Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 248

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 248
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 and administrative expenses                                                       3,214,224                  5,898,775  
  Merger transaction costs                                                                    743,838                          -  
  Operating loss                                                                           (4,380,113                (11,807,063  
  Other income due to the termination of EF License Agreement                               2,499,969                          -  
  Other income (expense), net                                                                  49,351                   (219,812  
  Interest expense                                                                            (45,054                   (119,920  
  Interest on related party loans                                                            (104,963                    (25,233  
  Net loss                                                                                 (1,980,810                (12,172,029  
  Deemed dividend                                                                          (2,076,180                          -  
  Net loss attributable to common shareholders                     $                       (4,056,990      $         (12,172,029  

Research
and Development Expenses

Research
and development activities are essential to our business and historically represented the majority of our costs incurred. Costs for certain
development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks
using information from the clinical sites and our vendors. In addition to these arrangements, we expect that our total future research
and development costs will increase over current levels in line with strategy to progress the development of our product candidates,
as well as discovery and development of new product candidates.

The
following table summarizes our research and development expenses during the years ended December 31, 2024 and 2023:

                                    For                                                   
                                    the Year Ended                                        
                                    December 31,                                          
                                    2024                             2023                 
 ──────────────────────────────────────────────────────────────────────────────────────────
  Pre-clinical development          $                   86,624       $           270,233  
  Clinical development                                  -                      1,704,873  
  Clinical manufacturing costs                          -                      2,640,030  
  License fee with Aexon                                182,485                   30,000  
  Subcontractors                                        152,941                1,228,804  
  Other                                                 -                         34,348  
  Total                             $                   422,051      $         5,908,288  

Our research and development,
or R& D, expenses totaled $422,051 for the year ended December 31, 2024, representing a decrease of $5,486,237, or 93%, compared to
$5