Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 75

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 75
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 from the Company’s research and development expenses.

For each reporting date, the Company
makes an assessment of the expected grant to be received in the subsequent period, for the reporting period, and accordingly, records
a provision in the books for income receivable.

| D. | Taxes on income |

Current or deferred taxes are recognized
in profit or loss, except if they refer to items that are recognized in other comprehensive income or in equity.

Deferred taxes are calculated with respect
to the temporary differences between the carrying amounts in the financial statements and the amounts attributed for tax purposes.

Deferred taxes are calculated according
to the tax rate that is expected to apply when the asset is realized or the liability is settled, based on the tax laws that have been
enacted or substantively enacted by the reporting date.

The Company recognizes deferred tax assets
up to the amount of the liability for deferred taxes due to the uncertainty as to utilization of losses in the foreseeable future.

| E. | Leases |

The Company treats a contract as a lease
when, in accordance with the terms of the contract, the right to control an identified asset is transferred for a period of time in exchange
for a consideration.

| 1. | The Company as the lessee |

For leases in which the Company is the
lessee, the Company recognizes on the commencement date of the lease a right-of-use asset and a lease liability, excluding leases with
a term up to 12 months and leases for which the underlying asset has a lesser value. For these excluded leases, the Company has elected
to recognize these lease payments as an expense in profit or loss on a straight-line basis over the lease term. In measuring the lease
liability, the Company has elected to apply the practical expedient in IFRS 16 and does not separate the lease components from the non-lease
components, such as management and maintenance services, included in a single contract.

At the commencement date, a lease liability
includes all lease payments (these payments do not include variable lease payments) that have not yet been paid, discounted at the interest
rate implicit in the lease when it can be determined readily or according to the Company’s incremental borrowing rate. After the
commencement date, the Company measures the lease liability using the effective interest method.

<div align='center'>F-9</div>

The right-of-use asset at the commencement
date is recognized in the amount equal to the lease liability, plus lease payments paid on or before the commencement date and any