Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 582

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 582
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 (rounded to $71 million) Sensitivity analysis We performed a sensitivity analysis for the value of the company in relation to two parameters, market penetration and royalty rates. The two parameters sensitivity analysis was performed individually for each of the parameters (meaning that the analysis was performed for the market penetration without changes to the royalty rates, and vice versa). 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      |     |