Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 425

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 425
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 in accordance with U.S. GAAP. As such, the cost of the defined pension arrangement is determined based on actuarial valuations. An actuarial valuation 240 assumes the estimation of discount rates, estimated returns on assets, future salary increases, mortality figures and future pension increases. Because of the long -termnature of these pension plans, the valuation of these is subject to uncertainties. As of December31, 2024, the Company does not have any active employees participating in a defined benefit pension plan. However, the Company continues to maintain a capped pension obligation related to survivor benefits payable to orphans of a former employee. This obligation is fully covered by existing plan assets and does not give rise to any unfunded liability. All other obligations and liabilities associated with the Company’s prior pension plan have been fully settled and transferred. As a result, the Company has no net pension -relatedliability or associated pension expense recognized on its balance sheet as of December31, 2024. Income Taxation We incur tax loss carryforwards generating deferred tax assets against which a valuation allowance is recorded when it is not more likely than not that the tax benefit can be realized. Judgment is required to determine the use of tax loss carryforwards. Management’s current judgment is that it is not more likely than not that the tax benefits can be realized and a full valuation allowance is therefore recognized. 241 KADIMASTEM’S MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of Kadimastem’s financial condition and results of operations for the years ended December 31, 2023 and 2024 and should be read in conjunction with the information included under “Kadimastem Business,” and Kadimastem’s financial statements and the accompanying notes included elsewhere in the registration statement of which this proxy statement/prospectus forms a part, which were prepared in accordance with IFRS. The discussion and analysis below are based on comparisons between Kadimastem’s historical financial data for different periods and include certain forward -looking statements about Kadimastem’s business, operations, and financial performance. These forward -looking statements are subject to risks, uncertainties, assumptions, and other factors described in “Risk Factors.” Kadimastem’s actual results may differ materially from those expressed in, or implied by, those forward -looking statements. See “Special Note Regarding Forward -Looking Statements.” Overview Kadimastem is a clinical stage biotechnology company,