Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 377

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 377
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 2024, 2023, and 2022, respectively, and was recorded in general and administrative expenses. As of December
31, 2024, total unrecognized stock-based compensation expense relating to unvested stock options was $117,119. This amount is expected
to be recognized over a weighted-average period of2years.

F-24

NLS PHARMACEUTICS LTD. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes unvested stock option activity for the
year ended December 31, 2024:

                                                  Weighted               
  Balance at December 31, 2022        32,078      $               10.00  
  Granted                             19,409                      20.40  
  Vested                             ( 9,988                       9.60  
  Expired/cancelled                  ( 6,145                      10.80  
  Balance at December 31, 2023        35,354      $               15.60  
  Granted                                  -                             
  Vested                             ( 7,879                      53.41  
  Expired/cancelled                 ( 12,174                      30.31  
  Balance at December 31, 2024        15,301      $               41.11  

The aggregate intrinsic value of stock options
is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common shares
for those stock options that had exercise prices lower than the fair value of the Company’s common shares. The share price as of
December 31, 2024, was $2.11and the aggregate intrinsic value for options outstanding and expected to vest each year was nil. The intrinsic
value of exercisable options was nilas the exercise price was greater than the share price.

Note 11

Income Taxes:

The Company has Swiss tax loss carryforwards of $52.2million as of
December 31, 2024 (December 31, 2023: $47.2million) of which $32.9million will expire within the next five years, and $14.3million
will expire between 2030 - 2031.

The significant components of net deferred taxes
as of December 31, 2024, and 2023 are shown in the following table:

                                               2024                       2023                   
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