BrainStorm Cell Therapeutics Inc (BCLI)

[midastouch017]

Conclusion

When viewed as a whole, we believe the totality of the evidence shows that NurOwn has a positive treatment effect for ALS patients. In addition, NurOwn has been generally well tolerated in all of its clinical trials with no concerning safety issues identified. Assuming the FDA accepts the BLA for NurOwn, which we believe it will, the agency will be in a similar position that it was in with Relvyrio. We believe there is a high likelihood that the agency will again exert its flexibility and offer the ALS community another treatment option by approving NurOwn. As we await additional information on the BLA filing for NurOwn, our valuation remains at $21 per share.