The present invention relates to a pharmaceutical composition for the prevention or treatment of neonatal hypoxic ischemic encephalopathy (HIE) comprising thrombin-treated stem cells or an exosome derived therefrom as an active ingredient, and a method for producing the same . According to the present invention, thrombin-treated stem cells or exosomes derived therefrom have an increased expression of growth factors, immunomodulatory factors, antioxidant factors or regenerative factors as well as nerve cell death suppression effects (HIE) of neonatal hypoxic ischemic encephalopathy (HIE).
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