Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 454

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 454
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 parties at the end of 2023. We have incurred losses and generated negative cash flows from operations since inception in 2015. To date we have not generated revenues, and we do not expect to generate any significant revenue from the sale of our product candidates in the near future. We expect to generate losses for the foreseeable future, and these losses could increase as we continue product development until we successfully achieve regulatory approvals for our product candidates and begin to commercialize any approved products. We are subject to all the risks pertinent to the development of new products, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may harm our business. We expect to continue to incur additional costs associated with operating as a public company and we

240 anticipate that we will need substantial additional funding in connection with our continuing operations. If we need to raise additional capital to fund our operations and complete our ongoing and planned clinical studies, funding may not be available to us on acceptable terms, or at all. As of December31, 2024, our cash and cash equivalents was $1.7 million. Our existing cash and cash equivalents and access to existing financing arrangements will not be sufficient to fund operations for a period of one year as of December31, 2024. We expect to continue to generate operating losses and negative operating cash flows for the next few years and will need additional funding to support our planned operating activities through profitability. We are actively exploring a range of options to raise funds, including strategic partnerships, out -licensing, or divestment of assets of NLS, and other future strategic actions. In June 2025, we completed our most recent private financing round that initially closed in March 2025, in addition to our 2024 financing rounds, debt conversion and forgiveness, vendor buy -outs, and the ongoing Merger opportunity. Our future viability depends on our ability to extend payment terms with third -partycreditors until additional funds have been raised. Going Concern As of December31, 2024, we had an accumulated deficit of approximately $74.4million and we incurred an operating loss for the year ended December31, 2024, of approximately $4.4million. To date, we have dedicated most of our financial resources to achieve and maintain Phase 3 readiness, research and development, clinical studies associated with its ongoing biopharmaceutical business and general and administrative expenses. We have not generated revenues from our activities and have incurred substantial operating losses. As of December31, 202