The company has essentially no cash runway — $15K unrestricted cash against $11.8M in current liabilities. The Phase 3b trial start is contingent on financing that has not been secured. Watch for a dilutive equity offering, reverse split, or going-concern qualification in the next 10-Q. The stock is likely to trade on financing news, not clinical milestones.
Price Chart
Executive Summary
BrainStorm Cell Therapeutics reported Q1 2026 results with a net loss of $2.1M ($0.19 per share), narrower than the $2.9M loss ($0.45 per share) in Q1 2025. Cash burn continues with only $0.2M in cash as of March 31, 2026, down from $0.3M at year-end 2025, and the company explicitly conditions Phase 3b trial initiation on securing additional financing. The $2M February 2026 private placement provides limited runway, and the company's ability to continue as a going concern is a stated risk.
Key Financial Metrics
Key Facts
- Net loss of $2.1M in Q1 2026 vs $2.9M in Q1 2025
- Cash and cash equivalents of only $15,000 as of March 31, 2026 (plus $191K restricted cash)
- Total current liabilities of $11.8M exceed total assets of $0.8M — stockholders' deficit of -$11.0M
- Phase 3b ENDURANCE trial initiation explicitly conditioned on 'securing the necessary financing'
- Short-term loans increased to $1.3M from $0.97M at year-end 2025
- Accounts payable of $7.3M vs $0.2M total current assets — severe liquidity constraint
Financial Impact
Cash burn rate ~$0.7M/quarter (net loss $2.1M minus non-cash items); current cash covers less than 1 month of operations
Risk Factors
- Going-concern risk — cash insufficient to fund operations beyond weeks
- Dilution risk from required capital raise (shares outstanding already doubled YoY to 11M)
- Phase 3b trial may be delayed or cancelled without financing
- OTCQB listing with low liquidity and no analyst coverage
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-062766 |
| Document: tm2614771d1_8k.htm | 0001104659-26-062766 |
| Document: 0001104659-26-062766-index-headers.html | 0001104659-26-062766 |
| Document: 0001104659-26-062766-index.html | 0001104659-26-062766 |
| Document: 0001104659-26-062766.txt | 0001104659-26-062766 |
| 8-K Data (Synthetic) | 0001104659-26-062766 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 3, 2026 20w ago | EFFECT | $0.7700 $0.8300 | ▼ −7.79% | ▼ −11.61% | $0.8000 (−3.90%) |
May 28, 2026 21w ago | 8-K | $0.7500 $0.7500 | · 0.00% | ▲ +2.52% | $0.8000 (+6.67%) |
May 15, 2026 23w ago | 8-K | $0.6900 $0.6300 | ▲ +8.70% | ▲ +10.31% | $0.8000 (−15.94%) |
Mar 31, 2026 29w ago | 8-K | $0.9500 $0.9100 | ▼ −4.21% | ▼ −7.98% | $0.8000 (−15.79%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers