Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 467

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 467
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 expenses. Financial expenses net Finance expenses, net for the year ended December31, 2023, were $316,824, representing an increase of $56,232 (21.6%), compared to $260,592 for the year ended December31, 2022. The increase was primarily due to the revaluation of loans from related parties and non -cashfinancing expenses of lease liabilities. Net Loss The net loss for the year ended December31, 2023, was $3,254,424, representing a decrease of $3,510,440 (52%), compared to a net loss of $6,764,864 for the year ended December31, 2022. The decrease is primarily due to the decrease in operating loss. Liquidity and Capital Resources Kadimastem is a research and development entity that funds its operations through capital raising, convertible loans, loans from interested parties, and national and international research grants. To enhance its exposure to capital markets, Kadimastem often engages external consultants. Since Kadimastem’s inception, it has financed its operations primarily through the sale of equity securities, debt financing, convertible loans and royalty -bearinggrants that Kadimastem’s received from the Israel Innovation Authority. Kadimastem’s primary requirements for liquidity and capital are to finance working capital, capital expenditures and general corporate purposes. Kadimastem’s net loss during the fiscals years ended December31, 2024, December31, 2023 and December31, 2022 was $7,178,333, $3,254,423 and $6,764,864, respectively. During the fiscal years ended December31, 2024, December31, 2023 and December31, 2022, Kadimastem had negative cash flows from operations in the amount of $705,483, $2,995,813 and $5,960,198, respectively. As of December31, 2024, Kadimastem’s accumulated deficit was $76,529,697, compared to an accumulated deficit of $69,345,362 as of December31, 2023. Between 2021 to 2024, Kadimastem raised approximately $17.3million in equity for the issuance of 2,150,844 Kadimastem Ordinary Shares. In the same time period, Kadimastem received grants from the BIRD Foundation, the IIA and the Australian Innovation Authority totaling $2.65million