Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 452

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 452
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 certainty that we will make sufficient profits to be able to utilize these tax loss carryforwards in full. As such, we have recorded a 100% valuation on these tax loss carryforwards. The effective corporate income tax rate (federal, cantonal and communal) where we are domiciled is currently 10.6%. Notwithstanding the corporate income tax, the corporate capital is taxed at a rate of 0.1% (cantonal and communal tax only, as there is no federal tax on capital). Value Added Tax, or VAT, is charged on all qualifying goods and services by VAT -registeredbusinesses. An amount of 7.7% of the value of the goods or services is added to all sales invoices and is payable to the Swiss tax authorities. Similarly, VAT paid on purchase invoices is reclaimable from the Swiss tax authorities. Results of Operations The numbers below have been derived from our audited financial statements included elsewhere herein. The discussion below should be read along with these consolidated financial statements and it is qualified in its entirety by reference to them. The discussion below should be read along with these financial statements, and it is qualified in its entirety by reference to them. For a comparison of the year ended December31, 2023 to the year ended December31, 2022, see our annual report on Form 20 -Ffor the year ended December31, 2023. 238

Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023

|                                                             |     | For the Year Ended 
 December 31,       |       2024 |   |     |   |        2023 |   |
|:------------------------------------------------------------|:----|:-------------------|-----------:|:--|:----|:--|------------:|:--|
| Research and development expenses                           |     | $                  |    422,051 |   |     | $ |   5,908,288 |   |
| General and administrative expenses                         |     |                    |  3,214,224 |   |     |   |   5,898,775 |   |
| Merger transaction costs                                    |     |                    |    743,838 |   |     |   |           — |   |
| Operating loss                                              |     |                    | (4,380,113 | ) |     |   | (11,807,063 | ) |
| Other income due to the termination