Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 45

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 3
Chunk 45
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 and success depend on our ability to recruit,
retain, manage and motivate our employees and key consultants. The loss of the services of our Chief Executive Officer or any of our senior
management or the inability to hire or retain experienced management personnel could adversely affect our ability to execute our business
plan and harm our operating results.

In addition, laws and regulations
on executive compensation, including legislation in our home country, Switzerland, may restrict our ability to attract, motivate and retain
the required level of qualified personnel. In Switzerland, legislation affecting public companies has been passed that, among other things,
(i) imposes an annual binding shareholders’ “say-on-pay” vote with respect to the compensation of the members of (a)
the senior management and (b) the board of directors, (ii) prohibits severance, advances, transaction premiums and similar payments to
senior management and directors, and (iii) requires companies to specify various compensation-related matters in their articles of association,
thus requiring them to be approved by a shareholders’ vote.

Because of the specialized
scientific and managerial nature of our business, we rely heavily on our ability to attract and retain qualified scientific and technical
consultants. In particular, the loss of one or more of our senior management or key consultants could be detrimental to us if we cannot
recruit suitable replacements in a timely manner. We do not currently carry “key person” insurance on the lives of members
of senior management. The competition for qualified personnel in the pharmaceutical industry is intense. Due to this intense competition,
we may be unable to attract and retain qualified personnel necessary for the development of our business or to recruit suitable replacement
personnel.

We may be subject, directly or indirectly,
to federal and state healthcare fraud and abuse laws, false claims laws and health information privacy and security laws. If we are unable
to comply, or have not fully complied, with such laws, we could face substantial penalties.

If we obtain FDA approval
for any of our product candidates and begin commercializing those products in the United States, our operations may be directly or indirectly
through our customers, subject to various federal and state fraud and abuse laws, including, without limitation, the federal Anti-Kickback
Statute, the federal False Claims Act and physician sunshine laws and regulations. These laws may impact, among other things, our proposed
sales, marketing and education programs. In addition, we may be subject to patient privacy regulation by both the federal government and
the states in which we conduct our business. The laws