Company: CERO
Filing Date: 2025-11-17
Form Type: NT 10-Q
Source: 0001213900-25-111295
Chunk: 2

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-11-17
Form: NT 10-Q
Chunk 2
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 operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? ☒ Yes ☐ No |

If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

The Company estimates that net loss for the
quarter ended September 30, 2025 was $4.4 million, compared to $4.2 million for the quarter ended September 30, 2024. This increased
net loss in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024 is primarily due to (1) an
increase in research and development expenses of $0.6 million and (2) the recording of a $0.2 million gain from change in value of
the Company’s earnout liability during the three months ended September 30, 2024 as compared to $0 during the three months
ended September 30, 2025. These changes were offset by (1) a decrease in general and administrative expenses of $0.7 million during
the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. For the quarter ended September
30, 2025, there was a net loss attributable to common shareholders of $11.0 million as compared to a net loss attributable to common
shareholders of $4.2 million for the quarter ended September 30, 2024. During the three months ended September 30, 2025, in
connection with a down-round triggering event related to its Series D preferred stock, the Company recorded deemed dividends of
$6,650,000. We did not record any deemed dividends during the quarter ended September 30, 2024.

These financial results are preliminary and are
subject to change in connection with the completion of the reporting process and preparation of the Quarterly Report. Actual financial
results for the quarter ended September 30, 2025 could vary from the foregoing.

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Forward-Looking Statements

This document contains forward-looking statements
within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”).
Forward-looking statements may include, but are not limited to, statements regarding the Company or its management team’s