Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 814

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 814
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 following table summarizes unvested stock option activity for the year ended December 31, 2023:

|                              |     | Non-Vested 
    Options |   |     | Weighted   
 Average    
 Grant date 
 Fair Value |      |
|:-----------------------------|:----|-----------:|:--|:----|:-----------|-----:|
| Balance at December 31, 2022 |     |  1,283,123 |   |     | $          | 0.25 |
| Granted                      |     |    776,344 |   |     | $          | 0.51 |
| Vested                       |     |   (399,515 | ) |     | $          | 0.24 |
| Forfeited                    |     |   (245,809 | ) |     | $          | 0.27 |
| Balance at December 31, 2023 |     |  1,414,146 |   |     | $          | 0.39 |

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common shares for those stock options that had exercise prices lower than the fair value of the Company’s common shares. The share price as of December 31, 2023, was $ 0.59and the aggregate intrinsic value for options outstanding and expected to vest each year was $ 54,899. The intrinsic value of exercisable options was nilas the exercise price was greater than the share price.

Annex F-137 NLS PHARMACEUTICS LTD.
NOTES TO THE FINANCIAL STATEMENTS

Stock -basedcompensation expense for the year ended December 31, 2023, was $ 164,906. As of December 31, 2023, total unrecognized stock -basedcompensation expense relating to unvested stock options was $ 471,347. This amount is expected to be recognized over a weighted -averageperiod of 1.79years.

Note 13

Income Taxes:

The Company has Swiss tax loss carryforwards of $ million as of December 31, 2023 (December 31, 2022: $ million) of which $ million will expire within the next five years, and $ million will expire between 2028 – 2029.

The significant components of net deferred taxes as of December 31, 2023, and 2022