Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 302

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 5
Chunk 302
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withstanding the corporate income tax, the corporate capital is taxed at a rate of 0.1% (cantonal and communal tax only, as there is no federal tax on capital).

167

Value Added Tax, or VAT, is charged on all qualifying goods and services by VAT-registered businesses. An amount of 7.7% of the value of the goods or services is added to all sales invoices and is payable to the Swiss tax authorities. Similarly, VAT paid on purchase invoices is reclaimable from the Swiss tax authorities.

Results of Operations

The numbers below have been derived from our audited financial statements included elsewhere herein. The discussion below should be read along with these consolidated financial statements and it is qualified in its entirety by reference to them. 

For a comparison of the year ended December 31, 2023 to the year ended December 31, 2022, see our annual report on Form 20-F for the year ended December 31, 2023.

Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023

                                                                                    For the Year Ended                     
                                                                                       December 31,                        
---------------------------------------------------------------------------------------------------------------------------
                                                              2024                           2023                          
Research and development expenses                                 $422,051                         $5,908,288              
General and administrative expenses                                        3,214,224                          5,898,775    
Merger transaction costs                                                     743,838                                  -    
Operating loss                                                            (4,380,113     )                  (11,807,063   )
Other income due to the termination of EF License Agreement                2,499,969                                  -    
Other income (expense), net                                                   49,351                           (219,812   )
Interest expense                                                             (45,054     )                     (119,920   )
Interest on related party loans                                             (104,963     )                      (25,233   )
Net loss                                                                  (1,980,810     )                  (12,172,029   )
Deemed dividend                                                           (2,076,180     )                            -    
Net loss attributable to common shareholders                      $(4,056,990            )         $(12,172,029           )
Research and Development Expenses

Research and development activities are essential to our business and historically represented the majority of our costs incurred. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using information from the clinical sites and our vendors. In addition to these