Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 29

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 29
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 If funds are not available, we may be
required to delay, reduce the scope of, or eliminate research or development plans for, or commercialization efforts with respect to
our products. We may ultimately be forced to file for bankruptcy if no funds are available either through a financing or a strategic
partnership.

Until we can generate significant
revenues, if ever, we expect to satisfy our future cash needs through debt or equity financing. We cannot be certain that additional funding
will be available to us on acceptable terms, if at all. We believe that our current cash on hand and access to existing financial arrangements
will not be sufficient to fund our projected operating requirements for at least one year from the issuance of the financial statements
included elsewhere in this annual report. If funds are not available, we may be required to delay, reduce the scope of, or eliminate research
or development plans for, or commercialization efforts with respect to our products.

We have a limited operating history and
we have incurred significant operating losses since our inception, and anticipate that we will incur continued losses for the foreseeable
future.

We are an emerging biopharmaceutical company with a limited operating
history. To date, we have focused almost exclusively on developing product candidates using the active ingredient mazindol in proprietary
formulations. We have funded our operations to date primarily through proceeds from the private placement of common shares, convertible
instruments, related party credit facilities, shareholder loans, an initial public offering of common shares and Warrants, and drawdowns
from a standby equity distribution agreement. We have only a limited operating history upon which you can evaluate our business and prospects.
In addition, we have limited experience and have not yet demonstrated an ability to successfully overcome many of the risks and uncertainties
frequently encountered by companies in new and rapidly evolving fields, particularly in the pharmaceutical industry. To date, although
we received an upfront payment of approximately $2.5 million pursuant to the EF License Agreement (defined below) in 2019, we have not
generated revenue from the sale of our product candidates (see “ Item 5. Operating and Financial Review and Prospects - Components
of Operating Results - Licensing Agreement” for additional information). We have incurred losses in each year since our
inception. Our net loss attributable to holders of our common shares for the year ended December 31, 2024 was approximately $4.1 million
and for the year ended December 31, 2023 was approximately $12.2