BioRestorative Therapies is developing BRTX-100, a stem cell therapy injected into spinal discs for chronic lower back pain; it is not approved.
BioRestorative's case rests on BRTX-100, the patient's own bone-marrow stem cells injected into a damaged disc, now in an FDA-authorized Phase 2 trial for chronic lower back pain. The company is in distress. It did not file its second-quarter 10-Q and dismissed its auditor while its audit committee investigates. It suspended its cosmetic product lines and took a $1 million loan that let the lender name directors. Cash was $3.1 million at March 31.
Thesis checklist
2 risks need attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: BioRestorative files its overdue 10-Q and stays listed
Does BioRestorative file its overdue 10-Q and keep its Nasdaq listing?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
Select an event marker to read the update below. Marker colors show Thesis status.
BioRestorative missed a filing and dismissed its auditor as cash runs low
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.
Competitive landscape
10 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.