Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 767

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 767
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 |     |   (670 | ) |     | (5,680 | ) |
| Cash and cash equivalents at the beginning of the year                                |     |                   1,146 |   |     |  1,816 |   |     |  7,490 |   |
| Cash and cash equivalents at the end of the year                                      |     |                     650 |   |     |  1,146 |   |     |  1,810 |   |
| Material non-cash transactions                                                        |     |                         |   |     |        |   |     |        |   |
| Right-of-use asset recognized with corresponding lease liability                      |     |                       — |   |     |      — |   |     |    842 |   |

The attached Notes constitute an integral part of the financial statements.

Annex G-7 KADIMASTEM LTD.
NOTES TO FINANCIAL STATEMENTS Note 1: — General A. General description of the company and its activity: Kadimastem Ltd. (hereinafter, the “Company”) was incorporated in Israel on October 6, 2008, and began its business activities on August 27, 2009. On June 6, 2013, the Company completed a public offering of its shares on the Tel Aviv Stock Exchange (“TASE”). The Company’s offices are located in Ness Ziona, Israel. The Company is engaged in the development of drugs for the treatment of terminal muscular dystrophy (also known as ALS) and diabetes in the field of regenerative medicine. B.As of December 31, 2024, the Company’s capital deficiency, accumulated deficit, and negative working capital amounted to USD $7,996 thousand, USD $76,530 thousand, and USD $8,119 thousand, respectively. Additionally, for the year ended December 31, 2024, the Company incurred a loss of USD $7,178 thousand and had negative cash flows from operating activities amounting to USD $705 thousand. The Company’s ability to continue its operations depends on raising resources to finance its operations. The Company is involved in raising funds by arranging private placements to investors in Israel and abroad, raising funds on the TASE, and issuing rights to its current shareholders. At present, there is no certainty as to the Company’s ability to generate income or raise additional capital in the future, if at all. These factors raise substantial doubt regarding the Company’s ability to continue as a going