Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 585

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 585
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 have valued Kadimastem under the assumption that these are it’s only two projects, therefore we accounted for expected income and expenses related to these indications alone and did not take into consideration developments that the Company might be performing in the future. Another assumption made for the sake of the current valuation is that the Company will develop the two indications on its own until the successful termination of the Phase II clinical trials and following that will seek for a business agreement with a large pharma company that will perform the Phase III clinical trials (on its own account) and after the successful conclusion of the trials will continue and market the finished products. Kadimastem will be entitled for an upfront payment at the end of Phase II and royalties from the third -partyrevenues.

| Moore Financial Consulting |

Annex E-21

Timeline of the development of the Indications Following we present the assumptions regarding the development of the AstroRx ®and IsletRx: Based on information received from the company and our own research we have assumed the following regarding the development of AstroRx ®and IsletRx:

| Phase              |     | Start   |     | End     |     | Cost ($000’) |
| AstroRx (ALS)      |     |         |     |         |     |              |
| Phase II*          |     | Q3/2025 |     | Q4/2026 |     |       15,000 |
| Phase III          |     | Q2/2027 |     | Q1/2029 |     |           ** |
| Sales              |     | Q3/2029 |     |         |     |          *** |
| IsletRx (Diabetes) |     |         |     |         |     |              |
| Phase I*           |     | Q4/2025 |     | Q1/2027 |     |        3,000 |
| Phase II           |     | Q3/2027 |     | Q4/2028 |     |       15,000 |
| Phase III          |     | Q2/2029 |     | Q1/2031 |     |           ** |
| Sales              |     | Q3/2031 |     |         |     |          *** |

____________ * Phase might start a quarter or two earlier upon availability of funding ** Performed by third party *** First sales The timeline is presented in the following chart:

| Year               |     | 2024 |     | 2024 |