Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 223

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 223
---
 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 Hadasit Medical Research Services and Development Ltd., a wholly-owned subsidiary of Hadassah Medical Organization,
or Hadasit, and Dr. Marc Gotkine, or the Investigator, to evaluate the safety, tolerability, and therapeutic effects of transplanting
allogeneic astrocytes derived from human embryonic stem cells in patients with ALS, or the Clinical Trial. As consideration for the Clinical
Trial, Kadimastem will pay Hadasit a start-up, nonrefundable fee of $3,000 and an advance of $60,000, which will be deducted from the
final monthly payment. Additional monthly payments will be based on the actual visits, tests, and procedures performed each quarter. Kadimastem
is also responsible for any Hadassah Ethical Committee IRB fees. The agreement shall terminate upon completion of the Clinical Trial.
Either party may terminate the agreement if any party files a petition for its winding up, liquidation, or the appointment of a receiver
over a substantial portion of its assets. Kadimastem may terminate the agreement for any reason by providing a sixty days’
notice, and Hadasit may terminate the agreement if regulatory approvals for the Clinical Trial are revoked. Upon termination, Kadimastem
will pay Hadasit for work performed and any non-cancelable commitments incurred up to the termination date, and Hadasit must return any
unexpended funds. Termination does not affect Kadimastem’s intellectual property rights. As of the date of this annual report, $2,113,661
have been paid by Kadimastem to Hadasit under this agreement.

Intellectual Property

Kadimastem seeks