Company: NCEL
Filing Date: 2025-09-25
Form Type: F-1
Source: 0001213900-25-091697
Chunk: 33

Company: NewcelX Ltd.
Filing Date: 2025-09-25
Form: F-1
Chunk 33
---

future. Payment of cash dividends, if any, in the future will be at the discretion of our board of directors and will depend on then-existing
conditions, including our financial condition, operating results, contractual restrictions, capital requirements, business prospects and
other factors our board of directors may deem relevant.

<div align='center'>CAPITALIZATION</div>

The following table sets forth our cash and cash
equivalents and our capitalization as of December 31, 2024:

| ● | On an actual basis; and                                          |
| ● | On                                                               
 a pro forma basis to give effect to the net proceeds to us from: |

| (i)  | The issuance of 4,807,692 common shares pursuant to the Equity Line of Credit, resulting in aggregate net proceeds of approximately 
 $10.6 million. Pre-funded warrants 192,308;                                                                                         |
| (ii) | The issuance of 192,308 pre-funded warrants at an exercise price of CHF 0.03                                                        
 (approximately $0.04) per share, resulting in aggregate proceeds of approximately $7,000.                                           |

The information in this table should be read in
conjunction with and is qualified by reference to the financial information thereto and other financial information incorporated by reference
into this prospectus, including the section entitled “Item 5. Operating and Financial Review and Prospects” and our financial
statements and related notes included in our Annual Report on Form 20-F filed with the SEC on May 15, 2024 (the “2023 Annual Report”)
and our Unaudited Interim Condensed Financial Statements as of June 30, 2024 and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” attached as Exhibits 99.1 and 99.2, respectively, to our Report of Foreign Private
Issuer on Form 6-K, filed on May 16, 2025 and incorporated by reference herein.

|                                                                                                                                           |     | As of             
 December 31, 2024 |             |   |     |           |             |   |
|:------------------------------------------------------------------------------------------------------------------------------------------|:----|:------------------|------------:|:--|:----|:----------|------------:|:--|
| U.S. dollars in thousands                                                                                                                 |     | Actual            |             |   |     | Pro Forma |             |   |
| Cash and cash equivalents                                                                                                                 |     | $                 |   1