Company: NCEL
Filing Date: 2025-05-16
Form Type: 20-F
Source: 0001213900-25-044868
Chunk: 256

Company: NewcelX Ltd.
Filing Date: 2025-05-16
Form: 20-F
Item: Item 4
Chunk 256
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 EUR.
For instance, during the year ended December 31, 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.

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.

C 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 “ Item 5. Operating and Financial Review and Prospects - A. Operating Results - Operating Expenses
- Research and Development Expenses, net” and “ Item 5. Operating and Financial Review and Prospects - A. Results
of Operations - Comparison of the year ended December 31, 2024, to the year ended December 31, 2023- Research and Development Expenses,
net.”

D. Trend information

We
are not aware of any material recent trends besides those discussed elsewhere in this annual report.

E. Critical
Accounting Estimates

Critical Accounting
Policies and Estimates

Our
management’s discussion and analysis of our financial condition and results of operations is based on our financial statements,
which have been prepared in accordance with generally accepted accounting principles, or U. S. GAAP. The preparation of these