Company: NCEL
Filing Date: 2025-10-17
Form Type: POS AM
Source: 0001213900-25-099986
Chunk: 82

Company: NewcelX Ltd.
Filing Date: 2025-10-17
Form: POS AM
Chunk 82
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 in respect of the principal of the convertible loan, and 36,233 ordinary shares and 9,960 warrants in respect of accrued interest on the loan, in the amount of $60,749, all in accordance with the Convertible Loan Agreement dated November 22, 2023. The fair value of ordinary shares and warrants was determined by management using the assistance of an independent third -partyappraiser. The fair value of ordinary shares was determined based on the market price of the Company’s ordinary shares on the TASE at the issuance date based on trading data at such date. The fair value of the warrants was calculated using economic models (Monte Carlo model and Binomial model), considering the share price, exercise price, exercise period, historical volatility, risk -freeinterest rate, and expected dividend (zero). B.As of the reporting dates, the fair value of the conversion feature and financial derivative feature was determined by management using the assistance of an independent external appraiser, using economic models (i.e. Monte Carlo model and Binomial model). The measurement of the fair value was classified under level 3 in the fair value hierarchy. The parameters used in calculating the fair value according to the aforementioned model are:

|                                             |     | December 31, 
         2024 |   |     | June 30, 
     2025 |   |
|:--------------------------------------------|:----|-------------:|:--|:----|---------:|:--|
| Share price (in $)                          |     |         3.52 |   |     |     7.74 |   |
| Volatility – conversion feature of loan (%) |     |          106 | % |     |       83 | % |
| Volatility – warrants (%)                   |     |           78 | % |     |       75 | % |
| Risk-free interest – conversion feature (%) |     |          4.2 | % |     |      4.0 | % |
| Risk-free interest – warrants (%)           |     |          4.2 | % |     |      3.9 | % |
| Life expectancy (in years)                  |     |         0.17 |   |     |     0.18 |   |

C.Below is the movement in the conversion feature and financial derivative:

|                                                                                 |     | Six months ended 
         June 30, 
             2025 |   |     |  2024 |   |