BCLIOTCBiological Products, (No Diagnostic Substances)US GAAP · USD

Brainstorm Cell Therapeutics Inc.

Brainstorm Cell Therapeutics Inc. is a U.S.-based biotechnology company focused on developing autologous cell therapies for neurodegenerative diseases. Its core platform, NurOwn®, uses patients’ own bone marrow-derived mesenchymal stem cells that are induced to secrete neurotrophic factors intended to modulate neuroinflammation and support neuronal survival. The company’s most advanced program is a Phase 3b trial in ALS, and it also has research efforts in progressive multiple sclerosis, Alzheimer’s disease, and exosome-based technologies. Brainstorm is still in the development stage and has not generated operating revenue, so its business is centered on clinical development, regulatory progress, manufacturing readiness, and intellectual property protection.

Operating profit (EBIT)-10.0m USD
+14.9 %y/y
Net income-10.3m USD
+11.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-40-30-20-100m USD2020: EBIT -32 m USD20202021: EBIT -25 m USD20212022: EBIT -25 m USD20222023: EBIT -21 m USD20232024: EBIT -12 m USD20242025: EBIT -10.0 m USD2025-10.0
RevenueOperating profit (EBIT)

Business

Share of revenue
Autologous cell therapy platform70 %

Patient-derived MSC-NTF cell therapy designed to treat neurodegenerative disease.

Clinical development programs20 %

Late-stage clinical trials and regulatory work for ALS and other indications.

Exosome-based therapeutics5 %

Preclinical and patent-protected exosome technologies derived from the core platform.

Manufacturing and supply capabilities5 %

Centralized GMP production and distribution of NurOwn® for trials and potential commercialization.

Customers

Brainstorm does not sell a commercial product today; its current 'customers' are primarily clinical trial participants, investigators, and regulatory stakeholders supporting development of NurOwn®. If approved, the therapy would be used by patients with ALS and potentially other neurodegenerative diseases such as progressive multiple sclerosis and Alzheimer’s disease. In the near term, the company’s value proposition is directed toward physicians, trial sites, and future healthcare systems that would adopt a specialized autologous therapy requiring controlled manufacturing and administration. The company also depends on licensing and collaboration counterparties, including the technology transfer owner of the NurOwn® rights, for commercialization rights and development continuity.

ALS clinical trial participants

Patients with ALS enrolled in Phase 3b studies who receive NurOwn® to evaluate safety and efficacy.

Clinical investigators and trial sites

Hospitals and research centers in the U.S. that run the late-stage trials and administer the therapy.

Regulatory agencies

FDA and other regulators that review trial design, CMC controls, and potential approval pathways.

Future commercial neurology providers

Specialty physicians and treatment centers that would use NurOwn® if it reaches market approval.

Potential partners and licensors

Organizations that may fund, license, or co-develop the platform and exosome technologies.

Strategy

Brainstorm’s strategy is to advance NurOwn® through late-stage clinical development and regulatory engagement, with the Phase 3b ALS program as the key value driver. The company is also working to improve manufacturing efficiency, product stability, and scale-up capacity so the therapy can be produced centrally and distributed to trial sites or future commercial locations. A second strategic pillar is expanding its intellectual property estate, including exosome-based technologies, to protect future therapeutic applications and extend the platform beyond ALS. Because the company has no operating revenue, execution depends on funding, trial progress, regulatory outcomes, and the ability to preserve manufacturing and IP advantages.

Complete and de-risk the Phase 3b ALS programShort term

Clinical success is the main path to value creation and future commercialization.

Strengthen manufacturing and CMC readinessShort term

Cell therapies require reliable, scalable, and stable production to support trials and eventual launch.

Expand and defend intellectual propertyMedium term

Patent protection is essential for exclusivity in a platform-based biotech business.

Broaden the platform into additional neurodegenerative and exosome applicationsLong term

A broader pipeline can reduce dependence on a single indication and increase long-term optionality.

Geography

Brainstorm is incorporated in Delaware and has its principal executive offices in New York, with additional operations in Israel and Massachusetts. Its R&D center is in Petach Tikva, Israel, and it leases a GMP manufacturing center in Tel Aviv to produce NurOwn® for clinical use and potential shipment into the EU and Israel. The company stated that all of its late-stage ALS and PMS clinical trial sites are in the United States, making the U.S. the center of its clinical development activity. Its patent portfolio spans the United States, Europe, Israel, Australia, and other global markets, which is important because the company’s value depends heavily on cross-border IP protection and future commercialization rights.

Risks

Brainstorm faces the classic risks of a development-stage biotech company: clinical failure, regulatory delays, and uncertainty around whether its cell therapy will demonstrate sufficient efficacy and safety for approval. The company also depends on continued access to capital, and its recent delisting from Nasdaq to OTCQB highlights financing and liquidity pressure that can limit investor access and raise the cost of capital. Manufacturing risk is material because autologous cell therapies require tightly controlled CMC processes, and any failure in production consistency, shelf life, or distribution could disrupt trials or future commercialization. In addition, the company’s reliance on intellectual property, third-party licensing rights, and a small workforce concentrated in the U.S. and Israel creates operational and geopolitical exposure, while broader biotech sector risks include reimbursement uncertainty, competition from alternative ALS approaches, and adverse market conditions that can affect funding availability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Capital and liquidity constraints2Nasdaq delisting and market access3Regulatory and CMC execution risk4Internal control weakness5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: Critical

    NurOwn® is still in late-stage testing, so efficacy or safety shortfalls could prevent approval and commercialization.

    Exposure: Phase 3b ALS program

  2. Capital and liquidity constraintsImpact: HighLikelihood: High

    The company has no operating revenue and has relied on short-term borrowing and equity markets to fund operations.

    Exposure: Working capital and R&D funding

  3. Nasdaq delisting and market accessImpact: HighLikelihood: High

    OTCQB trading can reduce liquidity, investor demand, and the company’s ability to raise capital efficiently.

    Exposure: Public market financing

  4. Regulatory and CMC execution riskImpact: HighLikelihood: Low

    Cell therapy approval depends on manufacturing controls, comparability, and FDA alignment on trial design.

    Exposure: Phase 3b trial and future BLA pathway

  5. Internal control weaknessImpact: MediumLikelihood: High

    A reported material weakness in internal controls increases the risk of financial reporting errors.

    Exposure: Financial reporting and compliance

  6. Intellectual property dependenceImpact: Medium

    Commercial rights depend on patents and a licensing agreement with Ramot for NurOwn® technology.

    Exposure: Core platform and exosome portfolio

Accounting

Judgemental items
Stock-based compensation valuation

Black-Scholes assumptions such as volatility and expected life can materially change expense recognition.

Impact: Affects operating loss and earnings per share

R&D expense recognition

Clinical and manufacturing costs are largely expensed as incurred, creating quarter-to-quarter volatility.

Impact: Affects comparability of operating results

Internal control weakness

The company disclosed a material weakness, increasing the risk of financial statement error.

Impact: Affects reliability of reported numbers

Liquidity and debt classification

Short-term unsecured borrowings and limited cash resources require careful balance sheet and going-concern analysis.

Impact: Affects solvency and financing assessment

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Brainstorm Cell Therapeutics Inc. (OTC) – Biological Products, (No Diagnostic Subs | Financial Analysis – Clarifo