0001783036 2026-01-01 2026-06-30 0001783036 us-gaap:SubsequentEventMember ncel:July2026PIPEOfferingMember 2026-07-30 0001783036 us-gaap:CommonStockMember us-gaap:SubsequentEventMember ncel:July2026PIPEOfferingMember 2026-07-30 0001783036 us-gaap:SubsequentEventMember ncel:July2026PIPEOfferingMember 2026-07-30 2026-07-30 0001783036 us-gaap:CommonStockMember us-gaap:SubsequentEventMember ncel:July2026PIPEOfferingMember 2026-07-30 2026-07-30 0001783036 2025-01-01 2025-06-30 0001783036 ncel:ConvertiblePreferredSharesAndPPCsMember 2026-01-01 2026-06-30 0001783036 us-gaap:WarrantMember 2026-01-01 2026-06-30 0001783036 ncel:StockOptionsMember 2025-01-01 2025-06-30 0001783036 ncel:StockOptionsMember 2026-01-01 2026-06-30 0001783036 ncel:TwoThousandTwentyFiveEquityIncentivePlanMember 2026-01-01 2026-06-30 0001783036 ncel:TwoThousandTwentyFiveEquityIncentivePlanMember 2026-06-30 0001783036 srt:MaximumMember ncel:LegacyAndPlacementAgentWarrantsMember 2026-06-30 0001783036 srt:MinimumMember ncel:LegacyAndPlacementAgentWarrantsMember 2026-06-30 0001783036 ncel:LegacyAndPlacementAgentWarrantsMember 2026-06-30 0001783036 us-gaap:WarrantMember ncel:April2026PIPEFinancingMember 2026-06-30 0001783036 us-gaap:WarrantMember 2026-06-30 0001783036 ncel:PrefundedWarrantsMember 2026-06-30 0001783036 ncel:April2026PIPEFinancingMember 2026-06-30 0001783036 ncel:PrefundedWarrantsMember ncel:April2026PIPEFinancingMember 2026-06-30 0001783036 us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001783036 ncel:PreferredParticipationCertificatesMember 2026-01-01 2026-06-30 0001783036 ncel:PreferredParticipationCertificatesMember 2026-06-30 0001783036 2026-06-30 0001783036 us-gaap:MeasurementInputExpectedDividendRateMember 2026-06-30 0001783036 srt:MaximumMember us-gaap:MeasurementInputOptionVolatilityMember 2026-06-30 0001783036 srt:MinimumMember us-gaap:MeasurementInputOptionVolatilityMember 2026-06-30 0001783036 us-gaap:MeasurementInputSharePriceMember 2026-06-30 0001783036 srt:MaximumMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2026-06-30 0001783036 srt:MinimumMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2026-06-30 0001783036 srt:MaximumMember us-gaap:MeasurementInputExpectedTermMember 2026-06-30 0001783036 srt:MinimumMember us-gaap:MeasurementInputExpectedTermMember 2026-06-30 0001783036 ncel:PreMergerNLSPreferredSharesMember 2026-06-30 0001783036 srt:MinimumMember us-gaap:WarrantMember 2026-06-30 0001783036 srt:MaximumMember us-gaap:WarrantMember 2026-06-30 0001783036 srt:MinimumMember 2026-06-30 0001783036 srt:MaximumMember 2026-06-30 0001783036 srt:MaximumMember us-gaap:PreferredStockMember 2026-06-30 0001783036 ncel:PrefundedWarrantsMember 2026-04-30 0001783036 us-gaap:CommonStockMember 2026-04-30 0001783036 ncel:PreferredParticipationCertificatesMember 2026-04-30 0001783036 us-gaap:PreferredStockMember 2026-04-30 0001783036 2026-01-31 0001783036 us-gaap:CommonStockMember 2026-01-31 0001783036 ncel:PrefundedWarrantsMember 2026-01-31 0001783036 2026-04-30 0001783036 2026-04-01 2026-04-30 0001783036 us-gaap:CommonStockMember 2026-06-30 0001783036 2025-10-30 2025-10-30 0001783036 2025-01-01 2025-12-31 0001783036 2025-12-31 0001783036 us-gaap:SubsequentEventMember ncel:SecuritiesPurchaseAgreementsMember 2026-07-01 2026-07-31 0001783036 ncel:EquityLineOfCreditAgreementMember 2026-06-30 0001783036 2025-06-30 0001783036 2024-12-31 0001783036 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001783036 us-gaap:RetainedEarningsMember 2025-06-30 0001783036 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001783036 us-gaap:CommonStockMember 2025-06-30 0001783036 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0001783036 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0001783036 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0001783036 us-gaap:CommonStockMember 2025-01-01 2025-06-30 0001783036 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001783036 us-gaap:RetainedEarningsMember 2024-12-31 0001783036 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001783036 us-gaap:CommonStockMember 2024-12-31 0001783036 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-06-30 0001783036 us-gaap:RetainedEarningsMember 2026-06-30 0001783036 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001783036 us-gaap:CommonStockMember 2026-06-30 0001783036 us-gaap:PreferredStockMember 2026-06-30 0001783036 ncel:PreferredParticipationCertificatesMember 2026-06-30 0001783036 us-gaap:RetainedEarningsMember 2026-01-01 2026-06-30 0001783036 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-06-30 0001783036 us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001783036 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-06-30 0001783036 us-gaap:PreferredStockMember 2026-01-01 2026-06-30 0001783036 ncel:PreferredParticipationCertificatesMember 2026-01-01 2026-06-30 0001783036 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001783036 us-gaap:RetainedEarningsMember 2025-12-31 0001783036 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001783036 us-gaap:CommonStockMember 2025-12-31 0001783036 us-gaap:PreferredStockMember 2025-12-31 0001783036 ncel:PreferredParticipationCertificatesMember 2025-12-31 0001783036 ncel:PreferredParticipationCertificatesMember 2025-12-31 0001783036 ncel:PreferredParticipationCertificatesMember 2025-01-01 2025-06-30 0001783036 us-gaap:PreferredStockMember 2025-01-01 2025-06-30 0001783036 us-gaap:WarrantMember 2025-01-01 2025-06-30 0001783036 ncel:ConvertiblePreferredSharesAndPPCsMember 2025-01-01 2025-06-30 0001783036 ncel:PreferredParticipationCertificatesMember 2024-12-31 0001783036 us-gaap:PreferredStockMember 2024-12-31 0001783036 ncel:PreferredParticipationCertificatesMember 2025-06-30 0001783036 us-gaap:PreferredStockMember 2025-06-30 iso4217:USD shares shares iso4217:USD pure iso4217:CHF shares 0001783036 false Q2 --12-31 2026-06-30 6-K 2026 001-39957 NEWCELX LTD.

P5Y

710000

2201000

744000

981000

1454000

3182000

6437000 6437000

1731000

78000

95000

8246000

8263000

9700000

11445000

392000

355000

1310000

1915000

283000

251000

1674000

3659000

4195000

0.05

46884

56829

3000

4000

0.05

4367

5029

0.05

5383871

4797505

328000

291000

98020000

93691000

-1831000

-1845000

-90479000

-84891000

6041000

7250000

9700000

11445000

1168000

576000

1663000

685000

101000

-2831000

-1362000

35000 54000 -9923000

-104000

-24000

-69000

-9893000

-2900000

-11255000

2688000 -37000

-5625000

-11255000

0.96

3.68

5856314

3056895

-2900000

-11255000

-14000

946000

14000

-946000

-2886000

-12201000

56829

4000

5029

4797505

291000

93691000

-84891000

-1845000

7250000

272726 17000 1333000 1350000 -9945 -1000 -662 63640 4000 -3000

27000

284000

2688000 -2688000

250000

16000

14000

-2900000

46884

3000

4367

5383871

328000

98020000

-90479000

-1831000

6041000

2960745

184000

69505000

-76591000

-1094000

-7996000

223118

14000

4387000

4401000

249000

466000

-946000

-11255000

3183863

198000

74607000

-87846000

-2040000

-15801000

-2900000

-11255000

23000

26000

69000 9894000 26000 28000

284000

467000

402000

10415000

-247000

-79000

-228000

104000

-393000

55000

374000

-238000

-2872000

-602000

1350000

16000

278000

1366000

278000

15000

-27000

-1491000

-351000

2201000

650000

710000

299000

2688000

4401000

NOTE 1:- GENERAL <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.75in;"> </td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.5in;">a.</td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt;">General description of the company and the merger transaction:</td> </tr></tbody></table> NewcelX Ltd. (formerly known as NLS Pharmaceutics Ltd.) (the “Company”) was established on June 10, 2015, as a Swiss limited company. The Company’s registered office and principal executive offices are located at Hohstrasse 1, 8302 Kloten, Switzerland. The Company’s common shares are registered for trading on the Nasdaq Capital Market. On October 30, 2025 (the “Closing Date”), the Company consummated a merger transaction pursuant to a Merger Agreement by and among the Company, its subsidiary (“Merger Sub”), and Kadimastem Ltd. (“Kadimastem”). Under the terms of the agreement, Kadimastem merged with and into Merger Sub, with Merger Sub as the surviving company. At the effective time of the merger, each issued and outstanding ordinary share of Kadimastem was exchanged for the right to receive common shares of the Company. In connection with the closing, the Company changed its name from “NLS Pharmaceutics Ltd.” to “NewcelX Ltd.” Pursuant to the Merger Agreement, the holders of Kadimastem ordinary shares outstanding immediately prior to the Merger received 0.706 NewcelX common shares in exchange for each Kadimastem ordinary share in the Merger. The Company is an emerging growth company and a foreign private issuer, as defined under the Securities Act and the Exchange Act. Following the merger, the Company is a clinical-stage innovative biopharmaceutical company focused on developing transformative therapies. Built on a validated human pluripotent stem cell (hPSC) platform, the Company’s lead program, NCEL-101, is designed to restore functional insulin production through scalable, off-the-shelf cell replacement. NewcelX is advancing a comprehensive therapeutic approach for Type 1 Diabetes integrating cell therapy, immune protection, and translational science, including phase IIa clinical trial for the treatment of Amyotrophic Lateral Sclerosis (ALS) in the field of regenerative medicine, as well as the development of treatments for Central Nervous System (CNS) disorders, including Narcolepsy, utilizing its Doxa platform. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.75in;"> </td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.5in;">b.</td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt;">Going concern:</td> </tr></tbody></table> During the six months ended June 30, 2026, the Company had a net loss of $2,900 and a negative cash flow from operating activities of $2,872. As of June 30, 2026, the Company had an accumulated deficit of $90,479. To date, the Company has dedicated most of its financial resources to research and development, including clinical studies in the fields of regenerative medicine, as well as general and administrative expenses. The Company has not yet generated revenues from its core activities and has incurred substantial operating losses. As of June 30, 2026, the Company’s total equity was positive at $6,041, which included cash and cash equivalents of $710. As of that date, the Company had an existing equity line of credit agreement (ELOC) in the amount of $25,000. In addition, following the balance sheet date, in July 2026, the Company entered into securities purchase agreements for a private placement of $1,400. Notwithstanding the above, due to the uncertainty regarding future fundraising, as well as the extent and timing of utilization of the equity line of credit, management cannot conclude that it is probable that the Company’s existing cash resources and access to financing will be sufficient to fund its operations for at least twelve months from the issuance date of these interim consolidated financial statements. The Company expects to continue to generate operating losses and negative operating cash flows for the foreseeable future and will require additional funding to support its clinical development programs and reach profitability. The Company is actively exploring various strategic and financial options, including equity or debt financing, strategic partnerships, and the potential out-licensing or divestment of assets. The Company’s future viability is dependent on its ability to raise additional capital to support ongoing operations and meet its obligations. There can be no assurance that such capital will be available on a timely basis, in sufficient amounts, or on terms acceptable to the Company. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least twelve months from the date of issuance of these interim consolidated financial statements. Accordingly, the accompanying interim consolidated financial statements do not include any adjustments to reflect the possible future effects on recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. Such adjustments could be material.

0.706

-2900000

-2872000

-90479000

6041000

710000

25000000

1400000

NOTE 2:- UNAUDITED INTERIM FINANCIAL STATEMENTS <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.75in;"> </td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.5in;">a.</td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt;">Basis of presentation:</td> </tr></tbody></table> The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position as of June 30, 2026, and its results of operations, changes in shareholders’ equity and cash flows for the interim periods presented. The results of operations for the six-month periods ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026 or for any future period. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report for the year ended December 31, 2025. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.75in;"> </td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.5in;">b.</td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt;">Use of estimates:</td> </tr></tbody></table> The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Actual results could differ from those estimates. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.75in;"> </td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.5in;">c.</td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt;">Significant accounting policies:</td> </tr></tbody></table> The significant accounting policies applied in these unaudited condensed consolidated interim financial statements are consistent with those applied in the audited consolidated financial statements for the year ended December 31, 2025, except as otherwise disclosed herein. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.75in;"> </td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.5in;">d.</td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt;">Recently Adopted Accounting Pronouncements:</td> </tr></tbody></table> In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="vertical-align: top;"><td style="width: 72px; font-size: 10pt;"> </td> <td style="width: 48px; text-align: justify; font-size: 10pt;">e.</td> <td style="text-align: justify; font-size: 10pt;">Recently Issued Accounting Pronouncements Not Yet Adopted:</td> </tr></tbody></table> In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-10. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: top;"><td style="width: 0.75in;"> </td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt; width: 0.5in;">a.</td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt;">Basis of presentation:</td> </tr></tbody></table> The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position as of June 30, 2026, and its results of operations, changes in shareholders’ equity and cash flows for the interim periods presented. The results of operations for the six-month periods ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026 or for any future period. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report for the year ended December 31, 2025.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="vertical-align: top;"><td style="width: 72px; font-size: 10pt;"> </td> <td style="width: 48px; text-align: justify; font-size: 10pt;">e.</td> <td style="text-align: justify; font-size: 10pt;">Recently Issued Accounting Pronouncements Not Yet Adopted:</td> </tr></tbody></table> In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-10. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;">December 31, 2025</td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid;">USD in thousands</td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: justify;">Deferred offering costs</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">296</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">296</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Government authorities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">50</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">229</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify;">Prepaid expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">235</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">293</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify; padding-bottom: 1.5pt;">Deferred charges and other assets</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">163</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">163</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">744</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">981</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

296000

50000

229000

235000

293000

163000 163000

744000

981000

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;">December 31, 2025</td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid;">USD in thousands</td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: justify;">Open accounts</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">961</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">1,035</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify; padding-bottom: 1.5pt;">Accrued expenses</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">349</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">880</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">1,310</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">1,915</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table>

961000 1035000

349000

880000

1310000

1915000

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;">June 30, 2026</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid;">December 31, 2025</td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid;">USD in thousands</td> <td style="padding-bottom: 1.5pt;"> </td> </tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td> <td> </td> <td colspan="6" style="text-align: center;"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: justify; padding-bottom: 1.5pt;">Employees and payroll accruals *</td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">283</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> <td style="width: 1%; padding-bottom: 1.5pt;"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right;">251</td> <td style="width: 1%; padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">283</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">251</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;"> <tbody><tr style="vertical-align: top;"><td style="width: 24px; font-size: 10pt;">*)</td> <td style="text-align: justify; font-size: 10pt;">Includes balances of $55 thousand and $100 thousand relating to liabilities to related parties as of June 30, 2026 and December 31, 2025, respectively.</td> </tr></tbody> </table>

283000

251000

283000

251000

55000 100000

NOTE 6: – EQUITY Recapitalization and Reverse Acquisition On October 30, 2025, the Company completed its merger with Kadimastem Ltd. (“Kadimastem”), changing its name to NewcelX Ltd. For accounting purposes, Kadimastem was determined to be the accounting acquirer, and historical share capital for all periods prior to the Merger Date reflects the recapitalization using the 0.706 exchange ratio. For additional information regarding the Merger, please refer to Note 1. Common Shares and April 2026 PIPE Financing As of June 30, 2026, the Company has 5,383,871 common shares issued and outstanding with a par value of CHF 0.05 per share. In April 2026, the Company entered into a Private Investment in Public Equity (“PIPE”) securities purchase agreement with accredited investors. Pursuant to the agreement, the Company issued 490,907 Common Shares (or pre-funded warrants in lieu thereof) at a purchase price of $2.75 per share, resulting in gross proceeds of $1.35 million, before deducting offering expenses. Additionally, the Company issued common warrants to purchase up to an additional 687,270 common shares at an exercise price of $3.025 per share, with a term of five years from the date of issuance. The terms of the Offering have triggered adjustment mechanisms that resulted in updates to the conversion prices and the number of shares underlying certain of the Company’s outstanding preferred shares and warrants (see “Deemed Dividends and Down Round Provisions” below). The Offering closed on April 27, 2026. During January 2026, an investor exercised 250,000 Pre-Funded Warrants into 250,000 Common Shares for a nominal exercise price (CHF 0.05 per share). On April 30, 2026 , holders of Preferred Shares and PPCs converted 662 Preferred Shares and 9,945 PPCs into 63,640 Common Shares. Deemed Dividends and Down Round Provisions The Company has issued and outstanding preferred shares, PPCs and warrants to purchase common shares that were originally issued by NLS Pharmaceutics Ltd. in historical transactions prior to the merger with Kadimastem Ltd. and that include down-round provisions. During the six months ended June 30, 2026, these legacy down-round provisions were triggered in connection with the closing of the April 2026 PIPE Offering, in which the Company issued common shares (or pre-funded warrants in lieu thereof) at an effective purchase price of $2.75 per share (the “April 2026 Trigger”). The April 2026 Trigger resulted in the reduction of the effective conversion price of these legacy NLS outstanding Preferred Shares and PPCs from $16.50 to $2.75 per share. The aggregate number of Common Shares issuable upon conversion of the outstanding Preferred Shares and PPCs pre- and post-modification was 61,855 and 371,130, respectively. The April 2026 Trigger also impacted certain legacy outstanding warrants issued by NLS prior to the Merger. For the warrants issued in connection with the March and June 2025 offerings, the full down-round protection feature was triggered, resulting in a reduction of the exercise price from $18.00 to $2.75 per share alongside an adjustment that resulted in an increase of 655,373 additional underlying warrant shares. For the remaining 54,852 warrants issued in connection with the October 2024 NLS offering, the adjustment mechanism resulted solely in a reduction of the exercise price from $18.00 to $2.75 per share with no adjustment to the number of underlying warrant shares. The Company determined the incremental value provided to the preferred shareholder for the reduction in the conversion price from $16.50 to $2.75 using a Black-Scholes model to determine the fair value of the Preferred Shares outstanding before and after the modification to the conversion price caused by the April 2026 Trigger. Further, the Company determined the incremental value provided to the warrant holders for the reduction in the exercise price from $18.00 to $2.75. The incremental values computed using the Black-Scholes model on the pre-Merger NLS Preferred Shares and warrants were $636,507 and $2,051,652, respectively, or a total of $2,688,159. The Black-Scholes model incorporates the following inputs: expected term 0.5 – 4.16 years, risk free rate 3.72% - 3.89%, share price $3.87, volatility 88.56% - 117.25%, and dividends of 0.00%. Preferred Shares and Preferred Participation Certificates (PPCs) As of June 30, 2026, the Company had 4,367 Preferred Shares and 46,884 Preferred Participation Certificates (“PPCs”) outstanding with a par value of CHF 0.05 per share convertible to 307,506 common shares. Pursuant to the Company’s articles of association, Preferred Shares and PPCs accrue dividends on the stated value at a rate of 8%. As of June 30, 2026, the aggregate liquidation preference of the preferred shares and PPCs was $1,094,027. During the six-month period ended June 30, 2026, holders converted 662 Preferred Shares and 9,945 PPCs into 63,640 Common Shares. Pre-Funded Warrants As of June 30, 2026, the Company had 828,755 pre-funded warrants outstanding exercisable for a nominal exercise price (CHF 0.05 per share), following the exercise of 250,000 units during January 2026 and the issuance of pre-funded warrants in connection with the April 2026 PIPE Offering. These nominal pre-funded warrants are considered in-substance common stock and are exercisable at any time. Additionally, as of June 30, 2026, the Company had 25,342 pre-funded warrants outstanding with an exercise price of $10.1 per share. All shares issued upon exercise of any pre-funded warrants are fully paid and non-assessable. Warrants As of June 30, 2026, the Company had 828,407 warrants outstanding issued in connection with the 2024 and 2025 offerings, with an exercise price of $2.75 per share, expiring at various dates between October 2029 and June 2030. The exercise prices and underlying share quantities of certain 2025 and 2024 warrants reflect down-round adjustments triggered by the April 2026 PIPE Offering (see “Deemed Dividends and Down Round Provisions” above). In addition, as of June 30, 2026, the Company had 687,270 warrants outstanding issued in connection with the April 2026 PIPE Offering, with an exercise price of $3.025 per share, expiring in April 2031, as well as 51,571 legacy and placement agent warrants outstanding, with exercise prices ranging from $36 to $2,075 per share, expiring at various dates through October 2030. Equity Incentive Plans and Stock Options During the six months ended June 30, 2026, the Company granted 16,152 stock options under its equity incentive plan with an exercise price of $6.00 per share. These options vest in equal quarterly installments over a three-year period. For the six months ended June 30, 2026, the Company recognized $284 thousand in share-based compensation expense.

0.706

5383871

0.05

490907

2.75

1350000

687270

3.025

250000

0.05

662

9945

63640

2.75

16.5

2.75

61855 371130

2.75

655373

54852

2.75

16.5

2.75

636507000

2051652000

2688159000

0.5

4.16

0.0372

0.0389

3.87

0.8856

1.1725

4367

46884

0.05

307506

0.08 1094027000

662

9945

63640

828755

0.05

250000

25342

10.1

828407

2.75

687270

3.025

51571

2075

16152

284000

0.706

A summary of the potentially dilutive securities that were excluded from diluted net loss per share because their effect would be anti-dilutive is presented as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;"> <tbody><tr style="vertical-align: bottom;"><td style="font-weight: bold; text-align: justify;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">June 30.</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom;"><td style="font-weight: bold; text-align: justify;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2026</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="font-weight: bold; padding-bottom: 1.5pt;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid;">2025</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="width: 76%; text-align: justify;">Stock Options</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">148,348</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;">322,045</td> <td style="width: 1%; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="text-align: justify;">Warrants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,592,590</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255);"> <td style="text-align: justify; padding-bottom: 1.5pt;">Convertible preferred shares and PPCs</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">307,506</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left;"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right;">-</td> <td style="padding-bottom: 1.5pt; text-align: left;"> </td> </tr><tr style="vertical-align: bottom; background-color: White;"> <td style="padding-bottom: 4pt; text-align: justify;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">2,048,444</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="border-bottom: Black 4pt double; text-align: left;"> </td> <td style="border-bottom: Black 4pt double; text-align: right;">322,045</td> <td style="padding-bottom: 4pt; text-align: left;"> </td> </tr></tbody></table>

148348

322045

1592590

307506

2048444

322045

NOTE 8: – Subsequent Events Private Placement Offering On July 30, 2026, the Company entered into definitive securities purchase agreements for a private placement financing (“July 2026 PIPE Offering”) with accredited investors. Pursuant to the agreement, the Company issued 347,134 Common Shares at a purchase price of $4.033 per share (representing a 20% premium on the closing price of the Company’s common shares on July 30, 2026), resulting in gross proceeds of $1.4 million. In addition, the Company issued common warrants to purchase up to an additional 347,134 common shares at an exercise price of $4.437 per share, expiring five years from the date of issuance. The July 2026 PIPE Offering closed in August 2026. Successful Pre-IND Meeting with the FDA for NCEL-101 On July 1, 2026, the Company successfully completed a Type B Pre-IND meeting with the U.S. Food and Drug Administration (FDA) regarding its clinical development plan for NCEL-101 in combination with Eledon Pharmaceuticals’ tegoprubart for the treatment of Type 1 Diabetes. The FDA provided positive feedback and consensus on the regulatory pathway, preclinical data, and proposed Phase 1/2a clinical trial design, providing a clear roadmap toward the submission of an Investigational New Drug (IND) application.

347134

4.033

0.20

1400000

347134

4.437

P5Y

Less than $1 thousand. The weighted average shares outstanding have been restated to reflect the recapitalization and the 0.706 exchange ratio. Less than $1 thousand. Includes balances of $55 thousand and $100 thousand relating to liabilities to related parties as of June 30, 2026 and December 31, 2025, respectively.