NLS Pharmaceutics and Kadimastem complete merger as NewcelX

NLS Pharmaceutics Ltd. (NASDAQ: NLSP) and Kadimastem Ltd. completed their merger transaction on October 30, 2025, with the combined company renamed NewcelX Ltd. (NASDAQ: NCEL). The new entity will begin trading on the Nasdaq Capital Market on October 31, 2025, under the ticker symbol "NCEL."

Under the merger agreement dated November 4, 2024, Kadimastem shareholders received 0.706 NewcelX common shares for each Kadimastem ordinary share. The exchange ratio reflects a 1-for-10 reverse share split implemented by NewcelX in connection with the merger.

Following the merger completion, NewcelX has approximately 4,558,378 common shares outstanding, 1,060,574 common shares issuable upon exercise of pre-funded warrants, 13,778 preferred shares, and 58,320 preferred participation certificates. All shares carry a par value of CHF 0.05.

Holders of NLS securities at the time of merger received contingent value rights related to future proceeds from the disposition of certain legacy assets, including Mazindol ER but excluding the DOXA platform. The company's traded warrants will be delisted.

NewcelX is headquartered in Zurich, Switzerland, with research operations in Ness Ziona, Israel. Ronen Twito serves as Executive Chairman and Chief Executive Officer, while Prof. Michel Revel holds the position of Chief Scientific Officer.

"We are now preparing to initiate our Phase 2a clinical trial of AstroRx™ in ALS and to advance the development of IsletRx™ for the treatment of Type 1 diabetes without the need for lifelong immunosuppression," Twito stated.

The biotechnology company focuses on developing cell-based and small-molecule therapies for neurodegenerative and metabolic diseases, including Amyotrophic Lateral Sclerosis and Type 1 Diabetes.

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