Company: CERO
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044335
Chunk: 9

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 9
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lassification of accrued expenses to accounts payable 
    $1,143,826  
    $-  
    $- 

See accompanying notes to the condensed consolidated financial statements

4

  CERO THERAPEUTICS HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (Unaudited)

NOTE 1 – ORGANIZATION AND DESCRIPTION
OF THE BUSINESS

Nature of Operations – CERo Therapeutics
Holdings, Inc. (NASDAQ: CERO) (“CERo”, “Successor” or the “Company”), F/K/A Phoenix Biotech Acquisition
Corp. (“PBAX”) was incorporated in Delaware on June 8, 2021. PBAX was formed for the purpose of effecting a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (a “business
combination”).

The Company is an innovative
immunotherapy company advancing the development of next generation engineered T cell therapeutics for the treatment of cancer. The Company’s
proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive
immunity into a single therapeutic construct, is designed to engage the body’s full immune repertoire to achieve optimized cancer
therapy. The Company has not yet begun 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.

In November 2024, the U.S.
Food and Drug Administration (“FDA”) cleared the Company’s Investigational New Drug Application for Phase 1 clinical
trials of its lead compound, CER-1236, in acute myelogenous leukemia.

Reverse Stock Split – On January
8, 2025, the Company effected a reverse stock split of our shares of common stock at a ratio of 1-for-100 (the “Reverse Stock Split”).
The Company’s common stock continued to trade on Nasdaq on a post-split basis under the Company’s existing trading symbol,
“CERO”.

All of the Company’s
historical share and per share information related to issued and outstanding common stock and outstanding options and warrants exercisable
for common stock in these financial statements have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split.

Business Combination Agreement - On June
6, 2023, CERo Therapeutics, Inc. (“Pre