Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 741

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 741
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 values of 8% and 12%):

| Royalty rates |     |     -2 | % |     |      0 | % |     |      2 | % |
| Company value |     | 54,036 |   |     | 71,156 |   |     | 88,276 |   |

Based on the above DCF and the sensitivity analysis, the value of Kadimastem’s lies between $54 million and $88 million.

| Moore Financial Consulting |

Annex E-28

Appendix — Discount Rate Kadimastem’s forecasted cash flows were discounted using a Weighted Average Cost of Capital (WACC) of 19% calculated using the following formula and parameters:

| Parameter                        |     | Symbol  |     | Value |   |     | Source                                                                      |     | Comments |
| Debt (%)                         |     | D/(D+E) |     |  12.1 | % |     | Average of Damodaran (Biotechnology & Pharma Industries) & Peer group       |     |        1 |
| Equity (%)                       |     | E/(D+E) |     |  87.9 | % |     |                                                                             |     |          |
| Cost of debt                     |     | Kd      |     |  6.57 | % |     | Damodaran (Average cost of debt of the Biotechnology and Pharma industries) |     |        2 |
| Tax                              |     | 1-t     |     | 77.00 | % |     | Israeli Income Tax Rate                                                     |     |          |
| Risk free rate                   |     | Rf      |     |  1.81 | % |     | Market yield on U.S. inflation indexed Treasury securities at 10-year       |     |          |
| Market premium                   |     | Rm-Rf   |     |  4.12 | % |     | Damodaran (USA)                                                             |     |          |
| Beta                             |     | Beta    |     |  0.90 |   |     | Damodaran & Peer group                                                      |     |        3 |
| Size premium                     |     | SCP     |     | 10.73 | % |     | Duff & Phelps                                                               |     |        4 |
| Specific Premium                 |     | SP      |     | 17.00 | % |     |                                                                             |     |          |
| Cost of equity