Company: NCEL
Filing Date: 2025-02-05
Form Type: F-3
Source: 0001213900-25-010223
Chunk: 111

Company: NewcelX Ltd.
Filing Date: 2025-02-05
Form: F-3
Chunk 111
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 Shareholder. All net proceeds from the sale of the Common Shares will go to the Selling Shareholder.

<div align='center'>CAPITALIZATION</div>

The following table sets forth our cash and cash equivalents and our capitalization as of June 30, 2024:

| ● | on                                                                                               
 an actual basis;                                                                                 |
| ● | on                                                                                               
 a pro forma basis to reflect (i) the realization of approximately $2,500,000 of deferred         
 revenue due to termination of EF License Agreement on August 28, 2024, effective as of September 
 30, 2024; (ii) the conversion of related party debt holders in the amount of $2,788,650 into     
 493,986 Common Shares; and (iii) payments to vendors and reduction in bonus accruals not         
 to be paid in the amount of approximately $721,781; and                                          |

| ● | on                                                                                    
 a pro forma basis to reflect (i) reduction in par value from CHF 0.80 to CHF 0.03 and |

| ● | on                                                                                          
 a pro forma as adjusted basis to give effect to the issuance of (i) 161,290 Common Shares   
 issued in a private placement pursuant to a December 2024 securities purchase agreement,    
 or the December SPA, (ii) 75,000 Common Shares issued pursuant to the October Debt SPA, and 
 (iii) 408,871 Common Shares issuable upon the conversion of certain of the Company’s        
 PPCs pursuant to the October Debt SPA.                                                      |

The information in this table should be read in conjunction with and is qualified by reference to the financial information thereto and other financial information incorporated by reference into this prospectus, including the section entitled “Item 5. Operating and Financial Review and Prospects” and our financial statements and related notes included in our 2023 Annual Report and our Unaudited Interim Condensed Financial Statements as of June 30, 2024 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” attached as Exhibits 99.1 and 99.2, respectively, to our Report of Foreign Private Issuer on Form 6-K, or a Form 6-K, filed on October 18, 2024 and incorporated by reference herein.

|                                                                                                                                                                                  |     | As of June 30, 2024 |             |   |     |           |             |   |     |             |             |   |