Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 81

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 81
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 the IIA at the
Ministry of Industry, Trade and Labor are recognized as a liability if economic benefits that would generate sales, such that the State
would be entitled to royalties, are expected as a result of the research and development activities. There is uncertainty regarding the
estimated future cash flows that were used to determine the total liability.

The fair value of a non-marketable financial
instrument classified within Level 3 of the fair value hierarchy is determined based on valuation techniques. Fair value is generally
estimated based on the assessment of future cash flows discounted at current discount rates for items with similar terms and risk characteristics.

Changes in the estimates of future cash
flows and discount rates, taking into account risk assessments such as liquidity risk, credit risk, and volatility, which constitute unobservable
data, may affect the fair value of the financial instrument.

NOTE 4: - CASH AND CASH EQUIVALENTS

|                               |     |      December 31 |     |     |      |       |
|                               |     |             2024 |     |     | 2023 |       |
|                               |     | USD in thousands |     |     |      |       |
| Cash for immediate withdrawal |     |                  | 650 |     |      | 1,146 |
|                               |     |                  | 650 |     |      | 1,146 |

<div align='center'>F-13</div>

Note 5: - Accounts receivable

|                                                        |     |      December 31 |     |     |      |     |
|                                                        |     |             2024 |     |     | 2023 |     |
|                                                        |     | USD in thousands |     |     |      |     |
| Government authorities                                 |     |                  |  69 |     |      |  35 |
| Income receivable from the IIA and the BIRD Foundation |     |                  |   - |     |      | 401 |
| Prepaid expenses                                       |     |                  |  61 |     |      |  15 |
|                                                        |     |                  | 130 |     |      | 451 |

Note 6: - Leases

The Company has lease agreements that include
leases on buildings, equipment, and vehicles that are used for the Company’s current operations. The lease agreements for the building,
equipment, and vehicles have expired, and as of December 31, 2024, there is no asset or liability balance