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Cybernet Data Systems Inc.

BrainStorm Cell Therapeutics Inc. Announces Third Quarter Financial Results and Corporate Update

Strategic Insights

— 2 min read

BrainStorm Cell Therapeutics Inc., a leading developer of adult stem cell therapeutics for neurodegenerative diseases, today announced its financial results for the third quarter ended September 30, 2022. The company also provided a corporate update, highlighting its commitment to ALS patients and its belief in the potential of NurOwn to address their unmet medical needs.

The company's cash, cash equivalents, and short-term bank deposits were approximately $7.4 million as of September 30, 2022, compared to $12.2 million as of June 30, 2022. Research and development expenses for the three months ended September 30, 2022, and 2021 were approximately $3.8 million and $3.6 million, respectively. General and administrative expenses for the three months ended September 30, 2022, and 2021 were approximately $3.1 million and $1.7 million, respectively.

"Despite receiving a refusal to file letter regarding our new Biologics License Application, our commitment to ALS patients and our belief in NurOwn's potential to address their unmet medical needs remains unchanged," said Chaim Lebovits, Chief Executive Officer of Brainstorm. "We will request a Type A meeting with the FDA, which will help us explore the best path forward to accomplish our goal of providing ALS patients with broad access to NurOwn."

Key Takeaways:

  • BrainStorm Cell Therapeutics Inc. announced its financial results for the third quarter ended September 30, 2022, with cash, cash equivalents, and short-term bank deposits of approximately $7.4 million.
  • Research and development expenses for the three months ended September 30, 2022, and 2021 were approximately $3.8 million and $3.6 million, respectively.
  • General and administrative expenses for the three months ended September 30, 2022, and 2021 were approximately $3.1 million and $1.7 million, respectively.
  • The company will host a live conference call and webcast on November 14, 2022, at 8:00 a.m. Eastern Time to discuss its third quarter 2022 financial results and business progress.
  • BrainStorm's NurOwn technology platform represents a promising therapeutic approach to targeting disease pathways important in neurodegenerative disorders.
  • Autologous MSC-NTF cells are designed to effectively deliver multiple NTFs and immunomodulatory cytokines directly to the site of damage to elicit a desired biological effect and ultimately slow or stabilize disease progression.
  • BrainStorm completed a Phase 3 pivotal trial in ALS (NCT03280056) and is currently awaiting FDA feedback.

Statistics:

  • Cash, cash equivalents, and short-term bank deposits: $7.4 million (September 30, 2022) vs. $12.2 million (June 30, 2022)
  • Research and development expenses: $3.8 million (Q3 2022) vs. $3.6 million (Q3 2021)
  • General and administrative expenses: $3.1 million (Q3 2022) vs. $1.7 million (Q3 2021)
  • Net loss: $6.9 million (Q3 2022) vs. $5.3 million (Q3 2021)
  • Net loss per share: $0.19 (Q3 2022) vs. $0.15 (Q3 2021)

Sources:

  • BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI)
  • LifeSci Advisors, LLC
  • NMSS (National MS Society)
  • CIRM (California Institute for Regenerative Medicine)
  • FDA (U.S. Food and Drug Administration)
  • EMA (European Medicines Agency)
  • COMTEX_418900158/2254/2022-11-15T01:40:25
  • Cybernet Data Systems, Inc.

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