Company: NCEL
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086600
Chunk: 790

Company: NewcelX Ltd.
Filing Date: 2025-09-10
Form: 424B3
Chunk 790
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 following table shows the reconciliation between expected and effective tax rate:

|                                                      |     |  2024 |    |     |  2023 |    |     | 2022 |    |
| Statutory tax rate                                   |     |  10.6 | %  |     |  10.6 | %  |     | 10.6 | %  |
| Effect of temporary differences                      |     |   3.1 | %  |     |   1.9 | %  |     | (4.8 | )% |
| Change in valuation allowance on deferred tax assets |     | (13.7 | )% |     | (12.5 | )% |     | (5.8 | )% |
| Effective tax rate                                   |     |     — | %  |     |     — | %  |     |    — | %  |

The Company had generated approximately $9.7 million of net operating losses (“NOLs”) prior to the reorganization in 2019 in which the Company’s preliminary analysis indicates that such NOLs would not be subject to significant limitations pursuant to applicable income tax regulations. The temporary differences relate to book to tax differences from the adjustments required to present the consolidated financial statements on a U.S. GAAP basis from local Swiss GAAP, mainly in the areas of debt, intangible amortization and deferring financing costs. As of December 31, 2024, 2023, and 2022, there were no unrecognized tax benefits. If such matters were to arise, the Company would recognize interest and penalties related to income tax matters in income tax expense. The Company did not incur any material interest or penalties in connection with income taxes during the years ended December 31, 2024, 2023 and 2022.

Annex F-26 NLS PHARMACEUTICS LTD. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note 12 Related party consulting agreements: The Company entered into consulting agreements with some of its senior management. In January 2017, and as subsequently amended in October 2020, the Company entered into a consulting agreement with CHG BioVenture SA, an entity controlled by Mr. Hervé Girsault, the Company’s former Head of Business Development. On May 1, 2021, for the continuation of Mr. Girsault’s engagement with the Company in his then current role