Brainstorm Cell Therapeutics reported a net loss of $2.1 million for the quarter ended September 30, 2025, a 22 % improvement over the $2.7 million loss recorded in the same period last year. Earnings per share were $‑0.19, beating the consensus estimate of $‑0.37 by $0.18 and reflecting disciplined cost management that reduced general and administrative expenses from $2.0 million in Q3 2024 to $1.1 million in Q3 2025.
Cash and cash equivalents stood at $0.23 million as of September 30, 2025, underscoring a tight liquidity position that will require careful management as the company moves forward with its clinical program. The company’s focus on cost containment is evident in the sharp decline in operating expenses, which supports the improved earnings per share despite the ongoing net loss.
President and CEO Chaim Lebovits said, “We are making steady progress toward stabilizing our financial situation and initiating our Phase 3b study of NurOwn, designed to generate confirmatory data to support a potential BLA submission.” The statement highlights the company’s dual strategy of tightening its balance sheet while advancing a key clinical milestone.
The FDA has cleared the Phase 3b ENDURANCE study of NurOwn for amyotrophic lateral sclerosis, with enrollment expected to begin shortly. The trial will enroll approximately 200 participants and includes a 24‑week randomized double‑blind period followed by a 24‑week open‑label extension, with the primary endpoint being the change in ALSFRS‑R at week 24. Successful completion of the study is intended to provide the data needed for a future biologics license application.
NurOwn holds orphan drug designation from both the U.S. FDA and the European Medicines Agency, and the company has responded to a citizen petition filed by ALS community representatives, indicating continued interest in the therapy’s potential. Brainstorm is also exploring applications of its cell‑therapy platform in other neurodegenerative disorders, broadening its pipeline beyond ALS.
The earnings beat signals effective cost control, but the low cash balance remains a significant headwind. Progress on the Phase 3b trial is a positive tailwind, yet the company’s ability to secure additional funding will be critical to sustaining operations and advancing the program. Overall, the results suggest cautious optimism: the company is narrowing its losses and moving closer to a pivotal clinical milestone, but liquidity constraints will continue to shape its near‑term trajectory.
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