Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 579

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 579
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000 |
| IsletRx |     | Diabetes   |     |   3,000 |     |   15,000 |

| Moore Financial Consulting |

Annex E-24

| AstroRx |     |     Sum 
 ($000’) |     | Period                           |
| R&D     |     |   3,000 |     | Untill Phase II                  |
| G&A     |     |   1,500 |     | Untill end of Phase II           |
| G&A     |     |   1,000 |     | Untill end of Phase III (Annual) |
| G&A     |     |   1,000 |     | After Phase III (Annual)         |

| IsletRx |     |     Sum 
 ($000’) |     | Period                               |
| R&D     |     |   2,000 |     | Until Phase I Start                  |
| R&D     |     |   3,000 |     | Until Phase II (From end of Phase I) |
| G&A     |     |   1,500 |     | Until end of Phase I (Annual)        |
| G&A     |     |   1,500 |     | Until end of Phase II (Annual)       |
| G&A     |     |   1,000 |     | Until end of Phase III (Annual)      |

Clinical Trials Success Rates As mentioned, Kadimastem’s valuation was performed under the income approach, using the Risk -Adjusted Net Present Value (rNPV)method. This method enhances standard DCF analysis by adjusting cash flow projections for the probability of success, i.e., adjusting for the probability of successfully advancing through clinical trials and regulatory approval. The rates used in the current valuation are based upon research performed and published by the Biotechnology Innovation Organization (BIO) 5. The description of this research, in BIO own words “ A total of 12,728 clinical and regulatory phase transitions were recorded and analyzed from 9,704 development programs over the last decade (2011 – 2020), across 1,779 companies. Phase transitions occur when a drug candidate advances into the next phase of development or is suspended by the sponsor. By calculating the number of programs progressing to the next phase vs the total number progressing and suspended, we assessed the success rate at each of the four phases of development: Phase I, II, III, and regulatory filing. Having phase -by-phase data in