Company: NCEL
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086600
Chunk: 456

Company: NewcelX Ltd.
Filing Date: 2025-09-10
Form: 424B3
Chunk 456
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 the expenses in connection with the Merger with NLS. No such expenses for the year ended December31, 2023, as there were no Merger expenses in 2023. Operating Loss Operating loss for the year ended December31, 2024, was $2,054,328, representing a decrease of $937,746 compared to $2,992,074 for the year ended December31, 2023. The decrease was primarily due to the decrease in research and development expenses, sales and marketing expenses, and general and administrative expenses. Financial expenses net Finance expenses, net for the year ended December31, 2024, were $5,131,136, representing an increase of $4,814,312, compared to $316,824 for the year ended December31, 2023. The increase was primarily due to the non cash revaluation of derivative loans from related parties and non -cashfinancing expenses of lease liabilities. Net Loss The net loss for the year ended December31, 2024, was $7,178,333, representing an increase of $3,923,910 compared to a net loss of $3,254,423 for the year ended December31, 2023. The increase is primarily due to increase in non -cashrevaluation of derivative loans from related parties offset by decrease in General and Administrative Expenses and Research and Development Expenses as part of the efficiency program as described above. Comparison of the Years Ended December 31, 2023 and 2022 Revenues Kadimastem had no revenues from operations in each of the years ended December31, 2023, and December31, 2022. Cost of Revenues Kadimastem had no costs of revenues from operations in each of the years ended December31, 2023, and December31, 2022. Research and Development Expenses Research and development expenses were $1,607,969 for the year ended December31, 2023, representing a significant decrease of $2,881,660 (64.2%) compared to $4,489,629 in 2022. The decrease is primarily due to an efficiency program implemented by Kadimastem as described above. This included a reduction in staff and service providers. Over the past three years, Kadimastem has maintained a strong focus on research and development in the field of medicine. Kadimastem has concentrated its efforts on developing innovative treatments for chronic and degenerative diseases, with key projects including AstroRx