Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 330

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 15
Chunk 330
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 control over financial reporting as of December 31, 2024, based on the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013). Based on this assessment, management concluded
that our internal control over financial reporting was not effective as of December 31, 2024. We have taken steps to remediate the material
weaknesses and to strengthen our internal control over financial reporting. We conducted an analysis to identify the underlying reasons
for the material weaknesses. This involved assessing risk factors, understanding process gaps, and pinpointing areas that needed improvement.
As part of our remediation, we have transitioned the accounting processes to a dedicated team with U. S. GAAP and SEC reporting knowledge,
with the support of additional external advisors. While we believe that these efforts will improve our internal control over financial
reporting in accordance with U. S. GAAP and SEC reporting requirements, the implementation of these measures is ongoing and will require
validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles.
This change strengthens our internal controls and ensures compliance with US GAAP.

(c) Attestation Report of the Registered Public
Accounting Firm

This annual report does not
include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting
due to an exemption for EGCs provided in the JOBS Act.

(d) Changes in Internal Control over Financial
Reporting

During the year ended December
31, 2024, we have taken steps towards remediating the material weaknesses and to strengthen our internal control over financial reporting,
by transitioning the accounting processes to a dedicated team with U. S. GAAP and SEC reporting knowledge, with the support of additional
external advisors. This measure was implemented to enhance the effectiveness and reliability of our financial reporting. We have appointed
a Chief Financial Officer with U. S. GAAP and SEC reporting knowledge to lead the internal preparation of half-yearly and yearly financial
statements, enabling us to identify and evaluate accounting treatment of any new activity and publish our half-yearly and yearly financial
statements. The implementation of these measures is ongoing and will require validation and testing of the design and operating effectiveness
of internal controls over a sustained period of financial reporting cycles. We cannot assure you that the measures we have taken to date,
and are continuing to implement, will be sufficient to establish and maintain effective internal control over financial reporting.

ITEM