Brainstorm Cell Therapeutics Inc. (OTCQB: BCLI) is a clinical-stage biotechnology company developing autologous cellular therapies for neurodegenerative diseases. The company has no approved products and generates no product revenue, operating entirely on external funding while advancing its NurOwn cell therapy platform through clinical development. NurOwn is designed to treat amyotrophic lateral sclerosis (ALS), progressive multiple sclerosis, Alzheimer's disease, and other neurodegenerative conditions. The platform uses mesenchymal stem cells engineered to secrete neurotrophic factors (MSC-NTF cells), and the company has also conducted preclinical research into NurOwn-derived exosomes for conditions including acute respiratory distress syndrome. As of the 10-K filed March 31, 2026 (fiscal year ended 2025), the company remained pre-commercial, with operations spanning the United States and Israel. Brainstorm faces active securities litigation related to its NurOwn clinical trial disclosures and FDA interactions, with several claims surviving a motion to dismiss as of September 15, 2025.

Revenue model

Brainstorm Cell Therapeutics has no disclosed product revenue. The company is pre-commercial and funds operations through capital raises. No licensing, royalty, or partnership revenue streams are described in the filing excerpts.

Products and services

NurOwn (MSC-NTF cell therapy platform): autologous mesenchymal stem cells engineered to secrete neurotrophic factors, in clinical development for ALS, progressive multiple sclerosis, and Alzheimer's disease. NurOwn-derived exosomes (small extracellular vesicles): preclinical stage, evaluated in mouse models of ARDS as of a study published January 20, 2021.

Customers and end markets

No commercial customers as of the filing date. Target end markets are patients with neurodegenerative diseases, specifically ALS, progressive multiple sclerosis, and Alzheimer's disease. Reimbursement would ultimately flow through Medicare, Medicaid, and private insurers upon any future approval.

Value-chain role

Clinical-stage drug developer. Brainstorm conducts cell therapy research, manages clinical trials, and handles regulatory interactions with the FDA. Manufacturing of autologous cell therapies is part of the development process. The company operates under U.S. and Israeli regulatory frameworks and is subject to HIPAA, CCPA, and Israeli data protection law.

Geographic exposure

Operations in the United States and Israel, as indicated by references to Israeli data protection law obligations and U.S. federal and state regulatory compliance described in the fiscal year 2025 10-K.

Source: SEC 10-K, filed 2026-03-31

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