Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 466

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 466
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423 and $6,764,864, respectively. During the fiscal years ended December31, 2024, December31, 2023 and December31, 2022, Kadimastem had negative cash flows from operations in the amount of $705,483, $2,995,813 and $5,960,198, respectively. As of December31, 2024, Kadimastem’s accumulated deficit was $76,529,697, compared to an accumulated deficit of $69,345,362 as of December31, 2023. Between 2021 to 2024, Kadimastem raised approximately $17.3million in equity for the issuance of 2,150,844 Kadimastem Ordinary Shares. In the same time period, Kadimastem received grants from the BIRD Foundation, the IIA and the Australian Innovation Authority totaling $2.65million. Kadimastem monitors its cash flow projections on a current basis and take active measures to obtain the funding it requires to continue Kadimastem’s operations. However, these cash flow projections are subject to various uncertainties concerning their fulfilment. If Kadimastem is not successful in generating sufficient cash flow or completing additional financing, including debt refinancing which shall release restricted cash, then Kadimastem will need to execute a new cost reduction plan in addition to previous cost reduction plans that were executed so far. Kadimastem’s transition to profitable operations is dependent on generating a level of revenue adequate to support Kadimastem’s cost structure. Kadimastem expects to fund operations using cash on hand, through operational cash flows and raising additional proceeds. There are no assurances, however, that Kadimastem will be able to generate the revenue necessary to support Kadimastem’s cost structure or that Kadimastem will be successful in obtaining the level of financing necessary for Kadimastem’s operations. Management has evaluated the significance of these conditions and has determined that Kadimastem does not have sufficient resources to meet Kadimastem’s operating obligations for at least one year from December31, 2024. These conditions raise substantial doubt as to Kadimastem’s ability to continue as a going concern. Kadimastem’s financial statements dated as of December31, 2024 have been prepared assuming that Kadimastem will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. 249 Kadimastem’s