BCLI - Brainstorm stock pares off gains amid FY22 results seeing cash decline

2023-03-30 11:29:30 ET

Brainstorm Cell Therapeutics ( NASDAQ: BCLI ) stock fell ~10% on Thursday amid the company's FY22 results after soaring ~50% in the past three days.

The company's shares started surging since Monday after it said that the FDA is expected to hold an advisory committee meeting to discuss an application seeking approval of NurOwn to treat amyotrophic lateral sclerosis (ALS).

In November 2022, the FDA declined to accept Brainstorm's biologics license application (BLA) for NurOwn which sent the stock tumbling down.

"Our priority in 2023 is to advance NurOwn through the regulatory process as expeditiously as possible, including making preparations for our upcoming Advisory Committee Meeting," said BrainStorm's President and CEO Chaim Lebovits and Co-CEO Stacy Lindborg in a joint statement in the FY22 earnings release.

Cash, cash equivalents, and short-term bank deposits, as of Dec. 31, 2022, were about $3M, compared to $22M as of December 31, 2021.

Net loss narrowed to -$24.28M, compared to -$24.46M in 2021.

Research and development expenses declined to $13.96M, compared to $15.24M in FY21.

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