Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 219

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 219
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-isolation,
their surgical retrievability might be difficult. To ensure removal of IsletRx cells if needed, it is possible to implant them in a bioengineered
device to enable it. The device is a 3D printed scaffold containing encapsulated IsletRxPlus cells. The 3D printing process, called melt
electrospinning writing is a relatively novel solvent-less process that enables the design and fabrication of micrometer-thin fibers with
highly controllable architectures and patterns manufactured at the University of Queensland, Australia. Preclinical results demonstrated
that encapsulated islets placed in scaffolds and implanted subcutaneously or intraperitoneally,

produced human insulin and maintained viability
and identity for study duration (~3 months). Current Future studies aim to optimize this delivery strategy. In these studies, a dose
response study is planned, to analyze the minimal dose needed to achieve the desired effect, which is normal levels of glucose.

Key Commercial Agreements

License Agreement with Yeda Research and Development
Ltd.

In August 2009, Kadimastem entered into
a license agreement with Yeda Research and Development Ltd., or Yeda, a subsidiary of the Weizmann Institute, or the License
Agreement, under which Kadimastem received a license to use their invention, patents and knowledge for the purposes of developing,
manufacturing, marketing and selling stem cell-based drugs and treatments for diabetes and neuronal diseases, and in providing
various drug development services, including drug scanning. The agreement stipulates payments to be made to Yeda in accordance with
certain milestones as well as royalty payments beginning from the first commercial sale of a product, at a royalty rate of 10% to
14% of the “ Net Sales” (as defined in the License Agreement) of product sold. The royalty payments expire upon the
earlier of 15 years from the date of the first sale of a licensed product under the License Agreement, and the expiration of
Yeda’s licensed patents under the License Agreement (the “ Yeda IP”). The Yeda IP expires on separate dates; on
August 15, 2027, December 16, 2027, April 13, 2029, November 28, 2036, and July 23, 2038, each as detailed further below under
“ - Intellectual Property” beginning on page 148.

Specifically, with respect to milestones reached,
Kadimastem will pay the following: (a