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Brainstorm Cell Therapeutics Inc. (BCLI-3.47%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $2,708,000 compared to $1,226,000 in the same quarter the previous year. The increase in net loss is attributed to decreased revenues and increased operating expenses.
Research and development expenses decreased to $1,045,000 from $3,330,000 in the same quarter of the previous year, primarily due to reduced costs related to the Phase 3 clinical trial.
General and administrative expenses decreased to $2,003,000 from $2,705,000, driven by reductions in payroll, stock-based compensation, and other administrative costs.
Brainstorm reported cash and cash equivalents of $349,000 as of September 30, 2024, with net cash used in operating activities totaling $8,045,000 for the nine months ended September 30, 2024.
The company continues to focus on the development and commercialization of its NurOwn® technology for neurodegenerative diseases, including ALS, PMS, and Alzheimer's disease.
Brainstorm is working on a Phase 3b trial of NurOwn® for ALS, with a Special Protocol Assessment agreement from the FDA validating the clinical trial protocol.
The company has faced legal challenges, including a securities class action and derivative lawsuits, related to its ALS treatment and interactions with the FDA.
Brainstorm is addressing Nasdaq compliance issues, having recently regained compliance with the minimum bid price requirement following a reverse stock split.
The company is exploring additional financing options to support its operations and future clinical trials, acknowledging the need for further capital to achieve its objectives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Brainstorm Cell Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.