The company has failed to generate any revenue for nine consecutive quarters, while quarterly operating losses consistently exceed $2 million, reflecting a lack of commercial validation.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -366K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82.89K | 22.9K |
| Revenue Growth % | - | - | - | - | - | - | 100% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | 261.96% | - |
| Cost of Goods Sold | 85K | 0 | 240K | 265K | 285K | 260K | 219K | 366K | 110K | 85K | 77K | 87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71.7K | 17.3K |
| COGS % of Revenue | - | - | - | - | - | - | - | -100% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 86.5% | 75.55% |
| Gross Profit | -85K | 0 | -240K | -265K | -285K | -260K | -219K | -732K | -110K | -85K | -77K | -87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.19K | 5.6K |
| Gross Margin % | - | - | - | - | - | - | - | 200% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 13.5% | 24.45% |
| Gross Profit Growth % | - | 100% | 9.43% | 7.02% | -9.62% | -18.72% | 70.08% | -565.45% | -29.41% | -10.39% | 11.49% | - | - | - | - | - | - | - | - | - | - | - | -100% | 99.8% | - |
| Operating Expenses | 8.82M | 9.95M | 11.69M | 21.17M | 24.82M | 24.54M | 31.68M | 23M | 14.06M | 5M | 5.08M | 8.54M | 7.42M | 5.02M | 3.36M | 3.89M | 2.59M | 1.75M | 3.27M | 4.92M | 2.88M | 18.83M | 70.95K | 57.99K | 38.29K |
| OpEx % of Revenue | - | - | - | - | - | - | - | -6284.43% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 69.97% | 167.2% |
| Selling, General & Admin | -501K | 5.78M | 7.04M | 10.69M | 10.87M | 9.3M | 9.36M | 5.8M | 5.77M | 4.02M | 2.83M | 3.59M | 2.65M | 2.1M | 1.75M | 2.21M | 1.54M | 1.57M | 1.63M | 2.99M | 2.14M | 2.48M | 47.23K | 36.42K | 23.8K |
| SG&A % of Revenue | - | - | - | - | - | - | - | -1583.88% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 43.94% | 103.93% |
| Research & Development | -579K | 4.17M | 4.41M | 10.48M | 13.96M | 15.23M | 22.33M | 17.2M | 8.29M | 977K | 2.25M | 4.95M | 4.77M | 2.92M | 1.77M | 1.69M | 1.04M | 181K | 1.64M | 1.93M | 741.92K | 16.35M | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | -4700.55% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 240K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.71K | 21.57K | 14.49K |
| Operating Income | -8.91M | -9.95M | -11.69M | -21.44M | -24.82M | -24.54M | -31.68M | -23M | -14.06M | -5M | -5.08M | -8.54M | -7.42M | -4.9M | -3.52M | -3.89M | -2.59M | -1.74M | -3.19M | -4.92M | -2.88M | -18.83M | -70.95K | -46.81K | -32.69K |
| Operating Margin % | - | - | - | - | - | - | - | 6284.43% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -56.47% | -142.75% |
| Operating Income Growth % | - | 14.88% | 45.46% | 13.63% | -1.15% | 22.55% | -37.75% | -63.56% | -181.32% | 1.65% | 40.45% | -15.02% | -51.48% | -39.26% | 9.66% | -50.41% | -49.14% | 45.49% | 35.2% | -70.57% | 84.69% | -26436.78% | -51.58% | -43.19% | - |
| EBITDA | -8.73M | -9.75M | -11.45M | -21.17M | -24.54M | -24.28M | -31.46M | -22.84M | -13.95M | -4.91M | -5.01M | -8.45M | -7.32M | -4.8M | -3.36M | -3.74M | -2.43M | -1.57M | -3.03M | -4.75M | -2.68M | -18.24M | -47.23K | -25.23K | -18.2K |
| EBITDA Margin % | - | - | - | - | - | - | - | 6239.62% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -30.44% | -79.48% |
| EBITDA Growth % | 27.76% | 14.83% | 45.91% | 13.71% | -1.06% | 22.84% | -37.78% | -63.67% | -183.94% | 1.84% | 40.75% | -15.5% | -52.33% | -42.87% | 10.16% | -54.14% | -54.78% | 48.28% | 36.22% | -77.08% | 85.28% | -38522.95% | -87.17% | -38.65% | - |
| D&A (Non-Cash Add-back) | 184K | 199K | 240K | 265K | 285K | 260K | 219K | 164K | 110K | 85K | 77K | 87K | 106K | 97K | 157K | 153K | 162K | 168K | 153K | 161K | 196.97K | 584.27K | 23.71K | 21.57K | 14.49K |
| EBIT | -8.91M | -9.95M | -11.55M | -17.19M | -24.28M | -24.46M | -31.81M | -23.25M | -13.95M | -4.95M | -4.98M | -8.49M | -9.25M | -4.87M | -3.42M | -3.72M | -2.4M | -1.75M | -3.27M | -4.92M | -3.84M | -18.83M | -18.83M | -46.81K | -32.69K |
| Net Interest Income | -127K | 0 | -77K | 0 | 545K | 82K | -127K | 252 | 0 | 47K | 101K | 48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | -46K | 0 | 0 | 0 | 545K | 82K | 127 | 252 | 0 | 47K | 101K | 48K | 0 | 0 | 0 | 0 | 189K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 81K | 0 | 77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 151K | 0 | 31K | 204K | 1.33M | 1.03M | 7.28K | 0 | 0 | 0 |
| Other Income/Expense | -660K | -354K | 70K | 4.25M | 545K | 82K | -127K | -252K | 115K | 47K | 101K | 48K | -1.82M | 25K | 93K | -19K | 189K | -45K | -287K | -1.33M | -2.33M | -6K | -2.35K | -26.49K | 0 |
| Pretax Income | -9.57M | -10.31M | 11.62M | -17.19M | -24.28M | -24.46M | -31.81M | -23.25M | -13.95M | -4.95M | -4.98M | -8.49M | -9.25M | -4.87M | -3.42M | -3.91M | -2.4M | -1.78M | -3.47M | -6.24M | -5.21M | -18.83M | -73.3K | -73.3K | -32.69K |
| Pretax Margin % | - | - | - | - | - | - | - | 6353.28% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -88.43% | -142.75% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25K | 5K | 5K | 19K | 0 | 0 | 0 | 17.22K | 5.47K | 0 | 0 | -7.67K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.51% | -0.15% | -0.13% | -0.79% | 0% | 0% | 0% | -0.33% | -0.03% | 0% | 0% | 23.45% |
| Net Income | -9.57M | -10.31M | 11.62M | -17.19M | -24.28M | -24.46M | -31.81M | -23.25M | -13.95M | -4.95M | -4.98M | -8.49M | -9.25M | -4.9M | -3.43M | -3.92M | -2.42M | -1.78M | -3.47M | -6.24M | -3.92M | -18.84M | -73.3K | -46.81K | -25.56K |
| Net Margin % | - | - | - | - | - | - | - | 6353.28% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -56.47% | -111.62% |
| Net Income Growth % | 13.67% | -188.68% | 167.61% | 29.18% | 0.74% | 23.12% | -36.8% | -66.71% | -181.66% | 0.6% | 41.31% | 8.2% | -88.73% | -42.83% | 12.46% | -61.97% | -35.82% | 48.7% | 44.39% | -59.1% | 79.17% | -25604.07% | -56.59% | -83.12% | - |
| Net Income (Continuing) | -9.57M | -10.31M | 11.62M | -17.19M | -24.28M | -24.46M | -31.81M | -23.25M | -13.95M | -4.95M | -4.98M | -8.49M | -9.25M | -4.9M | -3.43M | -3.92M | -2.42M | -1.78M | -3.47M | -6.24M | -5.23M | -18.84M | -73.3K | -73.3K | -25.56K |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | -0.87 | -1.11 | 2.19 | -4.48 | -9.93 | -10.09 | -14.09 | -13.64 | -10.05 | -3.92 | -4.00 | -6.88 | -8.31 | -0.46 | -0.37 | -0.49 | -0.41 | -0.44 | -1.06 | -3.20 | -2.48 | -15.20 | -0.06 | -0.03 | -0.14 |
| EPS Growth % | 53.47% | -150.68% | 148.88% | 54.88% | 1.59% | 28.39% | -3.3% | -35.72% | -156.38% | 2% | 41.86% | 17.21% | -1706.52% | -24.32% | 24.49% | -19.51% | 6.82% | 58.49% | 66.88% | -29.03% | 83.68% | -23539.19% | -84.77% | 75.14% | - |
| EPS (Basic) | - | -1.11 | 2.19 | -4.48 | -9.93 | -10.09 | -14.09 | -13.64 | -10.05 | -3.92 | -4.00 | -6.88 | -8.31 | -0.46 | -0.37 | -0.49 | -0.41 | -0.44 | -1.06 | -3.20 | -2.48 | -15.20 | -0.06 | -0.03 | -0.14 |
| Diluted Shares Outstanding | 11.03M | 9.27M | 5.31M | 3.84M | 2.45M | 2.42M | 2.26M | 1.71M | 1.39M | 1.26M | 1.25M | 1.23M | 1.11M | 10.74M | 9.17K | 8.01M | 5.94M | 4.08M | 3.27M | 1.95M | 1.58M | 1.24M | 1.14M | 1.35M | 179.56K |
| Basic Shares Outstanding | 11.03M | 9.27M | 5.31M | 3.84M | 2.45M | 2.42M | 2.26M | 1.7M | 1.39M | 1.26M | 1.25M | 1.23M | 1.11M | 10.74M | 9.17K | 8.01M | 5.94M | 4.08M | 3.27M | 1.95M | 1.58M | 1.24M | 1.14M | 1.35M | 179.56K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent Liquidity Insolvency Risk
As indicated by the most recent quarterly financial statements, BCLI has reported zero revenue for nine consecutive quarters, confirming that the firm remains in a pre-commercial state with no current ability to generate organic growth or validate its therapeutic platform through market-based sales.
The absence of top-line growth underscores the company's total reliance on external capital markets to fund its ongoing research and development activities. Without a commercial product, the trajectory of the firm is defined solely by regulatory milestones rather than operational performance, leaving investors exposed to binary outcomes.
Based on reported figures, the company continues to incur significant R&D and SG&A expenses, with quarterly operating losses consistently exceeding $2 million, a trend that appears unsustainable given the reported cash balance of only $29,000 as of the most recent period.
The persistent burn rate suggests that management has struggled to align its cost structure with its limited liquidity position. This misalignment forces a reliance on dilutive financing, which may continue to erode shareholder value as the company attempts to bridge the gap toward potential regulatory resubmission.
According to historical income statement data, the quality of earnings is severely compromised by the lack of revenue and the necessity of recurring equity-based compensation, which, as noted in recent filings, reached as high as $717,000 in a single quarter during 2025.
The reliance on stock-based compensation during a period of extreme liquidity constraints suggests a misalignment between management incentives and the preservation of shareholder equity. Investors should monitor how future capital raises are structured, as the current earnings profile is essentially a reflection of ongoing cash depletion.
Financial disclosures reveal that with cash reserves dwindling to $29,000, the company faces an existential threat, as the current burn rate suggests that BCLI may be unable to sustain its operations without immediate and potentially highly dilutive capital injections or strategic intervention.
Short-term survival appears to be the primary hurdle, as the company lacks the financial cushion to absorb even minor operational setbacks or delays in the regulatory process. This precarious position warrants extreme caution, as the probability of a going-concern event remains elevated until a significant funding event occurs.
Quick answers to the most common questions about buying BCLI stock.
For fiscal year 2025, Brainstorm Cell Therapeutics Inc. (BCLI) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2001.
Brainstorm Cell Therapeutics Inc. (BCLI) reported a net loss of $10.3M for the fiscal year ending 2025.