ACF Equity Research

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Research from ACF Equity Research, ACF Equity Research

Research from ACF Equity Research

Equity Bottom-Up

BrainStorm Cell Therapeutics I / Equity Bottom-Up

<ul><li>BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s).</li><li>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).</li><li>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.</li></ul>

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.

BrainStorm Cell Therapeutics (BCLI) Update Note 03102024