Company: NCEL
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086600
Chunk: 147

Company: NewcelX Ltd.
Filing Date: 2025-09-10
Form: 424B3
Chunk 147
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 research or development plans for, or commercialization efforts with respect to its products. NLS may ultimately be forced to file for bankruptcy if no funds are available either through a financing or a strategic partnership. Until NLS can generate significant revenues, if ever, NLS expects to satisfy its future cash needs through debt or equity financing. NLS cannot be certain that additional funding will be available to it on acceptable terms, if at all. NLS believes that its current cash on hand and access to existing financial arrangements will not be sufficient to fund its projected operating requirements for at least one year from the issuance of the financial statements included elsewhere in this proxy statement/prospectus. If funds are not available, NLS may be required to delay, reduce the scope of, or eliminate research or development plans for, or commercialization efforts with respect to its products. 40 NLS has a limited operating history, has incurred significant operating losses since its inception, and anticipates that it will incur continued losses for the foreseeable future. NLS is an emerging biopharmaceutical company with a limited operating history. To date, NLS has focused almost exclusively on developing product candidates using the active ingredient mazindol in proprietary formulations. NLS has funded its operations to date primarily through proceeds from the private placement of NLS Common Shares, convertible instruments, related party credit facilities, shareholder loans, an initial public offering of NLS Common Shares and Warrants, and drawdowns from a standby equity distribution agreement. NLS has only a limited operating history upon which you can evaluate its business and prospects. In addition, NLS has limited experience and has 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 NLS received an upfront payment of approximately $2.5 million pursuant to the EF License Agreement (defined below) in 2019, NLS has not generated revenue from the sale of its product candidates (see “ Item 5. Operating and Financial Review and Prospects — Components of Operating Results — Licensing Agreement” for additional information). NLS has incurred losses in each year since its inception. Its net loss attributable to holders of its NLS 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 million. As of December 31, 2024, NLS had an accumulated deficit