Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 71

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 71
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     | /s/ Uri Ben Or |
|:------------------------|:----|:------------------|:----|:---------------|:----|:---------------|
| Date of approval of the 
 financial statements    |     | Ronen Twito       
 CEO and Executive 
 Chairman of BOD   |     | Liora Oren     
 Director       |     | Uri Ben Or     
 CFO            |

<div align='center'>The accompanying Notes are an integral part of
the financial statements.

F-3

KADIMASTEM LTD.
Statements of Profit or Loss and Other Comprehensive Loss</div>

|                                                                                                                             |     |     | Note | Year ended December 31,                  |  2024 |   |     |     |  2023 |   |     |     |  2022 |   |
|:----------------------------------------------------------------------------------------------------------------------------|:----|----:|:-----|:-----------------------------------------|------:|:--|:----|:----|------:|:--|:----|:----|------:|:--|
|                                                                                                                             |     |     |      | USD in thousands (except per share data) |       |   |     |     |       |   |     |     |       |   |
| Research and development expenses                                                                                           |     | 20a |      |                                          |   992 |   |     |     | 1,608 |   |     |     | 4,490 |   |
| Marketing expenses                                                                                                          |     | 20b |      |                                          |     - |   |     |     |    81 |   |     |     |   264 |   |
| General and administrative expenses                                                                                         |     | 20c |      |                                          |   793 |   |     |     | 1,303 |   |     |     | 1,800 |   |
| Other expenses (expenses for merger with NLS)                                                                               |     |     |      |                                          |   269 |   |     |     |     - |   |     |     |     - |   |
| Operating loss                                                                                                              |     |     |      |                                          | 2,054 |   |     |     | 2,992 |   |     |     | 6,554 |   |
| Financing income                                                                                                            |     | 20d |      |                                          |    (6 | ) |     |     |   (36 | ) |