Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 473

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 473
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 maturities of up to three years, including commercial paper, money market funds, and government/non -governmentdebt securities. The primary objective of Kadimastem’s investment activities is to preserve principal while maximizing the income that it receives from its investments without significantly increasing risk and loss. Kadimastem’s investments are exposed to market risk due to fluctuation in interest rates, which may affect its interest income and the fair market value of its investments, if any. Kadimastem manages this exposure by performing ongoing evaluations of its investments. Due to the short -termmaturities, if any, of its investments to date, their carrying value has always approximated their fair value. If Kadimastem decides to invest in investments other than cash and cash equivalents, it will be its policy to hold such investments to maturity in order to limit its exposure to interest rate fluctuations. Foreign Currency Exchange Risk Kadimastem’s foreign currency exposures give rise to market risk associated with exchange rate movements of the NIS, its functional and reporting currency, mainly against the U.S. Dollar and the Euro. Although the NIS is Kadimastem’s functional currency, it incurs expenses denominated in both U.S. dollar and Euro. It is expected that the expenses involved in the Phase IIa trial in the United States for Kadimastem’s ALS -treatmentpharmaceutical product will be in U.S. Dollar. Furthermore, following the Merger with a Swiss company, Kadimastem expects to incur a significant amount of expenses in Euros and Swiss Francs. If the NIS fluctuates significantly against either the U.S. Dollar or the Euro, it may have a negative impact on Kadimastem’s results of operations. To date, fluctuations in the exchange rates have not materially affected Kadimastem’s results of operations or financial condition for the periods under review. 253

DIRECTORS AND EXECUTIVE OFFICERS OF NLS FOLLOWING THE MERGER At the effective time of the Merger, in accordance with the terms of the Merger Agreement, the Board and executive officers of NLS will be as follows. Upon completion of the Merger, our executive officers will be full -timeemployees.

| Name                        |     | Age |     | Position                                               |
| Executive Officers          |     |     |     |                                                        |
| Ronen Twito                 |     |  50 |     | Executive Chairman nominee and Chief Executive Officer |
| Prof. Michel Revel, MD, PhD |