Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 472

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 472
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 a date close to the Closing Date, if and when completed, at the market price as that time (calculated as the average share price of the 14 trading days prior to the conversion date); or (ii) alternatively, if Kadimastem conducts an equity financing round in proximity to the completion of the Merger, any other equity financing. On July16, 2025, the BIRD Foundation has approved another milestone -basedfunding under the iTolerance Co -DevelopmentAgreement. The milestone payment is based on the significant progress demonstrated by the companies in the co -developmentof iTOL -102. The milestone payment approved by the BIRD Foundation amounts to approximately NIS 564,400 (approximately $166,000 USD), bringing the total support from the BIRD Foundation to nearly NIS 3million (approximately $833,000 USD) to date. Critical Account Estimates The valuation of financial instruments, including the convertible loan components and options, depends on assumptions such as market volatility, interest rates, and discount rates, all of which are sensitive to market fluctuations. Deferred taxes require projections of future taxable income, influenced by economic conditions and Kadimastem’s ability to generate profits. Similarly, the recoverability of intangible assets, such as goodwill, relies on future cash flow projections and discount rates, which are impacted by regulatory approvals and market conditions. Kadimastem’s going 252 concern assumption also faces uncertainty, because it depends on securing additional funding and increasing revenues to address operational deficits. Interest rates play a critical role in these estimates, as they influence borrowing costs and the valuation of financial assets and liabilities. The accounting for expected R&D grants involves assumptions about the timing and amount of receipts, which can be uncertain due to regulatory processes and associated conditions. Quantitative and Qualitative Disclosure About Market Risk Kadimastem is exposed to market risks in the ordinary course of Kadimastem’s business. Market risk represents the risk of loss that may impact Kadimastem’s financial position, results of operations or cash flows due to adverse changes in financial market prices and rates, including interest rates and foreign exchange rates, of financial instruments. Interest Rate Risk Following the date of this registration statement, Kadimastem does not anticipate undertaking any significant long -termborrowings. At present, Kadimastem’s investments consist primarily of cash and cash equivalents and financial assets at fair value. Following the date of this proxy statement/prospectus, Kadimastem may invest in investment -grademarketable securities with