10-Q · May 15, 2026
BrainStorm Cell Therapeutics (BCLI) reported a quarterly net loss of $2,127,000 for Q1 2026, an improvement from a loss of $2,864,000 in Q1 2025. The company continues to operate as a development-stage entity with no…
Earnings analysis · 10-Q
BCLI earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
The filing highlights severe financing and execution risk rather than operating growth: no revenue, margin or free-cash-flow data were disclosed, and diluted loss per share was $(0.35) versus $(0.34) in the prior-year…
Read full summary
The filing highlights severe financing and execution risk rather than operating growth: no revenue, margin or free-cash-flow data were disclosed, and diluted loss per share was $(0.35) versus $(0.34) in the prior-year quarter. Liquidity was approximately $0.2 million, while the company issued additional notes with combined principal of $266,800 after quarter-end and disclosed a material weakness in short-term-loan controls as of June 30, 2026. Preparations for the planned 200-patient ENDURANCE trial and approximately $2.4 million of first-half financing are constructive, but litigation claims of approximately $0.5 million and $0.7 million add to the downside risk.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.35
What stood out
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H1 financing supports ENDURANCE preparation
The company raised approximately $2.4 million during the first half of 2026, including two May private placements of $200,000 each, supporting preparations for the planned 200-patient ENDURANCE trial.
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ENDURANCE trial preparation advances
Management is preparing the Phase 3b ENDURANCE trial, which is planned to enroll approximately 200 ALS patients.
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May offerings include warrant upside
The May 11 and May 19 offerings each included warrants to purchase 1.2 shares per underlying share at an exercise price of $1.45 per share, potentially providing additional future financing if exercised.
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Post-quarter notes provide $221,500 cash
The company obtained $96,500 of cash proceeds from the July 2 note and $125,000 from the July 6 note, for total stated cash proceeds of $221,500 after original issue discounts.
What to watch
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Material weakness in loan controls
Management concluded disclosure controls were not effective as of June 30, 2026 because of a material weakness in controls over the initiation, review, authorization and execution of short-term loans. The weakness creates a reasonable possibility that a material misstatement could not be prevented or detected timely.
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Limited liquidity and rising debt burden
Liquidity remains severely constrained, with approximately $0.2 million of liquidity noted in the prior quarterly disclosure, while the company is relying on additional debt financing. The July 2 and July 6 notes carry principal amounts of $115,000 and $151,800, respectively, and require scheduled amortization payments.
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Material litigation exposure
Two material legal claims remain pending: 3D Communications seeks approximately $0.5 million in unpaid invoices, and Sourasky University Medical Center seeks NIS 2,117,950, approximately $0.7 million, for alleged unpaid clean-room fees.
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Limited analyst coverage and market access
The company added a risk that its OTCQB-listed common stock may receive limited analyst coverage because it is not traded on a national securities exchange, potentially reducing investor visibility and liquidity.
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Macroeconomic funding risk
The company added exposure to macroeconomic and financial-market disruption, including inflation, interest rates, tariffs and financial-institution liquidity events, which could impair its ability to raise funding on acceptable terms.
Management's outlook
No numeric revenue or EPS guidance was provided. Management discussed preparations for the planned ENDURANCE Phase 3b trial, expected to enroll approximately 200 ALS patients.
Earlier filings 4
10-K · March 31, 2026
BrainStorm (BCLI) remains a development-stage, pre-revenue cell therapy company focused on commercializing its NurOwn® autologous MSC platform for ALS and other neurodegenerative diseases. The company secured an SPA…
10-Q · November 14, 2025
BrainStorm (BCLI) remains a pre-revenue clinical-stage company. Q3 2025 showed an improved per‑share loss (‑$0.19) and lower operating loss versus year-ago, but the company faces acute liquidity pressure with cash and…
10-Q · August 14, 2025
BrainStorm (BCLI) remains a pre-revenue clinical-stage company: no product revenue is reported and the company reported a net loss of $2,903 for the quarter and $(0.34) basic and diluted EPS. Liquidity improved modestly…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.