Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 467

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 467
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em 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, a cell -basedtherapy for ALS, and IsletRx, a diabetes treatment aimed at insulin -dependentpatients. Both programs are in advanced clinical development stages and reflect Kadimastem’s commitment to tackling complex medical challenges. To support its research and development efforts, Kadimastem has established significant collaborations with leading academic institutions, including the Hadassah Medical Organization and Yeda Research and Development Company, granting it access to licensed stem cell patents and technical expertise. It has also secured funding from notable sources such as the Israel Innovation Authority and the BIRD Foundation, which have enabled Kadimastem to scale its operations and accelerate product development. Sales and Marketing Expenses Sales and marketing expenses for the year ended December31, 2023 were $81,306, a decrease of $183,051 (69.2%) from $264,357 for the year ended December31, 2022. This decline was primarily attributed to reduced salary expenses and decreased spending on advertising and public relations. 249 General and Administrative Expenses General and administrative expenses for the year ended December31, 2023 were $1,302,799, representing a reduction of $497,222 (27.6%) compared to $1,800,021 for the year ended December31, 2022. This decrease was driven by cost -cuttingmeasures as part of Kadimastem’s ongoing efficiency program as described above. Operating Loss Operating loss for the year ended December31, 2023, was $2,992,075, representing a decrease of $3,561,932 (54.3%), compared to $6,554,007 for the year ended December31, 2022. 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, 2023, were $316,824, representing an increase of $56,232 (21.6%), compared to $260,592 for the year ended December31, 2022. The increase was primarily due to the revaluation of loans from related parties and non -cashfinancing expenses of lease liabilities.