Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 578

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 578
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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 and afterwards will come to an agreement with a large pharmaceutical company that will take charge of the continuation of the clinical testing (Phase III) and when successful, of the commercialization of both developments. It is assumed that the Company will be entitled to an upfront payment upon signing the agreement with the pharma company and afterwards, to royalties paid based upon the revenues that this third party will generate from the sales of AstroRx ®and IsletRx. The upfront and royalty rates assumed are as follows:

| Name    |     | Indication |     | Upfront 
 ($000’) |     | Royalties Rates 
             (%) |   |
| AstoRx  |     | ALS        |     |  30,000 |     |              10 | % |
| IsletRx |     | Diabetes   |     |  30,000 |     |              10 | % |

Costs and Expenses The Company will incur R&D expenses until the end of the Phase II clinical trials and G&A expenses throughout its lifespan. Also, the Company will finance the costs of the Phase I (IsletRx) and Phase II (AstroRx ®, IsletRx) clinical trials. Following are the assumptions regarding the costs and expenses related to both developments:

| Name    |     | Indication |     | Phase I |     | Phase II |
|         |     |            |     |  -$000’ |     |          |
| AstoRx  |     | ALS        |     |     N/R |     |   15,