Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 303

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 5
Chunk 303
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 arrangements, we expect that our total future research and development costs will increase over current levels in line with strategy to progress the development of our product candidates, as well as discovery and development of new product candidates.

The following table summarizes our research and development expenses during the years ended December 31, 2024 and 2023:

                                                       For                     
                                                  the Year Ended               
                                                   December 31,                
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                               2024                      2023                  
Pre-clinical development                  $86,624                      $270,233
Clinical development                            -                     1,704,873
Clinical manufacturing costs                    -                     2,640,030
License fee with Aexon                    182,485                        30,000
Subcontractors                            152,941                     1,228,804
Other                                           -                        34,348
Total                                    $422,051                    $5,908,288

168

Our research and development, or R&D, expenses totaled $422,051 for the year ended December 31, 2024, representing a decrease of $5,486,237, or 93%, compared to $5,908,288 for the year ended December 31, 2023. The decrease was primarily due to delayed liquidity events and subsequent change in strategy, as we reduced R&D costs and activities, terminated subcontractor and other R&D agreements. In 2024, we focused on Aexon licensing for pre-clinical DOXA.

General and Administrative Expenses

Our general and administrative expenses totaled $3,214,224 for the year ended December 31, 2024, representing a decrease of $2,684,551, or 46%, compared to $5,898,775 for the year ended December 31, 2023. This reduction was primarily attributable to decreases in costs related to professional services, employee payroll, directors’ and officers’ insurance, information technology, marketing and communication, and travel.

Merger transaction costs 

Our merger transaction costs totaled $743,838 for the year ended December 31, 2024, compared to $0 for the year ended December 31, 2023. These costs were primarily attributable to increase in legal counsel, audit and accounting fees related to the ongoing Merger transaction.

Operating Loss

As a result of the foregoing, our operating loss totaled $4,380,113 for the year ended December 31, 2024, representing a decrease of $7,426,950 or