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Brainstorm Cell Therapeutics Inc. (NASDAQ:BCLI), a biotechnology company specializing in biological products with a current market capitalization of $5.61 million, has amended its bylaws to change the quorum requirement for shareholder meetings. The company’s stock, which has declined about 89% over the past year according to InvestingPro data, is currently trading at $0.86 per share. Analysis from InvestingPro suggests the stock may be slightly undervalued at current levels. The amendment, effective as of Sunday, April 20, 2025, reduces the quorum from a majority to one-third of the company’s outstanding stock entitled to vote.
The decision, aligned with Delaware General Corporation Law, was approved by the company’s Board of Directors. This amendment may facilitate the conduct of shareholder meetings, especially in situations where reaching a majority might be challenging. The timing of this change comes as the company faces significant financial challenges, with InvestingPro data showing a concerning current ratio of 0.04 and negative EBITDA of $11.45 million in the last twelve months.
In addition to the bylaw amendment, Brainstorm announced the date for its 2025 Annual Meeting of Stockholders. The virtual event is scheduled for Wednesday, June 25, 2025, at 10:00 a.m. Eastern time. The record date for determining stockholders eligible to vote at the meeting is set for the close of business on May 7, 2025.
The company has also revised the deadlines for stockholder proposals and director nominations due to the annual meeting’s date differing by more than thirty days from the previous year’s meeting. For investors seeking deeper insights into BCLI’s financial health and future prospects, InvestingPro offers comprehensive analysis with over 14 additional key insights and a detailed Pro Research Report, helping investors make more informed decisions about this challenging biotech investment. Proposals for inclusion in the proxy statement must be received by May 7, 2025, and comply with SEC requirements. Stockholders intending to present proposals not for inclusion in the proxy materials or to nominate directors under Rule 14a-19 must notify the company by May 7, 2025, and May 1, 2025, respectively.
This announcement is based on a press release statement and the full text of the bylaw amendment is available in the exhibit attached to the SEC filing. Brainstorm’s principal executive offices are located at 1325 Avenue of Americas, 28th Floor, New York, NY 10019.
In other recent news, BrainStorm Cell Therapeutics Inc. reported its financial results for the fourth quarter of 2024, highlighting significant cost reductions. The company’s research and development expenses decreased from $10.7 million in 2023 to $4.7 million in 2024. Despite these reductions, BrainStorm reported a net loss of $11.6 million for 2024, down from $17.2 million the previous year. Cash reserves fell to $400,000 by the end of 2024, a notable decrease from $1.5 million in 2023. The company is advancing its Phase 3b trial for Neuron, an ALS treatment, and has secured a Special Protocol Assessment with the FDA. Additionally, BrainStorm has submitted an Investigational New Drug amendment for this trial, which will enroll approximately 200 ALS patients. The company is exploring non-dilutive financing options, such as grants, to support the trial, which is expected to require $20-30 million annually.
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