Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 581

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 581
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 ) |     |    (1,000 | ) |
|                                    |     | (1,500 | ) |     | (3,000  | ) |     | (3,000  | ) |     | (2,500 | ) |     | (2,500  | ) |     | (2,000 | ) |     | (2,000 | ) |     |  (2,000 | ) |     |  (2,000 | ) |     |    (2,000 | ) |     |    (2,000 | ) |     |    (2,000 | ) |
| Total Expenses                     |     | (3,667 | ) |     | (10,583 | ) |     | (15,000 | ) |     | (9,500 | ) |     | (14,000 | ) |     | (2,000 | ) |     | (2,000 | ) |     |  (2,000 | ) |     |  (2,000 | ) |     |    (2,000 | ) |     |    (2,000 | ) |     |    (2,000 | ) |
| Pre-Tax Income                     |     | (3,667 | ) |     | (10,583 | ) |     | (15,000 | ) |     | 20,500 |   |     | (14,000 | ) |     | 33,732 |   |     | 28,436 |   |     | 151,797 |   |     | 657,815 |   |     | 1,549,560 |   |     | 2,536,275 |   |     | 3,493,729 |   |

| Moore Financial Consulting |

Annex E-26

According to the rNPV method used in this valuation, all the revenues and expenses in the model are multiplied by the probability of success, for instance, the IsletRx R&D expenses until Phase II are to be multiplied by the probability of success of the IsletRx Phase I (43.30%). Another example, Royalties revenue from the IsletRx must be multiplied by the product of the probability of success of Phase I, Phase II, Phase III and NDA (43.30% * 26.60% * 66.20% * 86.30% = 6.58%). Following are the cash flows including