BRAINSTORM CELL THERAPEUTICS INC. (BCLI): restructuring charge — BrainStorm cuts 30% headcount, CMO departs, plans NurOwn Phase 3b trial

BRAINSTORM CELL THERAPEUTICS INC.

Reduction in force of ~30% with estimated severance costs of $450k-$900k, substantially complete by end of 2023.
Dr. Kirk Taylor steps down as EVP and Chief Medical Officer effective October 18, 2023, not due to any disagreement.
Company plans double-blind, placebo-controlled Phase 3b U.S. trial for NurOwn in ALS with open-label extension.
Total resource consumption to be reduced by ~50% to fund ALS development; exploring capital raising options.
Positions critical to Phase 3b trial and regulatory submission retained; clean room operations streamlined.

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Dr. Kirk Taylor

EVP and Chief Medical Officer

BCLI · BRAINSTORM CELL THERAPEUTICS INC.

Effective: 2023-10-18
Filed: October 24, 2023, 7:59 PM ET

Dr. Kirk Taylor, EVP and Chief Medical Officer, stepped down from his post, effective as of October 18, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Dr. Kirk Taylor departed as EVP and Chief Medical Officer at BRAINSTORM CELL THERAPEUTICS INC..

Action: stepped down
Role: EVP and Chief Medical Officer

Exact text from the filing

Dr. Kirk Taylor, EVP and Chief Medical Officer, stepped down from his post, effective as of October 18, 2023.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

BRAINSTORM CELL THERAPEUTICS INC. announced a restructuring with charges of approximately $450,000-$900,000 (approximately 30%).

Type: restructuring
Charge: approximately $450,000-$900,000
Headcount: approximately 30%

Exact text from the filing

In connection with the RIF, the Company currently estimates it will incur a range of costs and expenses of approximately $450,000-$900,000, consisting primarily of cash severance costs and one-time termination benefits.

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

BRAINSTORM CELL THERAPEUTICS INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-110945

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