Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 75

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 75
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 to finance its current growth plans, take advantage of business opportunities, or respond to competitive
pressures, any of which could harm its business.

Following the Merger, NLS may be unable
to integrate successfully and realize the anticipated benefits of the Merger.

The Merger involves the combination
of two companies which currently operate as independent companies. NLS may fail to realize some or all of the anticipated benefits of
the Merger if the integration process takes longer than expected or is more costly than expected.

Potential difficulties NLS
may encounter in the integration process include the following:

  the inability to successfully combine the businesses of NLS                                                                             

  creation of uniform standards, controls, procedures, policies  

  potential unknown liabilities and unforeseen increased expenses,  
  delays or regulatory conditions associated with the Merger.       
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In addition, NLS and Kadimastem
have operated and, until the completion of the Merger, will continue to operate, independently. It is possible that the integration process
also could result in the diversion of each company’s management’s attention, the disruption or interruption of, or the loss
of momentum in, each company’s ongoing businesses or inconsistencies in standards, controls, procedures and policies, any of which
could adversely affect NLS’s ability to maintain its business relationships or the ability to achieve the anticipated benefits of
the Merger, or could otherwise adversely affect the business and financial results of NLS.

Following the Merger, NLS’s business
strategy will depend heavily on advancing and commercializing its pipeline products. However, NLS’s research and development efforts
are subject to substantial risk, as drug development requires significant investment and faces inherent uncertainties.

Clinical trials may fail or
be delayed, regulatory approvals are uncertain, and even if NLS does obtain required regulatory approvals, commercial success is not guaranteed.
These risks could increase NLS’s post-Merger costs, delay potential revenues, and impact NLS’s ability to meet financial targets.
Any setbacks in research and development could materially reduce the anticipated benefits of the Merger and impact NLS’s financial
position and future growth potential. Furthermore, intensified research and development efforts may divert resources from other strategic
initiatives, limiting NLS’s ability to respond to unforeseen challenges and competitive pressures in a timely manner.

The future financial results of NLS will
suffer if NLS does not effectively manage its assets or deploy its available capital following the Merger.

Following the