Company: NCEL
Filing Date: 2025-03-03
Form Type: F-4/A
Source: 0001213900-25-018981
Chunk: 344

Company: NewcelX Ltd.
Filing Date: 2025-03-03
Form: F-4/A
Chunk 344
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 combined financial statements do not give effect to the potential impact of current financial conditions, regulatory matters, operating efficiencies or other savings or expenses that may be associated with the integration of the two companies. The unaudited pro forma condensed combined financial statements have been prepared for illustrative purposes only and are not necessarily indicative of the financial position or results of operations in future periods or the results that would have been realized had Kadimastem and NLS been a combined company during the specified period. The unaudited pro forma adjustments represent NLS’s best estimates and are based upon available information and upon certain assumptions that the NLS believes are reasonable, as described in the accompanying notes. In summary, the unaudited pro forma condensed combined financial statements include: (1) adjustments to record cash from capital investments, (2) the elimination of fixed assets from NLS’s balance sheet, (3) the conversion of certain of NLS’s accounts payable, trade payables, and loans from related parties into NLS Common Shares, (4) conversion of convertible component of Kadimastem’s loan along with exercise of warrants increasing cash balance, (5) adjustments eliminating deferred revenue due to termination of a licensing agreement and (6) as part of the reverse triangular merger, an adjustment to eliminate the deficit accumulated since inception for NLS, as going forward the operations of Kadimastem will be the surviving operating entity. 190

Kadimastem Ltd. & NLS Pharmaceutics Ltd.
Unaudited Pro Forma Condensed Combined Balance Sheets

|                                                                                       |     | June 30, 2024 |            |     |                  |            |     |             |            |   |     |       |     |             |             |   |     |       |     |           |            |
|:--------------------------------------------------------------------------------------|:----|:--------------|-----------:|:----|:-----------------|-----------:|:----|:------------|-----------:|:--|:----|:------|:----|:------------|------------:|:--|:----|:------|:----|:----------|-----------:|
|                                                                                       |     | Kadimastem,   
 Ltd.          |            |     | NLS              
 Pharmaceuticals, 
 Inc.             |            |     | Pro Forma   
 Adjustments 
 NLS         |            |   |     | Notes |     | Pro Forma   
 Adjustments 
 Kadimastem  |             |   |     | Notes |