Company: NCEL
Filing Date: 2025-11-06
Form Type: POS AM
Source: 0001213900-25-106799
Chunk: 13

Company: NewcelX Ltd.
Filing Date: 2025-11-06
Form: POS AM
Chunk 13
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 to purchase up to a specified maximum amount of Common Shares as set forth in the Facility SPA by delivering written notice to Alpha prior to the commencement of trading on any trading day. The purchase price of the Common Shares that the Company elects to sell to Alpha pursuant to the Facility SPA will be 95% of the volume weighted average price of the Common Shares during the applicable purchase date on which the Company has timely delivered written notice to Alpha directing it to purchase Common Shares under the Facility SPA. In connection with the execution of the Facility SPA, the Company agreed to issue a pre -fundedwarrant to purchase $250,000 in Common Shares to Alpha as consideration for its irrevocable commitment to purchase the Common Shares upon the terms and subject to the satisfaction of the conditions set forth in the Facility SPA. A. Operating Results Operating Expenses The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included in our Annual Report, as well as our unaudited interim condensed financial statements and the related notes thereto for the six months ended June 30, 2025, included elsewhere in this Report on Form 6 -K. The discussion below contains forward -lookingstatements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties. The following financial data in this narrative are expressed in thousands of U.S. dollars, except for share and per share data or as otherwise noted. Our current operating expenses consist of two components — research and development expenses and general and administrative expenses. Research and Development Expenses Our research and development expenses are expensed as incurred and consist primarily of costs of third -partyclinical consultants who conduct clinical and pre -clinicaltrials on our behalf as well as expenses related to lab supplies, materials and facility costs. Clinical trial costs are a major component of research and development expenses. We accrue and expense clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research organizations and clinical sites. We determine the actual costs through monitoring patient enrollment and discussions with internal personnel and external service providers as to the progress or stage of completion of trials or services and the agreed -uponfee to be paid for such services. 6

Our research and development expenses have materially increased and will continue to increase in the future as we enter into the Phase 3 clinical development stage of our product candidates and initiate a