Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 424

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 424
---
 with the amounts to be repaid each year subject to certain maximum limits on the amount of gross sales to be repaid each year. Under the iTolerance Co -DevelopmentAgreement, the governments of Israel and the United States were granted a non -exclusive, irrevocable, royalty -freelicense to use any product for any purpose. The BIRD Foundation has the right to revoke the Foundation Grant upon the occurrence, among other events, a fundamental breach of the agreement, insolvency, change in business, dispute between, or material advance change in financial position of either Kadimastem or iTolerance. 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. Israel Innovation Authority Grant Framework Under a general framework agreement with the IIA, Kadimastem received approximately $13.9 million in grants, or the Grant, from the IIA under Incentive Track No. 1 — The R&D Fund, or the Fund, under which it agreed to pay royalties ranging from 3% – 3.5% on sales derived from products developed with grant funding received from the Fund, as long as total sales are under $70 million, or 5% of such sales if they exceed $70 million, until the total Grant is repaid (subject to inflation and LIBOR interest). The IIA retains the right to terminate the Grant and demand repayment of all benefits if it deems the project’s likelihood of success are too low, unless Kadimastem demonstrates diligent efforts to advance the Grant’s objectives. Any sale or transfer of intellectual property outside of Israel requires approval from the IIA. All products developed by Kadimastem developed as a result of the Grant program remain subject to royalties on revenues, including related services and revenues of affiliates or licensees, and any amounts collected by the IIA under these provisions are reinvested to promote further technological innovation in Israel. Clinical Trial Agreement with Hadasit Medical Research Services and Development Ltd. On March 2018, Kadimastem entered into a clinical trial agreement with Hadas