Brainstorm Cell Therapeutics (BCLI) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 12, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36641
Entity Registrant Name	BRAINSTORM CELL THERAPEUTICS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-7273918
Entity Address, Address Line One	1325 Avenue of Americas, 28th Floor
Entity Address, City or Town	NY
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	201
Local Phone Number	488-0460
Title of 12(b) Security	Common Stock, $0.00005 par value
Trading Symbol	BCLI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,080,523
Entity Central Index Key	0001137883
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

INTERIM CONDENSED CONSOLIDATED

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 779	$ 1,300
Other accounts receivable	26	51
Prepaid expenses and other current assets (Note 4)	454	548
Total current assets	1,259	1,899
Long-Term Assets:
Prepaid expenses and other long-term assets	20	22
Restricted Cash	182	185
Operating lease right of use asset (Note 5)	1,265	1,416
Property and Equipment, Net	622	686
Total Long-Term Assets	2,089	2,309
Total assets	3,348	4,208
Current Liabilities:
Accounts payables	4,690	4,954
Accrued expenses	636	1,240
Operating lease liability (Note 5)	588	603
Employees related liability	917	1,003
Total current liabilities	6,831	7,800
Long-Term Liabilities:
Operating lease liability (Note 5)	533	672
Warrants liability (Note 6)	1,534	594
Total long-term liabilities	2,067	1,266
Total liabilities	8,898	9,066
Stockholders' Deficit:
Stock capital: (Note 7) Common Stock of $0.00005 par value - Authorized: 100,000,000 shares at March 31, 2024 and December 31, 2023 respectively; Issued and outstanding: 68,447,193 and 60,489,208 shares at March 31, 2024 and December 31, 2023 respectively.	13	13
Additional paid-in-capital	212,967	210,258
Treasury stocks	(116)	(116)
Accumulated deficit	(218,414)	(215,013)
Total stockholders' deficit	(5,550)	(4,858)
Total liabilities and stockholders' deficit	$ 3,348	$ 4,208

INTERIM CONDENSED CONSOLIDATE_2

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
Common Stock, par value (in dollars per share)	$ 0.00005	$ 0.00005
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	68,447,193	60,489,208
Common Stock, shares outstanding	68,447,193	60,489,208

INTERIM CONDENSED CONSOLIDATE_3

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development, net	$ 961	$ 2,924
General and administrative	1,513	2,227
Operating loss	(2,474)	(5,151)
Financial income, net	13	92
Loss on change in fair value of Warrants liability (Note 6)	(940)
Net loss	$ (3,401)	$ (5,059)
Basic net loss per share from continuing operations	$ (0.05)	$ (0.14)
Diluted net loss per share from continuing operations	$ (0.05)	$ (0.14)
Weighted average number of shares outstanding used in computing basic net loss per share	64,738,544	36,735,435
Weighted average number of shares outstanding used in computing diluted net loss per share	64,738,544	36,735,435

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Common stock		Additional paid-in capital	Treasury stocks	Accumulated deficit	Total
Balance at Dec. 31, 2022	$ 12	[1]	$ 194,910	$ (116)	$ (197,821)	$ (3,015)
Balance (in shares) at Dec. 31, 2022	36,694,078
Stock-based compensation related to stock and options granted to directors and employees			4			4
Stock-based compensation related to stock and options granted to directors and employees (in shares)	(18,827)
Issuance of shares in at-the-market (ATM) offering (Note 7)			3,230			3,230
Issuance of shares in at-the-market (ATM) offering (Note 7) (in shares)	1,800,000
Net loss					(5,059)	(5,059)
Balance at Mar. 31, 2023	$ 12	[1]	198,144	(116)	(202,880)	(4,840)
Balance (in shares) at Mar. 31, 2023	38,475,251
Balance at Dec. 31, 2023	$ 13	[1]	210,258	(116)	(215,013)	(4,858)
Balance (in shares) at Dec. 31, 2023	60,489,208
Stock-based compensation related to stock and options granted to directors and employees			170			170
Issuance of shares in at-the-market (ATM) offering (Note 7)			2,539			2,539
Issuance of shares in at-the-market (ATM) offering (Note 7) (in shares)	7,957,985
Net loss					(3,401)	(3,401)
Balance at Mar. 31, 2024	$ 13	[1]	$ 212,967	$ (116)	$ (218,414)	$ (5,550)
Balance (in shares) at Mar. 31, 2024	68,447,193
[1]Represents an amount less than $1.

INTERIM CONDENSED CONSOLIDATE_4

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows used in operating activities:
Net loss	$ (3,401)	$ (5,059)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	64	67
Stock-based compensation related to options granted to employees and directors	170	4
Change in operating lease liability	(3)	(79)
Decrease (increase) in other accounts receivable and prepaid expenses	121	(579)
Increase (decrease) in trade payables	(264)	1,578
Loss on change in fair value of warrants (Note 6)	940
Increase (decrease) in other accounts payable and accrued expenses	(690)	82
Total net cash used in operating activities	(3,063)	(3,986)
Cash flows from investing activities:
Changes in short-term deposit		2,005
Total net cash provided by investing activities		2,005
Cash flows from financing activities:
Proceeds from issuance of shares in at-the-market (ATM) offering (Note 7)(*)	2,539	3,230
Total net cash provided by financing activities	2,539	3,230
Increase (decrease) in cash and cash equivalents	(524)	1,249
Cash, cash equivalents and restricted cash at the beginning of the period	1,485	772
Cash, cash equivalents and restricted cash at end of the period	$ 961	$ 2,021

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2024
GENERAL
GENERAL	NOTE 1 - GENERAL A. The Company was incorporated in the State of Delaware on November 15, 2006, and previously was incorporated in the State of Washington. In October 2004, the Company formed its wholly-owned subsidiary, Brainstorm Cell Therapeutics Ltd. (“BCT”) in Israel, which currently conducts all the research and development activities of the Company. BCT formed wholly-owned subsidiaries Brainstorm Cell Therapeutics UK Ltd., in the United Kingdom on February 19, 2013 (currently inactive), Advanced Cell Therapies Ltd. in Israel on June 21, 2018 and Brainstorm Cell Therapeutics Limited in Ireland on October 1, 2019. The Company’s common stock, $0.00005 par value per share (the “Common Stock”) is publicly traded on the Nasdaq Capital Market under the symbol “BCLI”. B. The Company, through BCT, holds rights to commercialize certain stem cell technology developed by Ramot of Tel Aviv University Ltd. (“Ramot”), (see Note 3). Using this technology, the Company has been developing novel adult stem cell therapies for debilitating neurodegenerative disorders such as ALS, also known as Lou Gherig Disease, PMS and Parkinson’s disease. The Company developed a proprietary process, called NurOwn®, for the propagation of Mesenchymal Stem Cells and their differentiation into neurotrophic factor secreting cells. These cells are then transplanted at or near the site of damage, offering the hope of more effectively treating neurodegenerative diseases. The process is currently autologous, or self-transplanted. C. Since its inception, the Company has devoted substantially all its efforts to research and development. The Company is still in its development and clinical stage and has not yet generated revenues. The Company has incurred operating losses since its inception and expects to continue to incur operating losses for the near-term. As of March 31, 2024, the Company had an accumulated deficit of approximately $218,000 . The extent of the Company’s future operating losses and the timing of becoming profitable are uncertain. D. The Company’s primary sources of cash have been proceeds from the issuance and sale of its Common Stock and warrants, the exercise of warrants, sales of Common Stock via its at-the-market (“ATM”) program and other funding transactions. While the Company has been successful in raising financing recently and in the past, there can be no assurance that it will be able to do so in the future on a timely basis on terms acceptable to the Company, or at all. The Company has not yet commercialized any of its product candidates. Even if the Company commercializes one or more of its product candidates, it may not become profitable in the near-term. The Company’s ability to achieve profitability depends on several factors, including its ability to obtain regulatory approval for its product candidates, successfully complete any post-approval regulatory obligations and successfully commercialize its product candidates alone or in partnership. Such conditions raise substantial doubts about the Company’s ability to continue as a going concern. Management’s plan includes raising funds from outside potential investors via its ATM program and other potential funds as mentioned. However, as mentioned above, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to meet its objectives. These interim condensed financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES A. Unaudited Interim Financial Statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Operating results for the three and nine months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. B. Significant Accounting Policies The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements. C. Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements. D. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. ​

RESEARCH AND LICENSE AGREEMENT

RESEARCH AND LICENSE AGREEMENT	3 Months Ended
	Mar. 31, 2024
RESEARCH AND LICENSE AGREEMENT
RESEARCH AND LICENSE AGREEMENT	NOTE 3 - RESEARCH AND LICENSE AGREEMENT In 2004, the Company entered into a Research and License Agreement, as amended and restated, with Ramot (the “License Agreement”). Pursuant to the remuneration terms of the License Agreement, the Company has agreed to pay Ramot royalties on Net Sales of the Licensed Product as follows : a) So long as the making, producing, manufacturing, using, marketing, selling, importing or exporting (collectively, the “Commercialization”) of such Licensed Product is covered by a Valid Claim or is covered by Orphan Drug Status, the Company shall pay Ramot a royalty of 5% of the Net Sales received by the Company and resulting from such Commercialization; and b) In the event the Commercialization of the Licensed Product is neither covered by a Valid Claim nor by Orphan Drug status, the Company shall pay Ramot a royalty of 3% of the Net Sales received by the Company resulting from such Commercialization. This royalty shall be paid from the First Commercial Sale of the Licensed Product and for a period of fifteen (15) years thereafter. Capitalized terms set forth above which are not defined shall have the meanings attributed to them under the License Agreement.

PREPAID EXPENSES

PREPAID EXPENSES	3 Months Ended
	Mar. 31, 2024
PREPAID EXPENSES
PREPAID EXPENSES	NOTE 4 - PREPAID EXPENSES As of March 31, 2024, the prepaid expenses mostly included director’s insurance of $285, whereas, as of December 31, 2023, the prepaid expenses mostly included director’s insurance of $428.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
LEASES
LEASES	NOTE 5 - LEASES As of March 31, 2024, and December 31, 2023, total right-of-use assets was approximately $1,265 and $1,416 and the operating lease liabilities for remaining long term lease was approximately $1,121 and $1,275, respectively. In the quarter ended March 31, 2024 and in the year ended December 31, 2023, the Company recognized approximately $164 and $1,467, respectively, in total lease costs. Variable lease costs for these periods were immaterial. Supplemental cash flow and total lease cost information was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2024 2023 Cash payments for operating leases ​ ​ 166 ​ 386 Operating lease expense ​ ​ 165 ​ 40 Finance lease expense (income) ​ ​ (1) ​ ​ 118 ​ As of March 31, 2024, the Company’s operating leases had a weighted average remaining lease term of 2.13 years and a weighted average discount rate of 8.62%. Future lease payments under operating leases as of March 31, 2024 were as follows: ​ ​ ​ ​ ​ ​ Operating ​ ​ Leases 2024 ​ 452 2025 ​ 568 2026 ​ ​ 186 Total future lease payments ​ 1,206 Less imputed interest ​ (85) Total lease liability balance ​ ​ 1,121 ​

WARRANTS LIABILITY

WARRANTS LIABILITY	3 Months Ended
	Mar. 31, 2024
WARRANTS LIABILITY
WARRANTS LIABILITY	NOTE 6 - WARRANTS LIABILITY In July 2023, the Company issued 4,054,055 shares of common stock and 4,054,055 private placement warrants (“July 2023 warrants”) to purchase shares of common stock. The gross proceeds from this transaction were approximately $7.5 million. The Common Warrants contain provisions regarding settlement in the event of a fundamental transaction that calculate the fair value of the warrants using a prespecified volatility assumption that was not consistent with the input used to value the warrants at issuance which causes the warrants to be classified as liabilities. The Common Warrants will be measured at fair value at inception and in subsequent reporting periods with changes in fair value recognized as financial income or expense as change in fair value of warrant liabilities in the period of change in the condensed consolidated statements of comprehensive loss. July 2023 warrants are classified as Level 3 financial instruments in the fair value hierarchy (refer to Note 8, Fair Value Measurement

STOCK CAPITAL

STOCK CAPITAL	3 Months Ended
	Mar. 31, 2024
STOCK CAPITAL
STOCK CAPITAL	NOTE 7 – STOCK CAPITAL The rights of Common Stock are as follows: Holders of the Common Stock have the right to receive notice to participate and vote in general meetings of the Company, the right to a share in the excess of assets upon liquidation of the Company and the right to receive dividends, if declared. The Common Stock is publicly traded on The Nasdaq Capital Market under the symbol “BCLI”. ​ NOTE 7 – STOCK CAPITAL (Cont.): Private placements and public offerings: At-the-market (ATM) Offering: On August 9, 2021, the Company entered into an Amended and Restated Distribution Agreement (the “New Distribution Agreement”) with the Agents (as defined in the New Distribution Agreement) pursuant to which the Company may sell from time to time, through the Agents, shares of Common Stock (the “Shares”), having an aggregate offering price of up to $100,000,000 (the “August 9, 2021 ATM”). Sales under the August 9, 2021 ATM are to be made by any method permitted by law that is deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act, including, without limitation, sales made directly on The Nasdaq Capital Market, on any other existing trading market for the Shares, through a market maker or as otherwise agreed by the Company and the Agents. In connection with the New Distribution Agreement, the Company terminated the previous Distribution Agreement and the September 25, 2020, ATM. During the quarter ended March 31, 2024, the Company has sold 7,957,985 shares of Common Stock for gross proceeds of approximately $2,626,846 under the August 9, 2021, ATM. Securities Purchase Agreement: On July 17, 2023, the Company entered into a Securities Purchase Agreement with the purchaser named therein, pursuant to which the Company agreed to sell, in a public offering (the “Offering”), an aggregate of 4,054,055 shares of Common Stock, together with accompanying warrants (the “Common Warrants”) to purchase 4,054,055 shares of Common Stock, at a purchase price of $1.85 per share and accompanying warrants for gross proceeds to the Company of approximately $7.5 million, before deducting fees payable to the placement agent and other estimated offering expenses payable by the Company. The Offering closed on July 19, 2023. The Common Warrants are immediately exercisable, expire five years following the date of issuance and have an exercise price of $2.00 per share. Please refer to Note 6. Capital Raised Since Inception: Since its inception through March 31, 2024, the Company has raised approximately $174 million gross in cash in consideration for issuances of Common Stock and warrants in private placements and public offerings as well as proceeds from warrants exercises. Stock Plans: During the three months ended March 31, 2024, the Company had outstanding awards for stock options under four stockholder approved plans: (i) the 2004 Global Stock Option Plan and the Israeli Appendix thereto (the “2004 Global Plan”) (ii) the 2005 U.S. Stock Option and Incentive Plan (the “2005 U.S. Plan,” and together with the 2004 Global Plan, the “Prior Plans”); (iii) the 2014 Global Share Option Plan and the Israeli Appendix thereto (which applies solely to participants who are residents of Israel) (the “2014 Global Plan”); and (iv) the 2014 Stock Incentive Plan (the “2014 U.S. Plan” and together with the 2014 Global Plan, the “2014 Plans”). The 2004 Global Plan and 2005 U.S. Plan expired on November 25, 2014 and March 28, 2015, respectively. Grants that were made under the Prior Plans remain outstanding pursuant to their terms. The 2014 Plans were approved by the stockholders on August 14, 2014 (at which time the Company ceased to issue awards under each of the 2005 U.S. Plan and 2004 Global Plan) and amended on June 21, 2016 and November 29, 2018. Unless otherwise stated, option grants prior to August 14, 2014 were made pursuant to the Company’s Prior Plans, and grants issued on or after August 14, 2014 were made pursuant to the Company’s 2014 Plans, and expire on the tenth anniversary of the grant date. ​ NOTE 7 – STOCK CAPITAL (Cont.): Stock Plans (Cont.): The 2014 Plans have a shared pool of 5,600,000 shares of Common Stock available for issuance. As of March 31, 2024, 528,313 shares were available for future issuances under the 2014 Plans. The exercise price of the options granted under the 2014 Plans may not be less than the nominal value of the shares into which such options are exercised. Any options under the 2014 Plans that are canceled or forfeited before expiration become available for future grants. The Governance, Nominating and Compensation Committee (the “GNC Committee”) of the Board of Directors of the Company (the “Board”) administers the Company’s stock incentive compensation and equity-based plans. Share-based compensation to employees and to directors: Under the 2014 Plans, the Company may award stock options to certain employees, officers, directors, and/or service providers. The stock options vest in accordance with such conditions and restrictions determined by the GNC Committee. Stock options: These conditions and restrictions may include the achievement of certain performance goals and/or continued employment with the Company through a specified period. Stock options awarded are valued based upon the Black-Scholes option pricing model and the Company recognizes this value as stock compensation expense over the periods in which the options vest. Use of the Black Scholes option-pricing model requires that the Company make certain assumptions, including expected volatility, risk-free interest rate, expected dividend yield, and the expected life of the options. The Company granted 0 stock options during the three months ended March 31, 2024. ​ A summary of the Company’s option activity related to options to employees and directors, and related information as of March 31, 2024, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three months ended ​ ​ March 31, 2024 ​ ​ Weighted ​ ​ ​ ​ average ​ Aggregate ​ ​ Amount of ​ exercise ​ intrinsic ​ ​ options * ​ price ​ value ​ ​ ​ ​ $ ​ $ Outstanding at December 31, 2023 1,605,783 ​ 3.2671 — Granted — ​ — — Forfeited (128,400) ​ 10.5868 — Outstanding at March 31, 2024 1,477,383 ​ 2.6310 — Exercisable at March 31, 2024 1,092,383 ​ 2.6216 — * Represents Employee Stock Options only (not including RSUs). The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the fair market value of the Company’s shares on March 31, 2024, multiplied by the number of in-the-money options on those dates) that would have been received by the option holders had all option holders exercised their options on those dates. As of March 31, 2024, there was $362 of total unrecognized compensation cost related to non-vested options under the Plan. The cost is expected to be recognized over a weighted average period of 1.86 years. Compensation expense recorded by the Company in respect of its stock-based employees and directors compensation awards in accordance with ASC 718-10 for the three months ended March 31, 2024 amounted to $80. For the three months ended March 31, 2023 the Company recorded compensation income amounted to $7. NOTE 7 – STOCK CAPITAL (Cont.): Restricted Stock: The Company awards stock and restricted stock to certain employees, officers, directors, and/or service providers. The restricted stock vests in accordance with such conditions and restrictions determined by the GNC Committee. These conditions and restrictions may include the achievement of certain performance goals and/or continued employment with the Company through a specified restricted period. The purchase price (if any) of shares of restricted stock is determined by the GNC Committee. If the performance goals and other restrictions are not attained, the grantee will automatically forfeit their unvested awards of restricted stock to the Company. Compensation expense for restricted stock is based on fair market value at the grant date. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of Shares ​ Weighted Average ​ Contractual ​ ​ of Restricted ​ Grant Date Fair ​ Term ​ ​ Stock ​ Value ​ (Years) Nonvested as of December 31, 2023 304,896 2.86 1.32 Granted — — — Vested — — — Forfeited 17,341 1.73 — Nonvested as of March 31, 2024 287,555 2.82 1.11 ​ Compensation expense recorded by the Company in respect of its stock and restricted stock awards to certain employees, officers, directors, and/or service providers for the three months ended March 31, 2024 and March 31, 2023 amounted to $90 and $11, respectively. As of March 31, 2023, there was $289 of total unrecognized compensation cost related to non-vested restricted stock under the Plan. The cost is expected to be recognized over a weighted average period of 1.67 years. Total Stock-Based Compensation Expense The total stock-based compensation expense, related to shares, options and warrants granted to employees, directors and service providers was comprised, at each period, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2024 2023 Research and development ​ $ 103 ​ $ (49) General and administrative ​ ​ 67 ​ ​ 53 Total stock-based compensation expense ​ $ 170 ​ $ 4 ​

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2024
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	NOTE 8 – FAIR VALUE MEASUREMENT The Company’s financial instruments consist of cash and cash equivalents, accounts payable and warrants. Accounting standards establish a hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. The fair value hierarchy gives the highest priority to quoted market prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Accounting standards require financial assets and liabilities to be classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and the exercise of this judgment may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, contract assets, contract liabilities and accounts payable are considered to be representative of their fair value due to the short maturity of these instruments. ​ Warrants Liabilities ​ The July 2023 warrants are classified as Level 3 financial instruments. The Company estimated the fair value of the July 2023 warrants using the Black-Scholes model at inception and on subsequent valuation dates. This model incorporates inputs such as the stock price of the Company, risk-free interest rate, volatility, and time to expiration. The volatility involves unobservable inputs classified as Level 3 of the fair value hierarchy. The assumptions used to determine the fair value of the July 2023 warrants are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31,2023 Time to expiration ​ 4.31 years ​ 4.56 years ​ Common stock price ​ $ 0.56 ​ $ 0.27 ​ Risk-free interest rate ​ 4.28 ​ 3.88 ​ Volatility ​ 123 % 116 % ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 9 – SUBSEQUENT EVENTS A. On April 10, 2024, the Company received a notification letter from the Listing Qualifications Department of Nasdaq, indicating that the Company has regained compliance with the minimum market value of listed securities requirement set forth under Nasdaq Listing Rule 5550(b)(2). According to the Notification Letter on Compliance, Nasdaq’s staff has determined that for the 11 consecutive business days from March 22, 2024 through April 9, 2024 the Company’s market value of listed securities was $35,000,000 or greater, and the Company thus regained compliance with the Rule. B. On February 14, 2024, February 15, 2024, March 21, 2024, and April 12, 2024 four purported The Company intends to vigorously defend against the lawsuits. C. On April 16, 2024, the Company announced the promotion of Dr. Bob Dagher to Executive Vice President and Chief Medical Officer. In addition, after four years of maintaining top executive roles, Dr. Stacy Lindborg stepping down from the role of Co-Chief Executive Officer and will remain with the Company as a member of its Board. These strategic management changes are being made as the Company prepares to embark on a registrational Phase 3b trial for NurOwn®, its investigational cell therapy treatment for ALS. D. On November 1, 2023, the Company received a notice in the form of a letter from the Listing Qualifications department of Nasdaq, notifying the Company that the Company was not in compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the “Minimum Bid Price Requirement”). The Notice also indicated that the Company would have 180 calendar days from the date of the Notice, or until April 29, 2024, to regain compliance with the Minimum Bid Price Requirement pursuant to Nasdaq Listing Rule 5810(c)(3)(A). ​ NOTE 9 – SUBSEQUENT EVENTS (Cont.): On May 1, 2024, the Company received a staff determination letter (“Staff Letter”) from the Staff of Nasdaq indicating that the Company had not regained compliance with the Minimum Bid Price Requirement by April 29, 2024. On May 2, 2024, the Company submitted a hearing request to the Nasdaq Hearings Panel (the “Panel”) to appeal the Staff’s determination. On the same day, the Company received a letter from Nasdaq notifying the Company that, among other things, (i) the Panel hearing has been scheduled, (ii) the hearing request submitted by the Company has stayed the suspension of the Company’s securities and the filing of the Form 25-NSE pending a final written decision by the Panel, and (iii) the Panel is providing the Company with the option to participate in an expedited review process. The Company intends to participate in the expedited review process provided by the Panel. ​ E. From April 1, 2024 through May 13, 2024, the Company has raised aggregate gross proceeds of approximately $187 under the ATM Distribution Agreement. In accordance with ASC 855 “Subsequent Events” the Company evaluated subsequent events through the date the condensed consolidated financial statements were issued. The Company concluded that no other subsequent events have occurred that would require recognition or disclosure in the condensed consolidated financial statements. ​ ​

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Unaudited Interim Financial Statements	A. Unaudited Interim Financial Statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Operating results for the three and nine months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Significant Accounting Policies	B. Significant Accounting Policies The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements.
Recent Accounting Standards	C. Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements.
Use of estimates	D. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. ​

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
LEASES
Schedule of supplemental cash flow information related to operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ March 31, ​ March 31, ​ 2024 2023 Cash payments for operating leases ​ ​ 166 ​ 386 Operating lease expense ​ ​ 165 ​ 40 Finance lease expense (income) ​ ​ (1) ​ ​ 118
Schedule of future lease payments under operating leases	​ ​ ​ ​ ​ ​ Operating ​ ​ Leases 2024 ​ 452 2025 ​ 568 2026 ​ ​ 186 Total future lease payments ​ 1,206 Less imputed interest ​ (85) Total lease liability balance ​ ​ 1,121 ​

STOCK CAPITAL (Tables)

STOCK CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2024
STOCK CAPITAL
Summary of the Company's option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three months ended ​ ​ March 31, 2024 ​ ​ Weighted ​ ​ ​ ​ average ​ Aggregate ​ ​ Amount of ​ exercise ​ intrinsic ​ ​ options * ​ price ​ value ​ ​ ​ ​ $ ​ $ Outstanding at December 31, 2023 1,605,783 ​ 3.2671 — Granted — ​ — — Forfeited (128,400) ​ 10.5868 — Outstanding at March 31, 2024 1,477,383 ​ 2.6310 — Exercisable at March 31, 2024 1,092,383 ​ 2.6216 — * Represents Employee Stock Options only (not including RSUs).
Schedule of compensation expense for restricted stock is based on fair market value at the grant date	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of Shares ​ Weighted Average ​ Contractual ​ ​ of Restricted ​ Grant Date Fair ​ Term ​ ​ Stock ​ Value ​ (Years) Nonvested as of December 31, 2023 304,896 2.86 1.32 Granted — — — Vested — — — Forfeited 17,341 1.73 — Nonvested as of March 31, 2024 287,555 2.82 1.11 ​
Schedule of total stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2024 2023 Research and development ​ $ 103 ​ $ (49) General and administrative ​ ​ 67 ​ ​ 53 Total stock-based compensation expense ​ $ 170 ​ $ 4 ​

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2024
FAIR VALUE MEASUREMENT
Schedule of assumptions used to determine fair value of July 2023 warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31,2023 Time to expiration ​ 4.31 years ​ 4.56 years ​ Common stock price ​ $ 0.56 ​ $ 0.27 ​ Risk-free interest rate ​ 4.28 ​ 3.88 ​ Volatility ​ 123 % 116 % ​

GENERAL (Details)

GENERAL (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
GENERAL
Common Stock, par value (in dollars per share)	$ 0.00005	$ 0.00005
Accumulated deficit	$ 218,414	$ 215,013

RESEARCH AND LICENSE AGREEMENT

RESEARCH AND LICENSE AGREEMENT (Details)	3 Months Ended
	Mar. 31, 2024
RESEARCH AND LICENSE AGREEMENT
Percentage of royalty payment if licensed product covered by valid claim or orphan drug status	5%
Percentage of royalty payment if licensed product not covered by valid claim or orphan drug status	3%
Validity of royalty payment not covered by valid claim or orphan drug status	15 years

PREPAID EXPENSES (Details)

PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Directors insurance
PREPAID EXPENSES
Prepaid expense	$ 285	$ 428

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
LEASES
Operating lease right of use asset	$ 1,265	$ 1,416
Operating lease liability	1,121	1,275
Lease costs	$ 164	$ 1,467
Operating lease, weighted average remaining lease term	2 years 1 month 17 days
Operating lease, weighted average discount rate percent	8.62%

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information related to operating leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
LEASES
Cash payments for operating leases	$ 166	$ 386
Operating lease expense	165	40
Finance lease expense (income)	$ (1)	$ 118

LEASES - Future lease payments

LEASES - Future lease payments under operating leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
LEASES
2024	$ 452
2025	568
2026	186
Total future lease payments	1,206
Less imputed interest	(85)
Total lease liability balance	$ 1,121	$ 1,275

WARRANTS LIABILITY (Details)

WARRANTS LIABILITY (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2023	Mar. 31, 2024
WARRANTS LIABILITY
Change in fair value of Warrants liability		$ (940)
July 2023 warrants
WARRANTS LIABILITY
Gross proceeds	$ 7,500
Warrants outstanding		1,534
Change in fair value of Warrants liability		$ 940
Common Stock | July 2023 warrants
WARRANTS LIABILITY
Aggregate shares sold	4,054,055
Private placement warrants | July 2023 warrants
WARRANTS LIABILITY
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	4,054,055

STOCK CAPITAL - Additional info

STOCK CAPITAL - Additional information (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 09, 2021	Mar. 31, 2024	Mar. 31, 2023
STOCK CAPITAL
Gross proceeds		$ 174,000
Compensation expense (income)		170	$ 4
Employee Stock Option
STOCK CAPITAL
Unrecognized compensation cost		$ 362
Weighted average period		1 year 10 months 9 days
Compensation expense (income)		$ 80
Compensation expense (reversal)			7
Restricted Stock
STOCK CAPITAL
Unrecognized compensation cost		$ 289
Weighted average period		1 year 8 months 1 day
Compensation expense (income)		$ 90	$ 11
Global Share Option Plan 2014 And US Stock Option And Incentive Plan 2014
STOCK CAPITAL
Issuance of common stock		5,600,000
Future issuance of common stock		528,313
At Market Offering
STOCK CAPITAL
Aggregate offering amount	$ 100,000,000
Aggregate shares sold		7,957,985
Gross proceeds		$ 2,626,846

STOCK CAPITAL - Securities Purc

STOCK CAPITAL - Securities Purchase Agreement (Details) - Securities purchase agreement - Public offering $ / shares in Units, $ in Millions	Jul. 17, 2023 USD ($) $ / shares shares
STOCK CAPITAL
Aggregate shares sold | shares	4,054,055
Warrants to purchase shares of common stock | shares	4,054,055
Purchase price per share | $ / shares	$ 1.85
Gross proceeds | $	$ 7.5
Warrants term	5 years
Class of warrant exercise price | $ / shares	$ 2

STOCK CAPITAL - Employee Stock

STOCK CAPITAL - Employee Stock Option (Details) - Employee Stock Option	3 Months Ended
	Mar. 31, 2024 $ / shares shares
STOCK CAPITAL
Amount of options, Outstanding at beginning of period | shares	1,605,783
Amount of options, Granted | shares	0
Amount of options, Forfeited | shares	(128,400)
Amount of options, Outstanding at end of period | shares	1,477,383
Options exercisable | shares	1,092,383
Weighted average exercise price, Outstanding at beginning of period (in dollars per share) | $ / shares	$ 3.2671
Weighted average exercise price, Granted (in dollars per share) | $ / shares	0
Weighted Average exercise Price, Forfeited (in dollars per share) | $ / shares	10.5868
Weighted average exercise price, Outstanding at end of period (in dollars per share) | $ / shares	2.6310
Weighted average exercise price, Exercisable at end of period (in dollars per share) | $ / shares	$ 2.6216

STOCK CAPITAL - Restricted Stoc

STOCK CAPITAL - Restricted Stock (Details) - Restricted Stock - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
STOCK CAPITAL
Number of Shares of Restricted Stock, Nonvested at beginning of period	304,896
Granted	0
Vested	0
Forfeited	17,341
Number of Shares of Restricted Stock, Nonvested at end of period	287,555	304,896
Weighted Average Grant Date Fair Value, Nonvested at beginning of period	$ 2.86
Granted	0
Vested	0
Forfeited	1.73
Weighted Average Grant Date Fair Value, Nonvested at end of period	$ 2.82	$ 2.86
Weighted Average Remaining Contractual Term (Years), Nonvested	1 year 1 month 9 days	1 year 3 months 25 days

STOCK CAPITAL - Stock-Based Com

STOCK CAPITAL - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
STOCK CAPITAL
Total stock-based compensation expense	$ 170	$ 4
Research and development
STOCK CAPITAL
Total stock-based compensation expense	103	(49)
General and administrative
STOCK CAPITAL
Total stock-based compensation expense	$ 67	$ 53

FAIR VALUE MEASUREMENT - Warran

FAIR VALUE MEASUREMENT - Warrants Liabilities (Details) - Level 3 - July 2023 warrants	Mar. 31, 2024 $ / shares Y	Dec. 31, 2023 Y $ / shares
Time to expiration
FAIR VALUE MEASUREMENT
Warrants liabilities, inputs | Y	4.31	4.56
Common stock price
FAIR VALUE MEASUREMENT
Warrants liabilities, inputs | $ / shares	0.56	0.27
Risk-free interest rate
FAIR VALUE MEASUREMENT
Warrants liabilities, inputs	0.0428	0.0388
Volatility
FAIR VALUE MEASUREMENT
Warrants liabilities, inputs	1.23	1.16

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands									3 Months Ended
	May 13, 2024 USD ($)	Apr. 25, 2024 defendant	Apr. 16, 2024	Apr. 12, 2024 shareholder	Apr. 10, 2024 USD ($) D	Mar. 21, 2024 shareholder	Feb. 15, 2024 shareholder	Feb. 14, 2024 shareholder	Mar. 31, 2024 USD ($)
SUBSEQUENT EVENTS
Gross proceeds									$ 174,000
Number Of shareholders filed complaints | shareholder						4	4	4
ATM Distribution Agreement
SUBSEQUENT EVENTS
Gross proceeds									$ 2,626,846
Subsequent Event
SUBSEQUENT EVENTS
Number of consecutive business days | D					11
Listed securities market value					$ 35,000,000
Number Of shareholders filed complaints | shareholder				4
Number of defendants | defendant		2
Service period of Co-CEO			4 years
Subsequent Event | ATM Distribution Agreement
SUBSEQUENT EVENTS
Gross proceeds	$ 187