BRAINSTORM CELL THERAPEUTICS INC. Files 2023 10-K

TL;DR

<b>BRAINSTORM CELL THERAPEUTICS INC. filed its 2023 10-K, reporting $43.1M in revenue and $36.5M in net income.</b>

AI Summary

BRAINSTORM CELL THERAPEUTICS INC. (BCLI) filed a Annual Report (10-K) with the SEC on April 1, 2024. BRAINSTORM CELL THERAPEUTICS INC. reported total assets of $215,013,000 for the fiscal year ending December 31, 2023. The company's revenue for the fiscal year ending December 31, 2023, was $43,075,938. Net income for the fiscal year ending December 31, 2023, was $36,509,060. Earnings per share (EPS) for the fiscal year ending December 31, 2023, was $0.40. The company's filing includes details on various stock option plans and warrants, with specific exercise prices and dates mentioned, such as the July 2023 Warrants.

Why It Matters

For investors and stakeholders tracking BRAINSTORM CELL THERAPEUTICS INC., this filing contains several important signals. The filing provides a comprehensive overview of the company's financial health and operational performance for the fiscal year 2023, including key financial metrics and disclosures on equity instruments. Investors can gain insights into the company's valuation, potential future dilution from stock options and warrants, and the overall financial stability through the detailed financial statements and risk factors presented.

Risk Assessment

Risk Level: medium — BRAINSTORM CELL THERAPEUTICS INC. shows moderate risk based on this filing. The company's financial performance, while showing positive net income, is based on a single year's data and requires further analysis of trends and market conditions to assess long-term viability. The filing also mentions various equity instruments which could impact future share structure.

Analyst Insight

Monitor future filings for revenue growth trends, net income sustainability, and the impact of equity issuances on share dilution.

Revenue Breakdown

Key Numbers

• 43075938 — Revenue (Fiscal year ending 2023-12-31)
• 36509060 — Net Income (Fiscal year ending 2023-12-31)
• 0.40 — EPS (Fiscal year ending 2023-12-31)
• 215013000 — Total Assets (As of 2023-12-31)
• 0.66 — Gross Margin % (Fiscal year ending 2023-12-31)
• 0.40 — Operating Margin % (Fiscal year ending 2023-12-31)

Key Players & Entities

• BRAINSTORM CELL THERAPEUTICS INC. (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240401 (date) — Filing date
• 2836 (other) — Standard Industrial Classification
• DE (other) — State of incorporation
• 1325 AVENUE OF AMERICAS (address) — Business address
• 001-36641 (other) — SEC file number
• July2023Warrants (other) — Specific warrant type mentioned

FAQ

Risk Factors

• Valuation of Financial Instruments [medium — financial]: The company uses Level 3 fair value inputs, including share price, risk-free interest rate, price volatility, and maturity, for valuing financial instruments like warrants, as of December 31, 2023.
• Equity Issuances and Dilution [medium — financial]: The company has issued various warrants and stock options, such as the July 2023 Warrants and options under the Global Share Option Plan 2014, which could lead to future dilution of common stock.

Key Financial Figures

• $0.00005 — nge on which registered Common Stock, $0.00005 par value BCLI The Nasdaq Stock Mar

Filing Documents

• bcli-20231231x10k.htm (10-K) — 2476KB
• bcli-20231231xex10d69.htm (EX-10.69) — 42KB
• bcli-20231231xex10d70.htm (EX-10.70) — 13KB
• bcli-20231231xex10d71.htm (EX-10.71) — 14KB
• bcli-20231231xex10d72.htm (EX-10.72) — 14KB
• bcli-20231231xex10d73.htm (EX-10.73) — 14KB
• bcli-20231231xex21.htm (EX-21) — 5KB
• bcli-20231231xex23d1.htm (EX-23.1) — 7KB
• bcli-20231231xex31d1.htm (EX-31.1) — 9KB
• bcli-20231231xex31d2.htm (EX-31.2) — 9KB
• bcli-20231231xex32d1.htm (EX-32.1) — 5KB
• bcli-20231231xex32d2.htm (EX-32.2) — 5KB
• bcli-20231231xex97d1.htm (EX-97.1) — 31KB
• bcli-20231231x10k001.jpg (GRAPHIC) — 5KB
• 0001410578-24-000385.txt (&nbsp;) — 7317KB
• bcli-20231231.xsd (EX-101.SCH) — 44KB
• bcli-20231231_cal.xml (EX-101.CAL) — 33KB
• bcli-20231231_def.xml (EX-101.DEF) — 156KB
• bcli-20231231_lab.xml (EX-101.LAB) — 331KB
• bcli-20231231_pre.xml (EX-101.PRE) — 286KB
• bcli-20231231x10k_htm.xml (XML) — 961KB

Risk Factors

Risk Factors 42 1B. Unresolved Staff Comments 74 2.

Properties

Properties 74 3.

Legal Proceedings

Legal Proceedings 75 4. Mine Safety Disclosures 75 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 76 6. Reserved 76 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 76 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 82 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 109 9A.

Controls and Procedures

Controls and Procedures 109 9B. Other Information 110 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 110 PART III 10. Directors, Executive Officers and Corporate Governance 111 11.

Executive Compensation

Executive Compensation 117 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 124 13. Certain Relationships and Related Transactions, and Director Independence 126 14. Principal Accounting Fees and Services 129 PART IV 15. Exhibits, Financial Statement Schedules 130 16. Form 10-K Summary 137 2 Table of Contents PART I SPECIAL NOTE Unless otherwise specified in this Annual Report on Form 10-K, all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollar s. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains numerous statements, descriptions, forecasts and projections, regarding BrainStorm Cell Therapeutics Inc. (together with its consolidated subsidiaries, the "Company," "BrainStorm," "we," "us" or "our") and its potential future business operations and performance, including financial results for the most recent fiscal year, statements regarding the market potential for treatment of neurodegenerative disorders such as ALS, the sufficiency of our existing capital resources for continuing operations in 2023 and beyond, the safety and clinical effectiveness of our NurOwn technology, our clinical trials of NurOwn and its related clinical development, and our ability to develop collaborations and partnerships to support our business plan. In some cases you can identify such "forward-looking statements" by the use of words like "may," "will," "should," "could," "expects," "hopes," "anticipates," "believes," "intends," "plans," "projects," "targets," "goals," "estimates," "predicts," "likely," "potential," or "continue" or the negative of any of these terms or similar words. These statements, descriptions, forecasts and projections constitute "forward-looking statements," and as such involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance and achievements to be materi

BUSINESS

Item 1. BUSINESS. Company Overview Brainstorm Cell Therapeutics Inc. is a leading biotechnology company committed to the development and commercialization of best-in-class autologous cellular therapies for the treatment of neurodegenerative diseases, including Amyotrophic Lateral Sclerosis ("ALS", also known as Lou Gehrig's disease); Progressive Multiple Sclerosis ("PMS"); Alzheimer's disease ("AD"); and other neurodegenerative diseases. NurOwn, our proprietary cell therapy platform, leverages cell culture methods to induce autologous bone marrow-derived mesenchymal stem cells ("MSCs") to secrete high levels of neurotrophic factors ("NTFs"), modulate neuroinflammatory and neurodegenerative disease processes, promote neuronal survival and improve neurological function. NurOwn has completed its Phase 3 ALS and Phase 2 PMS clinical trials. On November 17, 2020, we announced top-line data from our Phase 3 ALS trial. On March 24, 2021, we announced positive top-line data from our Phase 2 trial evaluating three repeated intrathecal administrations of NurOwn, each given 2 months apart, as a treatment for PMS. On June 24, 2020, we announced a new clinical program focused on the development of NurOwn as a treatment for AD. On August 15, 2022, we announced our decision to submit a Biologics License Application ("BLA") to the U.S. Food and Drug Administration ("FDA") for NurOwn for the treatment of ALS. On September 9, 2022, we filed a BLA to the FDA for NurOwn for the treatment of ALS. On November 10, 2022, we announced that we had received a refusal to file ("RTF") letter from the FDA regarding our BLA. The FDA indicated that we may request a Type A meeting to discuss the content of the RTF letter. On December 12, 2022, we announced the submission of a Type A meeting request with the FDA to discuss the contents of the RTF letter previously issued by the FDA regarding the BLA for NurOwn for the treatment of ALS. On December 27, 2022, we announced that the FDA granted a Typ

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View this 10-K filing on SEC EDGAR