Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 69

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 69
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 F-7  |
| Notes to the Financial Statements                                       |     | F-8  |

<div align='center'>F-1</div>

| Kost Forer Gabbay & Kasierer |     | Tel.: +972-3-6232525 |
| 144A Derech Menachem Begin   |     | Fax: +972-3-5622555  |
| Tel Aviv 6492102             |     | ey.com               |

<div align='center'>Report of Independent Registered Public Accounting Firm</div>

To the Shareholders and the Board of Directors of Kadimastem Ltd.

Opinion on the Financial Statements

We have audited the accompanying statements of
financial position of Kadimastem Ltd. (the “Company”) as of December 31, 2024 and 2023, the related statements of profit or
loss and other comprehensive loss, changes in equity and cash flows for each of the three years in the period ended December 31, 2024,
and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations
and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with International Financial Reporting
Standards (“IFRS”), as issued by the International Accounting Standards Board.

The Company’s Ability to Continue as a Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 1B to the financial statements, the Company
has suffered recurring losses and negative cash flows from operations and has a deficiency in equity, an accumulated deficit and a working
capital deficiency, and has stated that substantial doubt exists about the Company’s ability to continue as a going concern. Management’s
evaluation of the events and conditions and management’s plans regarding these matters are also described in Note 1B. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)
and are required