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BrainStorm once again meets Investing.com's Nasdaq minimum offering price rule

NEW YORK – BrainStorm Cell Therapeutics Inc. (NASDAQ:BCLI), a developer of cell therapies for neurodegenerative diseases, said Tuesday that the company has returned to compliance with Nasdaq's minimum offering price requirement for continued listing on the Nasdaq Capital Market. The Company received written confirmation from the Nasdaq Stock Market that its common shares meet the required offering price criteria.

This development allows BrainStorm to maintain its listing on the Nasdaq Capital Market, provided the company continues to meet the other listing requirements established by Nasdaq. The compliance notice is a significant step for BrainStorm, which holds exclusive worldwide licensing rights to the NurOwn® technology platform. This platform is used to produce autologous MSC-NTF cells that have been granted orphan drug designation by the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for the treatment of amyotrophic lateral sclerosis (ALS).

BrainStorm has completed a Phase 3 trial for ALS and a Phase 2 trial for progressive multiple sclerosis (MS), both supported by various grants. The ALS study was supported by a grant from the California Institute for Regenerative Medicine and another grant from the ALS Association and I AM ALS. The MS study received support from the National MS Society.

The press release contains forward-looking statements that involve risks and uncertainties. These statements are based on management's current expectations and beliefs, and there can be no assurance that the Company's shares will continue to meet Nasdaq listing requirements or that the Company's treatment trials will be successful.

BrainStorm's forward-looking statements are made as of the date of the press release and the company undertakes no obligation to update these statements, except as required by law. The Company cautions readers not to place undue reliance on these statements because they are subject to inherent risks and uncertainties.

This article is based on a press release from BrainStorm Cell Therapeutics Inc.

In other recent news, BrainStorm Cell Therapeutics Inc. has completed a 1-for-15 stock consolidation to meet NASDAQ listing requirements. The company also expanded its stock option plans by 8 million shares and increased the number of authorized shares of common stock from 100 million to 250 million. These changes were part of recent amendments to the company's articles of association.

Additionally, BrainStorm reported readiness for NurOwn's Phase 3b study in amyotrophic lateral sclerosis (ALS), despite a net loss of $2.5 million in the second quarter of 2024. The company is actively seeking non-dilutive financing opportunities and is in discussions with potential commercial production partners.

Additionally, Brightman Almagor Zohar & Co., part of the Deloitte Global Network, has been approved by shareholders as an independent registered public accounting firm for the fiscal year ended December 31, 2024. These recent developments reflect BrainStorm's ongoing attempts to align its corporate structure and incentive mechanisms with its growth strategy.

InvestingPro Insights

While BrainStorm Cell Therapeutics Inc. (NASDAQ:BCLI) has regained compliance with Nasdaq's minimum offering price requirement, recent financial data from InvestingPro paints a challenging picture for the company.

According to InvestingPro data, BCLI's market cap is a modest $10.52 million, reflecting the company's current valuation in the biotech sector. The stock's recent performance has been notably weak, with a decline of 42.68% in the last month and a significant decline of 60.01% in the last three months. This is consistent with an InvestingPro tip that suggests the stock has performed poorly over the past month and is currently trading near its 52-week low.

Despite the positive news about the A-grade security of the Nasdaq listing, BCLI faces significant financial challenges. An InvestingPro tip shows the company is burning through cash quickly, which is a critical problem for biotech companies that invest in costly research and development. This is highlighted by adjusted operating income of -$16.3 million for the trailing twelve months through the second quarter of 2024, highlighting the significant costs associated with clinical trials and drug development.

It's worth noting that analysts don't expect the company to be profitable this year, as another InvestingPro tip suggests. This forecast is consistent with the negative earnings per share (EPS) of -$3.31 reported for the trailing twelve months.

For investors seeking more comprehensive analysis, InvestingPro offers 12 tips for BCLI that provide additional understanding of the company's financial health and market position. These insights may be particularly valuable given the volatile nature of the biotech industry and the specific challenges faced by BrainStorm Cell Therapeutics.

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