Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 815

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 815
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 are shown in the following table:

| Deferred tax assets:                    |     | 2023 |            |   |     | 2022 |            |   |
|:----------------------------------------|:----|:-----|-----------:|:--|:----|:-----|-----------:|:--|
| Net benefit from tax loss carryforwards |     | $    |  4,337,728 |   |     | $    |  3,485,243 |   |
| Deferred revenues                       |     |      |    264,997 |   |     |      |    264,997 |   |
| Other, net                              |     |      |          — |   |     |      |          — |   |
| Valuation allowance                     |     |      | (4,602,725 | ) |     |      | (3,750,239 | ) |
| Net deferred taxes                      |     | $    |          — |   |     | $    |          — |   |

The Company recorded a valuation allowance in 2023 and 2022 to reduce the net deferred taxes, as the Company deemed it to be more likely than not that the future deferred tax assets would not be realized in the future based on the lack of sufficient positive evidence in the jurisdictions related to the realization of the deferred tax assets.

The effective tax rate was % for the years ended December 31, 2023, 2022 and 2021.

|                               |     | 2023 |          |   |     | 2022 |            |   |     | 2021 |            |   |
|:------------------------------|:----|:-----|---------:|:--|:----|:-----|-----------:|:--|:----|:-----|-----------:|:--|
| Current tax                   |     | $    |        — |   |     | $    |          — |   |     | $    |          — |   |
| Deferred income tax (benefit) |     |      | (852,486 | ) |     |      | (1,004,681 | ) |     |      | (1,119,614 | ) |
|                               |     |      | (852,486 | ) |     |      | (1,004,681 | ) |     |      | (1,119,614 | ) |
| Change in valuation allowance |     |      |