BrainStorm Cell Therapeutics (BCLI) Update Note 03102024
BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). We have stress tested our valuation vs. current global and market events as well as and BCLI’s reverse stock split (R/S) 30 Sept 2024 (to maintain Nasdaq listing). Whilst there are pros and cons – our risk adjusted WACC has increased and NPV reduced, our conservative base case expected dilution assumptions have improved with R/S and Nasdaq compliance and our base case return has risen to 8.5x, up 0.5x. Our valuation explicitly excludes an EMA license, which would, in our analysis, be a more valuable market vs. the US. If NurOwn® proved itself effective for US patients over the course of 12-24 months, the EMA would have limited options but to approve NurOwn® for the European market, in our view.Brainstorm Cell Therapeutics is a biotechnology company engaged in the development and commercialization of autologous cellular therapies for the treatment of neurodegenerative diseases including: Amyotrophic Lateral Sclerosis; Progressive Multiple Sclerosis; and Parkinson's disease. NurOwn? technology is based on manufacturing protocol, which induces the differentiation of purified and expanded bone marrow-derived mesenchymal stem cells and consistently generates cells that release multiple neurotrophic factors to modulate neuroinflammatory and neurodegenerative disease processes, promote neuronal survival and improve neurological function.
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