Company: NCEL
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065783
Chunk: 457

Company: NewcelX Ltd.
Filing Date: 2025-07-18
Form: F-4/A
Chunk 457
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 a credit rating of at least A-. Accordingly, a substantial majority of our cash and cash equivalents is held in deposits that bear interest. Given the current low rates of interest we receive, we will not be adversely affected if such rates are reduced. Our market risk exposure is primarily a result of foreign currency exchange rates, which is discussed in detail in the following paragraph. Foreign Currency Exchange Risk Our results of operations and cash flow are subject to fluctuations due to changes in foreign currency exchange rates. As discussed above, the vast majority of our liquid assets is held in U.S. dollars, and a certain portion of our expenses are denominated in CHF or EUR. For instance, during the year ended December31, 2024, approximately 59.3% of our expenses were denominated in CHF, 6.4% in EUR and 0.1% in GBP. Changes of 5.0% and 10.0% in the U.S. dollar/CHF exchange rate would have increased/decreased our operating expenses by 3.0% and 6.0%, respectively. However, these historical figures may not be indicative of future exposure, as we expect that the percentage of our CHF denominated expenses will materially decrease in the near future, therefore reducing our exposure to exchange rate fluctuations. We do not hedge our foreign currency exchange risk. In the future, we may enter into formal currency hedging transactions to decrease the risk of financial exposure from fluctuations in the exchange rates of our principal operating currencies. These measures, however, may not adequately protect us from the material adverse effects of such fluctuations. 242 JOBS Act Accounting Election Under the JOBS Act, an EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have irrevocably elected to avail ourselves of this exemption from new or revised accounting standards, and, therefore, will not be subject to the same new or revised accounting standards as public companies that are not EGCs. Research and development, patents and licenses, etc. For a description of our research and development programs and the amounts that we have incurred over the last two years pursuant to those programs, please see “ Operating Results — Operating Expenses — Research and Development Expenses, net” and “ Results of Operations — Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023 — Research and Development Expenses.” Trend information We are not