NEW YORK - BrainStorm Cell Therapeutics Inc. (NASDAQ:BCLI), a developer of cellular therapies for neurodegenerative diseases, announced Tuesday that it has regained compliance with Nasdaq's minimum bid price requirement for continued listing on The Nasdaq Capital Market. The company had received written notice from The Nasdaq Stock Market confirming that its common stock met the necessary bid price criteria.
This development allows BrainStorm's stock to maintain its listing on The Nasdaq Capital Market, provided the company meets other continued listing requirements set 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, which have been granted Orphan Drug designation by the U.S. 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 in ALS and a Phase 2 trial in progressive multiple sclerosis (MS), both of which have received support from various grants. The ALS trial 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 trial received support from the National MS Society.
The press release includes forward-looking statements, which involve risks and uncertainties. These statements are based on management's current expectations and beliefs, and there is no guarantee that the company's stock will continue to meet the 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 does not undertake to update these statements unless required by law. The company cautions readers not to place undue reliance on these statements, which are subject to inherent risks and uncertainties.
This article is based on a press release statement from BrainStorm Cell Therapeutics Inc.
In other recent news, BrainStorm Cell Therapeutics Inc. has implemented a one-for-fifteen reverse stock split to meet NASDAQ's listing requirements. The company also expanded its stock incentive 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 certificate of incorporation.
In addition, BrainStorm reported readiness for the Phase 3b trial of NurOwn in Amyotrophic Lateral Sclerosis (ALS), despite a net loss of $2.5 million in Q2 2024. The company is actively seeking non-dilutive funding options and is in talks with potential commercial manufacturing partners.
Furthermore, Brightman Almagor Zohar & Co., part of the Deloitte Global Network (LON:NETW), was ratified by stockholders as the independent registered public accounting firm for the fiscal year ending December 31, 2024. These recent developments reflect BrainStorm's ongoing efforts 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 bid price requirement, recent financial data from InvestingPro paints a challenging picture for the company.
According to InvestingPro data, BCLI's market capitalization stands at 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 42.68% decline in the past month and a substantial 60.01% drop over the last three months. This aligns with an InvestingPro Tip indicating that the stock has fared poorly over the last month and is currently trading near its 52-week low.
Despite the positive news about maintaining its Nasdaq listing, BCLI faces significant financial hurdles. An InvestingPro Tip reveals that the company is quickly burning through cash, which is a critical concern for biotechnology firms engaged in costly research and development. This is further underscored by the adjusted operating income of -$16.3 million for the last twelve months as of Q2 2024, highlighting the substantial costs associated with its clinical trials and drug development efforts.
It's worth noting that analysts do not anticipate the company to be profitable this year, as indicated by another InvestingPro Tip. This projection aligns with the negative earnings per share (EPS) of -$3.31 reported for the last twelve months.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for BCLI, providing a deeper understanding of the company's financial health and market position. These insights can be particularly valuable given the volatile nature of the biotech industry and the specific challenges faced by BrainStorm Cell Therapeutics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.