Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 346

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 346
---
olidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U. S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated
financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to
assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers AG

Zurich, Switzerland

May 15, 2024, except for the effects of the reverse share split discussed in Note 2 to the consolidated financial statements, as to which
the date is May 16, 2025

We served as the Company’s auditor from 2021 to 2024.

F-4

NLS PHARMACEUTICS LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

                                                                                                                                                              December 31,                                                
                                                                                                                                                              2024                                2023                    
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  ASSETS                                                                                                                                                                                                                  
  Current assets:                                                                                                                                                                                                         
  Cash and cash equivalents                                                                                                                                   $                    1,665,395      $              897,680  
  Prepaid expenses and other current assets (Note 3)                                                                                                                                 560,157                     925,382  
  Total current assets                                                                                                                                                             2,225,552                   1,823,062  
  Property and equipment, net                                                                                                                                                          7,290                       6,694  
  Other assets                                                                                                                                                                           283                      16,885  
  Total assets                                                                                                                                                $                    2,233,125