Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 110

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 110
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: (i) reviewed the Merger Agreement; (ii) reviewed certain publicly available business and financial information concerning NLS and Kadimastem and the industries in which they operate; (iii) analyzed NLS and Kadimastem’s share pricing as traded on the respective stock exchanges; (iv) reviewed certain internal financial analyses and forecasts prepared by Kadimastem’s finance department, delivered to Moore through written materials including Excel sheets, and orally, in several meetings and discussion throughout the valuation process; and (v) performed such other financial studies and analyses and considered such other information as we deemed appropriate for the purposes of the opinion. The forecasts were provided to Moore in August 2024. These forecasts were predicted and based on projections through comparisons to a peer group consisting of publicly -listedpharmaceutical companies similar in size, structure and specialization to Kadimastem. The peer group consisted of the following entities, which are all in the biotechnology and cell therapy industry: (i) Lineage Therapeutics, Inc. (NYSE American: LCTX), with a $140.0million valuation; (ii) Century Therapeutics, Inc. (NASDAQGS: IPSC), with a $60.0million valuation; (iii) Sana Biotechnology, Inc. (NASDAQ: SANA), with a $600.0million valuation; (iv) Eledon Pharmaceuticals, Inc. (NASDAQ: ELDN), with a $246.0million valuation; (iv) Sernova Biotherapeutics, Inc. (TSX: SVA.TO), with a $66.0million valuation; (v) Athersys, Inc. (OTC: ATHXQ), with a $61.0million valuation; and (vi) Sangamo Therapeutics, Inc. (NASDAQ: SGMO), with a $241.0million valuation. It also assumed that the FDA timelines and drug development process for these comparable companies presented in the forecast would be similar to the timeline for Kadimastem. Additionally, Kadimastem presented forecasts of the expected demand over the next few years for its pharmaceutical products. This included the expected prevalence of the ALS disease and diabetes across certain geographic locations and current treatments. Moore was also provided Kadimastem’s corporate presentation as of May 2024, Kadimastem’s financial reports as of December31, 2023, and Kadimastem’s pro forma report as of June30, 2024. 13 In addition to the above,