BioRestorative Therapies Inc (NASDAQ: BRTX) is a clinical-stage biotechnology company developing cell-based therapies targeting disc/spine conditions and metabolic disease. The company generates no product revenue. It funds operations through equity and warrant issuances while advancing two pre-commercial programs: BRTX-100, a disc therapy candidate, and the ThermoStem Program, a brown adipose tissue construct targeting type 2 diabetes, obesity, hypertension, and cardiac deficiencies. For the year ended December 31, 2025, BRTX reported a net loss of $14.2 million and negative operating cash flows of $10.8 million. As of December 31, 2025, the company carried a working capital deficit of $0.6 million. Auditors have issued a going concern qualification. Leadership as of March 26, 2026 includes Lance Alstodt as Chief Executive Officer, President, and Chairman, Francisco Silva as Vice President of Research and Development, and Robert E. Kristal as Chief Financial Officer.

Revenue model

No commercial revenue as of the 10-K filed March 26, 2026. Operations are funded through equity offerings and warrant issuances. The company recognized a gain on change in fair value of warrant liabilities of $1,121,502 for the year ended December 31, 2025.

Products and services

BRTX-100: a cell-based disc/spine therapy candidate in clinical development. ThermoStem Program: a pre-clinical brown adipose tissue construct intended to treat metabolic diseases including type 2 diabetes, obesity, hypertension, and cardiac deficiencies.

Customers and end markets

No commercial customers as of the filing date. Target end markets are patients with degenerative disc disease and metabolic disorders including type 2 diabetes and obesity.

Value-chain role

Early-stage drug and cell therapy developer. The company conducts research and clinical-stage development internally, with no manufacturing at commercial scale or distribution infrastructure disclosed in the filing excerpts.

Geographic exposure

No geographic revenue mix disclosed. The company is subject to U.S. federal and state regulatory frameworks including FDA oversight and HIPAA compliance.

Source: SEC 10-K, filed 2026-03-26

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