Company: CERO
Filing Date: 2025-07-21
Form Type: S-1
Source: 0001213900-25-066152
Chunk: 394

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-07-21
Form: S-1
Chunk 394
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|:----------------------------------------------------|:----|:--|------------:|:--|:----|:--|------------:|:--|
| Net operating loss carryforwards                    |     | $ |  12,227,000 |   |     | $ |   9,067,000 |   |
| Section 174 research and development capitalization |     |   |   2,999,000 |   |     |   |   2,490,000 |   |
| Research credits                                    |     |   |   1,943,000 |   |     |   |   1,535,000 |   |
| Fixed assets and intangible assets                  |     |   |     403,000 |   |     |   |     401,000 |   |
| Right of use asset                                  |     |   |    (410,000 | ) |     |   |    (613,000 | ) |
| Lease liability, net                                |     |   |     251,000 |   |     |   |     657,000 |   |
| Accruals and others                                 |     |   |     230,000 |   |     |   |      66,000 |   |
|                                                     |     |   |  17,643,000 |   |     |   |  13,603,000 |   |
| Less: valuation allowance                           |     |   | (17,643,000 | ) |     |   | (13,603,000 | ) |
| Net deferred tax assets                             |     | $ |           - |   |     | $ |           - |   |

F-59

The Company has incurred
significant tax losses since inception. Based on the available objective evidence, management cannot conclude it is more likely than not
that the net deferred tax assets will be fully realizable. Accordingly, the Company has provided a full valuation allowance against its
net deferred tax assets. For the periods ended December 31, 2024 and 2023, the valuation allowance increased by approximately $
and $, respectively.

At December 31, 2024, the
Company has federal net operating loss carryforwards of approximately $ that begin to expire in 2036. The Company also has federal
net operating losses of $ that arose after the 2017 tax year that will carry forward indefinitely and the utilization of which
is limited to % of