BrainStorm Cell Therapeutics (BCLI) Update Note 03102024

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). We have stress tested our valuation vs. current global and market events as well as and BCLI’s reverse stock split (R/S) 30 Sept 2024 (to maintain Nasdaq listing). Whilst there are pros and cons – our risk adjusted WACC has increased and NPV reduced, our conservative base case expected dilution assumptions have improved with R/S and Nasdaq compliance and our base case return has risen to 8.5x, up 0.5x. Our valuation explicitly excludes an EMA license, which would, in our analysis, be a more valuable market vs. the US. If NurOwn® proved itself effective for US patients over the course of 12-24 months,...