Company: CERO
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001213900-25-011071
Chunk: 373

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-07
Form: 424B3
Chunk 373
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 Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents
as of December 31, 2023 and 2022.

<div align='center'>F-36

PHOENIX BIOTECH ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023</div>

Restricted Cash

The Company considers all cash to be held for a
specific purpose restricted cash. As of December 31, 2023 and 2022, the Company had $0 and $41,665,974 in restricted cash, respectively.
The restricted cash as of December 31, 2022 was intended to satisfy stockholder redemption payments. The cash and restricted cash
balances included in the balance sheets as of December 31, 2023 and 2022, are comprised of the following:

|                                |     | December 31, |   2023 |     |   |       2022 |
|:-------------------------------|:----|:-------------|-------:|:----|:--|-----------:|
| Cash                           |     | $            | 96,873 |     | $ |    475,870 |
| Restricted cash                |     |              |      — |     |   | 41,665,974 |
| Total cash and restricted cash |     | $            | 96,873 |     | $ | 42,141,844 |

Money Market Funds Held in Trust Account

At December 31, 2023, the assets held in Trust
Account were held in money market funds that invested in U.S. Treasury securities. At December 31, 2022, substantially all of the
assets held in the Trust Account were held as cash. The Company’s investments held in the Trust Account are classified as trading
securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses
resulting from the change in fair value of investments held in the Trust Account and interest earned on marketable securities are
included in the accompanying statements of operations. The estimated fair values of investments held in the Trust Account are determined
using available market information.

Shareholder Redemption Liability

On December 20, 2022, in connection with the
Company’s special meeting held to consider the First Charter Amendment, the Company’s stockholders redeemed 16,