MBody AI Ltd.

What they do

Check-Cap is developing a capsule-based system for colorectal cancer screening, but on June 6, 2023, it announced it was reducing its workforce significantly, discontinuing calibration studies, and evaluating and pursuing strategic options. It subsequently entered a business combination agreement with Keystone Dental Holdings, Inc. on August 16, 2023, but that transaction did not receive the requisite shareholder approval at the 2023 annual general meeting. The company's ordinary shares trade on the Nasdaq Capital Market under the symbol MBAI.

Revenue drivers

• Capsule product (development stage) — Check-Cap is a clinical-stage company with no product revenue; its intended offering is a capsule-based colorectal cancer screening system that has not been commercialized.
• Strategic alternatives evaluation — Following the discontinuation of its calibration studies and workforce reduction in 2023, the company's activities have centered on evaluating and pursuing strategic options, including a proposed business combination with Keystone Dental Holdings.
• No other reported operating segments — The filing excerpts describe a single clinical-stage diagnostics business and do not identify any revenue-generating product lines or segments.

Recent performance

Check-Cap reported net income of $4.1 million for 2025, compared with a net loss of $25.1 million in 2024. Diluted EPS was $0.66 in 2025 versus negative $4.30 in 2024. Operating cash flow was negative $46,000 in 2025, a sharp reduction from negative $8.0 million in 2024. As of December 31, 2025, the company reported total assets of $7.5 million and shareholder equity of $3.4 million, with cash and equivalents of $2,000.

Strategy

Check-Cap's stated direction, per the 20-F, is to concentrate resources on essential research activities while reducing cash burn and pursuing strategic options. It discontinued its calibration studies and significantly reduced its workforce in June 2023. In August 2023, it entered a business combination agreement with Keystone Dental Holdings, Inc., Capstone Dental PubCo, Inc., and other subsidiaries. That transaction did not receive the required shareholder approval under Section 320 of the Israeli Companies Law at the 2023 annual general meeting. The filing excerpts provided do not describe a revised strategic plan beyond these actions.

Risks

• No product revenue — Check-Cap is a clinical-stage company with a limited operating history and no approved product, so it has no recurring revenue to fund operations.
• Failed business combination approval — The August 2023 business combination with Keystone Dental Holdings did not receive the requisite shareholder approval at the 2023 annual general meeting, which could delay or prevent a strategic transaction.
• Going concern and minimal cash — As of December 31, 2025, cash and equivalents were only $2,000, while total assets were $7.5 million and total liabilities were $1.8 million as of December 31, 2024.
• Negative operating cash flow history — Operating cash flow was negative in each year from 2021 through 2025, including negative $46,000 in 2025, indicating continuing cash consumption.

Outlook

The filing excerpts provided do not include management's forward-looking guidance. The company's stated priorities in the 2025 20-F are to concentrate on essential research activities and evaluate and pursue strategic options. No specific development timelines, regulatory milestones, or financing plans are described in the excerpts.