Filed Pursuant to Rule 424(b)(3)

Registration Statement No. 333-179331

Prospectus Supplement No. 6

(to Prospectus dated July 19, 2012, as supplemented by Prospectus Supplement No. 1 dated August 16, 2013, Prospectus Supplement No. 2 dated August 16, 2013, Prospectus Supplement No. 3 dated August 16, 2013, Prospectus Supplement No. 4 dated August 16, 2013 and Prospectus Supplement No. 5 dated August 16, 2013)

 

BRAINSTORM CELL THERAPEUTICS INC.

 

19,818,972 Shares of Common Stock

Warrants to Purchase 14,864,229 Shares of Common Stock

and

14,864,229 Shares of Common Stock Underlying Warrants

 

 

 

This prospectus supplement, together with the prospectus listed above, is to be used by certain holders of the above-referenced securities or by their pledgees, donees, transferees or other successors-in-interest in connection with the offer and sale of such securities.

 

This prospectus supplement updates and should be read in conjunction with the prospectus dated July 19, 2012 (as supplemented to date), which is to be delivered with this prospectus supplement. Such documents contain information that should be considered when making your investment decision. To the extent there is a discrepancy between the information contained herein and the information in the prospectus, the information contained herein supersedes and replaces such conflicting information.

 

This prospectus supplement consists of Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “Commission”) on November 14, 2013 (the “Form 10-Q”).

 

Our common stock is traded on the OTCQB Marketplace, operated by OTC Markets Group, under the symbol “BCLI”. On November 12, 2013, the last reported sales price for our common stock was $0.18 per share. We do not intend to list the warrants on any securities exchange or other trading market and we do not expect that a public trading market will develop for the warrants.

 

 

 

Investing in the Company’s securities involves risks. See “Risk Factors” beginning on page 4 of the Prospectus, as supplemented or amended by the prospectus supplements filed to date, to read about factors you should consider.

 

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

 

 

 

The date of this Prospectus Supplement No. 6 is November 14, 2013

 

 
 

 

 

 


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2013
 
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ___________________
 
Commission File Number 000-54365
 
BRAINSTORM CELL THERAPEUTICS INC.
(Exact name of registrant as specified in its charter)
 
Delaware
20-8133057
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
 
605 Third Avenue, 34th Floor
New York, NY 10158
(Address of principal executive offices)
 
(646) 666-3188
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer ¨ Accelerated filer ¨  
Non-accelerated filer ¨ (Do not check if a smaller reporting company)   Smaller reporting company x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
 
As of November 12, 2013, the number of shares outstanding of the registrant’s Common Stock, $0.00005 par value per share, was 176,263,587.
 
 
 
TABLE OF CONTENTS
 
Page
 
Number
PART I
 
 
 
Item 1. Financial Statements
3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
34
Item 3. Quantitative and Qualitative Disclosures About Market Risk
41
Item 4. Controls and Procedures
41
 
 
PART II
 
 
 
Item 1. Legal Proceedings
42
Item 1A. Risk Factors
42
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
43
Item 5. Other Information
43
Item 6. Exhibits
43
 
 
PART I: FINANCIAL INFORMATION
 
SPECIAL NOTE
 
Unless otherwise specified in this quarterly report on Form 10-Q, all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars.
 
Item 1. Financial Statements.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)
 
CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2013
 
UNAUDITED
 
U.S. DOLLARS IN THOUSANDS
 
 
3

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)
 
CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2013
 
UNAUDITED
 
U.S. DOLLARS IN THOUSANDS
 
INDEX
 
 
Page
 
 
Consolidated Balance Sheets
5
 
 
Consolidated Statements of Operations
6
 
 
Statements of Changes in Stockholders' Equity (Deficiency)
7-15
 
 
Consolidated Statements of Cash Flows
16-17
 
 
Notes to Consolidated Financial Statements
18 - 33
 
 
4

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)
 
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
(Except share data)
 
 
 
September 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
Unaudited
 
Audited
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
Cash and cash equivalents
 
329
 
1,317
 
Short-term deposit
 
4,786
 
2,769
 
Account receivable
 
502
 
742
 
Prepaid expenses
 
55
 
46
 
Total current assets
 
5,672
 
4,874
 
 
 
 
 
 
 
Long-Term Assets:
 
 
 
 
 
Prepaid expenses
 
28
 
17
 
Severance payment fund
 
245
 
172
 
Total long-term assets
 
273
 
189
 
 
 
 
 
 
 
Property and Equipment, Net
 
267
 
247
 
 
 
 
 
 
 
Total assets
 
6,212
 
5,310
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
Trade payables
 
446
 
358
 
Accrued expenses
 
710
 
605
 
Other accounts payable
 
230
 
176
 
Total current liabilities
 
1,386
 
1,139
 
 
 
 
 
 
 
Accrued Severance Pay
 
291
 
189
 
 
 
 
 
 
 
Total liabilities
 
1,677
 
1,328
 
 
 
 
 
 
 
Stockholders' Equity:
 
 
 
 
 
Stock capital: (Note 6)
 
8
 
7
 
Common stock of $0.00005 par value - Authorized: 800,000,000 shares at
   September 30, 2013 and December 31, 2012; Issued and outstanding:
   176,243,587 and 150,085,035 shares at September 30, 2013 and December 31,
   2012 respectively.
 
 
 
 
 
Additional paid-in-capital
 
55,717
 
51,483
 
Deficit accumulated during the development stage
 
(51,190)
 
(47,508)
 
Total stockholders' equity
 
4,535
 
3,982
 
 
 
 
 
 
 
Total liabilities and stockholders' equity
 
6,212
 
5,310
 
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
5

 
 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)
 
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 22,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2000 (inception
 
 
 
Nine months ended
 
Three months ended
 
date) through
 
 
 
September 30,
 
September 30,
 
September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
2013
 
 
 
Unaudited
 
Unaudited
 
Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development, net
 
$
2,068
 
$
1,486
 
$
804
 
$
732
 
$
28,257
 
General and administrative
 
 
1,574
 
 
1,397
 
 
272
 
 
440
 
 
20,325
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total operating costs and expenses
 
 
3,642
 
 
2,883
 
 
1,076
 
 
1,172
 
 
48,582
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial expenses (income), net
 
 
21
 
 
(37)
 
 
5
 
 
(22)
 
 
2,475
 
Other income
 
 
-
 
 
-
 
 
-
 
 
-
 
 
(132)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating loss
 
 
3,663
 
 
2,846
 
 
1,081
 
 
1,150
 
 
50,925
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taxes on income
 
 
19
 
 
5
 
 
1
 
 
-
 
 
101
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations
 
 
3,682
 
 
2,851
 
 
1,082
 
 
1,150
 
 
51,026
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss from discontinued operations
 
 
-
 
 
-
 
 
-
 
 
-
 
 
164
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
3,682
 
$
2,851
 
$
1,082
 
$
1,150
 
$
51,190
 
Basic and diluted net loss per share from
   continuing operations
 
$
0.02
 
$
0.02
 
$
0.01
 
$
0.01
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of shares outstanding
   used in computing basic and diluted net loss per
   share
 
 
152,094,266
 
 
133,403,123
 
 
164,223,127
 
 
145,407,840
 
 
 
 
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
6

 
 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)
 
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficit
accumulated
 
Total
 
 
 
Common stock
 
Additional
paid-in
 
Deferred
Stock - based
 
during the
development
 
stockholders'
equity
 
 
 
Number
 
Amount
 
capital
 
compensation
 
stage
 
(deficiency)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of September 22, 2000 (date of
     inception) (unaudited)
 
-
 
$
-
 
$
-
 
$
-
 
$
-
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock issued on September 22, 2000 for cash at
     $0.00188 per share
 
8,500,000
 
 
1
 
 
16
 
 
-
 
 
-
 
 
17
 
Stock issued on March 31, 2001 for cash at
     $0.0375 per share
 
1,600,000
 
*
-
 
 
60
 
 
-
 
 
-
 
 
60
 
Contribution of capital
 
-
 
 
-
 
 
8
 
 
-
 
 
-
 
 
8
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(17)
 
 
(17)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2001 (unaudited)
 
10,100,000
 
 
1
 
 
84
 
 
-
 
 
(17)
 
 
68
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contribution of capital
 
-
 
 
-
 
 
11
 
 
-
 
 
-
 
 
11
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(26)
 
 
(26)
 
Balance as of March 31, 2002 (unaudited)
 
10,100,000
 
 
1
 
 
95
 
 
-
 
 
(43)
 
 
53
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contribution of capital
 
-
 
 
-
 
 
15
 
 
-
 
 
-
 
 
15
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(47)
 
 
(47)
 
Balance as of March 31, 2003 (unaudited)
 
10,100,000
 
 
1
 
 
110
 
 
-
 
 
(90)
 
 
21
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2-for-1 stock split
 
10,100,000
 
*
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Stock issued on August 31, 2003 to purchase
     mineral option at $0.065 per share
 
100,000
 
*
-
 
 
6
 
 
-
 
 
-
 
 
6
 
Cancellation of shares granted to Company's
     President
 
(10,062,000)
 
*
-
 
*
-
 
 
-
 
 
-
 
 
-
 
Contribution of capital
 
-
 
*
-
 
 
15
 
 
-
 
 
-
 
 
15
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(73)
 
 
(73)
 
Balance as of March 31, 2004 (unaudited)
 
10,238,000
 
$
1
 
$
131
 
$
-
 
$
(163)
 
$
(31)
 
 
* Represents an amount less than $1.
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
7

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)

 

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
Additional
 
Deferred
 
Deficit
accumulated
during the
 
Total
stockholders'
 
 
Common stock
 
paid-in
 
Stock - based
 
development
 
equity
 
 
Number
 
Amount
 
capital
 
compensation
 
stage
 
(deficiency)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2004
 
10,238,000
 
$
1
 
$
131
 
$
-
 
$
(163)
 
$
(31)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock issued on June 24, 2004 for
     private placement at $0.01 per share, net
     of $25,000 issuance expenses
 
8,510,000
 
*
-
 
 
60
 
 
-
 
 
-
 
 
60
 
Contribution capital
 
-
 
 
-
 
 
7
 
 
-
 
 
-
 
 
7
 
Stock issued in 2004 for private placement
     at $0.75 per unit
 
1,894,808
 
*
-
 
 
1,418
 
 
-
 
 
-
 
 
1,418
 
Cancellation of shares granted to service
     providers
 
(1,800,000)
 
*
-
 
 
 
 
 
-
 
 
-
 
 
-
 
Deferred stock-based compensation related
     to options granted to employees
 
-
 
 
-
 
 
5,979
 
 
(5,979)
 
 
-
 
 
-
 
Amortization of deferred stock-based
     compensation related to shares and
     options granted to employees
 
-
 
 
-
 
 
-
 
 
584
 
 
-
 
 
584
 
Compensation related to shares and
     options granted to service providers
 
2,025,000
 
*
-
 
 
17,506
 
 
-
 
 
-
 
 
17,506
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(18,840)
 
 
(18,840)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2005
 
20,867,808
 
$
1
 
$
25,101
 
$
(5,395)
 
$
(19,003)
 
$
704
 
 
* Represents an amount less than $1.
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
8

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)

 

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficit
 accumulated
 
Total
 
 
 
 
 
 
 
 
Additional
 
Deferred
 
during the
 
stockholders'
 
 
 
Common stock
 
paid-in
 
Stock - based
 
development
 
equity
 
 
 
Number
 
Amount
 
capital
 
compensation
 
stage
 
(deficiency)
 
Balance as of March 31, 2005
 
20,867,808
 
$
1
 
$
25,101
 
$
(5,395)
 
$
(19,003)
 
$
704
 
Stock issued on May 12, 2005 for private placement
    at $0.8 per share
 
186,875
 
*
-
 
 
149
 
 
-
 
 
-
 
 
149
 
Stock issued on July 27, 2005 for private placement
    at $0.6 per share
 
165,000
 
*
-
 
 
99
 
 
-
 
 
-
 
 
99
 
Stock issued on September 30, 2005 for private
    placement at $0.8 per share
 
312,500
 
*
-
 
 
225
 
 
-
 
 
-
 
 
225
 
Stock issued on December 7, 2005 for private
    placement at $0.8 per share
 
187,500
 
*
-
 
 
135
 
 
-
 
 
-
 
 
135
 
Forfeiture of options granted to employees
 
-
 
 
-
 
 
(3,363)
 
 
3,363
 
 
-
 
 
-
 
Deferred stock-based compensation related to shares
    and options granted to directors and employees
 
200,000
 
*
-
 
 
486
 
 
(486)
 
 
-
 
 
-
 
Amortization of deferred stock-based compensation
    related to options and shares granted to employees
    and directors
 
-
 
 
-
 
 
51
 
 
1,123
 
 
-
 
 
1,174
 
Stock-based compensation related to options and
    shares granted to service providers
 
934,904
 
*
-
 
 
662
 
 
-
 
 
-
 
 
662
 
Reclassification due to application of ASC 815-40-25
    (formerly EITF 00-19)
 
-
 
 
-
 
 
(7,906)
 
 
 
 
 
 
 
 
(7,906)
 
Beneficial conversion feature related to a convertible
    bridge loan
 
-
 
 
-
 
 
164
 
 
-
 
 
-
 
 
164
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(3,317)
 
 
(3,317)
 
Balance as of March 31, 2006
 
22,854,587
 
$
1
 
$
15,803
 
$
(1,395)
 
$
(22,320)
 
$
(7,911)
 
Elimination of deferred stock compensation due to
    implementation of ASC 718-10 (formerly SFAS
    123(R))
 
-
 
 
-
 
 
(1,395)
 
 
1,395
 
 
-
 
 
-
 
Stock-based compensation related to shares and
    options granted to directors and employees
 
200,000
 
*
-
 
 
1,168
 
 
-
 
 
-
 
 
1,168
 
Reclassification due to application of ASC 815-40-25
    (formerly EITF 00-19)
 
-
 
 
-
 
 
7,191
 
 
-
 
 
-
 
 
7,191
 
Stock-based compensation related to options and
    shares granted to service providers
 
1,147,225
 
 
-
 
 
453
 
 
-
 
 
-
 
 
453
 
Warrants issued to convertible note holder
 
-
 
 
-
 
 
11
 
 
-
 
 
-
 
 
11
 
Warrants issued to loan holder
 
-
 
 
-
 
 
110
 
 
-
 
 
-
 
 
110
 
Beneficial conversion feature related to convertible
    bridge loans
 
-
 
 
-
 
 
1,086
 
 
-
 
 
-
 
 
1,086
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(3,924)
 
 
(3,924)
 
Balance as of December 31, 2006
 
24,201,812
 
$
1
 
$
24,427
 
$
-
 
$
(26,244)
 
$
(1,816)
 
 
* Represents an amount less than $1. 
  The accompanying notes are an integral part of the consolidated financial statements.
 
 
9

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)

 

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficit
accumulated
 
Total
 
 
 
 
 
 
 
 
Additional
 
Deferred
 
during the
 
stockholders'
 
 
 
Common stock
 
paid-in
 
Stock - based
 
development
 
equity
 
 
 
Number
 
Capital
 
compensation
 
stage
 
stage
 
(deficiency)
 
Balance as of December 31, 2006
 
24,201,812
 
$
1
 
$
24,427
 
$
-
 
$
(26,244)
 
$
(1,816)
 
Stock-based compensation related to options and
    shares granted to service providers
 
544,095
 
 
 
 
 
1,446
 
 
-
 
 
-
 
 
1,446
 
Warrants issued to convertible note holder
 
-
 
 
-
 
 
109
 
 
-
 
 
-
 
 
109
 
Stock-based compensation related to shares and
    options granted to directors and employees
 
200,000
 
*
-
 
 
1,232
 
 
-
 
 
-
 
 
1,232
 
Beneficial conversion feature related to
    convertible loans
 
-
 
 
-
 
 
407
 
 
-
 
 
-
 
 
407
 
Conversion of convertible loans
 
725,881
 
*
-
 
 
224
 
 
-
 
 
-
 
 
224
 
Exercise of warrants
 
3,832,621
 
*
-
 
 
214
 
 
-
 
 
-
 
 
214
 
Stock issued for private placement at $0.1818 per
    unit, net of finder's fee
 
11,500,000
 
 
1
 
 
1,999
 
 
-
 
 
-
 
 
2,000
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(6,244)
 
 
(6,244)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2007
 
41,004,409
 
$
2
 
$
30,058
 
$
-
 
$
(32,488)
 
$
(2,428)
 
Stock-based compensation related to options and
    stock granted to service providers
 
90,000
 
 
-
 
 
33
 
 
-
 
 
-
 
 
33
 
Stock-based compensation related to stock and
    options granted to directors and employees
 
-
 
 
-
 
 
731
 
 
-
 
 
-
 
 
731
 
Conversion of convertible loans
 
3,644,610
 
*
-
 
 
1,276
 
 
-
 
 
-
 
 
1,276
 
Exercise of warrants
 
1,860,000
 
*
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Exercise of options
 
17,399
 
*
-
 
 
3
 
 
-
 
 
-
 
 
3
 
Stock issued for private placement at $0.1818 per
    unit, net of finder's fee
 
8,625,000
 
 
1
 
 
1,499
 
 
-
 
 
-
 
 
1,500
 
Subscription of shares for private placement at
    $0.1818 per unit
 
-
 
 
-
 
 
281
 
 
-
 
 
-
 
 
281
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(3,472)
 
 
(3,472)
 
Balance as of December 31, 2008
 
55,241,418
 
$
3
 
$
33,881
 
$
-
 
$
(35,960)
 
$
(2,076)
 
 
* Represents an amount less than $1.
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
10

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)

 

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
U.S. dollars in thousands
(Except share data)
 
 
 
Common stock
 
Additional
paid-in
 
Deferred
stock - based
 
Deficit
accumulated
during the
development
 
Total
stockholders'
equity
 
 
 
Number
 
 
Amount
 
capital
 
compensation
 
stage
 
(deficiency)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2008
 
55,241,418
 
$
3
 
$
33,881
 
$
-
 
$
(35,960)
 
$
(2,076)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation related to options and
    stock granted to service providers
 
5,284,284
 
*
 
 
 
775
 
 
-
 
 
-
 
 
775
 
Stock-based compensation related to stock and
    options granted to directors and employees
 
-
 
 
-
 
 
409
 
 
-
 
 
-
 
 
409
 
Conversion of convertible loans
 
2,500,000
 
*
 
 
 
200
 
 
-
 
 
-
 
 
200
 
Exercise of warrants
 
3,366,783
 
*
 
 
 
-
 
 
-
 
 
-
 
 
-
 
Stock issued for amendment of private placement
 
9,916,667
 
 
1
 
 
-
 
 
-
 
 
-
 
 
1
 
Subscription of shares
 
-
 
 
-
 
 
729
 
 
-
 
 
-
 
 
729
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
$
(1,781)
 
 
(1,781)
 
Balance as of December 31, 2009
 
76,309,152
 
$
4
 
$
35,994
 
$
-
 
$
(37,741)
 
$
(1,743)
 
 
* Represents an amount less than $1.
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
11

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)

 

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
accumulated
 
Total
 
 
 
Common stock
 
Additional
paid-in
 
Deferred
Stock - based
 
during the
development
 
stockholders'
equity
 
 
 
Number
 
Amount
 
capital
 
compensation
 
stage
 
(deficiency)
 
Balance as of December 31, 2009
 
76,309,152
 
$
4
 
$
35,994
 
$
-
 
$
(37,741)
 
$
(1,743)
 
Stock-based compensation related to options and
    stock granted to service providers
 
443,333
 
*
-
 
 
96
 
 
-
 
 
-
 
 
96
 
Stock-based compensation related to stock and
    options granted to directors and employees
 
466,667
 
*
-
 
 
388
 
 
-
 
 
-
 
 
388
 
Stock issued for amendment of private placement
 
7,250,000
 
 
1
 
 
1,750
 
 
-
 
 
-
 
 
1,751
 
Conversion of convertible note
 
402,385
 
*
-
 
 
135
 
 
-
 
 
-
 
 
135
 
Conversion of convertible loans
 
1,016,109
 
*
-
 
 
189
 
 
-
 
 
-
 
 
189
 
Issuance of shares
 
2,475,000
 
 
 
 
 
400
 
 
 
 
 
 
 
 
400
 
Exercise of options
 
1,540,885
 
*
-
 
 
77
 
 
-
 
 
-
 
 
77
 
Exercise of warrants
 
3,929,446
 
*
-
 
 
11
 
 
-
 
 
-
 
 
11
 
Subscription of shares for private placement
     at $0.12 per unit
 
 
 
 
-
 
 
455
 
 
-
 
 
-
 
 
455
 
Conversion of trade payable to stock
 
 
 
 
-
 
 
201
 
 
-
 
 
-
 
 
201
 
Issuance of shares on account of previously
     subscribed shares
 
2,000,001
 
*
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Net loss
 
 
 
 
 
 
 
 
 
 
 
 
 
(2,419)
 
 
(2,419)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2010
 
95,832,978
 
$
5
 
$
39,696
 
$
-
 
$
(40,160)
 
$
(459)
 
 
* Represents an amount less than $1.
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
12

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)

 

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
Total
 
 
 
Common stock
 
Additional
paid-in
 
Deferred
Stock - based
 
during the
development
 
stockholders'
equity
 
 
 
Number
 
Amount
 
capital
 
compensation
 
Stage
 
(deficiency)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2010
 
95,832,978
 
$
5
 
$
39,696
 
$
-
 
$
(40,160)
 
$
(459)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation related to options and
   stock granted to service providers
 
474,203
 
 
-
 
 
449
 
 
-
 
 
-
 
 
449
 
Stock-based compensation related to stock and
   options granted to directors and employees
 
2,025,040
 
 
-
 
 
1,135
 
 
-
 
 
-
 
 
1,135
 
Conversion of convertible note
 
755,594
 
 
-
 
 
140
 
 
-
 
 
-
 
 
140
 
Exercise of options
 
1,648,728
 
 
-
 
 
243
 
 
-
 
 
-
 
 
243
 
Exercise of warrants
 
1,046,834
 
 
-
 
 
272
 
 
-
 
 
-
 
 
272
 
Issuance of shares for private placement
 
14,160,933
 
 
1
 
 
3,601
 
 
-
 
 
-
 
 
3,602
 
Issuance of shares on account of previously
   subscribed shares
 
10,499,999
 
 
-
 
 
24
 
 
-
 
 
-
 
 
24
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(3,918)
 
 
(3,918)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2011
 
126,444,309
 
$
6
 
$
45,560
 
$
-
 
$
(44,078)
 
$
1,488
 
 
* Represents an amount less than $1.
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
13

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)

 

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
accumulated
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Deferred
 
during the
 
Total
 
 
 
Common stock
 
paid-in
 
Stock - based
 
development
 
stockholders'
 
 
 
Number
 
Amount
 
capital
 
compensation
 
stage
 
equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2011
 
126,444,309
 
$
6
 
$
45,560
 
$
-
 
$
(44,078)
 
$
1,488
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation related to options and stock granted to service providers
 
794,423
 
 
-
 
 
195
 
 
-
 
 
-
 
 
195
 
Stock-based compensation related to stock and options granted to directors and employees
 
885,000
 
 
-
 
 
560
 
 
-
 
 
-
 
 
560
 
Exercise of options
 
1,182,606
 
*
 
 
 
137
 
 
-
 
 
-
 
 
137
 
Exercise of warrants
 
959,729
 
*
 
 
 
9
 
 
-
 
 
-
 
 
9
 
Issuance of shares for private placement
 
19,818,968
 
 
1
 
 
5,022
 
 
 
 
 
-
 
 
5,023
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(3,430)
 
 
(3,430)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2012
 
150,085,035
 
$
7
 
$
51,483
 
$
-
 
$
(47,508)
 
$
3,982
 
 
* Represents an amount less than $1.
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
14

   
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)
 
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
accumulated
 
 
 
 
 
 
 
 
 
 
 
Additional
 
Deferred
 
during the
 
Total
 
 
 
Common stock
 
paid-in
 
Stock - based
 
development
 
stockholders'
 
 
 
Number
 
Amount
 
capital
 
compensation
 
stage
 
equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2012
 
150,085,035
 
$
7
 
$
51,483
 
$
-
 
$
(47,508)
 
$
3,982
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation related to options and stock granted to service providers
 
809,696
 
 
 
 
 
183
 
 
-
 
 
-
 
 
183
 
Stock-based compensation related to stock and options granted to directors and employees
 
760,000
 
 
 
 
 
439
 
 
-
 
 
-
 
 
439
 
Issuance of shares for public offering
 
23,529,411
 
 
1
 
 
3,325
 
 
-
 
 
-
 
 
3,326
 
Issuance of shares for private placement
 
833,334
 
 
-
 
 
250
 
 
-
 
 
-
 
 
250
 
Conversion of convertible loans
 
126,111
 
 
-
 
 
30
 
 
-
 
 
-
 
 
30
 
Exercise of options
 
100,000
 
 
-
 
 
7
 
 
-
 
 
-
 
 
7
 
Net loss
 
-
 
 
-
 
 
-
 
 
-
 
 
(3,682)
 
 
(3,682)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of September 30, 2013
 
176,243,587
 
 
8
 
 
55,717
 
 
-
 
 
(51,190)
 
 
4,535
 
 
* Represents an amount less than $1.
 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
15

 
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)

 

CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
(Except share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period from