Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 98

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 98
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 |
| Life expectancy (years)                   |     |     |        1.17 |   |     |     |       1.25 |   |     |     |        0.17 |   |

Below is the movement in the conversion
and financial derivative component:

|                                                                                                                  |     |           | Year ended on 
  December 31, 
          2024 |     |           | Year ended on 
   December 31 
          2023 |   |
|:-----------------------------------------------------------------------------------------------------------------|:----|:----------|--------------:|:----|:----------|--------------:|:--|
|                                                                                                                  |     | USD in    
 thousands |               |     | USD in    
 thousands |               |   |
| Balance as of January 1                                                                                          |     |           |         1,002 |     |           |             - |   |
| Initial recognition                                                                                              |     |           |           368 |     |           |           943 |   |
| Financing expenses (income) in respect of the revaluation of a financial derivative and the conversion component |     |           |         3,639 |     |           |           (35 | ) |
| Revaluation recognized in OCI                                                                                    |     |           |            52 |     |           |            94 |   |
| Balance as of December 31                                                                                        |     |           |         5,061 |     |           |         1,002 |   |

The measurement of the value of the conversion
component and the financial derivative is classified under level 3 in the fair value hierarchy.

Note 16: - Taxes on income

| A. | The tax rates applicable to the Company |

The Israeli corporate income tax was
23% in 2024, 2023, and 2022.

A Company is taxable on its real capital
gains at the corporate income tax rate in the year of sale.

| B. | Deferred taxes |

The Company has business losses and capital
losses for tax purposes that are carried forward to the following years and amount to USD $62 million (NIS 226 million ) as of December
31, 2024. Deferred tax assets were recognized in the financial statements in respect of these losses (up to the total liability for deferred
taxes) at USD $860 thousand and USD $836 thousand for the years ended December 31, 2024 and December 31, 2023, respectively.

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