Company: NCEL
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026428
Chunk: 309

Company: NewcelX Ltd.
Filing Date: 2025-03-31
Form: F-4/A
Chunk 309
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3 million on the cantonal and communal level and CHF 44.3 million on the federal level were requested 165

by NLS. Tax loss carryforwards are not assessed by the tax authorities and therefore not yet approved by the tax authorities. It is not likely that we will make sufficient profits to be able to utilize these tax loss carryforwards in full. As such, we have recorded a 100% valuation on these tax loss carryforwards. The effective corporate income tax rate (federal, cantonal and communal) where we are domiciled is currently 18.9%. Notwithstanding the corporate income tax, the corporate capital is taxed at a rate of 0.16% (cantonal and communal tax only, as there is no federal tax on capital). Value Added Tax, or VAT, is charged on all qualifying goods and services by VAT -registeredbusinesses. Depending on the qualification of the goods and services, the VAT rate is 8.1%, 2.6% or 3.8%. The applicable VAT is added to certain sales invoices subject to VAT and is payable to the Swiss Federal Tax Administration. Similarly, VAT paid on purchase invoices is deductible from the VAT payable to the Swiss Federal Tax Administration. The issuance of new shares or any contribution of a direct shareholder is generally subject to 1% stamp duty at the level of NLS. NLS is further subject to Swiss withholding tax with a statutory withholding tax rate of 35%. Results of Operations The numbers below have been derived from our unaudited interim condensed financial statements incorporated by reference in this proxy statement/prospectus. The discussion below should be read along with these financial statements, and it is qualified in its entirety by reference to them. Comparison of the Six Months Ended June 30, 2024 and 2023

|                                     |     | For the Six Months Ended 
 June 30,                 |       2024 |   |     |   |       2023 |   |
|:------------------------------------|:----|:-------------------------|-----------:|:--|:----|:--|-----------:|:--|
| Research and development expenses   |     | $                        |    271,350 |   |     | $ |  4,383,625 |   |
| General and administrative expenses |     |                          |  1,782,142 |   |     |   |  3,165,858 |   |
| Operating loss                      |     |