Company: NCEL
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086600
Chunk: 742

Company: NewcelX Ltd.
Filing Date: 2025-09-10
Form: 424B3
Chunk 742
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 The results are as follows: Sensitivity to market penetration: We analyzed the change in Company value if the market penetration parameter is up and down 10% (e.g. if market penetration parameter was originally set to 20% then we checked the Company value for this parameter’s values of 18% and 22%):

| Market penetration |     |    -10 | % |     |      0 | % |     |     10 | % |
| Company value      |     | 63,432 |   |     | 71,156 |   |     | 78,800 |   |

Sensitivity to Royalty rates: We analyzed the change in Company value if the royalty rates parameters are up and down 2% (e.g. if royalty rate parameter was originally set to 10% then we checked the Company value for this parameter’s values of 8% and 12%):

| Royalty rates |     |     -2 | % |     |      0 | % |     |      2 | % |
| Company value |     | 54,036 |   |     | 71,156 |   |     | 88,276 |   |

Based on the above DCF and the sensitivity analysis, the value of Kadimastem’s lies between $54 million and $88 million.

| Moore Financial Consulting |

Annex E-28

Appendix — Discount Rate Kadimastem’s forecasted cash flows were discounted using a Weighted Average Cost of Capital (WACC) of 19% calculated using the following formula and parameters:

| Parameter                        |     | Symbol  |     | Value |   |     | Source                                                                      |     | Comments |
| Debt (%)                         |     | D/(D+E) |     |  12.1 | % |     | Average of Damodaran (Biotechnology & Pharma Industries) & Peer group       |     |        1 |
| Equity (%)                       |     | E/(D+E) |     |  87.9 | % |     |                                                                             |     |          |
| Cost of debt                     |     | Kd      |     |  6.57 | % |     | Damodaran (Average cost of debt of the Biotechnology and Pharma industries) |     |        2 |
| Tax                              |     | 1-t     |     | 77.00 | % |     | Israeli Income Tax Rate                                                     |     |          |
| Risk free