Company: NCEL
Filing Date: 2025-06-23
Form Type: F-4/A
Source: 0001213900-25-056787
Chunk: 725

Company: NewcelX Ltd.
Filing Date: 2025-06-23
Form: F-4/A
Chunk 725
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 a value of $7.0 million for both the legacy research and DOXA platform. As the transaction includes only the DOXA platform and the legacy platform will be divested, the value of the Company for the Transaction should be the shell company value together with the DOXA platform value. Due to its immaturity as early -stagetechnologies, indication of the values of the DOXA platform and legacy research are very volatile. We do know that more funds were invested in legacy research than on the DOXA platform. Therefore, we assume the DOXA platform value to be in the range of $2 -3million. As of Closing Date, the company has a cash balance of $4 million, significantly higher than measured NASDAQ shell companies’ cash balance, of about $1 million in average. Therefore, the value of the Company at closing is as follows:

| 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