Company: NCEL
Filing Date: 2025-09-03
Form Type: F-4/A
Source: 0001213900-25-084157
Chunk: 798

Company: NewcelX Ltd.
Filing Date: 2025-09-03
Form: F-4/A
Chunk 798
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      |  270,668 |   |     |      |  1,515,501 |   |     |      |  1,004,681 |   |
| Total income tax expense      |     | $    |        — |   |     | $    |          — |   |     | $    |          — |   |

The Company files income tax returns in Switzerland. The Company’s income tax position in Switzerland is finally assessed up to the year ended December 31, 2020, so the years ended December 31, 2021, 2022, 2023 and 2024 are open for examination. Currently the Company does not have any open tax assessments. The following table shows the reconciliation between expected and effective tax rate:

|                                                      |     |  2024 |    |     |  2023 |    |     | 2022 |    |
| Statutory tax rate                                   |     |  10.6 | %  |     |  10.6 | %  |     | 10.6 | %  |
| Effect of temporary differences                      |     |   3.1 | %  |     |   1.9 | %  |     | (4.8 | )% |
| Change in valuation allowance on deferred tax assets |     | (13.7 | )% |     | (12.5 | )% |     | (5.8 | )% |
| Effective tax rate                                   |     |     — | %  |     |     — | %  |     |    — | %  |

The Company had generated approximately $ 9.7million of net operating losses (“NOLs”) prior to the reorganization in 2019 in which the Company’s preliminary analysis indicates that such NOLs would not be subject to significant limitations pursuant to applicable income tax regulations. The temporary differences relate to book to tax differences from the adjustments required to present the consolidated financial statements on a U.S. GAAP basis from local Swiss GAAP, mainly in the areas of debt, intangible amortization and deferring financing costs. As of December 31, 2024, 2023, and 2022, there were no unrecognized tax benefits. If such matters were to arise, the Company would recognize interest and penalties related to income tax matters in income tax expense. The Company did not incur any material interest or penalties in connection with income taxes during the years ended