Cell Source, Inc.
CLCS evidence brief
What we can confirm
- BioSniper Score:
- 2.6 / 10
- Market Cap:
- $35.3M
- Lead Asset:
- Veto Cell (Phase 1)
What it means
What to watch
Prepared research question
What matters most for CLCS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CLCS
Cell Source, Inc. is a clinical-stage biotechnology company developing Veto Cell technology to enable haploidentical hematopoietic stem cell transplantation without severe graft-versus-host disease, with an ongoing Phase 1/2 trial at MD Anderson Cancer Center.
Key risk: Going concern risk
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$35.3M
Cash Runway
—
Lead Asset
Veto Cell (Phase 1)
Next Catalyst
—
Financial data as of Mar 31, 2025.
Tracking 1 pipeline candidate for Cell Source, Inc..
Cell Source, Inc. is a clinical-stage biotechnology company developing Veto Cell technology to enable haploidentical hematopoietic stem cell transplantation without severe graft-versus-host disease, with an ongoing Phase 1/2 trial at MD Anderson Cancer Center.
- Cell Source's Veto Cell technology is designed to overcome immune rejection from NK cells and T-cells, potentially enabling off-the-shelf CAR-T cell therapy [sec_mda · as of 2026-05-14].
- A Phase 1/2 clinical trial at MD Anderson Cancer Center using Anti-viral Veto Cells has completed five treatment cohorts with 15 patients each, showing no toxicity, successful stem cell engraftment, and absence of severe GvHD [sec_mda · as of 2026-05-14].
- Preclinical data confirmed that Veto Cells can extend persistence of genetically modified T cells and that genetically modified Veto Cells exhibit anti-tumor activity in vitro without losing veto activity [sec_mda · as of 2026-04-07].
- As of 2025-03-31, the company reported a net loss of $1.5M and negative shareholders' equity of $20.1M [sec].
- The company has raised capital through private placements of Series B Convertible Preferred Stock and warrants, with recent offerings including warrants exercisable at $0.40 per share [sec_mda · as of 2026-04-07].
What works
- Veto Cells have shown no toxicity and successful engraftment without severe GvHD in a Phase 1/2 trial, supporting their potential as a safer alternative for haploidentical HSCT [sec_mda · as of 2026-05-14].
- Preclinical collaboration with CAR-T inventor Professor Zelig Eshhar demonstrated that Veto Cells can enhance CAR-T cell persistence and exhibit anti-tumor activity, broadening their application [sec_mda · as of 2026-04-07].
- The company's technology addresses a key limitation in allogeneic cell therapy—immune rejection—by inhibiting both NK and T-cell responses [sec_mda · as of 2026-05-14].
What to weigh
- The company has negative shareholders' equity of $20.1M as of 2025-03-31, indicating a weak financial position [sec].
- As of July 2024, notes payable with principal amounts totaling $5,643,000 and $1,956,000 were past due, and the company expressed substantial doubt about its ability to continue as a going concern [sec_mda · as of 2024-07-29].
- The company relies on month-to-month funding and has no assurance of raising additional capital, which could force discontinuation of operations [sec_mda · as of 2024-08-19].
- The clinical trial is still in dose optimization with limited patient numbers (15 patients across five cohorts), and no efficacy data beyond engraftment have been reported [sec_mda · as of 2026-05-14].
From the filings
Quoted directly from source documents.
Veto Cells can overcome rejection from NK cells and T-cells
“Recent preclinical research has determined that Veto Cells can overcome rejection from both NK (natural killer) cells and T-cells, further enhancing their potential efficacy when used for off-the-shelf CAR-T cell therapy.”
SEC MD&A · May 14, 2026
Phase 1/2 trial shows no toxicity and successful engraftment without severe GvHD
“This trial has thus far shown that there has been no toxicity associated with the Veto Cells, with patients consistently showing successful stem cell engraftment, in the absence of severe GvHD.”
SEC MD&A · May 14, 2026
Substantial doubt about going concern due to past due notes and operating losses
“These conditions raise substantial doubt about our ability to continue as a going concern for at least one year from the date these financial statements are issued.”
SEC MD&A · July 29, 2024
Risks & what to watch (4)›
Key risks
- Going concern risk — Past due notes and operating losses raise substantial doubt about ability to continue as a going concern [sec_mda · as of 2024-07-29].
- Dependence on additional financing — Company funds operations month-to-month and may need to curtail activities if unable to raise capital [sec_mda · as of 2024-08-19].
- Early-stage clinical data — Only 15 patients treated in dose-finding trial; no efficacy data beyond engraftment reported [sec_mda · as of 2026-05-14].
- Negative shareholders' equity — Shareholders' equity of -$20.1M as of 2025-03-31 indicates financial distress [sec].
What to watch
- Completion of dose optimization and initiation of additional cohorts in the Phase 1/2 trial at MD Anderson [sec_mda · as of 2026-05-14].
- Ability to raise additional capital through debt or equity financings to fund ongoing operations [sec_mda · as of 2024-08-19].
- Presentation of updated clinical data, including engraftment and GvHD outcomes from higher dose cohorts [sec_mda · as of 2026-05-14].
- Progress in preclinical development of Veto Cells for off-the-shelf CAR-T therapy [sec_mda · as of 2026-04-07].
Sources: Competitor trials · SEC MD&A · Generated September 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
OCF -$600K · Net income -$1M
Lead: Phase 1
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Frequently asked questions
What is the AI investment thesis for Cell Source, Inc.?
Cell Source, Inc. is a clinical-stage biotechnology company developing Veto Cell technology to enable haploidentical hematopoietic stem cell transplantation without severe graft-versus-host disease, with an ongoing Phase 1/2 trial at MD Anderson Cancer Center.
What is Cell Source, Inc.'s lead drug candidate?
Cell Source, Inc.'s most advanced tracked candidate is Veto Cell (Phase 1) for Allogeneic hematopoietic stem cell transplantation (HSCT).
Who is the CEO of Cell Source, Inc.?
Mr. Itamar Shimrat is the chief executive officer of Cell Source, Inc. (CLCS).
Where is Cell Source, Inc. headquartered?
Cell Source, Inc. (CLCS) is headquartered in New York, NY, United States.
What therapeutic areas does Cell Source, Inc. focus on?
Cell Source, Inc. develops therapies across Oncology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.