Company: NCEL
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086600
Chunk: 789

Company: NewcelX Ltd.
Filing Date: 2025-09-10
Form: 424B3
Chunk 789
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 |            | 10.80 |
| Balance at December 31, 2023 |     |     35,354 |   |     | $          | 15.60 |
| Granted                      |     |          — |   |     |            |       |
| Vested                       |     |     (7,879 | ) |     |            | 53.41 |
| Expired/cancelled            |     |    (12,174 | ) |     |            | 30.31 |
| Balance at December 31, 2024 |     |     15,301 |   |     | $          | 41.11 |

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common shares for those stock options that had exercise prices lower than the fair value of the Company’s common shares. The share price as of December 31, 2024, was $2.11 and the aggregate intrinsic value for options outstanding and expected to vest each year was nil. The intrinsic value of exercisable options was nil as the exercise price was greater than the share price.

Annex F-25 NLS PHARMACEUTICS LTD. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 11 Income Taxes: The Company has Swiss tax loss carryforwards of $52.2 million as of December 31, 2024 (December 31, 2023: $47.2 million) of which $32.9 million will expire within the next five years, and $14.3 million will expire between 2030 – 2031. The significant components of net deferred taxes as of December 31, 2024, and 2023 are shown in the following table:

| Deferred tax assets:                    |     | 2024 |            |   |     | 2023 |            |   |
|:----------------------------------------|:----|:-----|-----------:|:--|:----|:-----|-----------:|:--|
| Net benefit from tax loss carryforwards |     | $    |  5,536,408 |   |     | $    |  5,000,743 |   |
| Deferred revenues                       |     |      |          — |   |     |      |    264,997 |   |
| Valuation allowance                     |     |      |