Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 739

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 739
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 As mentioned, at the time of the report, the company is still in the pre -clinicalphase of the diabetes drug development process. According to the findings of the preclinical studies, the in -vivoproduction of human c -peptidewas demonstrated, which proves the function in the cells, as well as the release of c -peptideand insulin depending on the glucose levels blood (proof that the cells respond to changing glucose levels). An experiment in diabetic animals showed that the IsletRx cells could cure the disease in the model animals. As of the date of the report, the company continues to examine various options for providing optimal protection to the cells from the immune system, including a solution based on cooperation.

| Moore Financial Consulting |

Annex E-12

Kadimastem’s Financials Following are the Company’s audited balance sheets as of December 31 of the years 2019 – 2023 and the proforma balance as of 30.06.2024:

| USD 000’                                        |     | 31.12.2019 |   |     | 31.12.2020 |   |     | 31.12.2021 |   |     | 31.12.2022 |   |     | 31.12.2023 |   |     | 30.06.2024 |
|                                                 |     |    Audited |   |     |            |   |     |            |   |     |            |   |     |            |   |     |   Proforma |
| Current Assets                                  |     |            |   |     |            |   |     |            |   |     |            |   |     |            |   |     |            |
| Cash and Cash equivalents                       |     |         12 |   |     |      1,445 |   |     |      6,197 |   |     |      1,700 |   |     |      1,105 |   |     |      3,022 |
| Restricted Cash                                 |     |          — |   |     |          — |   |     |          — |   |     |          — |   |     |          — |   |     |        130 |
| Short-term receivables                          |     |        408 |   |     |        340 |   |     |        181 |   |     |        273 |   |