Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 195

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 195
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 NLS’s ability to respond to unforeseen challenges and competitive pressures in a timely manner. The future financial results of NLS will suffer if NLS does not effectively manage its assets or deploy its available capital following the Merger. Following the Merger, NLS intends to focus on developing and manufacturing “off -the-shelf”, allogeneic, proprietary cell products. Future financial results of NLS will suffer if NLS does not effectively manage this shift in business focus. If NLS is unable to obtain capital necessary to maintain and increase its assets, and the assets of NLS, NLS could be required to reduce or suspend its operations or dispose of assets at inopportune time or price, which could negatively affect NLS’s financial condition, results of operations and ability to pay or sustain dividends to NLS’s shareholders. NLS and Kadimastem have each had a history of net losses, and NLS expects to continue to incur losses for the foreseeable future, including following the Merger. If NLS ever achieves profitability, it may not be able to sustain it. Each of NLS and Kadimastem have incurred losses since its respective inception and expects to continue to incur losses for the foreseeable future, including, with respect to NLS, following the Merger. NLS’s net loss attributable to holders of our NLS Common Shares for the years ended December 31, 2024 and 2023, respectively was approximately $4.1million and $12.2 million. As of December 31, 2024 and December31, 2023, NLS had an accumulated deficit of approximately $74.4million and $70.4 million, respectively, and total equity of $1.4million and $(8.8) million. Substantially all of our operating losses resulted from costs incurred in connection with our clinical development program and from general and administrative costs associated with our operations. Kadimastem reported net losses of approximately $7.2million, $3.3 million and $6.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, Kadimastem had a total equity of approximately $(8.0) million and $(1.2) million, respectively, and accumulated deficit of approximately $(76.5) million and $(69.3) million, respectively. NLS expects to incur net losses from continuing