Brainstorm Cell Therapeutics Inc. (BCLI)

Brainstorm Cell Therapeutics Inc. is a biotechnology company developing autologous adult stem cell therapies for neurodegenerative diseases. It was incorporated in 2000 and was formerly known as Golden Hand Resources Inc., changing its name in November 2004. The company is headquartered in New York, with research and clinical operations historically linked to Israel.

Its lead investigational therapy, NurOwn, is produced by taking a patient's own bone marrow-derived mesenchymal stem cells and culturing them to secrete elevated levels of neurotrophic factors. The therapy was designed to support neuron survival, modulate neuroinflammation, and improve neurological function. NurOwn holds orphan drug designation from the U.S. Food and Drug Administration and the European Medicines Agency.

The principal clinical focus was amyotrophic lateral sclerosis. A Phase 3 trial of NurOwn in ALS was completed, and the company also completed a Phase 2 trial in progressive multiple sclerosis. Brainstorm worked with Catalent on manufacturing of the cell therapy. Following the Phase 3 results, the company continued discussions with the FDA about a further study, and a Phase 3b trial was planned under a Special Protocol Assessment.

In addition to NurOwn, the company reported progress on an exosome-based delivery platform, including a notice of allowance for a foundational patent covering that technology. Like many clinical-stage developers, Brainstorm had no approved products and relied on equity financing to fund its programs, which led to repeated efforts to raise capital and preserve its Nasdaq listing.

The company's common stock traded on the Nasdaq Capital Market under the symbol BCLI. Nasdaq Listing Rule 5550(b)(1) requires a minimum level of stockholders' equity, and Brainstorm did not meet that standard. Rather than continue to pursue compliance, the company announced on July 17, 2025 that it would delist its stock from Nasdaq.

Nasdaq suspended trading in the common stock at the open on July 18, 2025, and the shares moved to the OTCQB Venture Market, where they continued to quote under the ticker BCLI. Trading on the OTCQB was expected to begin on that day. The company's stock fell sharply following the announcement.

Nasdaq filed the formal Form 25 notice removing the securities from listing and registration on the exchange with the Securities and Exchange Commission in October 2025. The delisting was not connected to a merger, acquisition, or bankruptcy proceeding, and the company continued to operate and report as an OTC-quoted issuer.