Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 796

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 796
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 issued as consideration for executing the Amendment. The deemed has been reflected within stockholders’ deficit and as an increase to loss attributable to common stockholders for the purposes of computing loss per share. The incremental value due to the modification was determined to be $ 366,684using a Black -Scholesoption pricing model to compute the fair value of the warrant pre and post modification and recording the difference. The fair value of the aggregate warrants issued as consideration for executing the Amendment was determined to be $ 1,709,496computed using a Black -Scholesoption pricing model. The following input assumptions were utilized in the Black -Scholesmodel: expected term of oneyear, volatility of 148%, risk -freerates ranging from 3.96% to 4.24%, and dividend rate of 0%.

The following table summarizes the common share warrant activity for the year ended December 31, 2024:

| Balance at January 1, 2024   |     |   476,128 |   |
| Issuances                    |     | 1,321,961 |   |
| Exercises                    |     |  (191,431 | ) |
| Expired                      |     |    (7,696 | ) |
| Balance at December 31, 2024 |     | 1,598,962 |   |

The intrinsic value of exercisable but unexercised in -the-moneycommon share warrants at December 31, 2024 was $ 344,802. Option Plan On December 14, 2021, the Board of Directors adopted the Share Option Plan Regulation 2021 (the “Option Plan”). The purpose of the Option Plan is to retain, attract and motivate management, employees, directors and consultants by providing them with options to purchase the Company’s common shares. The Board of Directors allocated fifteen percent ( 15%) of the Company’s fully diluted shares to awards that may be made pursuant to the Option Plan. The exercise prices, vesting and other restrictions of the awards to be granted under the Option Plan are determined by the Board of Directors, except that no stock option may be issued with an exercise price less than the fair market value of the common shares at the date of the grant or have a term in excess of tenyears. Options granted under the Option Plan are exercisable in whole or in part at any time subsequent to vesting.

Annex F-24 NLS PHARMACEUTICS LTD. AND SUBSIDIAR