Brainstorm Cell Therapeutics Inc. (BCLI) Cash Flow Statement
Where BCLI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$7.0M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$7.0M −992.2% margin
- Returned to shareholders
- —
- Change in cash
- −$95,000 cash at year-end $276,000
Cash from operations
−$7.0M
Net borrowing (repayment)
+$582,000
Shares issued
+$4.3M
Other financing
+$2.0M
Change in cash
−$95,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
BCLI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BCLI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$5.9M2016 | −$7.0M2025 | — | |
| Capital expenditures | $103,0002016 | $02025 | −100.0% | |
| Free cash flow | −$6.0M2016 | −$7.0M2025 | — | |
| Free cash flow margin | −1,071.0%2024 | −992.2%2025 | +78.8 pts | |
| Stock-based compensation | $635,0002016 | $1.5M2025 | +10.2%/yr | |
| Dividends paid | $02016 | $02017 | — | |
| Share buybacks (net) | $02016 | $02021 | — | |
| Capex / revenue | 0.0%2024 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BCLI cash flow by activity
OperatingInvestingFinancingChange in cash
BCLI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BCLI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$10.3M | −$11.6M | −$17.2M | −$24.3M | −$24.5M | −$31.8M | −$23.3M | −$13.9M | −$5.0M | −$5.0M |
| Depreciation & amortization | $199,000 | $240,000 | $265,000 | $285,000 | $260,000 | $219,000 | $164,000 | $110,000 | $85,000 | $77,000 |
| Stock-based compensation | $1.5M | $750,000 | $1.5M | $1.7M | $1.4M | $2.6M | $789,000 | $917,000 | $554,000 | $635,000 |
| Change in working capital | $1.8M | $1.7M | −$496,000 | $3.0M | −$3.4M | −$6.2M | $11.1M | $431,000 | $1.9M | −$1.7M |
| Other non-cash items | −$179,000 | −$147,000 | −$4.5M | $0 | $0 | $0 | $0 | $102,000 | $62,000 | $121,000 |
| Cash from operating activities | −$7.0M | −$9.1M | −$20.5M | −$19.3M | −$26.3M | −$35.2M | −$11.2M | −$12.4M | −$2.4M | −$5.9M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$18,000 | −$29,000 | −$330,000 | −$378,000 | −$473,000 | −$369,000 | −$180,000 | −$103,000 |
| Investments (net) | $0 | $12,000 | $3.0M | $998,000 | $653,000 | −$4.1M | $6.1M | −$849,000 | $4.2M | $6.1M |
| Acquisitions & other investing | — | $0 | −$824,000 | $29,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from investing activities | — | $12,000 | $2.2M | $998,000 | $323,000 | −$4.5M | $5.6M | −$1.2M | $4.0M | $6.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | $5,000 | −$116,000 | $3.2M | $12.1M | $314,000 | $0 |
| Net borrowing (repayment) | $582,000 | $0 | — | — | — | — | — | — | — | — |
| Shares issued | $4.3M | $8.0M | $15.9M | $238,000 | $7.0M | $60.7M | $2.1M | $0 | $0 | $0 |
| Other financing | $2.0M | $0 | $3.1M | $0 | $0 | $16.3M | $0 | $0 | $0 | $0 |
| Cash from financing activities | $6.9M | $8.0M | $19.0M | $238,000 | $7.0M | $76.9M | $5.2M | $12.1M | $314,000 | $0 |
| Summary | ||||||||||
| Net change in cash | −$95,000 | −$1.1M | $713,000 | −$18.1M | −$19.0M | $37.3M | −$406,000 | −$1.5M | $1.9M | $119,000 |
| Cash at end of period | $276,000 | $371,000 | $1.5M | $772,000 | $18.9M | $37.8M | $536,000 | $942,000 | $2.5M | $547,000 |
| Free cash flow | −$7.0M | −$9.1M | −$20.5M | −$19.3M | −$26.6M | −$35.6M | −$11.7M | −$12.8M | −$2.5M | −$6.0M |
| Free cash flow margin | −992.2% | −1,071.0% | — | — | — | — | — | — | — | — |
| Capex / revenue | 0.0% | 0.0% | — | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$3.9M | −$2.1M | −$2.4M | −$2.1M | −$2.9M | −$2.9M | −$3.0M | −$2.7M | −$2.5M | −$3.4M | −$5.6M | −$1.2M |
| Depreciation & amortization | $46,000 | $37,000 | $48,000 | $48,000 | $51,000 | $52,000 | $53,000 | $59,000 | $64,000 | $64,000 | $66,000 | $65,000 |
| Stock-based compensation | $2.2M | $133,000 | $143,000 | $157,000 | $503,000 | $717,000 | $208,000 | $178,000 | $194,000 | $170,000 | −$50,000 | $548,000 |
| Change in working capital | $670,000 | $637,000 | $1.5M | $799,000 | −$1.2M | $643,000 | $1.9M | −$434,000 | $1.0M | $107,000 | $41,000 | −$1.0M |
| Other non-cash items | $0 | $0 | $0 | $0 | $0 | −$179,000 | −$282,000 | −$394,000 | −$411,000 | −$3,000 | $2.2M | −$4.8M |
| Cash from operating activities | −$895,000 | −$1.3M | −$740,000 | −$1.1M | −$3.5M | −$1.6M | −$1.0M | −$3.3M | −$1.7M | −$3.1M | −$3.3M | −$6.4M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$1.7M | $0 | −$1.7M | −$18,000 | $0 | −$18,000 |
| Investments (net) | — | — | — | — | — | — | $12,000 | $0 | $0 | $0 | $196,000 | −$12,000 |
| Acquisitions & other investing | — | — | — | — | — | — | $1.7M | — | — | $214,000 | — | $18,000 |
| Cash from investing activities | — | — | — | — | — | — | $12,000 | — | — | $196,000 | — | −$12,000 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | −$125,000 | $280,000 | $781,000 | $0 | −$1.1M | $900,000 | — | $0 | — | — | — | — |
| Shares issued | $1.0M | $970,000 | $0 | $313,000 | $3.4M | $685,000 | $1.1M | $0 | $4.4M | $2.5M | $3.4M | $7.1M |
| Other financing | $0 | $0 | −$1,000 | $0 | $450,000 | $1.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from financing activities | $898,000 | $1.2M | $780,000 | $313,000 | $2.7M | $3.1M | $1.1M | $0 | $4.4M | $2.5M | $3.4M | $7.1M |
| Summary | ||||||||||||
| Net change in cash | $3,000 | −$70,000 | $40,000 | −$789,000 | −$801,000 | $1.5M | $19,000 | −$3.3M | $2.7M | −$524,000 | $263,000 | $676,000 |
| Cash at end of period | $209,000 | $206,000 | $276,000 | $236,000 | $1.0M | $1.8M | $187,000 | $349,000 | $3.6M | $961,000 | $1.2M | $1.2M |
| Free cash flow | −$895,000 | −$1.3M | −$740,000 | −$1.1M | −$3.5M | −$1.6M | −$1.0M | −$3.3M | −$1.7M | −$3.1M | −$3.3M | −$6.4M |
| Free cash flow margin | — | −741.6% | −105.3% | — | — | — | −123.4% | — | −461.1% | −893.0% | — | — |
| Capex / revenue | — | 0.0% | 0.0% | — | — | — | 198.2% | — | 461.1% | 5.2% | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BCLI cash generation
In fiscal 2025 (ended December 31, 2025), Brainstorm Cell Therapeutics generated -$7.0 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$7.0 million, −992.2% of revenue. Cash and equivalents fell by $0.1 million over the year.
Related: BCLI income statement, BCLI balance sheet. See the BCLI stock overview for the latest quote and news.
BCLI cash flow FAQ
What is Brainstorm Cell Therapeutics's free cash flow?
Brainstorm Cell Therapeutics's free cash flow was -$7.0 million in fiscal 2025: -$7.0 million of operating cash flow minus $0 of capital expenditures It was -$9.1 million a year earlier..
How much cash does Brainstorm Cell Therapeutics generate from operations?
Brainstorm Cell Therapeutics generated -$7.0 million of cash from operating activities in fiscal 2025.