# EDGAR Filing Document

**Accession Number:** 0001783036
**File Stem:** 0000000000-25-008279
**Filing Date:** 2025-8
**Character Count:** 9038
**Document Hash:** 756716433ef05faf6c70c71cbfc27749
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008279.hdr.sgml**: 20260611

**ACCESSION NUMBER**: 0000000000-25-008279

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250806

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NewcelX Ltd.
- **CENTRAL INDEX KEY:** 0001783036
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-284075

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** THE CIRCLE 6
- **STREET 2:** 8058
- **CITY:** ZURICH
- **PROVINCE COUNTRY:** V8
- **BUSINESS PHONE:** 41-41-618-80-00

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** THE CIRCLE 6
- **STREET 2:** 8058
- **CITY:** ZURICH
- **PROVINCE COUNTRY:** V8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NLS Pharmaceutics Ltd.
- **DATE OF NAME CHANGE:** 20190719
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-24-113211

## Text-Extract

```

                                                            August 6, 2025

Alexander Zwyer
Chief Executive Officer
NLS Pharmaceutics Ltd.
The Circle 6
8058 Zurich, Switzerland

       Re: NLS Pharmaceutics Ltd.
           Amendment No. 6 to Registration Statement on Form F-4
           Filed July 29, 2025
           File No. 333-284075
Dear Alexander Zwyer:

     We have reviewed your amended registration statement and have the
following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our July 23,
2025 letter.

Amendment No. 6 to Registration Statement on Form F-4
Record Date; Outstanding Shares; Shareholders Entitled to Vote, page 105

1.     In prior comment one we requested a rollforward of each class of equity
security that
       reconciles amounts reported on your December 31, 2024 balance sheet to
the amounts
       disclosed on page 105. While the rollforward provided in Appendix 1 to
your
       response reconciles to your pro forma balance sheet on page 270, it does
not reconcile
       to amounts disclosed on page 105. In this regard, your disclosure on
page 105 states
       that as of the date of this prospectus, NLS outstanding share capital
consisted of
       4,908,034 Common Shares, 1,249,904 Preferred Shares and 606,452
Preferred
       Participation Certificates. Accordingly, we reissue our comment in part
as it relates to
       the requested reconciliation.
 August 6, 2025
Page 2
2.    As a related matter, please provide an additional rollforward of each
class of equity
      security for each of the last three fiscal years. For illustration
purposes, please
      differentiate your preferred shares from your preferred participating
certificates.
      Ensure that any stock splits and/or par value changes are adequately
reflected. Please
      also explain why amounts reported in your financial statements as of
December 31,
      2024 differ from those disclosed in Exhibit 2.1 to your Form 20-F for the
year ended
      December 31, 2024. In this regard, your balance sheet on page F-4
discloses
      3,159,535 common shares and 206,452 preferred shares (preferred
participating
      certificates) outstanding as of December 31, 2024. By contrast, Exhibit
2.1 states that
      as of December 31, 2024 you had outstanding common shares of 2,901,228,
registered
      preferred shares of 598,539 and participation capital in the form of
preferred
      participating certificates of 1,014,365.
3.    In your response to prior comment one, you assert that your preferred
participation
      certificates (PPCs) are identical to your preferred shares with the
exception of voting
      rights and that therefore you treat your PPCs and preferred shares as a
single class of
      equity for presentation and disclosure purposes. This assertion appears
contradictory
      to your footnote disclosure on page F-22 which states that preferred
shares do not
      have voting rights. Please advise and/or revise accordingly.
4.    In addition, Article 3 of your Articles of Association specifically
distinguishes
      between share capital and participation capital and this categorization
is carried
      throughout your prospectus. As such, it would appear that separate
presentation and
      disclosure of your PPCs would provide meaningful information to
investors.
      Currently, your financial statements and related footnotes make no
mention of PPCs,
      which can be confusing to investors considering the totality of
disclosure in your
      prospectus. Accordingly, please revise your financial statements to
separately present
      your PPCs, or at a minimum, quantify the composition of your preferred
shares and
      PPCs in your financial statement footnotes. Please also revise to
disclose the pertinent
      rights and privileges of your PPCs as required by ASC 505-10-50-3.
5.    Please address the following regarding your response to prior comment one
as it
      relates to treasury shares:
          You indicate that that while shares held by the company are
considered issued and
          outstanding as treasury shares under Swiss law, they are not
considered treasury
          shares under ASC 505-30 as they have not been transferred to external
parties.
          Please cite the authoritative guidance you relied upon in determining
that shares
          must first be transferred to external parties before being
repurchased in order to
          qualify as treasury stock under US GAAP.
          Please explain your consideration of ASC 505-30-25-2 as it relates to
Swiss
          corporate law and the related statutory accounting.
          Please explain why these shares were previously classified as
treasury shares in
          your Form 20-F for the year ended December 31, 2023 and prior periods
and what
          precipitated a change in classification during the current fiscal
year. Clarify
          whether the change was the result of an error in prior period
financial statements
          and if so, please revise to provide the disclosures required by ASC
250-10-50.
 August 6, 2025
Page 3
NLS Pharmaceutics Ltd. and Subsidiaries
Consolidated Balance Sheets, page F-4

6.     We note your response to prior comment seven. We could find no
justification for
       correcting this error via an adjustment to your pro forma financial
statements rather
       than by correcting the amounts presented in your historical financial
statements. In
       this regard, it is unclear how you concluded that this error was not
material to the
       preferred and common shares line items on your Balance Sheet. Further,
the amounts
       reported on your Balance Sheet differ from the corresponding amounts
reported on
       your Statement of Changes in Equity. Accordingly, please revise your
historical
       Balance Sheet to correct these line items.
7.     Similarly, it is unclear to us why you have reflected the January 2025
reduction in par
       value from $0.80 to $0.03 as a pro forma adjustment rather than giving
retroactive
       effect in your historical financial statements as required by SAB Topic
4. C. Please
       advise or revise accordingly.
Notes to the Consolidated Financial Statements
Note 13 - Subsequent Events, page F-28

8.     We note your response to prior comment eight and that you believe that
further
       updates to your Subsequent Event footnote are not required pursuant to
ASC
       855. Please confirm whether your auditors performed the subsequent event
procedures
       set forth in PCAOB Auditing Standards 4101 and 2801 when updating their
consent
       through July 29, 2025 and whether they concur with your conclusion that
disclosure
       of additional subsequent events is not warranted.

       Please contact Eric Atallah at 202-551-3663 or Angela Connell at
202-551-3426 if
you have questions regarding comments on the financial statements and related
matters. Please contact Doris Gama at 202-551-3188 or Alan Campbell at
202-551-4224 with
any other questions.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Life
Sciences
cc:   Ron Ben-Bassat, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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