Company: NCEL
Filing Date: 2025-07-29
Form Type: F-4/A
Source: 0001213900-25-068765
Chunk: 772

Company: NewcelX Ltd.
Filing Date: 2025-07-29
Form: F-4/A
Chunk 772
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:

| Valuation               |     |        $ mm |
| Value of a NASDAQ shell |     |         6.0 |
| Excess Cash Balance     |     |         3.0 |
| Value of DOXA           |     |   2.0 – 3.0 |
| Value of NLS at closing |     | 11.0 – 12.0 |

For the Transaction we value NLS in the range of $11.0 million to $12.0 million .

| Moore Financial Consulting |

Annex E-46

Annex F NLS PHARMACEUTICS LTD.
CONSOLIDATED FINANCIAL STATEMENTS

|                                                                                                                           |     | Page |
| Report of Independent Registered Public Accounting Firm (PCAOB ID 688)                                                    |     | F-2  |
| Report of Independent Registered Public Accounting Firm (PCAOB ID 1358)                                                   |     | F-3  |
| Consolidated Balance Sheets as of December 31, 2024 and 2023                                                              |     | F-4  |
| Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2024, 2023 and 2022         |     | F-5  |
| Consolidated Statements of Changes in Shareholders’ Equity (Deficit) for the Years Ended December 31, 2024, 2023 and 2022 |     | F-6  |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022                                |     | F-7  |
| Notes to Consolidated Financial Statements                                                                                |     | F-8  |

Annex F-1 Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of NLS Pharmaceutics Ltd. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of NLS Pharmaceutics Ltd. (the “Company”) as of December 31, 2024, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended, in conformity with accounting principles generally accepted in