Brainstorm Cell Therapeutics (BCLI) Q4 2025 earnings summary

Executive summary

• Advanced NurOwn into a Phase 3b confirmatory study for ALS after FDA clearance in May 2025, aiming for BLA submission if successful.

• Secured $2 million in strategic financing post year-end, supporting operational activities and resulting in a significant share re-rating.

• Durable long-term survival observed in Expanded Access Program cohort, supporting focus on earlier-stage ALS populations in upcoming trials.

Financial highlights

• Cash, cash equivalents, and restricted cash were $0.3 million as of December 31, 2025; $2 million in new funding secured in early 2026.

• Research and development expenses for 2025 were $4.2 million, down from $4.7 million in 2024.

• General and administrative expenses were $5.8 million in 2025, compared to $7.0 million in 2024.

• Net loss for 2025 was $10.3 million, improved from $11.6 million in 2024.

• Net loss per share was $1.11 in 2025, compared to $2.31 in 2024.

Outlook and guidance

• Phase 3b ENDURANCE trial of NurOwn is set to enroll approximately 200 participants, with a two-part design to assess efficacy and long-term safety.

• Strategic financing provides cash runway to execute key operational activities and preparatory work for the planned trial.