Brainstorm Cell Therapeutics Inc. (NASDAQ:), a biotechnology company specializing in biological products, announced today significant updates following its Annual Meeting of Stockholders, which took place virtually. The company reported amendments to its stock incentive plans and its certificate of incorporation, as well as the election of directors.
The stockholders approved an increase to the shared pool of shares available under the company’s 2014 Stock Incentive Plan and 2014 Global Share Option Plan by 8 million shares, raising the total to 13.6 million shares. Additionally, the term of both plans has been extended by ten years. These changes aim to provide additional incentives to eligible officers and directors of the company.
Furthermore, the company’s certificate of incorporation was amended to increase the number of authorized shares of common stock from 100 million to 250 million. This amendment was filed with the Secretary of State of Delaware on September 16, 2024, and took immediate effect.
During the Annual Meeting, stockholders also elected seven nominees to the company’s Board of Directors to serve until the next annual meeting or until their successors are elected. The re-elected board members include Dr. Irit Arbel, Dr. Anthony Polverino, Dr. Jacob Frenkel, Uri Yablonka, Dr. Menghisteab Bairu, Nir Naor, and Dr. Stacy Lindborg.
Additionally, the stockholders ratified the appointment of Brightman Almagor Zohar & Co., a member of the Deloitte Global Network, as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
The proxy statement filed with the U.S. Securities and Exchange Commission on August 16, 2024, provides a detailed summary of the original plans and amendments.
The amendments and other matters voted upon are based on a press release statement and reflect the company’s ongoing efforts to align its corporate structure and incentive mechanisms with its growth strategy.
In other recent news, Brainstorm Cell Therapeutics Inc. has made significant progress in its clinical program. The company has announced its readiness for the Phase 3b trial of NurOwn in Amyotrophic Lateral Sclerosis (ALS), targeted for the second quarter of 2024. The firm has secured a Special Protocol Assessment agreement from the FDA and resolved critical manufacturing concerns.
Despite a net loss of $2.5 million in Q2 2024, Brainstorm maintains its focus on reducing production costs. With approximately $3.65 million in cash, the company is actively exploring non-dilutive funding options and is in discussions with potential commercial manufacturing partners. The company plans to initiate the trial by late 2024 or early 2025 and is in the process of building a network of over 12 clinical centers.
InvestingPro Insights
As Brainstorm Cell Therapeutics Inc. (NASDAQ:BCLI) continues to refine its corporate strategy and incentivize leadership, investors are keeping a close eye on the company’s financial health and market performance. According to InvestingPro data, BCLI holds a market cap of approximately $21.45 million, reflecting its size within the biotech industry. Despite the company’s proactive approach to corporate governance, BCLI is facing financial challenges, as evidenced by an operating income of around -$16.3 million for the last twelve months as of Q2 2024.
Investors should note that BCLI’s price has experienced significant volatility, with a 1-month price total return of -17.18% and a 1-year price total return of -70.75%. This trend underscores the importance of monitoring stock performance and market sentiment. Additionally, two InvestingPro Tips highlight that while BCLI holds more cash than debt on its balance sheet, it is quickly burning through cash and has not been profitable over the last twelve months. These insights suggest that investors should carefully consider the company’s cash management and its implications for long-term financial stability.
For those interested in a deeper analysis, there are several additional InvestingPro Tips available at https://www.investing.com/pro/BCLI, which could provide valuable perspectives on BCLI’s future profitability and stock performance.
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