Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 84

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 84
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®and/or IsletRx. Kadimastem’s ability to generate future revenue from product candidate
sales depends heavily on its success in many areas, including but not limited to:

  obtaining favorable results from and progress the pre-clinical                               

  developing and obtaining regulatory approval for registration                            

  subject to successful completion of registration and clinical                       

  establishing and maintaining supply and manufacturing relationships                                                                   

  identifying, assessing, acquiring and/or developing new product  

  accurately identifying demand for Kadimastem’s product  

  obtaining market acceptance of Kadimastem’s product                  

  negotiating favorable terms in any collaboration, licensing  
  or other arrangements into which Kadimastem may enter;       
 ───────────────────────────────────────────────────────────────

  establishing and nurturing relationships with the leading  

  attracting, hiring and retaining qualified personnel.  

Kadimastem does not believe that its current
cash on hand will be sufficient to fund its projected operating requirements. This raises substantial doubt about its ability to continue
as a going concern.

Kadimastem does not believe
that its current cash on hand will be sufficient to fund its projected operating requirements. This raises substantial doubt about Kadimastem’s
ability to continue as a going concern. If Kadimastem cannot continue as a going concern, its investors may lose their entire investment
in its common shares. Until Kadimastem can generate significant revenues, if ever, it expects to satisfy its future cash needs through
debt or equity financing. Kadimastem cannot be certain that additional funding will be available to it on acceptable terms, if at all.
If funds are not available, Kadimastem may be required to delay, reduce the scope of, or eliminate research or development plans for,
or commercialization efforts with respect to its products.

Even if the Merger is completed,
Kadimastem expects that it will need to raise substantial additional funding before it can expect to complete the development of AstroRx®and IsletRx or any other product candidate. This additional financing may not be available on acceptable terms, or at all. Failure to
obtain this necessary capital when needed may force Kadimastem to delay, limit or terminate its product candidate development efforts
or other operations.

Even if the Merger is completed,
Kadimastem expects it will require substantial additional capital to commercialize its product candidates. In addition, its operating
plans may change as a result of many factors that may not currently