Brainstorm Cell Therapeutics Inc.

For the quarter ended June 30, 2025, research and development expense was $1.1 million versus approximately $0.9 million a year earlier. General and administrative expense was approximately $1.4 million versus $2.1 million in the prior-year quarter. Net loss was approximately $2.9 million, or $0.34 per share, versus a net loss of approximately $2.5 million, or $0.60 per share, in Q2 2024. Cash, cash equivalents and restricted cash were approximately $1 million at June 30, 2025. The company did not provide formal revenue or forward financial guidance on the call; instead, it said it is actively exploring alternative funding and remains ready to initiate the Phase IIIb trial as soon as it gets a signal and financing.

Chaim Lebovits framed the quarter around one core priority: advancing NurOwn into the planned Phase IIIb ENDURANCE trial in early-stage ALS. He emphasized the FDA clearance and SPA as important derisking events, and said the citizens petition could create a potential regulatory path for accelerated approval conditioned on a confirmatory trial. His tone was cautiously optimistic, but he acknowledged that financing delays and the OTCQB move are real setbacks.

Alla Patlis reported Q2 2025 R&D expense of $1.1 million, G&A expense of $1.4 million, and a net loss of $2.9 million, or $0.34 per share. She also said cash, cash equivalents and restricted cash were approximately $1 million as of June 30, 2025. She did not discuss debt, cash burn guidance, or capital allocation plans beyond the company’s broader need to secure funding.

Analysts and investors focused on when ENDURANCE could start, what the citizens petition might change, and whether Brainstorm still plans to regain NASDAQ compliance. Management said the company is operationally ready but needs funding, and that the petition has changed the regulatory dynamic and caused investors to pause. On endpoints, management reiterated that ALSFRS-R remains the primary endpoint under the SPA, while survival, biomarkers, quality of life and real-world evidence are supportive or exploratory rather than replacements.