Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 250

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 250
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other income of $49,351 for the year ended December 31, 2024, representing a decrease of $269,163, or 122%, compared to Other expense
$219,812 for the year ended December 31, 2023. The increase in Other income, net was attributable to favorable exchange rate differences.

Interest
Expense

Interest
expense was $45,054, for the year ended December 31, 2024 representing a decrease of $74,866, or 62%, compared to expense of $119,920,
for the year ended December 31, 2023. The decrease was due to less interest due to from notes payable no longer outstanding.

Interest
on Related Party Loans

Interest
on related party loans was $104,963, for the year ended December 31, 2024 representing an increase of $79,730, or 316%, compared to expense
of $25,233, for the year ended December 31, 2023. The increase was due to a series of short-term loan agreements with certain existing
shareholders of the Company that were forgiven in October 2024.

Net Loss

As
a result of the foregoing, our net loss totaled $1,980,810 for the year ended December 31, 2024, representing a decrease of $10,191,219,
or 84%, compared to $12,172,029 for the year ended December 31, 2023. As a pre-revenue emerging biopharmaceutical company, such losses
are expected and aligned with our strategy to achieve long-term value through successful product development.

Net Loss attributable to common shareholders

Our net loss attributable
to holders of our common shares for the year ended December 31, 2024 was $4,056,990 and for the year ended December 31, 2023 was $12,172,029.
The decrease resulted from a reduction in net loss, offset by a deemed dividend totaling $2,076,180 for the incremental value from the
modification of various warrants’ exercise price and the fair value of the warrants issued as consideration for executing the September
Warrant Amendment and the October Warrant Amendment.

B. Liquidity
and Capital Resources

Overview

During
the year December 31, 2024, we funded our operations with $5,252,725 from the issuance of common shares and preferred shares in private
offerings and $173,123 from the exercise of