Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 594

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 594
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, with numerous valuation studies of the company’s major holdings. • Given imaging.Various PPA and Impairment studies of Given Imaging SBUs (A global, leader in patient -friendlysolutions for visualizing, detecting, and monitoring GI disorders). • Kanit Hashalom.Numerous valuations of subsidiaries such as Tambour, Sonol, Supergas and GES. Yours faithfully,
Moore Financial Consulting Ltd.

| Moore Financial Consulting |

Annex E-34

Table of Contents

|                 |     | Annex E 
 Page    |
| The Company     |     | E-36    |
| The Transaction |     | E-42    |
| Methodology     |     | E-43    |
| Valuation       |     | E-45    |

| Moore Financial Consulting |

Annex E-35

The Company NLS Pharmaceutics AG (“NLS”, “Company”) was incorporated in 2015 and is based in Zurich, Switzerland. The Company focuses on the development of treatments for narcolepsy, idiopathic hypersomnia, and other rare sleep disorders, as well as neurodevelopmental disorders, such as attention deficit hyperactivity disorder (ADHD). Its lead product candidates include Quilience to treat excessive daytime sleepiness and cataplexy associated with narcolepsy and Nolazol for the treatment of ADHD. NLS is a clinical -stagebiopharmaceutical company focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system, or CNS, disorders with unmet medical needs. Their lead compound mazindol, a triple monoamine reuptake inhibitor and partial orexin receptor 2 agonist, in a proprietary ER formulation, is being developed for the treatment of narcolepsy (lead indication), IH (follow -onindication) and potentially ADHD (back -upindication). It is believed that this unique mechanism of action will also enable Mazindol ER to provide potential therapeutic benefit in other rare and complex CNS disorders. CNS disorders are a diverse group of conditions that include neurological, psychiatric, and substance use disorders. According to the World Health Organization and based on data from the Global Burden of Disease Report, CNS disorders result in a socio -economicburden of more than $317 billion annually in the United States alone. Additionally, CNS disorders were expected to account for approximately 15% of the global disease burden in 2020, the largest of any disease area. However, treatment options for these conditions are often