NewcelX Reports Financial Results for 2025 and Provides Shareholders with Update on Accelerated Development of Type 1 Diabetes Treatment in Collaboration with Eledon Pharmaceuticals in 2026

Rhea-AI Summary

NewcelX (Nasdaq: NCEL) reported 2025 results and outlined plans to accelerate development of its flagship Type 1 Diabetes program, NCEL-101, in collaboration with Eledon Pharmaceuticals for 2026. Key facts: completed a merger, secured financing of up to approximately $3.4M (including $1.35M cash), maintains access to a $25M equity line, and held $2.2M cash at year-end. 2025 net loss was $8.3M (including $5.7M non-cash finance expenses); net cash used in operations was $2.8M. Company added Julien Boisdron, MD to its scientific advisory board and noted manufacturing preparations with CDMO Pluri Inc.

Positive

• Financing secured up to $3.4M including $1.35M cash
• Access to a $25M Equity Line of Credit
• Progress toward IND-enabling milestones for NCEL-101
• Manufacturing readiness work with CDMO Pluri Inc.
• Appointment of Julien Boisdron, MD to Scientific Advisory Board

Negative

• Year-end cash balance of $2.2M
• Net loss for 2025 of $8.3M
• Non-cash finance expenses of $5.7M included in 2025 loss
• Net cash used in operating activities of $2.8M

News Market Reaction – NCEL

+28.95% 1.8x vol

22 alerts

+28.95% Session close to close

+22.6% Peak Tracked

-6.1% Trough Tracked

$22.08M Market Cap

1.8x Rel. Volume

In the Apr 30 session, NCEL gained 28.95%, reflecting a significant positive market reaction. Argus tracked a peak move of +22.6% during that session. Argus tracked a trough of -6.1% from its starting point during tracking. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +28.9% in the session following this news. A strong positive reaction aligns with m...

Analysis

The stock surged +28.9% in the session following this news. A strong positive reaction aligns with management’s emphasis on NCEL-101 as the key long-term value driver and the company’s progress toward IND-enabling work. Recent premium financing and collaboration updates had previously supported upside moves. However, the balance sheet shows a $8.3 million 2025 net loss and $2.8 million operating cash use, so sustainability of any sharp rally would depend on continued execution, timely milestones and careful use of the $25 million equity line and warrant-related funding.

Key Figures

Financing capacity: up to $3.4 million Private placement: $1.35 million Warrant proceeds: approximately $2 million +5 more

8 metrics

Financing capacity up to $3.4 million Private placement plus potential warrant proceeds in April 2026

Private placement $1.35 million Cash proceeds from April 2026 private placement

Warrant proceeds approximately $2 million Potential additional proceeds from exercise of warrants

Equity line $25 million Equity Line of Credit available to the company

Cash balance $2.2 million Cash and cash equivalents as of December 31, 2025

Net loss 2025 $8.3 million Net loss for the year ended December 31, 2025

Non-cash finance expenses $5.7 million Accounting-related finance expenses in 2025, mainly derivative remeasurement

Operating cash use $2.8 million Net cash used in operating activities in 2025

Historical Context

5 past events · Latest: Apr 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 20	Partnership update	Positive	+6.4%	Corporate presentation highlighting NCEL-101 and tegoprubart Type 1 Diabetes strategy.
Apr 01	Equity financing	Positive	+10.8%	Premium-priced $1.35M private placement plus access to $25M equity line.
Mar 09	Strategic collaboration	Positive	-1.1%	Collaboration with Eledon pairing NCEL-101 with tegoprubart for immune protection.
Feb 12	Publication/CVR update	Positive	+1.1%	Peer-reviewed Mazindol data supporting CVR value and licensing discussions.
Jan 29	Corporate presentation	Positive	-3.4%	Updated deck emphasizing Type 1 Diabetes strategy and new advisory leadership.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

NCEL has generally shown positive price responses to partnership and financing updates, though some strategic and presentation-related news have led to short-term pullbacks.

Recent Company History

Over recent months, NewcelX has repeatedly highlighted its Type 1 Diabetes flagship program NCEL-101 and collaboration with Eledon. A Mar 9, 2026 strategic collaboration announcement and subsequent Apr 20 presentation update underscored this focus. The company also completed a $1.35M equity financing at a premium on Apr 1, and issued multiple corporate updates around conferences and CVR monetization. Today’s annual results and development update extend this trajectory, emphasizing NCEL-101, broader pipeline progress, and financing capacity into 2026.

Key Terms

ind-enabling, equity line of credit, cdmo, als, +4 more

8 terms

ind-enabling regulatory

"key long-term value driver toward IND-enabling milestones Substantially debt free"

Ind-enabling describes the preclinical tests and safety work a drug candidate must pass before a company can ask regulators for permission to start human trials (an Investigational New Drug or IND filing). Think of it as the mechanical inspection and crash-testing a prototype car needs before it can legally be driven on public roads; for investors, successful ind-enabling work reduces technical and regulatory risk and makes clinical progress and potential value creation more likely.

equity line of credit financial

"and has access to up to a $25 million Equity Line of Credit Strengthened"

An equity line of credit is a loan that allows homeowners to borrow money against the value of their property, similar to having a flexible credit card secured by their home. It matters to investors because it provides a way for property owners to access cash for various needs, which can influence real estate markets and overall economic activity. This type of credit offers ongoing borrowing capacity, making it a valuable financial tool for those with significant property equity.

cdmo technical

"manufacturing preparations with CDMO, Pluri Inc., supporting continued development."

A contract development and manufacturing organization (CDMO) is a company that provides specialized services to help develop and produce pharmaceutical products for other businesses. Think of it as a contract factory that takes a company's recipe and makes the product on their behalf. For investors, CDMOs are important because they support the growth of pharmaceutical companies and can be key partners in bringing new medicines to market.

als medical

"including AstroRx® for ALS and DOXA for narcolepsy and additional CNS indications"

Amyotrophic lateral sclerosis (ALS) is a progressive neurological disease that damages the nerve cells controlling muscles, gradually causing weakness, loss of movement and difficulty breathing — similar to the body’s wiring slowly failing. For investors, ALS matters because research progress, clinical trial results, regulatory approvals or setbacks can dramatically affect the value of companies developing treatments, patient-care markets and related healthcare services.

cns medical

"for narcolepsy and additional CNS indications, while exploring strategic development"

CNS stands for the central nervous system, the brain and spinal cord that control thought, movement and bodily functions. For investors, CNS-focused products and research matter because therapies aimed at this “delicate wiring” are scientifically challenging, often carry higher development and regulatory risk, and can take longer to prove safe and effective — but successful treatments also tend to command large markets and premium pricing.

gmp technical

"believes prior development work in AstroRx®, including GMP cell manufacturing development"

Good Manufacturing Practice (GMP) is a set of regulatory standards and procedures that ensure products—especially medicines, medical devices, and related goods—are consistently made to meet safety, quality, and purity requirements. For investors, GMP compliance is like a factory’s hygiene and checklist system: it reduces the risk of product recalls, regulatory fines, and production stoppages, supports market access, and signals more reliable, lower-risk operations that can protect revenue and reputation.

u.s. food and drug administration regulatory

"regulatory interactions with the U.S. Food and Drug Administration, has provided"

The U.S. Food and Drug Administration is the federal agency that evaluates and enforces safety, effectiveness and labeling standards for medicines, medical devices, vaccines, food and related products before they reach consumers. For investors it matters because FDA approvals, warnings or recalls determine whether a product can be sold, how quickly it reaches the market and how costly compliance will be—changes that directly affect a company’s revenue, costs and stock value.

narcolepsy medical

"AstroRx® for ALS and DOXA for narcolepsy and additional CNS indications"

A chronic neurological condition that causes sudden, uncontrollable episodes of deep sleep and extreme daytime drowsiness, like a phone that unexpectedly shuts off during the day. It matters to investors because it defines the market need for treatments, influences clinical trial results and regulatory decisions, and can drive revenue or risk for companies developing medications, devices, or diagnostics tied to sleep disorders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NewcelX and Eledon Pharmaceuticals are collaborating to advance one of the few scalable approaches to a potential functional cure in Type 1 Diabetes, NCEL-101, as the flagship program and key long-term value driver toward IND-enabling milestones

Substantially debt free, NewcelX recently closed a financing of up to approximately $3.4 million, including $1.35 million in cash and approximately $2 million of potential additional proceeds from the exercise of warrants, and has access to up to a $25 million Equity Line of Credit

Strengthened scientific leadership with appointment of Julien Boisdron, MD, Chief Medical Officer of a Swiss Big Pharma, to Scientific Advisory Board

Aims to significantly accelerate development progress of NCEL-101 and rest of clinical pipeline in 2026

ZURICH, Switzerland, April 30, 2026 (GLOBE NEWSWIRE) -- NewcelX Ltd. (Nasdaq: NCEL),– NewcelX Ltd. (Nasdaq: NCEL), a clinical-stage regenerative medicine company developing stem-cell-derived therapies, today announced reporting its financial results for the period ended December 31, 2025 and corporate highlights.

“2025 was a transformative year for NewcelX, marked by completion of the merger, strengthening of our balance sheet and advancement of NCEL-101 together with our partner Eledon Pharmaceuticals (Nasdaq: ELDN) as our flagship program and key long-term shareholder value driver,” said Ronen Twito, Executive Chairman and Chief Executive Officer of NewcelX. “We believe our scalable stem cell-derived islet platform, combined with targeted immune protection, represents one of the few differentiated approaches aimed at a potential functional cure for Type 1 Diabetes. With our first post-merger annual results, strengthened capital structure and growing scientific validation, we expect 2026 to be a year of significantly accelerated execution.”

Corporate and Program Highlights

• Advanced development of NCEL-101, Company’s flagship stem cell-derived islet therapy for Type 1 Diabetes.
• Continued IND-enabling development activities, including regulatory preparation and preclinical planning.
• Progress in manufacturing readiness, including clinical batches manufacturing preparations with CDMO, Pluri Inc., supporting continued development.
• Further development of clinical pipeline with advancement of a differentiated approach combining stem cell-derived islets with tegoprubart for targeted immune protection.
• Strengthened scientific advisory board with appointment of Julien Boisdron, MD, Chief Medical Officer of a Swiss Big Pharma, whose experience in diabetes innovation and translational medicine is expected to support advancement of NCEL-101.
  
  

Clinical Pipeline Development and Platform Value
Beyond NCEL-101, the Company continued advancing its broader pipeline, including AstroRx^® for ALS and DOXA for narcolepsy and additional CNS indications, while exploring strategic development and collaboration opportunities for these programs.

The Company believes prior development work in AstroRx^®, including GMP cell manufacturing development, translational activities and regulatory interactions with the U.S. Food and Drug Administration, has provided foundational validation of the Company’s ability to develop, manufacture and advance cell therapies toward the clinic, and contributed important know-how now supporting advancement of NCEL-101 in Type 1 Diabetes.

This accumulated experience in cell therapy development, manufacturing and regulatory execution supports NewcelX’s multi-asset strategy and may also create potential non-dilutive partnering opportunities across the broader portfolio.

Strengthened Balance Sheet
In April 2026, the Company completed a $1.35 million private placement, with approximately $2.0 million in additional potential proceeds from future exercise of warrants, representing a financing transaction totaling up to approximately $3.4 million. The Company also maintains access to its $25 million Equity Line of Credit.

As of year-end, the Company’s balance sheet was substantially free of debt and financial liabilities other than ordinary working capital obligations.

Financial Highlights for the Period Ended December 31, 2025
Cash and cash equivalents as of December 31, 2025 were $2.2 million.

Net loss for 2025 was $8.3 million, including $5.7 million in non-cash accounting-related finance expenses, primarily associated with fair value remeasurement of derivative liabilities related to convertible instruments converted prior to merger completion and not expected to recur.

Net cash used in operating activities was $2.8 million, reflecting increased investment in NCEL-101 development activities, including manufacturing, as well as payments to service providers related to merger obligations.

Outlook for 2026
The Company expects 2026 to be a year of accelerated execution, including:

• Advancing NCEL-101 toward key IND-enabling milestones
• Expanding strategic development collaborations
• Pursuing additional financing and partnership opportunities
• Accelerating development activities following establishment of an integrated post-merger operating platform
  
  

“With a strengthened capital structure, clean balance sheet and expected acceleration in development, we believe our scalable stem cell-derived islet platform, combined with targeted immune protection, represents one of the few differentiated approaches aimed at a potential functional cure for Type 1 Diabetes. At the same time, capabilities built through AstroRx^® and our broader pipeline strengthen our platform and our ability to execute across multiple programs,” added Ronen Twito NewcelX Chief Executive Officer.

A copy of the Company’s annual report on Form 20-F for the year ended December 31, 2025 has been filed with the U.S. Securities and Exchange Commission https://www.sec.gov/ and posted on the Company’s investor relations website at https://newcelx.com/investors/.  The Company will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request at info@newcelx.com.

About NewcelX
NewcelX is an innovative biopharmaceutical company focused on developing transformative stem-cell-derived therapies for Type 1 Diabetes. Built on a validated human pluripotent stem cell (hPSC) platform, the company’s lead program, NCEL-101, is designed to restore functional insulin production through scalable, off-the-shelf cell replacement. NewcelX is advancing a comprehensive therapeutic approach for Type 1 Diabetes integrating cell therapy, immune protection, and translational science to address critical unmet medical needs.

Social Media: LinkedIn, Facebook, X, Instagram
Website: www.newcelx.com 

Forward-Looking Statements
This press release contains expressed or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. For example, NewcelX is using forward-looking statements when it discusses its business strategy and product pipeline including the development of a potential functional cure for Type 1 Diabetes, expectations regarding accelerated execution and the potential for non-dilutive partnering opportunities. These forward-looking statements and their implications are based on the current expectations of the management of NewcelX and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the regulatory pathways that we may elect to utilize in seeking European Medicines Agency, or EMA, the U.S. Food and Drug Administration, or FDA, and other regulatory approvals; our ability to drive revenue growth, enhance research and development capabilities, and improve financial performance is subject to uncertainties; that our financial position raises substantial doubt about our ability to continue as a going concern; our ability to maintain listing and effectively comply with the listing requirements of the Nasdaq; changes in technology and market requirements; potential delays or obstacles in launching or completing clinical trials, including our expectations regarding the timing of commencing further clinical trials, the process entailed in conducting each such trial, including dosages, and the order of such trials with each of our product candidates or whether such trials will be conducted at all; competitive companies, technologies and our industry; the development and commercialization, if any, of any other product candidates that we may seek to develop; products that may not be approved by regulatory agencies; technologies that may not be validated or accepted by the scientific community; the inability to retain or attract key employees; unforeseen scientific difficulties with products in development; the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our ability to operate our business without infringing the intellectual property rights of others; higher-than-expected product costs; results in the laboratory that do not translate to clinical success; insufficient patent protection; possible adverse safety outcomes; our ability to establish and maintain strategic partnerships and other corporate collaborations; risks related to changes in healthcare laws, rules and regulations in the United States or elsewhere; delays in developing or introducing new technologies, products, or applications; competitive pressures that could reduce market share or pricing; the overall global political and economic environment in the countries in which we operate; and security, political and economic instability in the Middle East that could harm our business, including due to the current security situation in Israel.. Except as otherwise required by law, NewcelX does not undertake any obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in its Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") and available at www.sec.gov, as well as in subsequent filings made by NewcelX.

Investor & Media Contacts
Sarah Bazak, Investors relations
InvestorRelations@newcelx.com

Balance Sheets
	December 31,
	2025				2024
	USD in thousands
CURRENT ASSETS
Cash and cash equivalents		2,201				650
Prepaid expenses and other accounts receivable		981				130
Total current assets		3,182				780
NON-CURRENT ASSETS
Intangible Asset - in process R&D		6,437				-
Goodwill		1,731
Property and equipment		95				123
Total non-current assets		8,263				123
Total assets		11,445				903
CURRENT LIABILITIES
Loan from bank		355				293
Loans from related parties		-				860
Trade payables		1,915				568
Accounts payable		251				605
Convertible loan		-				1,512
Conversion and redemption component of convertible loan and warrants		-				5,061
Deferred tax liability		1,674				-
Total current liabilities		4,195				8,899
Total liabilities		4,195				8,899
EQUITY
Preferred participation certificates, CHF 0.05 par value, 56,829 shares registered, issued and outstanding at December 31, 2025		4				-
Preferred shares, CHF 0.05 par value, 5,029 shares registered, issued and outstanding at December 31, 2025		*				-
Common shares, CHF 0.05 par value, 4,797,505 and 2,960,745 registered shares and outstanding at December 31, 2025 and 2024, respectively		291				184
Additional Paid-in Capital		93,691				69,505
Foreign currency translation reserve		(1,845	)			(1,094	)
Accumulated deficit		(84,891	)			(76,591	)
Total equity		7,250				(7,996	)
		11,445				903

Profit and Loss
	Year ended December 31,
	2025				2024				2023
	USD in thousands (except per share data)
Research and development expenses, net		(1,126	)			(992	)			(1,608	)
Marketing expenses		-				-				(81	)
General and administrative expenses		(1,348	)			(805	)			(1,326	)
Other expenses (expenses for merger with NLS)		(88	)			(269	)			-
Operating loss		(2,562	)			(2,066	)			(3,015	)
Financing income		369				6				36
Financing expenses related to convertible instruments		(6,008	)			(5,044	)			(239	)
Other financing expenses		(99	)			(93	)			(114	)
Net financing expenses		(5,738	)			(5,131	)			(317	)
Loss before taxes on income		(8,300	)			(7,197	)			(3,332	)
Total Loss		(8,300	)			(7,197	)			(3,332	)
Net loss attributable to common shareholders		(8,300	)			(7,197	)			(3,332	)
Basic and diluted loss per share (in USD)		(2.16	)			(2.43	)			(1.13	)
Weighted average common shares used in computing basic and diluted net loss per common share		3,843,984	*			2,959,303	*			2,955,027	*
Comprehensive loss:
Net Loss		(8,300	)			(7,197	)			(3,332	)
Adjustments arising from translating financial statements from functional currency to presentation currency		(751	)			(92	)			(98	)
Total other comprehensive loss		(751	)			(92	)			(98	)
Total comprehensive loss		(9,051	)			(7,289	)			(3,430	)

FAQ

What financing did NewcelX (NCEL) complete in April 2026 and how much cash was raised?

NewcelX completed financing totaling up to approximately $3.4M, including $1.35M in cash. According to the company, roughly $2.0M of additional proceeds could arise from future warrant exercises and the company retains a $25M equity line.

How much cash did NewcelX (NCEL) have at year-end and what was 2025 net loss?

NewcelX reported $2.2M in cash and cash equivalents as of December 31, 2025, and a 2025 net loss of $8.3M. According to the company, the loss included $5.7M of non-cash finance expenses tied to prior convertible instruments.

What are NewcelX's (NCEL) 2026 development priorities for NCEL-101?

NewcelX plans to advance NCEL-101 toward IND-enabling milestones and accelerate development in 2026. According to the company, priorities include regulatory preparation, preclinical planning, manufacturing readiness and strategic collaborations to support IND filing expectations.

Who joined NewcelX's scientific advisory board and what expertise do they bring for NCEL-101?

Julien Boisdron, MD joined NewcelX's scientific advisory board, bringing diabetes innovation and translational medicine experience. According to the company, his background as chief medical officer at a Swiss big pharma is expected to support clinical advancement of NCEL-101.

How is NewcelX (NCEL) preparing for clinical manufacturing of NCEL-101?

NewcelX is working on manufacturing readiness including clinical batch preparations with CDMO Pluri Inc.. According to the company, this GMP-focused work supports planned IND-enabling activities and helps position NCEL-101 for clinical testing in 2026.