Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 742

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 742
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     |           1.53 |     |   0.25 |     |  0.00 |
| Average – Biotechnology             |     |                |     |                |     |         0.69 |     |           0.66 |     |   27.3 |     |   0.8 |
| Average – Pharmaceutical            |     |                |     |                |     |         0.61 |     |           0.54 |     |  244.5 |     |  39.4 |
| Average – General                   |     |                |     |                |     |         0.66 |     |           0.61 |     |  110.9 |     |  15.7 |

| Moore Financial Consulting |

Annex E-31

Dear Sir, Upon your request, Moore Financial Consulting Ltd. (hereinafter: “MFC”), performed a valuation of NLS Pharmaceutics AG. (“NLS”, “the Company”) as of December 19, 2024. Our study was performed based on the following: •NLS’s annual financial report as of 31.12.2023 •NLS proforma financial report as of 30.06.2024 •NLS’s corporate presentations as of June 2024 •Public information This report was prepared based on information provided to us and from discussions held with the Company’s management. We did not verify the accuracy, reliability or completeness of the information provided and the procedures we used while performing the valuation do not constitute an audit or review made under any generally accepted auditing standards. Our professional fees for this study were not subject to the results of this report. Indemnification It has been agreed by us, and NLS, that except for our willful misconduct, negligence or malice, we will not bear any responsibility vis -à-visthe Client or any third party, from any source and based on any cause, including tort, related to executing services according to this proposal, and the Client, and/or its representatives will not bring any claim and/or lawsuit against us, including via a third party notice, with regard to the services given by us to the Client. It is agreed that any legal measures regarding this valuation must be taken no later than three years from the date of submission of this valuation. It is agreed between the parties that all legal proceedings will be determined solely by an arbitrator who will be mutually agreed upon and who