Brainstorm Cell Therapeutics(US:BCLI)2026-03-31 20:16Financial Performance - BrainStorm reported a net loss of approximately $10.3 million for the year ended December 31, 2025, a decrease from a net loss of approximately $11.6 million in 2024, representing a 11.3% improvement [8]. - General and administrative expenses decreased to approximately $5.8 million in 2025 from $7.0 million in 2024, reflecting a 17.1% decrease [8]. - The total liabilities as of December 31, 2025, were approximately $11.0 million, an increase from $9.6 million in 2024, indicating a 14.6% rise in liabilities [14]. Research and Development - Research and development expenditures for 2025 were $4.2 million, down from $4.7 million in 2024, indicating a 10.6% reduction in R&D spending [8]. - The Phase 3b ENDURANCE study of NurOwn is expected to enroll approximately 200 participants and is designed as a two-part trial to assess long-term safety and efficacy [3]. - The primary efficacy endpoint for the Phase 3b trial will be the change from baseline to Week 24 on the ALSFRS-R scale [3]. Cash and Financing - As of December 31, 2025, cash, cash equivalents, and restricted cash totaled approximately $0.3 million, with an additional $2 million secured in early 2026 through strategic financing [8][5]. - BrainStorm's stock has experienced a significant re-rating following the $2 million financing, which is expected to support operational activities and the Phase 3b trial [2]. Clinical Outcomes - In the Expanded Access Program, 50% of patients (5 out of 10) remained alive, with an estimated mean survival of approximately 84 months, significantly exceeding the historical 5-year survival rate of ~20% [4]. Regulatory Actions - The company has filed a Citizen Petition with the FDA, requesting a renewed regulatory review of the data supporting NurOwn, highlighting ongoing interest in the therapy's potential [3].