Company: NCEL
Filing Date: 2025-02-10
Form Type: F-3
Source: 0001213900-25-011823
Chunk: 45

Company: NewcelX Ltd.
Filing Date: 2025-02-10
Form: F-3
Chunk 45
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6 million, respectively. As of December 31,
2023 and June 30, 2024 NLS had an accumulated deficit of approximately $70.4 million and $72.4 million, respectively, and total equity
of $(8.8)M and $(9.3)M. Substantially all of our operating losses resulted from costs incurred in connection with our clinical development
program and from general and administrative costs associated with our operations. Kadimastem reported net losses of approximately $3.3
million and $6.8 million for the years ended December 31, 2023 and 2022, respectively, and approximately $1.2 million and $1.9 million
for the six months ended June 30, 2024 and 2023, respectively. As of December 31, 2023 and June 30, 2024, Kadimastem had a total equity
of approximately $(1.2) million and $(2.2) million, respectively, and accumulated deficit of approximately $(69.3) million and $70.6 million,
respectively. NLS’ and Kadimastem’s pro forma net losses for the six months ended June 30, 2024, was $129,965 and approximately
$15.4 million for year ended December 31, 2023. As of June 30, 2024, NLS and Kadimastem had a total pro forma accumulated deficit of approximately
$(3.8) million and pro forma total equity of approximately $6.8 million. NLS expects to incur net losses from continuing operations and
net cash used in operating activities, including following the Merger. NLS may need to raise additional working capital to continue its
normal and planned operations. NLS will need to generate and sustain significant revenue levels in future periods in order to become profitable,
and, even if NLS does, NLS may not be able to maintain or increase its level of profitability. NLS anticipates that its operating expenses
will remain substantially consistent in the foreseeable future. This reflects a decrease in operating costs associated with discontinued
assets as part of the anticipated merger, offset by increased consultancy efforts, acquisition activities, and expanded marketing and
sales initiatives aimed at growing its customer and client base. These expenditures will make it necessary for NLS to continue to raise
additional working capital and make it harder for us to achieve and maintain profitability. NLS’ efforts to grow NLS