Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 740

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 740
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 |   |
| Agg. Discounted Net income |     | (3,434 | ) |     | (11,575 | ) |     | (20,451 | ) |     | (16,465 | ) |     | (18,592 | ) |     | (17,384 | ) |     | (15,870 | ) |     | (12,524 | ) |     |  (6,512 | ) |     |   2,902 |   |     |  14,012 |   |     |  25,318 |   |

| Moore Financial Consulting |

Annex E-27

| Kadimastem Value |     | $ (000’) |   |
| Cash flows value |     |   25,318 |   |
| Terminal value   |     |   43,132 |   |
| Enterprise value |     |   68,450 |   |
| Cash             |     |    3,022 |   |
| Debt             |     |     (317 | ) |
| Company value    |     |   71,156 |   |

To the Company’s enterprise value, we added the cash and subtracted the financial debt. Kadimastem’s equity value is $71,156 thousand (rounded to $71 million) Sensitivity analysis We performed a sensitivity analysis for the value of the company in relation to two parameters, market penetration and royalty rates. The two parameters sensitivity analysis was performed individually for each of the parameters (meaning that the analysis was performed for the market penetration without changes to the royalty rates, and vice versa). The results are as follows: Sensitivity to market penetration: We analyzed the change in Company value if the market penetration parameter is up and down 10% (e.g. if market penetration parameter was originally set to 20% then we checked the Company value for this parameter’s values of 18% and 22%):

| Market penetration |     |    -10 | % |     |      0 | % |     |     10 | % |
| Company value      |     | 63,432 |   |     | 71,156 |   |     | 78,800 |   |

Sensitivity to Royalty rates: We analyzed the change in Company value if the royalty rates parameters are up and down 2% (e.g. if royalty rate parameter was originally set to 10% then we checked the Company value for this parameter’s