Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 380

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 19
Chunk 380
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the statement of operations and comprehensive loss.

In February 2021, and as amended in July 2021,
the Company entered into a consulting agreement with Mr. Eric Konofal, the Company’s current Chief Scientific Officer, pursuant
to which the Company agreed to pay Mr. Konofal a daily rate of CHF2,000for his services. The consulting agreement may be terminated
by either party upon 30 days’ written notice or immediately by the Company in the event of a material breach by Mr. Konofal that
cannot be cured. The consulting agreement contains customary confidentiality provisions and provides for an 18-month non-solicitation
clause as well as reimbursement for certain expenses. For the years ended December 31, 2024, 2023 and 2022, the Company recorded fees
to Mr. Konofal of $107,700, $178,820and $201,053, respectively, included in research and development expenses on the statement of operating
and comprehensive loss.

On March 19, 2024, the Company entered into an
exclusive license agreement (the “ Aexon Agreement”), with Aexon Labs Inc., a Delaware corporation, or Aexon. Alexander Zwyer,
(the Company’s Chief Executive Officer) owns35% of Aexon, and Eric Konofal, (the Company’s Chief Scientific Officer) owns59% of Aexon. Mr. Konofal is the founder of Aexon, with which the Company has a license agreement, and also serves as the President of
Aexon. Mr. Zwyer holds no board or executive position at Aexon Labs. Pursuant to the Aexon Agreement, Aexon granted the Company an exclusive,
royalty-bearing license (“ License”), with the right to grant sublicenses in multiple tiers according to the terms of the Aexon
Agreement. Subject to earlier termination of the Aexon Agreement in accordance with its terms, the term of the Aexon Agreement is from
the effective date of the Aexon Agreement to the latest of (i) the Company’s termination of the commercialization of one or more
pharmaceutical or therapeutic products, or any combination thereof, in the use of such compounds for narcolepsy and other neuro degenerative
disorders in the last region and country in which commercialization had actually begun, and (ii) the expiration of the last-to-expire
Valid Claim (as defined in the