Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 292

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 292
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with the SEC as frequently or as promptly as U. S. domestic companies whose securities are registered under the Exchange Act. However,
we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual
report containing financial statements audited by an independent registered public accounting firm, and may submit to the SEC, on a Form
6-K, unaudited half-yearly financial information.

We maintain a corporate website
https://nlspharma. com/. Information contained on, or that can be accessed through, our website and the other websites referenced above
do not constitute a part of this annual report. We have included these website addresses in this annual report solely as inactive textual
references.

I. Subsidiary Information.

Our wholly owned subsidiaries
include NLS Pharmaceutics Inc., a Delaware corporation incorporated on April 27, 2021, and NLS Pharmaceutics (Israel) Ltd., an Israeli
company incorporated on November 3, 2024.

J. Annual Report to Security Holders.

Not applicable.

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.

We are exposed to market risks
in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse
changes in financial market prices and rates. Our current investment policy is to invest available cash in bank deposits with banks that
have a credit rating of at least A-. Accordingly, a substantial majority of our cash and cash equivalents is held in deposits that bear
interest. Given the current low rates of interest we receive, we will not be adversely affected if such rates are reduced. Our market
risk exposure is primarily a result of foreign currency exchange rates, which is discussed in detail in the following paragraph.

Foreign Currency Exchange Risk

Our results of operations
and cash flows are subject to fluctuations due to changes in foreign currency exchange rates. As discussed above, the vast majority of
our liquid assets is held in USD, and a certain portion of our expenses are denominated in CHF or EUR. For instance, during the year ended
December 31, 2023, approximately 26% of our expenses were denominated in CHF, approximately 7% in EUR and 1% in GBP. Changes of 5% and
10% in the USD/CHF exchange rate would have increased/decreased our operating expenses by