Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 330

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 330
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 2024. Kadimastem‘s net loss during the fiscals years ending December 31, 2023 and December 31, 2022 was $3.255 (in thousands) and $6.765 (in thousands), respectively. During the fiscal years ending December 31, 2023 and December 31, 2022, Kadimastem had negative cash flows from operations in the amount of $764 thousand and $2.035 (in thousands), respectively. As of December 31, 2023, Kadimastem’s accumulated deficit was $69.345 (in thousands). Between 2021 -2024, Kadimastem raised approximately USD $15.3 million in equity for the issuance of 2,146,899 Kadimastem Ordinary Shares. In the same time period, Kadimastem received grants from the Bird Foundation, the IIA and the Australian Innovation Authority totaling USD $2.4 million. Kadimastem monitors its cash flow projections on a current basis and take active measures to obtain the funding it requires to continue Kadimastem’s operations. However, these cash flow projections are subject to various uncertainties concerning their fulfilment. If Kadimastem is not successful in generating sufficient cash flow or completing additional financing, including debt refinancing which shall release restricted cash, then Kadimastem will need to execute a new cost reduction plan in addition to previous cost reduction plans that were executed so far. Kadimastem’s transition to profitable operations is dependent on generating a level of revenue adequate to support Kadimastem’s cost structure. Kadimastem expects to fund operations using cash on hand, through operational cash flows and raising additional proceeds. There are no assurances, however, that Kadimastem will be able to generate the revenue necessary to support Kadimastem’s cost structure or that Kadimastem will be successful in obtaining the level of financing necessary for Kadimastem’s operations. Management has evaluated the significance of these conditions and has determined that Kadimastem does not have sufficient resources to meet Kadimastem’s operating obligations for at least one year from the issuance date of June 30, 2024. These conditions raise substantial doubt as to Kadimastem’s ability to continue as a going concern. Kadimastem’s financial statements dated as of June 30, 2024 have been prepared assuming that Kadimastem will continue as a going concern and do not include any adjustments