The balance sheet is severely compromised, with total assets plummeting to $571,000 and equity falling to -$11.0 million as of 2026Q1, indicating a critical solvency risk.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 |
|---|
| Total Current Assets | 184K | 307K | 385K | 1.9M | 3.11M | 23.28M | 43.24M | 3.36M | 10.27M | 9.62M | 10.44M | 16.79M | 9.58M | 4.45M | 4.87M | 2.3M | 579K | 87K | 59K | 258K | 134.01K | 645.22K | 4.76K | 10.3K | 36.9K |
| Cash & Short-Term Investments | 15K | 29K | 187K | 1.3M | 2.98M | 22.09M | 41.94M | 569K | 7.06M | 7.76M | 9.99M | 15.96M | 8.54M | 3.5M | 4.09M | 1.92M | 93K | 1K | 2K | 86K | 60K | 526.52K | 4.6K | 10K | 36.15K |
| Cash Only | 15K | 29K | 187K | 1.3M | 772K | 18.86M | 37.83M | 536K | 942K | 2.48M | 547K | 428K | 4.25M | 3.5M | 1.32M | 1.92M | 93K | 1K | 2K | 86K | 60K | 526.52K | 4.6K | 10K | 36.15K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 2.21M | 3.24M | 4.11M | 33K | 6.12M | 5.27M | 9.44M | 15.53M | 4.29M | 0 | 2.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 122K | 86K | 63K | 51K | 91K | 0 | 0 | 0 | 2.01M | 672K | 306K | 759K | 1M | 910K | 742K | 312K | 427K | 86K | 21K | 137K | 15.83K | 87.57K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 430 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 47K | 192K | 135K | 23K | 0 | 86K | 304K | 2.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27K | 35K | 31.95K | 31.13K | 0 | 0 | 0 |
| Total Non-Current Assets | 387K | 408K | 1.45M | 2.31M | 5.34M | 6M | 8.02M | 3.17M | 958K | 1.8M | 322K | 292K | 333K | 280K | 436K | 440K | 510K | 670K | 816K | 825K | 588.35K | 234.19K | 11.47K | 35.19K | 26.76K |
| Property, Plant & Equipment | 355K | 443K | 1.24M | 2.1M | 5.32M | 5.95M | 7.96M | 3.13M | 651K | 392K | 297K | 271K | 313K | 258K | 247K | 314K | 419K | 575K | 743K | 739K | 491.05K | 228.31K | 0 | 35.19K | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | -0.12x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.36x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 3K | 9 | 17K | 27K | 13K | 16 | 13 | 16 | 20 | 27 | 33 | 14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.47K | 0 | 26.76K |
| Long-Term Investments | 669K | 247K | 184K | 185K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 109K | 90K | 88K | 73K | 84K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | -159K | -282K | 22K | 19K | 22.99K | 27K | 26K | 32K | 306.98K | 1.41M | 24.98K | 20.98K | 19.97K | 21.97K | 188.99K | 17K | 1K | 7K | 0 | 2K | 97.31K | 5.87K | 0 | 0 | 0 |
| Total Assets | 571K | 715K | 1.83M | 4.21M | 8.45M | 29.28M | 51.26M | 6.53M | 11.23M | 11.42M | 10.77M | 17.08M | 9.91M | 4.73M | 5.31M | 2.74M | 1.09M | 757K | 875K | 1.08M | 722.37K | 879.4K | 16.23K | 45.49K | 63.65K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | -0.06x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.82x | 0.36x |
| Asset Growth % | -231.68% | -60.97% | -56.46% | -50.21% | -71.13% | -42.88% | 684.5% | -41.81% | -1.71% | 6.1% | -36.97% | 72.33% | 109.71% | -11% | 93.51% | 151.97% | 43.86% | -13.49% | -19.21% | 49.92% | -17.86% | 5318.39% | -64.32% | -28.54% | - |
| Total Current Liabilities | 11.76M | 11.01M | 8.98M | 7.8M | 8.8M | 6.32M | 11.23M | 17.65M | 6.21M | 5.54M | 864K | 2.95M | 3.11M | 1.33M | 1.14M | 1.14M | 1.42M | 2.39M | 2.86M | 3.23M | 2.5M | 169.08K | 54.18K | 25.13K | 11.49K |
| Accounts Payable | 7.32M | 7.07M | 6.08M | 4.95M | 6.22M | 3.7M | 5.42M | 14.68M | 4.55M | 2.1M | 712K | 1.45M | 1.77M | 455K | 358K | 244K | 307K | 600K | 744K | 838K | 720.74K | 37.85K | 140 | 0 | 0 |
| Days Payables Outstanding | 28.77K | - | 9.25K | 6.82K | 7.97K | 5.19K | 9.03K | 14.64K | 15.09K | 9.02K | 3.38K | 6.09K | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 1.49M | 0 | 0 | 603K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 137K | 370K | 443K | 1.34M | 1.13M | 0 | 30.97K | 20.97K | 10.11K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.96M | 2.97M | 2.35M | 2.24M | 1.06M | 1.07M | 1.9M | 714K | 622K | 0 | 0 | 0 | 0 | 0 | 176K | 141K | 508K | 1.42M | 1.5M | 856K | 498.07K | 96.89K | -37.62K | -140 | 1.38K |
| Current Ratio | 0.02x | 0.03x | 0.04x | 0.24x | 0.35x | 3.69x | 3.85x | 0.19x | 1.65x | 1.74x | 12.09x | 5.69x | 3.08x | 3.34x | 4.28x | 2.03x | 0.41x | 0.04x | 0.02x | 0.08x | 0.05x | 3.82x | 0.09x | 0.41x | 3.21x |
| Quick Ratio | 0.02x | 0.03x | 0.04x | 0.24x | 0.35x | 3.69x | 3.85x | 0.19x | 1.65x | 1.74x | 12.09x | 5.69x | 3.08x | 3.34x | 4.28x | 2.03x | 0.41x | 0.04x | 0.02x | 0.08x | 0.05x | 3.82x | 0.09x | 0.41x | 3.21x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 208K | 618K | 1.27M | 2.67M | 3.62M | 4.56M | 1.1M | 0 | 0 | 0 | 0 | 123K | 655K | 0 | 121K | 125K | 112K | 92K | 283K | 40.77K | 5.87K | 47.67K | 20.97K | 0 |
| Long-Term Debt | 0 | 208K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 145K | 0 | 171K | 672K | 2.67M | 3.62M | 4.56M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 447K | 594K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 123K | 655K | 0 | 121K | 125K | 112K | 92K | 83K | 40.77K | 5.87K | 47.67K | 20.97K | 0 |
| Total Liabilities | 11.76M | 11.01M | 9.6M | 9.07M | 11.47M | 9.94M | 15.79M | 18.76M | 6.21M | 5.54M | 864K | 2.95M | 3.24M | 1.99M | 1.16M | 1.26M | 1.55M | 2.5M | 2.95M | 3.51M | 2.54M | 174.95K | 47.67K | 25.13K | 11.49K |
| Total Debt | 1.49M | 208K | 720K | 1.27M | 4.09M | 5.08M | 7.22M | 2.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 137K | 370K | 443K | 1.54M | 1.13M | 0 | 30.97K | 20.97K | 10.11K |
| Net Debt | 1.47M | 179K | 533K | -25K | 3.32M | -13.78M | -30.61M | 1.83M | -942K | -2.48M | -547K | -428K | -4.25M | -3.5M | -1.32M | -1.92M | 44K | 369K | 441K | 1.46M | 1.07M | -526.52K | 26.37K | 10.98K | -26.03K |
| Debt / Equity | -0.13x | - | - | - | - | 0.26x | 0.20x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.03x | 0.19x |
| Debt / EBITDA | -0.17x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.17x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -110.00x | - | -149.95x | - | - | - | - | - | - | - | - | - | - | - | - | -24.64x | - | -56.45x | -16.02x | -3.70x | -3.75x | -2585.96x | - | - | - |
| Total Equity | -11.19M | -10.29M | -7.76M | -4.86M | -3.02M | 19.34M | 35.46M | -12.22M | 5.02M | 5.88M | 9.9M | 14.13M | 6.67M | 2.74M | 3.98M | 1.49M | -459K | -1.74M | -2.08M | -2.43M | -1.82M | 704.45K | -31.44K | 20.36K | 52.16K |
| Equity Growth % | -181.4% | -32.56% | -59.82% | -61.13% | -115.59% | -45.46% | 390.14% | -343.68% | -14.69% | -40.62% | -29.91% | 111.66% | 143.7% | -31.22% | 167.61% | 424.18% | 73.67% | 16.04% | 14.5% | -33.72% | -357.75% | 2340.84% | -254.42% | -60.97% | - |
| Book Value per Share | -1.01 | -1.11 | -1.46 | -1.27 | -1.23 | 7.98 | 15.71 | -7.17 | 3.61 | 4.65 | 7.95 | 11.45 | 6.00 | 0.26 | 434.10 | 0.19 | -0.08 | -0.43 | -0.63 | -1.24 | -1.15 | 0.57 | -0.03 | 0.02 | 0.29 |
| Total Shareholders' Equity | -11.01M | -10.29M | -7.76M | -4.86M | -3.02M | 19.34M | 35.46M | -12.22M | 5.02M | 5.88M | 9.9M | 14.13M | 6.67M | 2.74M | 3.98M | 1.49M | -459K | -1.74M | -2.08M | -2.43M | -1.82M | 704.45K | -31.44K | 20.36K | 52.16K |
| Common Stock | 16K | 16K | 14K | 13K | 12K | 12K | 12K | 11K | 11K | 11K | 11K | 11K | 11K | 8K | 7K | 6K | 5K | 4K | 3K | 2K | 1.21K | 1.04K | 512 | 2.02K | 1.01K |
| Retained Earnings | -239.07M | -236.94M | -226.64M | -215.01M | -197.82M | -173.54M | -149.09M | -117.28M | -94.02M | -80.08M | -75.12M | -70.14M | -61.65M | -52.41M | -47.51M | -44.08M | -40.16M | -37.74M | -35.96M | -32.49M | -26.24M | -19M | -162.69K | -89.39K | -42.59K |
| Treasury Stock | -116K | -116K | -116K | -116K | -116K | -116K | -116K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -699K | -537K | -369K | -218K | 0 | -5.39M | 48.75K | 33.75K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent Insolvency and Dilution
As reported in recent financial statements, BCLI's total assets have plummeted from $4.2 million in 2023Q4 to a mere $571,000 by 2026Q1, signaling a severe and accelerating deterioration of the company's balance sheet strength as it struggles to maintain its pre-commercial research and development operations.
The consistent decline in total assets alongside a deepening negative equity position suggests that the company is consuming its remaining resources at an unsustainable rate. This trajectory implies that the firm's ability to continue as a going concern is increasingly dependent on external capital injections rather than internal value creation.
Based on the most recent quarterly filings, BCLI's cash reserves have dwindled to just $29,000, resulting in a current ratio of 0.03, which indicates an extreme lack of liquidity and an immediate risk of insolvency that warrants significant concern for any potential stakeholder.
A current ratio of 0.03 effectively leaves the company with no buffer to meet its short-term obligations or fund ongoing clinical trial requirements. This liquidity profile suggests that the firm is likely operating in a state of financial distress, where even minor operational delays could trigger a total cessation of activities.
According to historical balance sheet data, BCLI's equity has remained in negative territory for several quarters, reaching -$11.0 million in 2026Q1, which reflects the cumulative impact of persistent operating losses and the ongoing necessity to fund operations through highly dilutive equity-based financing mechanisms.
The persistent negative equity position highlights the erosion of shareholder value over time as the company fails to reach commercial milestones. Investors should monitor the potential for further massive dilution, as the company appears to have no other viable path to recapitalize its balance sheet given the current lack of revenue.
As noted in recent regulatory filings, the company's reliance on debt and equity to cover basic operating costs creates a misleading picture of stability, as the $1.5 million in total debt reported in 2026Q1 is disproportionately large relative to the company's near-zero cash and asset base.
The presence of debt on a balance sheet with virtually no cash suggests that the company may be facing significant pressure from creditors, which could complicate any future restructuring efforts. This leverage, while small in absolute terms, is highly dangerous given the company's total lack of revenue-generating capacity.
Quick answers to the most common questions about buying BCLI stock.
As of 2025, Brainstorm Cell Therapeutics Inc. (BCLI) had total assets of $0.7M including $0.3M in current assets.
Brainstorm Cell Therapeutics Inc. (BCLI) carries total debt of $0.2M, offset by $0.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Brainstorm Cell Therapeutics Inc. (BCLI) has total shareholders' equity (book value) of $-10.3M ($-1.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Brainstorm Cell Therapeutics Inc. (BCLI) reported a current ratio of 0.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.