Company: NCEL
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086600
Chunk: 455

Company: NewcelX Ltd.
Filing Date: 2025-09-10
Form: 424B3
Chunk 455
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3. Cost of Revenues Kadimastem had no costs of revenues from operations in each of the years ended December31, 2024, and December31, 2023. Research and Development Expenses Research and development expenses were $992,425 for the year ended December31, 2024, representing a decrease of $615,544 compared to $1,607,969 in 2023. The decrease is primarily due to an efficiency program implemented by Kadimastem as described above. This included a reduction in staff and service providers. and the Additionally, during the reporting period, Kadimastem successfully completed the submission of the IND application to the FDA, an expensive process that included research work, testing, and very expensive regulation. Over the past three years, Kadimastem has maintained a strong focus on research and development in the field of medicine. Kadimastem has concentrated its efforts on developing innovative treatments for chronic and degenerative diseases, with key projects including AstroRx, a cell -basedtherapy for ALS, and IsletRx, a diabetes treatment aimed at insulin -dependentpatients. Both programs are in advanced clinical development stages and reflect Kadimastem’s commitment to tackling complex medical challenges. To support its research and development efforts, Kadimastem has established significant collaborations with leading academic institutions, including the Hadassah Medical Organization and Yeda Research and Development Company, granting it access to licensed stem cell patents and technical expertise. It has also secured funding from notable sources such as the Israel Innovation Authority and the BIRD Foundation, which have enabled Kadimastem to scale its operations and accelerate product development. Sales and Marketing Expenses Sales and marketing expenses for the year ended December31, 2024 was $0, a decrease of $81,306 from $81,306 for the year ended December31, 2023. This decline was primarily attributed to reduced salary expenses and decreased spending on advertising and public relations. General and Administrative Expenses General and administrative expenses for the year ended December31, 2024 were $793,183, representing a reduction of $509,616 compared to $1,302,799 for the year ended December31, 2023. This decrease was driven by cost -cuttingmeasures as part of Kadimastem’s ongoing efficiency program as described above.

248 Other Expenses (Expenses for merger with NLS) Other Expenses (Expenses for Merger with NLS) for the year ended December31, 2024 were 268,720 representing