Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 345

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 345
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 material misstatement of the 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 financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/Marcum
llp

Marcum llp

We have served as the Company’s auditor since 2024.

New York

May 16, 2025

F-3

Report of Independent Registered Public Accounting
Firm

To the Shareholders and Board of Directors of
NLS Pharmaceutics Ltd.

Opinion on the Financial Statements

We have audited the consolidated balance
sheet of NLS Pharmaceutics Ltd. (the “ Company”) as of December 31, 2023, and the related consolidated statements of
operations and comprehensive loss, of changes in shareholders’ equity (deficit) and of cash flows for each of the two years in
the period ended December 31, 2023, including the related notes (collectively referred to as the “consolidated financial
statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023, and the results of its operations and its cash flows for each of the two
years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of
America.

Substantial Doubt about the Company’s
Ability to Continue as a Going Concern

The accompanying consolidated financial
statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated
financial statements, the Company has generated operating losses and expects to continue to generate operating losses and negative
operating cash flows and its existing cash and cash equivalents and access to existing financing arrangements will not be sufficient
to fund operations, that raise substantial doubt about its ability to continue as a going concern. Management’s plans in
regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are
the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
cons