MeritValue

BRAINSTORM CELL THERAPEUTICS INC.

BCLIdata completeness 75%24 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

BRAINSTORM CELL THERAPEUTICS INC. earns about -126% on equity, and has bought back 74% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$24.5M1−$24.3M2−$17.2M3−$11.6M4−$10.3M4
Operating cash flow−$26.3M5−$19.3M6−$20.5M7−$9.09M8−$6.98M8
Capital expenditure$330,0009$29,00010$18,00010——
Free cash flow (derived)−$26.6M5−$19.3M6−$20.5M7——
Total debt———$300,00011$967,00011
Cash & equivalents$18.9M12$772,00013$1.3M14$187,00015$29,00015
Diluted shares36.2M36.5M2.9M5.0M9.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$10.77
your share of equity
Profit it earned you last year
−$11.12
Free cash flow it threw off
—
Debt you’d be carrying
$1.04

10 shares is a claim on −$10.77 of net worth that earned you −$11.12 last year, against $1.04 of debt.

iii. Is this a good business?
Moat signal · return on equity
-126% avg · 5y
FY21 -126%FY22 —FY23 —FY24 —FY25 —

It earned an average -126% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−74% shares · 5y

Share count is down 74% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 222% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001410578-23-000426 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000385 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000545 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-037927 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000426 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000385 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000545 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-037927 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000426 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001410578-24-000385 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-037927 (ShortTermBorrowings)
  12. 10-K · period ending 2021-12-31 · accession 0001410578-23-000426 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001410578-24-000385 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001410578-25-000545 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-037927 (CashAndCashEquivalentsAtCarryingValue)