assets (ROA) of -47.96% and a Return on Capital LTM of -32.71%.

The market is clearly reacting to the product's potential, as evidenced by stock movement following key announcements. For example, shares jumped 23% following the Emory adoption announcement. The core value drivers for the customer segment-interventionalists and hospital administrators-can be summarized as:

• The only FDA cleared, single-use, remotely operated robotic system.
• Designed to reduce physician radiation exposure and physical strain.
• Enables precise vascular navigation in peripheral procedures.
• Strong liquidity with a Current Ratio of 27.5 supporting near-term operations.
• Net loss for nine months ended September 30, 2025, was USD 9.68 million.

The company is actively working to translate this technological value into financial performance, with a planned full market launch scheduled for the April 2026 Society of Interventional Radiology conference.

Microbot Medical Inc. (MBOT) - Canvas Business Model: Customer Relationships

You're looking at how Microbot Medical Inc. (MBOT) builds and maintains its connections with hospitals, which is critical given the complexity of introducing a novel robotic system like the LIBERTY Endovascular Robotic System.

High-touch, consultative sales and training for initial hospital adoption

The initial relationship building is clearly focused on securing lighthouse accounts. Microbot Medical Inc. confirmed that Emory University Hospital became the first hospital in the world to adopt the LIBERTY Endovascular Robotic System for patient care. This adoption followed the system receiving FDA 510(k) clearance in September 2025. The company is currently executing a Limited Market Release strategy, which is inherently high-touch, focusing on regions with high procedure volumes to gain practical insights before the planned full market launch in April 2026 at the Society of Interventional Radiology conference. The value proposition underpinning these initial relationships suggests a mature annual revenue per hospital target of roughly $155,000, broken down into an estimated $5,000 for the LIBERTY system sale and about $150,000 from annual disposables/consumables. This structure means the long-term relationship is heavily weighted toward recurring consumable use.

Collaborative development with key opinion leaders (KOLs) like Emory University

The relationship with Emory University Hospital goes beyond a simple sale; it is a strategic collaboration. This partnership is specifically aimed at establishing a dedicated Endovascular Robotics Program at Emory. This type of deep engagement with a KOL institution is designed to generate clinical validation and procedural best practices for the LIBERTY system, which is the world's first FDA-cleared single-use, remotely operated robotic system for peripheral interventions. This collaborative development is key to de-risking the technology for subsequent hospital adoptions.

Dedicated customer support for system installation and procedural use

While specific customer support metrics aren't public, the nature of the technology implies a high level of support is necessary for system installation and procedural use. The company, as of December 05, 2025, operates with 21 employees, meaning support resources are lean and likely integrated closely with the sales and engineering functions to manage the initial Limited Market Release. The system's design as a single-use, remotely operated solution suggests that support focuses on integration, training reinforcement, and troubleshooting remote operations, rather than extensive on-site maintenance of complex hardware.

Building long-term relationships through clinical program establishment

The long-term view is cemented by the planned full market release in April 2026, which signals the transition from early adoption to broader commercialization. The establishment of clinical programs, like the one with Emory University, serves as the foundation for securing repeat business through the high-margin consumables stream. The company ended September 2025 with $80.2 million in cash and investments, which is the capital base supporting the infrastructure needed to scale these relationships post-launch.

Here's a quick look at the financial context supporting the relationship strategy as of late 2025:

The success of these relationships defintely hinges on converting that initial system sale into consistent consumable purchases.

Microbot Medical Inc. (MBOT) - Canvas Business Model: Channels

You're looking at how Microbot Medical Inc. (MBOT) gets its LIBERTY® Endovascular Robotic System into the hands of interventionalists as of late 2025. The strategy is clearly phased, moving from initial adoption to a broader commercial push.

Direct sales force targeting U.S. hospitals and interventional suites

The direct sales channel is being built out to support the limited market release that commenced in the fourth quarter of 2025. This effort is supported by strategic hiring, including the appointment of Christina Bailey as Vice President of Sales in September 2025, who brings 20 years of medical device sales experience. The company was also actively hiring Area Sales Managers in August 2025 to staff up for the launch. The initial target market for the U.S. commercialization is estimated at approximately 2.5 million peripheral endovascular procedures annually. The first concrete adoption milestone was announced on November 26, 2025, with Emory University Hospital in Atlanta becoming the first hospital to adopt LIBERTY for patient care. This initial limited release targets regions with high procedure volumes where demand was already established.

• VP of Sales hired: Christina Bailey.
• Initial U.S. market size target: 2.5 million annual procedures.
• First hospital adopter: Emory University Hospital.
• Limited Market Release start: Q4 2025.

Third-party logistics (3PL) partner for physical distribution and fulfillment

To ensure efficient execution of the launch, Microbot Medical Inc. secured a U.S.-based third-party logistics (3PL) company in October 2025. This partner specializes in the medical device industry and provides integrated fulfillment solutions. The arrangement allows Microbot Medical Inc. to leverage the 3PL's proximity to key markets, ensuring effective order processing and inventory maintenance from a strategically located, climate-controlled warehouse to meet expected demand. This outsourcing of physical distribution is a key enabler for the Q4 2025 limited release.

Here's a quick look at the logistical and launch milestones:

Medical conferences (e.g., Society of Interventional Radiology) for product awareness

Medical conferences serve as crucial platforms for generating awareness and driving the broader market adoption planned for 2026. The company's CEO, Harel Gadot, presented the LIBERTY Endovascular Robotic System at the H.C. Wainwright Annual Investor Conference in September 2025. The broader launch of the LIBERTY System is explicitly timed to occur in April 2026 during the Society of Interventional Radiology (SIR) conference, which is noted as the largest Interventional Radiology conference in the U.S. This timing ties a major marketing event directly to the full commercial rollout.

Clinical publications and peer-reviewed data to drive adoption

While specific publication metrics aren't detailed, the channel relies heavily on the regulatory and clinical validation already achieved. The LIBERTY System is the only FDA cleared, single-use, remotely operated robotic system for peripheral endovascular procedures as of late 2025. This regulatory clearance, following a positive conclusion to the ACCESS-PVI trial in October 2024, forms the foundation of the peer-reviewed data driving adoption. The collaboration with Emory University Hospital is also intended to establish an Endovascular Robotics Program in interventional radiology, which will generate further clinical experience and data for future publications.

• Regulatory Status: FDA 510(k) cleared (clearance announced in September 2025).
• Key Clinical Data Source: Positive results from the ACCESS-PVI trial (concluded October 2024).
• Adoption Driver: Collaboration with Emory to establish a new Robotics Program.

Finance: review Q4 2025 cash burn projections against the $80.2 million cash position reported at the end of September 2025.

Microbot Medical Inc. (MBOT) - Canvas Business Model: Customer Segments

You're looking at the core users for the LIBERTY Endovascular Robotic System, the people who will actually drive adoption of this single-use, remotely operated robotic solution. Honestly, the customer base is tightly focused on specialists who perform complex vascular work.

Interventional Radiologists and Interventional Cardiologists represent the primary end-users. These are the physicians whose daily work involves navigating the complex vascular system, and for whom precision and reduced physical strain are critical. The potential pool is defined by the procedures the system targets; the total addressable market in the U.S. alone is estimated to encompass about 2.5 million annual peripheral endovascular procedures. That number gives you a sense of the scale of opportunity for these specialists.

The next layer is the facility itself: U.S. Hospitals and Ambulatory Surgery Centers (ASCs) with high procedure volumes. These institutions are the buyers who need to maximize throughput and efficiency while managing capital expenditure. For a new system, high-volume centers are the logical starting point because they can quickly amortize the investment through increased case numbers or improved operational flow. The system's reported success in pivotal trials, showing 100% success in robotic navigation, is what appeals directly to these high-throughput environments.

It's smart to segment out the early adopters who influence broader market acceptance. This includes leading academic medical centers and teaching hospitals. We know, for instance, that the company has a collaboration with Emory, which serves as a key reference site. These centers are crucial because they often pilot new technology and their published outcomes set the standard for other institutions looking to adopt advanced robotics.

Finally, a distinct segment is the healthcare systems seeking to reduce staff radiation exposure and improve ergonomics. This speaks directly to the system's clinical advantages reported in studies, which underscore a significant reduction in radiation exposure for the provider. For large integrated delivery networks (IDNs), this translates into better long-term staff retention and compliance with safety protocols, which is a major financial and operational driver beyond just the procedure itself.

Here's a quick look at how these segments map to the market context we see as of late 2025:

To be fair, while the TAM is large, the company's near-term revenue estimate for the fiscal period ending December 2025 is only $300.00K, meaning penetration into these segments is just beginning. The focus right now is securing those initial high-profile accounts. Finance: draft Q4 2025 sales pipeline conversion forecast by next Tuesday.

Microbot Medical Inc. (MBOT) - Canvas Business Model: Cost Structure

You're looking at the cost side of Microbot Medical Inc. (MBOT) as they push the LIBERTY system toward broader adoption. For a device company in this phase, costs are heavily weighted toward R&D and building out the commercial infrastructure. Honestly, the numbers show a significant burn rate, which is typical when scaling up a novel medical technology.

The latest Trailing Twelve Months (TTM) data ending September 30, 2025, gives us a clear picture of where the money is going before significant revenue kicks in from the new system. The total operating expenses for the TTM period were $\mathbf{14.04}$ million USD, which resulted in an operating income of $\mathbf{-14.04}$ million USD for the same period.

Here is a breakdown of the major cost components based on the TTM figures ending September 30, 2025, in millions of USD:

The SG&A figure of $\mathbf{7.54}$ million USD for the TTM period is notably higher than the historical estimate of around $\mathbf{4.99M}$ annually, which definitely signals the investment into the commercial team build-out you mentioned. The R&D spend at $\mathbf{6.50}$ million USD for the TTM period is right in line with the historical $\mathbf{6.63M}$ annual spend.

You should also factor in the costs that aren't always neatly separated in the top-line operating expense figures but are critical for a medical device company like Microbot Medical Inc. These are the non-R&D/SG&A drains on cash:

• Manufacturing and inventory costs for the disposable LIBERTY system.
• Regulatory compliance costs associated with maintaining FDA/international clearances.
• Intellectual property maintenance costs, including patent filings and defense.

To be fair, the negative operating income of $\mathbf{-14.04M}$ for the TTM period ending September 2025 is the bottom-line impact of these expenditures. The Q3 2025 net loss was $\mathbf{3.58}$ million USD. If onboarding takes 14+ days for new hospital systems, the cost of carrying that inventory before revenue recognition rises.

Finance: draft 13-week cash view by Friday.

Microbot Medical Inc. (MBOT) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation plan for Microbot Medical Inc. (MBOT) as they transition from R&D to commercialization in late 2025. The model is clearly set up to capture value from both the initial placement of the capital equipment and the ongoing use of consumables. Honestly, the numbers for the bulk of 2025 reflect a pre-revenue company, but the foundation for future income is now being laid with the LIBERTY system's limited release.

The core of the future revenue model hinges on two distinct streams, which is standard for this type of medical device. Here's the quick math on what analysts project for a fully adopted hospital site, which is crucial for understanding the long-term potential:

Sales of the LIBERTY Endovascular Robotic System capital unit.

This is the initial transaction when a hospital adopts the technology. Based on modeling for a mature site, the expected one-time revenue associated with the sale of the capital unit itself is pegged at about $5,000 per system. This initial sale is the gateway to the more valuable recurring revenue stream.

Recurring revenue from the sale of the single-use, disposable components.

This is where the sustained financial engine is expected to run. The single-use, disposable components are projected to generate approximately $150,000 annually per hospital using the system regularly. This recurring revenue stream is what typically drives the valuation multiples for robotic medical device companies, so it's the key metric to watch post-April 2026 launch.

Initial, albeit small, revenue generation from the Q4 2025 Limited Market Release.

Microbot Medical Inc. announced the Limited Market Release (LMR) of the LIBERTY Endovascular Robotic System in the U.S. in November 2025, following FDA clearance. This LMR is designed to gather real-world feedback before the broader commercial launch planned for April 2026. While the company had its first hospital adoption confirmed, the actual revenue impact in Q4 2025 is expected to be minimal as it is a controlled rollout. For context, the Q3 2025 earnings report, announced November 12, 2025, showed an Actual Revenue: N/A against an Expected Revenue: $0.63 million, signaling the transition point where revenue is just beginning to materialize, if at all, in that quarter.

Currently, the company reports no revenue as it is pre-commercial for most of 2025.

Up until the LMR, Microbot Medical Inc. was operating as a pre-commercial entity. Financial data confirms this status; for the trailing twelve months ending June 30, 2025, the reported revenue was $0.00. Furthermore, the six months ended June 30, 2025, showed a net loss of $6.1 million with no product revenues to date. The company is now actively using capital raised to fund operations while initiating this controlled market entry.

The revenue structure is therefore:

• Pre-LMR (Majority of 2025): Zero product revenue.
• Q4 2025 LMR: Initial, low-volume sales of both capital units and disposables.
• Post-April 2026 Full Launch: Scaled revenue based on the $5,000 capital unit placement and the $150,000 annual disposable annuity per account.