BrainStorm Cell Therapeutics (BCLI) - Fundamentals Update 09042025
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). Recent micro capitalization and patent development buy time for non-dilutive funding to be secured. BCLI’s Nasdaq compliance for minimum price was regained in late Oct 24, which helps maintain capital access. Market still significantly below ACF’s base-case NPV ($650M–$700M). While new bridging funding was announced, no new major funding or rerating events have occurred yet. Funding remains a key overhang. Trial enrollment delay is mostly influenced by ‘paperwork’ processing at medical centers. Our previous note forecasted huge upside (~1850%) if P3b trial confirms efficacy and leads to commercialization and or a large pharma funding deal(s) materializes, expect a significant rerating.
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