Company: CERO
Filing Date: 2025-08-22
Form Type: 424B3
Source: 0001213900-25-080017
Chunk: 17

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-08-22
Form: 424B3
Chunk 17
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 Inc., a wholly-owned subsidiary of PBAX, and PBAX, with the surviving operating entity being named CERo Therapeutics Holdings, Inc., and such transaction, the “Business Combination” or “Merger”.

Going concern – The accompanying unaudited condensed consolidated financial statements
have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction
of liabilities in the normal course of business. The Company’s ability to continue as a going concern is dependent on its ability
to raise additional capital to fund its research and development (“R&D”) activities and meet its obligations on a timely
basis. As of June 30, 2025, the Company reported approximately $3.2 million of cash and cash equivalents, with an accumulated deficit
of approximately $81.4 million. On February 5, 2025, we entered into a securities purchase agreement (the “SPA”), with participation
from a member of the Company’s board of directors and a single institutional investor, for the purchase and sale of (i) 127,551
shares of our common stock or common stock equivalents in lieu thereof; and (ii) common warrants to purchase up to 127,551 shares of common
stock, at a combined public offering price of $39.20 per share and warrant. In connection with this offering, we received net proceeds
of approximately $4.2 million. Additionally, during the six months ended June 30, 2025, we received net proceeds from the exercise of
the remaining Series A Preferred Warrants, the collection of subscriptions receivable and ELOC fundings of approximately $2.9 million.
Furthermore, during the six months ended June 30, 2025, we received net proceeds from the sales of Series D preferred stock of approximately
$2.2 million. Additional funds are necessary to maintain current operations and to continue R&D activities. However, there can be
no assurance that sufficient funding will be available to allow the Company to successfully continue its R&D activities and planned
regulatory filings with the FDA. If the Company is unable to obtain the necessary funds, significant reductions in spending and the delay
or cancellation of planned activities may be necessary. These actions would have a material adverse effect on the Company’s business,
results of operations, and prospects. These conditions raise substantial doubt about the Company’s ability to continue as a going
concern within one year from the date these financial statements are issued. These financial statements do not