Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 465

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 465
---
 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 the expenses in connection with the Merger with NLS. No such expenses for the year ended December31, 2023, as there were no Merger expenses in 2023. Operating Loss Operating loss for the year ended December31, 2024, was $2,054,328, representing a decrease of $937,746 compared to $2,992,074 for the year ended December31, 2023. The decrease was primarily due to the decrease in research and development expenses, sales and marketing expenses, and general and administrative expenses. Financial expenses net Finance expenses, net for the year ended December31, 2024, were $5,131,136, representing an increase of $4,814,312, compared to $316,824 for the year ended December31, 2023. The increase was primarily due to the non cash revaluation of derivative loans from related parties and non -cashfinancing expenses of lease liabilities. Net Loss The net loss for the year ended December31, 2024, was $7,178,333, representing an increase of $3,923,910 compared to a net loss of $3,254,423 for the year ended December31, 2023. The increase is primarily due to increase in non -cashrevaluation of derivative loans from related parties offset by decrease in General and Administrative Expenses and Research and Development Expenses as part of the efficiency program as described above. Comparison of the Years Ended December 31, 2023 and 2022 Revenues Kadimastem had no revenues from operations in each of the years ended December31, 2023, and December31, 2022. Cost of Revenues Kadimastem had no costs of revenues from operations in each of the years ended December31,