Company: CERO
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032134
Chunk: 2632

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 2632
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Item 7. Management’s Discussion and Analysis
of Financial Condition and Results of Operations of CERo.

The following discussion
and analysis of CERo’s financial condition and results of operations should be read in conjunction with our audited consolidated
financial statements and the notes related thereto which are included in Item 8 of this Annual Report. Certain information contained in
the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated
in these forward-looking statements as a result of many factors, including those set forth under “Cautionary Note Regarding Forward-Looking
Statements,” “Risk Factors” and elsewhere in this Annual Report.

Overview

CERo Therapeutics, Inc. (the
“Predecessor”) was incorporated in Delaware on September 23, 2016, and is based in South San Francisco, California. Predecessor
was focused on developing its therapeutic platform to genetically engineer human immune cells to fight cancer and did not begin clinical
development or product commercialization. The Company’s efforts will focus on continued product development, including clinical
development, to support regulatory approval to commercialize and subsequent product commercialization.

On June 4, 2023, Predecessor
entered into a Business Combination Agreement (as amended by that certain Amendment No. 1 to the Business Combination Agreement, dated
as of February 5, 2024 and Amendment No. 2 to the Business Combination Agreement, dated as of February 13, 2024, the “Business Combination
Agreement”) by and among PBAX and PBCE Merger Sub, Inc., pursuant to which Merger Sub merged with and into Predecessor, with Predecessor
surviving as a wholly-owned subsidiary of PBAX (the “Merger”). In connection with the consummation of the Business Combination
on February 14, 2024, PBAX changed its corporate name to “CERo Therapeutics Holdings, Inc.”

100

At the effective time of
the Merger, (i) each outstanding share of Predecessor common stock, was cancelled and converted into the right to receive shares of Common
Stock; (ii) each outstanding option to purchase Predecessor common stock was converted into an option to purchase shares of Common Stock,
par value $0.0001 per share; (iii) each outstanding share of Predecessor preferred stock, was converted into the right to receive shares
of Common Stock, and (iv) each