Company: CERO
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001213900-25-011071
Chunk: 425

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-07
Form: 424B3
Chunk 425
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ired |     |             |  (331,445 | ) |     | $                | 0.31 |     |                  |      |
| Balance, December 31, 2023          |     |             |   782,499 |   |     | $                | 0.27 |     |                  | 6.86 |
| Exercisable                         |     |             |   651,663 |   |     | $                | 0.28 |     |                  | 6.60 |

The intrinsic value of options exercised during
the years ended December 31, 2023 and 2022 was $9,458 and $35,859, respectively.

<div align='center'>F-63

CERo Therapeutics, Inc.

Notes to Financial Statements</div>

No options were granted in 2023, and the Company
estimated the fair value of stock options granted during the year ended December 31, 2022, using Black-Scholes with the following
weighted average assumptions:

|                          |     | 2022 |       |   |
| Risk-free interest rate  |     |      |  2.28 | % |
| Expected life (in years) |     |      |  8.30 |   |
| Expected dividend yield  |     |      |   0.0 | % |
| Estimated volatility     |     |      | 71.31 | % |

| ● | The common stock expected                                                                                                   
 dividend yield assumption of 0.0% is based on the Company’s history and expectation of no dividend payouts to common stock. |

| ● | The risk-free interest                                                                                                           
 rate assumption is based on the U.S. Department of Treasury instruments whose term was most consistent with the expected life of 
 the Company’s stock options.                                                                                                     |

| ● | The expected stock price                                                                                                           
 volatility assumption was determined by examining the historical volatilities for industry peers, as the Company does not have any 
 public trading history for the Company’s common stock. The Company will continue to analyze the historical stock price volatility  
 and expected term assumption as more historical data for the Company’s common stock becomes available.                             |

| ● | The expected lives of stock                                                                                                              
 options are estimated based on the type of award issued using approaches that do not rely on the historical data of the Company,         
 as management has concluded there is insufficient data to provide a reasonable forward-looking estimate. The expected life of an