Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 750

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 750
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 20 -79 ) + 10%(Ages 20 -79 ) + 100%(Ages 0 -19 ). ** The annual growth in the number of Insulin Dependent diabetes.

| Moore Financial Consulting |

Annex E-23

Market Share We have assumed the third -partypharmaceutical company with which Kadimastem will reach a marketing agreement will take the following market shares in each of the two markets (ALS and Diabetes) within the time schedule in the tables:

| Country/Region |     | From |   |     | To |   |     | Time (years) |
| AstroRx (ALS)  |     |      |   |     |    |   |     |              |
| USA            |     |    2 | % |     | 20 | % |     |            4 |
| EU_5           |     |    2 | % |     | 20 | % |     |            4 |
| Japan          |     |    2 | % |     | 20 | % |     |            4 |

| Country/Region     |     | From |   |     |  To |   |     | Time (years) |
| IsletRx (Diabetes) |     |      |   |     |     |   |     |              |
| USA                |     |  0.2 | % |     | 1.5 | % |     |            4 |
| EU_5               |     |  0.2 | % |     | 1.5 | % |     |            4 |
| Japan              |     |  0.2 | % |     | 1.5 | % |     |            4 |

We assume that in both cases (ALS and Diabetes) sales will debut in the US and 4 Quarters later will start in Europe and 4 quarters afterwords sale in Japan will commence. Treatments: Schedule and Price We have assumed that the AstroRx ®(ALS) will be given to patients on a quarterly basis and that the IsletRx (Diabetes) treatment will be given once every three years. Also, according to the Company the prices of both treatments will be around $150 thousand, annually. Upfront and Royalties As mentioned, one of the main assumptions is that the Company will continue the development and testing of the AstroRx ®and IsletRx until the successful termination of the phase II clinical trials